Entrepreneurship Theory and Practice.

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Entrepreneurship Theory and Practice
ContentsIntroduction......................................................................................................................................3Entrepreneurial Opportunities.........................................................................................................3Creation and Discovery of entrepreneurial opportunities............................................................3Similarities of Creation and Discovery........................................................................................4Differences between Creation and Discovery.............................................................................4Introduction to opportunity exploitation..........................................................................................5Discussion of how three entrepreneurial strategies can assist firms............................................6Five Dimensions of Entrepreneurial Orientation.............................................................................7Personal Reflection on three Dimensions....................................................................................8Conclusion.......................................................................................................................................8References........................................................................................................................................9Appendix: CV................................................................................................................................12
IntroductionEntrepreneurship is an essential aspect in the current business world, and in the current report,the various aspects of entrepreneurship are briefly explained. The report will be dealing with theentrepreneurial opportunities and the dimensions of entrepreneurial orientation. Also, personalreflection based on the current topic is included in the report.Entrepreneurial OpportunitiesEntrepreneurial opportunities can be defined as situations that allow an individual or anorganisation to sell products or services at a higher price to gain profits.Zaefarian et al. (2016)mentioned that opportunities are usually identified from potential customers and competitors.Therefore, it can be identified that exploring entrepreneurial opportunities need more analyticalskills. Entrepreneurial opportunities can be termed as the fundamental part of entrepreneurship.The opportunities provide more job offers for the job seekers and also a profit for the company.Del Vecchio et al. (2018)opined that entrepreneurial opportunities are usually discovered orcreated by skilful entrepreneurs.Creation and Discovery of entrepreneurial opportunitiesSuddaby et al. (2015)mentioned that there are two major and fundamental theories ofentrepreneurial opportunities, namely, discovery and creation. According to the creation theory,opportunities are always created by entrepreneurs. On the other hand, the discovery theoryargues that the opportunities are existing already, and hence they are only identified by theindividuals. Foss andKlein(2017) commented that the creation is the process of developing newentrepreneurial opportunities by identifying a potential gap in the needs of the society. Incontradiction to this, discovery theory reveals that entrepreneurs only establish the adequatedecision-making process to select the appropriate opportunity. Hence the opportunities are
independent of the entrepreneur actions based on the discovery theory. At the same time, thecreation theory argued that opportunities are created based on the actions of the entrepreneur. Itis found that the total growth will be faster in the case of discovery theory because appropriatedecisions are already made while selecting the opportunity. In contradiction to this, the creationtheory is found to be more uncertain regarding decision making.Similarities of Creation and DiscoveryBoth the theories of creation and discovery of entrepreneurial opportunities explains the variousmethods of exploring entrepreneurial opportunities. However, there is a great difference betweenthe theories than the similarities. Part et al. (2017) opined that both the theories deal with theidentification and exploitation of existing opportunities in the market. Also, it is found that boththe theories adequate information about the exploitation of entrepreneurial opportunities.Moreover, both theories help to improve the abilities and potential of entrepreneurs for gaining abetter profit. Besides, both theories have described the decision-making process and also aboutthe risk.Differences between Creation and DiscoveryAs per the observation ofMaine et al. (2015), dependency on the entrepreneur is the mostsignificant between the creation and discovery of opportunities. It is found that the creationtheory is purely based on the actions of the entrepreneur. At the same time, the discovery theoryillustrates that entrepreneurial opportunities are independent of entrepreneurial actions. Inaddition, the decision-making process regarding entrepreneurial opportunities is uncertain in thecase of opportunity creation. At the same time,Wilson and Martin (2015)commented that in thecase of opportunity creation, the decision-making process is much riskier. In addition, it is foundthat the opportunities are already existing and the entrepreneurs only need to identify the right
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