ECON 1 Lecture Notes - Lecture 27: Social Influence, Ex-Ante, Motivation
Document Summary
There is an encounter of individuals and opportunities and this encounter is a distinct and defining feature of the (entrepreneurial) process. Opportunity = chance to profitably introduce new goods, services, raw materials, markets and organisational methods. Easy to categorise once an opportunity is already successfully implemented. 7. 3 different levels of thinking of opportunities. There are two levels of opportunities: systemic, economic perspective, economic tendency towards equilibrium, individual, social-psychological perspective, knowledge and beliefs of individuals. Equilibrium as an optimal allocation of resources towards which an economic system tends. In this process, an entrepreneur plays a central role by introducing innovations and correcting market inefficiencies. Configuration of technological possibilities, knowledge, unfulfilled human needs and purchasing power. Opportunities simply exist without having to identify and describe specific cases. There is no objective" basis whether a particular vision or future constitutes an opportunity or not.
