PHIL 1 Lecture Notes - Opportunity Cost, Technology Life Cycle, Proper Equilibrium
Document Summary
Article 3: the promise of entrepreneurship as a field of research (shane & venkataraman) A field of social science must have a conceptual framework that explains and predicts a set of empirical phenomena. Largest obstacle in creating a conceptual framework: definition. It is not only about who the entrepreneur is and what he or she does. It involves the nexus of two phenomena: the presence of lucrative opportunities & the presence of enterprising individuals. Consideration of the variation in the quality of opportunities that different people identify, is important. Data are difficult to obtain, theory is underdeveloped, many findings to date are the same as those obtained in other areas of business. The existence, discovery, and exploitation of entrepreneurial opportunities. Entrepreneurial opportunities: situations in which new goods, services, raw materials, and organizing methods can be introduced and sold at greater than their cost of production. Opportunities themselves are objective phenomena not known to all parties at all times.
