Current Issue

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
DOI: https://doi.org/10.17287/kmr.2021.50.3.687

A Conceptual Study on the Types of Entrepreneurial Opportunities
Young Pil Zho ; Jong-Keon Lee
(First Author) Chung-Ang University (youngphil.jo@gmail.com)
(Corresponding Author) School of Business Administration, Chung-Ang University (jkeonlee@cau.ac.kr)

창업기회의 유형에 관한 개념적 연구

Copyright 2011 THE KOREAN ACADEMIC SOCIETY OF BUSINESS ADMINISTRATION
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.

Abstract

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

References
1. Alsos, G. A. and V. Kaikkonen (2004), “Opportunities and Prior Knowledge: A Study of Experienced Entrepreneurs,” Frontiers of Entrepreneurship Research, pp.301-314.
2. Ardichvili, A., R. Cardozo, and S. Ray (2003), “A Theory of Entrepreneurial Opportunity Identification and Development,” Journal of Business Venturing, 18, pp.105-123.
3. Chandler, G. N., D. DeTienne, and D. W. Lyon (2003), “Outcome Implication of Opportunity Creation / Discovery Processes,” Frontiers of Entrepreneurship Research, pp. 398-409.
4. Companys, Y. E. and J. S. McMullen (2007), “Strategic Entrepreneurs at Work: The Nature, Discovery, and Exploitation of Entrepreneurial Opportunities,” Small Business Economics, 28(4), pp.301-322.
5. Davidsson, P. (2003), “The Domain of Entrepreneurship Research: Some Suggestions,” Advances in Entrepreneurship, Firm Emergence and Growth, 6(3), pp.315-372.
6. Davidsson, P. (2015), “Entrepreneurial Opportunities and the Entrepreneurship Nexus: A Reconceptualization,” Journal of Business Venturing, 30(5), pp.674-695.
7. Duening, T., M. Shepherd, and A. Czaplewski (2012), “How Entrepreneurs Think: Why Effectuation and Effectual Logic May be the Key to Successful Enterprise Entrepreneurship,” International Journal of Innovation Science, 4(4), pp.205-216.
8. Eckhardt, J. and S. A. Shane (2003), “Opportunities and Entrepreneurship,” Journal of Management, 29(3), pp.333-349.
9. Friedel, R. (2001), “Serendipity is no Accident,” The Kenyon Review, 23(2), pp.36-47.
10. Gaglio, C. M. and J. A. Katz (2001), “The Psychological Basis of Opportunity Identification: Entrepreneurial Alertness,” Journal of Small Business Economics, 16, pp.95-111.
11. Getzels, J. W. and P. W. Jackson (1962), Creativity and Intelligence: Explorations with Gifted Students. London, Routledge.
12. Hansen, D. J., R. Shrader, and J. Monllor (2009), “Composite Definitions of Entrepreneurial Opportunity and their Operationalizations: toward a Typology,” Frontiers of Entrepreneurship Research, pp.1-15.
13. Kaish, S. and B. Gilad (1991), “Characteristics of Opportunities Search of Entrepreneurs versus Executives: Sources, Interests, General Alertness,” Journal of Business Venturing, 6(1), pp.45-61.
14. Kirzner, I. M. (1997), “Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach,” Journal of Economic Literature, 35(1), pp.60-85.
15. Knight, F. (1921), Risk, Uncertainty and Profit, 1933 edition, Boston and New York: Houghton Mifflin.
16. McMullen, J. S., L. A. Plummer, and Z. J. Acs (2007), “What Is an Entrepreneurial Opportunity,” Small Business Economics, 28(4), pp.273-283.
17. Meyer, J. W. and B. Rowan (1977), “Institutionalized Organizations: Formal Structure as Myth and Ceremony,” American Journal of Sociology, 83(2), pp.340-363.
18. Murphy, P. J. (2011), “A 2 × 2 Conceptual Foundation for Entrepreneurial Discovery Theory,” Entrepreneurship Theory and Practice, 35(2), pp.359-374.
19. Plummer, L. A., J. M. Haynie, and J. Godesiabois (2007), “An Essay on the Origins of Entrepreneurial Opportunity,” Small Business Economics, 28(4), pp.363-379.
20. Sarason, Y., T. Dean, and J. F. Dillard (2006), “Entrepreneurship as the Nexus of Individual and Opportunity: A Structuration View,” Journal of Business Venturing, 21(3), pp. 286-305.
21. Sarasvathy, S. D. (2001), “What Makes Entrepreneurs Entrepreneurial?,” Harvard Business Review, 21, pp.1-9.
22. Sarasvathy, S. D., N. Dew, S. R. Velamuri, and S. K. Venkataraman (2003), “Three Views of Entrepreneurial Opportunities,” In Z. J. Acs and D. B. Audretsch (eds.), Handbook of Entrepreneurship Research, Great Britain. Kluwer Academic Publishers, pp.141-160.
23. Schumpeter, J. A. (1934), The Theory of Economic Development, Cambridge, MA, Harvard University Press.
24. Shane, S. and S. Venkataraman (2000), “The Promise of Entrepreneurship as a Field of Research,” Academy of Management Review, 25, pp.217-226.
25. Smith, B. R., C. H. Matthews, and M. T. Schenkel (2009), “Difference in Entrepreneurial Opportunities: The Role of Tacitness and Codification in Opportunity Identification,” Journal of small Business Management, 47(1), pp.38-57.
26. Wood, M., C. Welter, K. Artz, and S. W. Bradley (2014), “Discerning Opportunity Types: Implications for Entrepreneurial Action and Entrepreneurship Education,” Innovative Pathways for University Entrepreneurship in the 21st Century, pp.119-144.
27. Zahra, S. A. (2008), “The Virtuous Cycle of Discovery and Creation of Entrepreneurial Opportunities,” Strategic Entrepreneurship Journal, 2(3), pp.243-257.
28. Zelizer, V. A. (1978), “Human Values and the Market: The Case of Life Insurance and Death in 19th-century America,” American Journal of Sociology, 84(3), pp.591-610.

∙ 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.