MD4044 Entrepreneurship Theory and Practice

Question 1a; Evaluate the Creation and Discovery contexts of entrepreneurial opportunities.

Question 1a Contd.; As part of your evaluation, discuss any three (3) firm-level capabilities/strategies that can be used in the effective exploitation of opportunities. [hint: firm-level capabilities may include; marketing/market orientation, collaborations/alliance formation, networking, technological etc].

Question 1b.  Consider the five (5) dimensions of entrepreneurial orientation (see, Lumpkin and Dess, 1996). Reflect on the extent to which your attitudes and behaviours are consistent with any three (3) of these dimensions. [hint: use the references given in lectures on the dimensions of EO and reflection. Also consider the business models discussed].

Suggested Layout

Part 1a

· Introduction to Entrepreneurial Opportunities

· Description of Creation and Discovery Views

· Similarities of Creation and Discovery Views

· Differences between Creation and Discovery Views

· Introduction to Opportunity Exploitation

· Discussion of Entrepreneurial Strategie

· Discussion of how three Entrepreneurial Strategies can assist firms

Part 1b

· Introduction to the five Dimensions of Entrepreneurial Orientation

· Personal Reflection on three Dimensions

Question 1a; Evaluate the Creation and Discovery contexts of entrepreneurial opportunities.

· Explain/define entrepreneurial opportunities

· Explain/define opportunity creation and opportunity discovery

· Discuss the similarities between opportunity creation and opportunity discovery

Both creation and discovery arise from competitive market imperfections (you can give examples of market imperfections); both creation and discovery undergo evaluation and exploitation process; creation and discovery may have similar dimensions and drivers when developing the opportunity business model etc (you can give examples of these dimensions and drivers)

Discuss the differences between opportunity creation and discovery e.g.

· Subjective (creation) versus objective (discovery);

· endogenous (creation) versus exogenous (discovery);

· depends on the actions and reactions of entrepreneurs (creation) versus independent of the actions of entrepreneurs (discovery);

· uncertainty (creation) versus risk (discovery), etc.   

Question 1a Contd.; As part of your evaluation, discuss any three (3) firm-level capabilities/strategies that can be used in the effective exploitation of opportunities. [hint: firm-level capabilities may include; marketing/market orientation, collaborations/alliance formation, networking, technological etc].

· Explain opportunity exploitation.

Consider the various forms of opportunity exploitation in your explanation. E.g., registering a business, marketing products/services, testing products, advertising, licensing, customer acquisitions, acquiring other business partners, among others.

Among many others, consider the following entrepreneurial actions/strategies; networking, entrepreneurial marketing/market orientation, legitimacy, customer engagement, alliance formation.

Discuss how any three of these strategies can aid entrepreneurs/firms to effectively exploit opportunities (do not forget how opportunity exploitation is broadly defined).

Question 1b.  Consider the five (5) dimensions of entrepreneurial orientation (see, Lumpkin and Dess, 1996). Reflect on the extent to which your attitudes and behaviours are consistent with any three (3) of these dimensions.

· Introduction of the five dimensions of EO (autonomy, innovation, risk-taking, proactiveness and competitive aggressiveness)

· Select any three of the dimensions and reflect on them. Use of personal examples (e.g. school, work, job search, current and /or previous employment positions) in the reflective writing.