FEATURE
PAPER
The
Role of Learning in Entrepreneurial Opportunity Recognition
The
following paper was presented at the 2007 USASBE/SBI Conference.
It was written by Rodney D’Souza of
the University of Louisville and Rebecca J. White of
Northern Kentucky University.
Abstract
The field of entrepreneurship is characterized by constantly changing environments and
situations. Entrepreneurship educators are faced with preparing prospective entrepreneurs to
cope with these dynamic situations. Success in these environments requires the ability to capture
and process information – two key components of learning. While most educators agree that
lifelong and experiential learning are fundamental to a successful college experience, there is
little agreement among entrepreneurship educators on how to prepare prospective entrepreneurs
to be successful “learners” in future entrepreneurial experiences. This paper discusses the role of
learning in the entrepreneurial process and examines well known learning theories in order to
find pedagogies that may provide insight into how to better prepare entrepreneurs of tomorrow.
Executive Summary
Entrepreneurs make choices that are characterized by multiple, interdependent, and real-time
decisions, occurring in constantly changing environments. Previous research has been devoted to
understanding why individuals perform poorly in dynamic tasks rather than understanding the
process itself. We discuss three key theories of the learning process that are relevant to
dynamically changing environments and two information acquisition models. We also offer two
propositions regarding entrepreneurship education and opportunity recognition based in learning
theory that we feel need to be tested in order to better understanding the process of opportunity
identification.
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the Entire Paper...
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Consumer Behavior
Consumer behavior is defined by the many types and patterns of consumer characteristics. However, entrepreneurs can focus their attention on only two considerations: personal characteristics and psychological characteristics. There are five types on consumers: innovators, early adopters, early majority, late majority, and laggards.
Differences in social class, income, occupation, education, housing, family influence, and time orientation are some key consumer characteristics. Psychological characteristics can be labeled as: needs, perceptions, self-concept, aspiration groups, and reference groups. This breakdown can provide an entrepreneur with a visual picture of the type of consumer to target for the sales effort.
The next step is to link the
characteristic make of potential consumers with buying trends in the
marketplace. Some of the priorities that shaped buying decisions in the
1990's were self, socializing and education(teens), pair bonding and
career(20 somethings), babies and career(nest building 20s and 30s),
children and midlife crises(30s-50s), relaxation(50-75 year olds), health
and loneliness(70-90 year olds). Each of these factors relates to consumer
attitudes and behaviors based on education, the economy, the environment,
and/or societal changes. By tying together the data, the entrepreneur
can begin to examine consumer behavior more closely.
An analysis of the way consumers view the venture's product or service provides additional data. Entrepreneurs should be aware of five major consumer classifications:
1. Convenience goods - whether staple goods (foods), impulse goods (checkout counter items), or emergency goods and services, consumers will want these goods and services but will not be willing to spend time shopping for them.
2. Shopping goods are products consumers will take time to examine carefully and compare for quality and price.
3. Specialty goods consist of products or services consumers make a special effort to find and purchase.
4. Unsought goods are items consumers do not currently need or seek. Common examples are life insurance, encyclopedias, and cemetery plots. These products require explanation or demonstration.
5. New products are items that are unknown due to lack of advertising or are new products that take time to be understood. When microcomputers were first introduced, for example, they fell into this category.
| Donald
F. Kurakto and Richard M. Hodgetts. Entrepreneurship:
Theory, Process, Practice 7th edition.
2007. Thomson South-Western. p289. |
|
CONFERENCES
NCIIA
|
| Who: |
National
Collegiate Inventors & Innovators Alliance
|
| What: |
11th
Annual Meeting
|
| Where: |
Quorum
Hotel Tampa - Tampa, Florida, USA |
| When: |
March
22-24, 2007 |
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EFP
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| Who: |
Eye
For Procurement
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| What: |
Supplier
Management Forum 2007
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| Where: |
Miami,
Florida, USA |
| When: |
April
17-18, 2007 |
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AACSB
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| Who: |
AACSB
Communications
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| What: |
World
Class Practices in Management Education
|
| Where: |
Beijng,
China |
| When: |
May
20-22, 2007 |
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CS
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| Who: |
Creativity
Seminars
|
| What: |
Creativity
Workshop - 2007 Educator Fellowships
|
| Where: |
Florence,
Italy |
| When: |
July
13-22, 2007 |
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ISBE
|
| Who: |
Institute
for Small Business and Entrepreneurship
|
| What: |
30th
Annual ISBE Conference
|
| Where: |
Heriot-Watt
University, Glasgow, Scotland |
| When: |
November
7-9, 2007 |
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CALLS FOR PAPERS
CNU
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| Who: |
Christopher
Newport University |
| What: |
"Truth & Consequences" Exploring
Economic Development from Entrepreneurship to
Relationship
|
| Where: |
Newport
News, Virginia, USA |
| When: |
September
28-30, 2007 |
Submission
Deadline:
April 1, 2007
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SMA
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| Who: |
Southern
Management Association
|
| What: |
Annual
Meeting
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| Where: |
Nashville,
Tennessee, USA |
| When: |
November
7-10, 2007 |
Submission
Deadline:
April 14, 2007
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AMA
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| Who: |
Atlantic
Marketing Association
|
| What: |
Atlantic
Marketing Association Annual Meeting
|
| Where: |
New
Orleans, Louisiana, USA |
| When: |
September
26-29, 2007 |
Submission
Deadline:
April 17, 2007
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FBD
|
| Who: |
Federation
of Business Disciplines
|
| What: |
Annual
Meeting
|
| Where: |
Hyatt
Regency, Houston, Texas, USA |
| When: |
March
4-8, 2008 |
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