Opportunity Based Entrepreneurship Theory Is Associated By Names Such Ad

Opportunity Based Entrepreneurship Theory Is Associated By Names Such Ad

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The third theory that elaborates on this topic is opportunity-based entrepreneurship theory is associated by names such ad Peter Drucker and Howard Stevenson. According to Drucker and Stevenson, entrepreneurs exploit the opportunities before them, be it in technology or new markets, and create transform lives through them (Teece 2013). This assumption contradicts Schumpeter’s premise that entrepreneurs are not responsible for change though their innovation. In this case, it would be safe to point out that both the ability to cause change and notice situations that require change is part of the ‘process’ of entrepreneurship. Schmitz provides similar notion of opportunity-based entrepreneurship when he notes that entrepreneurship promotes social-economic transformation because of “imitative activities of entrepreneurs” (Schmitz, 1989, p. 721). Schmitz’s model argues that it is the imitating entrepreneur, rather than the innovative entrepreneur who promotes growth in the economy (Schmitz, 1989). Imitating entrepreneurs are those who emulate or duplicate existing innovative ideas of original entrepreneurs and puts them into use.
This idea is supported by Schumpeter’s concept of learning by implementing, where knowledge is transmitted and shared for the same purpose (Schmitz, 1989). Such entrepreneurial activities play a key role in production and ultimately, growth because it is replicated by many people at the same time. Both original and imitating entrepreneurs identify and develop business opportunities that may be exploited through small and medium-sized firms. Several processes are involved from the start, including finding the necessary capital, soliciting labour and marketing the new products and services. In other instances...

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...he success of any firm because it ensures proper decision-making, transparency and accountability (Alvord, et al. 2004). In addition, hiring the right staff members particularly those with entrepreneurship tendencies and those qualified in the sector one is venturing into ensures quality management.
Recommendation for further research in this field should be on the domain, parameters and meaning of online social entrepreneurship. The other study the gist behind online social entrepreneurship and whether any activity linked to this form of entrepreneurship is solely for social purposes or it is all about monetary gain. Lastly, additional research should be done on the consequence of external influences on online social entrepreneurship to determine whether there is a correlation between what pushes people to undertake both offline and social entrepreneurship.

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