The Process of Entrepreneurial Opportunity Creation and Exploration

Despite wide-range of studies in the theories of the entrepreneurship field, few studies have offered a pervasive conceptual model or a general consensus of the existing theories. Hence, this paper attempts to extend a comprehensive principle on entrepreneurship. In general, there are two common interpretations of the term ‘entrepreneurship’. One of the common views is Schumpeterian, emphasizing on ideas, innovation and creativity. Another, is Kirznerian, focusing on entrepreneurial opportunity exploration in the market process. Neither of these views is substitutable for the other, and each would just analyze special conditions of the economy and the market The present paper judge both viewpoints to be proper in special circumstances. In fact, there can be a comprehensive principle involving a combination of both interpretations. With this perspective, entrepreneurship theory gets closer to economics. In better words, entrepreneurship is a change in the economic process, that a general entrepreneurial process is transition from one equilibrium state to another, and value is created as the outcome of this transition. Consequently, when it comes to value creation, entrepreneurship meets both conditions including Kirznerian entrepreneurial exploration coupled with Schumpeterian innovation and creativity. To put it differently, any change in economic process can lead to value creation, and entrepreneurship consists of changes in economic process.