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korean management review - Vol. 50, No. 3

[ Article ]
korean management review - Vol. 50, No. 3, pp.687-708
Abbreviation: kmr
ISSN: 1226-1874 (Print)
Print publication date 30 Jun 2021
Received 11 Nov 2020 Revised 05 Jan 2021 Accepted 18 Jan 2021

A Conceptual Study on the Types of Entrepreneurial Opportunities
Young Pil Zho ; Jong-Keon Lee
(First Author) Chung-Ang University (
(Corresponding Author) School of Business Administration, Chung-Ang University (

창업기회의 유형에 관한 개념적 연구

This is an open access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted, distribution, and reproduction in any medium, provided the original work is properly cited.


This study explores the nature of entrepreneurial opportunities by examining the types of entrepreneurial opportunities, and suggests that identifying the types of entrepreneurial opportunities can affect the success or failure of start-up.

The research first analyzes two major papers on the definition of entrepreneurial opportunities, identifies the components of entrepreneurial opportunities, and then reviews six previous papers on the typology of entrepreneurial opportunities with the newly built perspective based on understanding of those components. Through the review, it is concluded that epistemological typology and constructivist typology, which are two representative flows of prior typology, have different classification criteria, but the types of opportunities classified are similar. Therefore, in terms of classified results, it is possible to integrate the two flows of typology.

Lastly, we specify the characteristics of contents for each determined opportunity type and provide implications for on-site start-up execution by proposing specific guidelines necessary for start-up practice for each type of opportunity.

This work comprehensively organizes various typology of entrepreneurial opportunities by deriving components, which has not been attempted so far on the theoretical side and contributes on presenting useful and practical guides about opportunity type identification and practice for each type for the field.

Keywords: Entrepreneurial Opportunities, Typology of Entrepreneurial Opportunities, Types of Entrepreneurial Opportunities

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∙ The author Young Pil Zho is a certified management consultant. He graduated from Seoul National University, department of international economics and earned Ph.D in entrepreneurship from Chung-Ang University. He started his career at CJ and served as a director at Seoul Technopark. His current research interests are technology entrepreneurship, networks, and trust.

∙ The author Jong-Keon Lee is a professor of management at Chung-Ang University. His major research areas include human resource management, organizational behavior, leadership, entrepreneurship, negotiation, and business ethics.