Small Business Economics

, Volume 28, Issue 4, pp 323-337

First online:

Creation and Pursuit of Entrepreneurial Opportunities: An Evolutionary Economics Perspective

  • Guido BuenstorfAffiliated withEvolutionary Economics Group, Max Planck Institute of Economics Email author 

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Considerable debate surrounds the concept of entrepreneurial opportunities. This paper approaches the opportunity concept from an evolutionary market process perspective. It argues that new opportunities for entrepreneurial activity frequently emerge as by-products of market competition. Agents may deliberately or unwittingly create opportunities. Organizational development and the evolution of industries are additional sources of new entrepreneurial opportunities. At the same time, they enable agents to acquire the skills required to exploit these opportunities.

Key words

business conceptions industry evolution market process opportunities spin-offs

JEL classifications

B25 D21 L10 L26 M13