Schumpeter (1934) asserted
that an entrepreneur is an
innovator or developer who recognizes and seizes opportunities, converts those
opportunities to marketable ideas, adds value through skills and effort, assumes
the risks of competition and realizes the rewards.
Entrepreneurial capabilities develop and maintain the fit between the changing opportunities and objectives for superior performance. Factors such as location, support activities and intensity affect performance.
An entrepreneur recognizes
and exploits beneficial opportunities by moving an idea from the mind to the potential
client.
As argued by Lerner and Haber (2000), often people with greater
efficacy are more likely to exploit opportunities when expected demand is high,
the margins are high, product life cycle is young, the intensity of competition
in a particular opportunity space is neither too low nor too high, the cost of
capital is low, and population learning from others is available.
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