Selected Essays of Dean A. Shepherd
Entrepreneurship involves phenomena and processes related to discovering, evaluating, and exploiting opportunities to create future goods and services (Shane & Venkataraman, 2000). The outcome of this process is new products or services or both. Newness, however, is a double-edged sword. On the one hand, newness represents something rare, which can help differentiate a firm from its competitors. On the other hand, newness creates a number of challenges for entrepreneurs. Newness can increase entrepreneurs’ uncertainty over the value of a new product (Knight, 1921; Olson, Walker & Ruekert, 1995; Sapienza & Gupta, 1994) and place a greater strain on the resources necessary for successful exploitation (Sapienza & Gupta, 1994; Stinchcombe, 1965). The exploitation of an opportunity refers to those activities and investments committed to gain returns from the new product arising from the opportunity through the building of efficient business systems for full-scale operations (cf. March, 1991).
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