Task:
In its broad conceptualisation, entrepreneurship involves the nexus of two phenomenon; (1) sources of opportunities and (2) the presence of enterprising individuals who evaluate and exploit these opportunities. For example, opportunities within the traditional taxi transport and hotel lodging industries, were evaluated and acted upon by individuals, subsequently forming the now Uber and Airbnb. With these descriptions of entrepreneurship in mind;
Question 1a. Evaluate the two (2) main views of entrepreneurial opportunities. As part of your evaluation, discuss three (3) entrepreneurial actions that can be used in the effective exploitation of opportunities. [hint: actions may include; strategy, marketing, financing, networking etc].
Question 1b. Consider the five (5) dimensions of entrepreneurial orientation (see, Lumpkin and Dess, 1996). Reflect on the degree to which you possess any three (3) of these dimensions.
Question 1a; the two (2) main views of entrepreneurial opportunities
Explain/define entrepreneurial opportunities
Explain/define opportunity creation and opportunity discovery
Discuss the similarities between opportunity creation and opportunity discovery
e.g. both arise from competitive market imperfections (examples of market imperfections?); both undergo evaluation and exploitation process; similar dimensions and drivers when developing the opportunity business model etc
Discuss the differences between opportunity creation and discovery
e.g. subjective versus objective; endogenous versus exogenous; depends on the actions and reactions of entrepreneurs versus independent of the actions of entrepreneurs; uncertainty versus risk, etc.