Entrepreneurial Opportunities: Models and Approaches, Assumptions and Viewpoints

Document Type : Review article


Department of Entrepreneurship, University of Sistan and Baluchestan


The concept of opportunity can be considered as one of the most central and sometimes even the most central issues of entrepreneurship. At the same time, opportunity is one of the most controversial concepts in the entrepreneurship literature, as the assumptions underlying the function of identifying entrepreneurial opportunities and also the nature and characteristics of this phenomenon confront with different approaches and sometimes even paradoxical approaches. In this situation, different approaches and methods for exploiting them in entrepreneurial tasks are also desirable. While referring to the definitions and the central role of the concept of opportunity in the scientific literature of the Entrepreneurship, the present article has attempted to study the viewpoints of prominent researchers of economics and entrepreneurship fields. In the economic supply and demand approach, based on philosophical assumptions and the Means-Ends framework, models of allocation, discovery and creation are the three main patterns in the identification of entrepreneurial opportunities task. Furthermore, Schumpeterian and Kirznerian Opportunities are the two main and distinct perspectives on entrepreneurial opportunities that have developed two main streams of entrepreneurial opportunity studies and research. These two perspectives, in contrast to each other, can be examined from different dimensions of models, approaches, nature and requirements of the phases of entrepreneurial opportunities exploitation and value creation.


فهرست مراجع و مآخذ
Berglund, H. (2007). Opportunities as existing and created: a study of entrepreneurs in Swedish mobile Internet industry. Journal of Enterprising Culture, 15(3), 243-273.
Casson, M. C. (1982). The Entrepreneur: An Economic Theory. Oxford: Martin Robertson.
Chandler, G. N., Lyon, D. W., & Detienne, D. R. (2005). ANTECEDENTS AND EXPLIOTATION OUTCOMES OF OPPORTUNITY IDENTIFICATION PROCESSES. In Academy of Management Proceedings (Vol. 2005, No. 1, pp. J1-J6). Briarcliff Manor, NY 10510: Academy of Management.
Christensen, P., & Peterson, R. (1990). Opportunity Identification: Mapping the source of New Venture Ideas. Paper presented at the Babson Entrepreneurship Research Conference.
De Carolis, D. M., & Saparito, P. (2006). Social capital, cognition, and entrepreneurial opportunities: A theoretical framework. Entrepreneurship: Theory and Practice, 30(1), 41-56.
De Jong, J. P., & Marsili, O. (2010). Schumpeter versus Kirzner: An empirical investigation of opportunity types. EIM Research Reports.
Fuduric, N. (2008). Individuals & Opportunities: A resource-based and institutional view of entrepreneurship. PhD Thesis, Aalborg University.
Gaglio, C. M. (2018). Opportunity identification: review, critique, and suggested research directions. In Reflections and Extensions on Key Papers of the First Twenty-Five Years of Advances (pp. 1-47). Emerald Publishing Limited.
Kirzner, I. M. (1997). Entrepreneurial discovery and the competitive market process: An Austrian approach. Journal of Economic Literature, 35, 60-85.
Kirzner, I. M. (1979). Perception, Opportunity, and Profit. IL: University of Chicago Press.
Krueger, N. (2000). The Cognitive Infrastructure of Opportunity Emergence. Entrepreneurship: Theory & Practice, 24(3), 5-23.
McCline, R. L., Bhat, S., & Baj, P. (2000). Opportunity recognition: An exploratory investigation of a component of the entrepreneurial process in the context of the healthcare industry. Entrepreneurship: Theory and Practice, 25(2), 81–94.
Renko, M, Shrader, R. C. & Simon, M. (2012). Perception of entrepreneurial opportunity: a general framework. Management Decision, 50(7), 1233–1251.
Sarasvathy, S. (2001). Causation and Effectuation: Toward A Theoretical Shift from Economic Inevitability to Entrepreneurial Contingency. Academy of Management Review, 26(2): 243-288.
Sarasvathy, S. D. (2008). Effectuation: Elements of Entrepreneurial Expertise. UK: Edward Elgar Publishing Limited.
Sarasvathy, S. D., Dew, N., Velamuri, S. R., & Venkataraman, S. (2003). Three views of Entrepreneurial opportunity. In Handbook of Entrepreneurship Research, Edited by Z. J. Acs and D. B. Audretch. NY: Springer.
Schumpeter, J. A. (1934). The Theory of Economic Development: An inquiry into profits, capital, credit, interest and the business cycle. Cambridge: Harvard University Press.
Schumpeter, J. A. (1942). Capitalism, Socialism, and Democracy. New York: US: Harper.
Schumpeter, J. A. (2005). Development. Journal of Economic Literature, 43, 108-120.
Shane, S. (2000). Prior knowledge and the discovery of entrepreneurial opportunities. Organization Science, 11(4), 448-469.
Shane, S. (2003). A General Theory of Entrepreneurship. Cheltenham: Edward Elgar.
Shane, S., & Venkataraman, S. (2000). The Promise of Entrepreneurship as a Field of Research. Academy of Management Review, 25(1), 217-226.
Venkataraman, S. (2004). Regional transformation through chronological entrepreneurship. Journal of Business Venturing, 19(1), 153-167.
Venkataraman, S. (2019). The distinctive domain of entrepreneurship research. In Seminal Ideas for the Next Twenty-Five Years of Advances (pp. 5-20). Emerald Publishing Limited.
Walras, L. (1954). Elements of pure economics; or, the theory of social wealth. American Economic Association and the Royal Economic Society.