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Research Article
Discovery and creation: alternative theories of entrepreneurial action
Article first published online: 16 NOV 2007
DOI: 10.1002/sej.4
© 2007 Strategic Management Society. Published by John Wiley & Sons, Ltd.
1932-443X/asset/cover.gif?v=1&s=8ceb3129e597e15a23f132dce8cb918d4170e5a8 "Strategic Entrepreneurship Journal")
Additional Information
How to Cite
Alvarez, S. A. and Barney, J. B. (2007), Discovery and creation: alternative theories of entrepreneurial action. Strategic Entrepreneurship Journal, 1: 11–26. doi: 10.1002/sej.4
Publication History
- Issue published online: 12 DEC 2007
- Article first published online: 16 NOV 2007
- Abstract
- References
- Cited By
Keywords:
- entrepreneurship theory;
- opportunity creation;
- opportunity discovery;
- uncertainty;
- exploitation;
- entrepreneurial processes
Abstract
Do entrepreneurial opportunities exist, independent of the perceptions of entrepreneurs, just waiting to be discovered? Or, are these opportunities created by the actions of entrepreneurs? Two internally consistent theories of how entrepreneurial opportunities are formed – discovery theory and creation theory – are described. While it will always be possible to describe the formation of a particular opportunity as an example of a discovery or creation process, these two theories do have important implications for the effectiveness of a wide variety of entrepreneurial actions in different contexts. The implications of these theories for seven of these actions are described, along with a discussion of some of the broader theoretical implications of these two theories for the fields of entrepreneurship and strategic management. Copyright © 2007 Strategic Management Society.