Entrepreneurship 2 Flashcards
What is opportunity?
A favourable set of circumstances.
What is the opportunity based theory of entrepreneurship?
Opportunities are central to the creation of new ventures and the economic benefits that stem from entrepreneurial activity.
Where do you find opportunity?
The market space.
The science/tech space.
The future space.
Give an example of market space entrepreneurial opportunity:
Easy Jet essentially copied Southwest Airlines business model but implemented it in Europe instead (budget airline). He also improved the model by implementing internet booking. Displayed alertness to opportunity and capability to implement.
Where might science/tech based opportunity arise?
R&D departments.
Applied engineering.
University based research.
What is the schematic theory of entrepreneurial alertness?
Schemata: Knowledge of objects and the relationship objects have with other objects.
Schema: Mental structures used to organise knowledge.
Advanced schematics allow entrepreneurs to see opportunities where others do not. Schematic richness, association and priming.
Schematic richness, association and priming examples:
De maestral, Intuit, training????
Can we learn to spot opportunity?
Schematic richness, association and priming can be taught through problem solving and creative activities.
