PHIL 1 Lecture Notes - Opportunity Cost, Liquidity Premium
Document Summary
The promise of entrepreneurship as a field of. Research: performance advantage over other firms is not a sufficient measure of entrepreneurial performance. May be insufficient to compensate for the opportunity cost of other alternatives, a liquidity premium for time and capital and a premium for uncertainty bearing. In terms of who the entrepreneur is and what he or she does. Involves the study of sources of opportunities, the process of discovery, evaluation, and exploitation of opportunities, and the set of individuals who discover, evaluate and exploit them. Rather than environmental antecedents and consequences: consider a framework broader than firm creation, complements research on the process of firm creation. Three reasons: much technical information is ultimately embodied in products and services. Those situations in which new goods, services, raw materials, and organizing methods can be introduced and sold at greater than their cost of production.
