Thinking Entrepreneurially

4 important questions on Thinking Entrepreneurially

According to Baumol (1993) and Kirzner (1997),  entrepreneurial opportunities differ from larger set of general business opportunities in that they "require the discovery of ___  _____________ and ____________ in the marketplace that are _________ and _______."

new relationships, interactions; uncertain, dynamic

What sort of interaction between individuals may highlight entrepreneurial opportunities? (Hayek, 1945; Kirzner, 1973)

Differences of opinion
Some may see opportunity "while others view the same situation with doubt or disinterest."

What is strategic decision-making, and what does it involve?

It is a cognitive process which involves individual decision-making and selection of a specific course of action that is intended to bring a certain result.
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What is a strategic decision?

A decision that is significant in time and resources involved and/or in the consequences of their outcomes.

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