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The Review of Austrian Economics

, Volume 28, Issue 1, pp 1–15 | Cite as

Entrepreneurial opportunity as the potential to create value

  • Peter Lewin
Article

Abstract

Unpacking the concept of entrepreneurial-opportunity to include three categories of essential ingredients, provides a fruitful framework for applying Israel Kirzner’s approach to entrepreneurship—bridging the entrepreneur as someone alert to opportunities to create value, to real world situations requiring the entrepreneur’s evaluation of resource-inputs and prospective outputs, and his perception of what actions are necessary and need to be coordinated, in an environment of sufficient mutual understandings. To fully understand how the entrepreneur makes superior evaluations, one must address all of these three categories.

Keywords

Entrepreneur Opportunity Alertness Incentives Business-management 

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Copyright information

© Springer Science+Business Media New York 2013

Authors and Affiliations

  1. 1.Naveen Jindal School of ManagementUniversity of Texas at DallasRichardsonUSA

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