The Phantom Opportunity
Kirznerian entrepreneurs are described as alert individuals apt to identify opportunities through subjective inferences based on industry competition, price inequality, and interaction with other market actors. They are poised to identify and exploit opportunities that may not currently exist. We ex...
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doaj-98027ef4875b45faaf45105e0c8bd95c2020-11-25T00:51:39ZporInstituto Mises BrasilMises2318-08112594-91872019-11-017310.30800/mises.2019.v7.12211221The Phantom OpportunityMichael Caston0Clint Purtell1Lee Grumbles2Nicole Flink3University of Denver, Denver, CO, United StatesOklahoma State University, Stillwater, Oklahoma, United StatesOklahoma State University, Stillwater, Oklahoma, United StatesWeber State University, Ogden, Utah, United StatesKirznerian entrepreneurs are described as alert individuals apt to identify opportunities through subjective inferences based on industry competition, price inequality, and interaction with other market actors. They are poised to identify and exploit opportunities that may not currently exist. We extend this notion of alertness towards the unknown by introducing the “phantom opportunity” concept, extending prior research. Although entrepreneurs may initially perceive a new venture idea, it cannot manifest itself as opportunity until other parties legitimize it by mutually perceiving it as such, thus committing resources. For example, investors may mentally simulate, contributively co-create or modify a proposed opportunity before committing the necessary funding to launch the entrepreneur’s perceived idea. This paper extends Kirzner’s view of perception and opportunity as related to the modern entrepreneurs’ struggle to define, legitimize and realize an opportunity.https://revistamises.org.br/misesjournal/article/view/1221entrepreneuropportunitydiscoveryperceptionresources |
collection |
DOAJ |
language |
Portuguese |
format |
Article |
sources |
DOAJ |
author |
Michael Caston Clint Purtell Lee Grumbles Nicole Flink |
spellingShingle |
Michael Caston Clint Purtell Lee Grumbles Nicole Flink The Phantom Opportunity Mises entrepreneur opportunity discovery perception resources |
author_facet |
Michael Caston Clint Purtell Lee Grumbles Nicole Flink |
author_sort |
Michael Caston |
title |
The Phantom Opportunity |
title_short |
The Phantom Opportunity |
title_full |
The Phantom Opportunity |
title_fullStr |
The Phantom Opportunity |
title_full_unstemmed |
The Phantom Opportunity |
title_sort |
phantom opportunity |
publisher |
Instituto Mises Brasil |
series |
Mises |
issn |
2318-0811 2594-9187 |
publishDate |
2019-11-01 |
description |
Kirznerian entrepreneurs are described as alert individuals apt to identify opportunities through subjective inferences based on industry competition, price inequality, and interaction with other market actors. They are poised to identify and exploit opportunities that may not currently exist. We extend this notion of alertness towards the unknown by introducing the “phantom opportunity” concept, extending prior research. Although entrepreneurs may initially perceive a new venture idea, it cannot manifest itself as opportunity until other parties legitimize it by mutually perceiving it as such, thus committing resources. For example, investors may mentally simulate, contributively co-create or modify a proposed opportunity before committing the necessary funding to launch the entrepreneur’s perceived idea. This paper extends Kirzner’s view of perception and opportunity as related to the modern entrepreneurs’ struggle to define, legitimize and realize an opportunity. |
topic |
entrepreneur opportunity discovery perception resources |
url |
https://revistamises.org.br/misesjournal/article/view/1221 |
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