Abstract

Entrepreneurship scholarship, with opportunity as its defining characteristic, would benefit from an appraisal of Howard Stevenson’s (1983) definition that “Entrepreneurship is the process by which individuals pursue opportunities without regard to the resources they currently control.” We analyze three stories from Allen (2001) to generate insights into Stevenson’s view that opportunities require both desirability and feasibility and we provide a theoretical framework for how individuals go about generating resources to pursue opportunity, and vice versa. We point out situations where resources, at hand, lead to opportunities, and where imagination reconfigures both resources and opportunities into viable businesses.

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