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The Technological Entrepreneur’s Playbook by Ian Chaston

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CHAPTER 4

Opportunity Emergence and Evolution

Discovery

Kirzner (1997) considered an entrepreneur is an individual “alert” to opportunities. He posited that alertness is a key difference between entrepreneurs and nonentrepreneurs. Theories of entrepreneurial opportunity reflect an assumption that entrepreneurs either search to discover opportunities or create opportunities without searching. Alvarez and Barney (2007) opined that discovery and creation should be viewed as two conflicting theories of entrepreneurship.

Discovery is about searching the environment for competitive imperfections brought about by external changes. Creation assumes that opportunities do not necessarily evolve out of preexisting industries or markets. Discovery research ...

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