Bounded Opportunity: A Knowledge-Based Approach to Opportunity Recognition and Development

Anne M. de Bruin; Francesco M. Ferrante

doi:10.2202/2157-5665.1018

Article

Bounded Opportunity: A Knowledge-Based Approach to Opportunity Recognition and Development

Anne M. de Bruin and Francesco M. Ferrante

Published/Copyright: October 3, 2011

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From the journal Entrepreneurship Research Journal Volume 1 Issue 4

Abstract

This article is premised on the underlying notion that knowledge is crucial to the opportunity recognition and development process. Springboarding from the insights of Atkinson and Stiglitz (1969) on the localized nature of knowledge accumulation, we define a feasible solution space and examine the implications of entrepreneurial knowledge in the recognition and development of opportunity within this space. Distinguishing between two forms of entrepreneurial knowledge, namely context dependent idiosyncratic knowledge or tacit knowledge, and codified knowledge, the primary aim of this article is to propose a knowledge-based model of opportunity within a bounded solution space. Our discussion of this model includes elaboration on how the composition of entrepreneurial knowledge predicts major path differences for the expansion and development of opportunities.

Keywords: opportunity; knowledge; entrepreneurship; localised; tacit knowledge; codified knowledge

Published Online: 2011-10-03

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Articles in the same Issue

https://doi.org/10.2202/2157-5665.1018

Keywords for this article

opportunity; knowledge; entrepreneurship; localised; tacit knowledge; codified knowledge