Chapter 3 - The emergence of opportunities

Question 1

What is an opportunity?

Answer 1

An idea that is evaluated as being able to create value or others and a market can be realised. Also, a favourable set of circumstances that creates a need for a new product, service or busines.

Question 2

Describe shortly the Schumpeterian opportunity

Answer 2

Schumpeterian opportunities create imbalance in the market

Question 3

Describe shortly Kirznerian opportunity

Answer 3

Kirznerian opportunities bring the market back to equilibrium

Question 4

Describe opportunity discovery VS opportunity creation

Answer 4

Opportunity discovery- Opportunities exist “out there” in the market and are discovered by entrepreneurs

Opportunity creation - Opportunities are created by the actions of entrepreneurs

Question 5

Which factors can influence the process of opportunity discovery?

Answer 5

• Alertness
• Information and prior knowledge
• Accidental discovery
• Social network
• Personality traits

Question 6

Is entrepreneurial opportunity discovered or created? Discuss your view