Entrepreneurship Theory and Practice

Entrepreneurship Theory and
Practice

TABLE OF CONTENT
Introduction......................................................................................................................................1
Main body........................................................................................................................................1
similarities and differences between the Creation and Discovery contexts of entrepreneurial
opportunities................................................................................................................................1
1a capabilities/ strategies.............................................................................................................2
1b five dimensions of entrepreneurial orientation.......................................................................4
Conclusion.......................................................................................................................................6
REFERENCES................................................................................................................................7

Introduction
Entrepreneurship refers to the ability, capacity and potential of an individual who may run
their own business and start up (Aldrich, 2017). Entrepreneurship practises is a continuous
process in which the group of individual who uses the opportunity and provide new and
innovative product to the people. This report focuses on capabilities to enhance the effective
exploitation of the opportunities. Besides this, dimension of entrepreneurial orientation is being
mentioned in this report.
Main body
Similarities and differences between the Creation and Discovery contexts of entrepreneurial
opportunities
Similarities:
The similarity between creation and discovery is they both are entrepreneurial
opportunities. Both the creation and discovery theory estimate that the objective of entrepreneurs
is to find out the opportunity and exploit it (Douglas, Shepherd and Prentice, 2020). Both
discovery and creation recognise that there are existence of the opportunities when competition
prevails in the industry or the market. Both revolve within opportunities only.
Differences:
The main difference with discovery and creation is that there analysis is different when it comes
to origin of the competition. In discovery, competitive imperfections are expected to rise within
the changes in the technology, from customer preferences or some other elements within the
existing markets (Welter and et.al., 2017). Technology changes, social and political changes are
the examples of the situations which can disturb the competitive equilibrium which are created.
While in creation, opportunities are not expected to becomes the objectives. Rather than the
opportunities are formed through reactions, actions and activity of entrepreneur to find the way
for producing goods and services.
In creation evolvement of opportunities are not there within the existing markets. Search has the
meaning in discovery but does not have any meaning in the creation. In the search entrepreneurs
discover the opportunities like any natural resource which is already existing. While in creation
there is no search by the entrepreneur as it involve no finding activity. In the creation they
observe markets and consumers and how they are responding within the actions. After the
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