Tiểu luận “what is an opportunity ’’ môn học principle of management

Approaching the opportunity riddle differently, we ask, “How do entrepreneurs use the word opportunity?” and elucidate an actualization theory of entrepreneurship attuned to the everyday

ỦY BAN NHÂN DÂN THNH PH H CH MINH

TRƯNG ĐI HC SI GÒN

-TIỂU LUẬN

“WHAT IS AN OPPORTUNITY?’’

Môn học: Principle of Management

Giảng viên: Thầy Bình Minh

Thời gian nộp: 3/11/2024

Nhóm 8- Lớp DKE124C1 Tên các thành viên nhóm: 1 Nguyễn Lê Khánh Linh

( NT)

2 Nguyễn Thị Kim Thảo

3 Ngô Ngọc Anh

4 Huỳnh Minh Thư

5 Nguyễn Thị Minh Thư

Năm học 2024-2025 Lịch họp

# Ngày

họp

1 1/10 Thảo luận và phân công nhiệm vụ cho

các thành viên

0

Phân công công việc trong nhóm (sơ đồ Gantt)

Tuần

# Hoạt động 1 2 3 4 5 6 7 8 9 1

0

1 1

1 2

1 3

1 4

1 5

3 Exploring

4

Two ways to

Philosophical

illumination

v

5 Entrepreneur and

Bảng phân công nhiệm vụ

Nguyễn Lê Khánh

Entrepreneur and Entrepreneurship ,Relevant documents,

Discussion, Do word

Nguyễn Thị Kim

Thảo

Exploring Opportunity, Two ways to Philosophical

illumination, Discussion

Ngô Ngọc Anh Translate ,Exploring Opportunity, Discussion

Nguyễn Thị Minh

,Entrepreneur and Entrepreneurship, Discussion

Huỳnh Minh Thư Abstract ,Exploring Opportunity , Discussion

Danh sách mức độ đóng góp

(%)

Ký tên

1 31243210

38

Nguyễn Thị Kim Thảo 19 THẢO

2 31243210

01

3 31243210

42

Nguyễn Thị Minh

4 31243210

41

5 31243210

18

Nguyễn Lê Khánh

ABSTRACT

Expressions about opportunities are used unproblematically in everyday contexts Yet, the question “What is an opportunity?” has posed a difficult riddle in the academic study of entrepreneurship Drawing on the philosophy of Ludwig Wittgenstein, we explain that such perplexities are common when words are removed from ordinary language and intellectuals try to grasp what they name Approaching the opportunity riddle differently, we ask, “How do entrepreneurs use the word opportunity?” and elucidate an actualization theory of entrepreneurship attuned to the everyday understandings that underlie the meaningful use of the word Bringing implicit understandings to the foreground contributes to the dissolution of the mystification over the nature of “opportunity”, the clarification of the conceptual foundations of entrepreneurship theory, and the reorientation of the field toward more conceptually precise ways of thinking about Knightian uncertainty, entrepreneurial success, and the entrepreneurial process This paper also contributes

to the methodology of management studies, by demonstrating how attention to the logic of ordinary language can alert us to theoretical dead-ends and enable the development of theory that bridges academic and everyday understandings

Keywords: Entrepreneurial opportunities, actualization theory, ABC model, entrepreneurial work, logic, ordinary language philosophy, theory development, anti-intellectualism

MỤC LỤC

1 EXPLORING OPPORTUNITIES 5

1.1 The Concept of Opportunity 5

1.2 Knowledge of Opportunity 5

1.3 Meaning in context 5

2 TWO WAYS TO PHILOSOPHICAL ILLUMINATION 6

2.1 Intellectualist theory 6

2.2 Bridge theory 6

3 ENTREPRENEURS AND ENTREPRENEURSHIP 7

3.1 Entrepreneurs as Worldmakers 7

3.2 Entrepreneurial Work 7

3.3 The role of entrepreneurs 7

RELEVANT DOCUMENTS 8

DISCUSSION 9

REFERENCES 10

1.EXPLORING OPPORTUNITIES

1.1 The Concept of Opportunity

An opportunity is the chance to accomplish something worthwhile, which frequently takes the form of a technology, business concept, high-demand product, or service All theoretical schools—pragmatist, constructivist, realist, empiricist, and subjectivist—view opportunity through different philosophical prisms, but they all agree that "opportunity" refers to a named and actual reality

1.2 Knowledge of Opportunity

Opportunities are more complex than they seem, as they include both the conditions needed to realize a vision and the goals that aspiring entrepreneurs seek to fulfill Scholars like Alvarez, Barney, Foss, and Klein argue that opportunity is an abstract concept born from human imagination rather than a concrete reality, which can sometimes lead to miscommunication Knight suggests that entrepreneurs should focus less on defining "opportunity" and more

on identifying opportunities arising from social and economic changes, such as new technologies or shifts in consumer behavior Kirzner views opportunity as central to economic dynamics, emphasizing that entrepreneurship is about recognizing and acting

on potential opportunities, not on precise definitions

When can we speak with certainty about an opportunity’s existence? Only when desired states of the world actually materialize Under Knigh uncertainty, opportunities cannot be known

in advance because it’s impossible to fully understand all conditions needed to achieve desired outcomes At a minimum, entrepreneurs cannot predict if disruptive “black swan” events will occur

1.3 Meaning in context

"Ability" refers to potential future events, whereas "opportunity"

is more concrete and associated with specific objectives or

aspirations Since entrepreneurs frequently use the word

"opportunity" to refer to circumstances that they may take advantage of in order to accomplish their goals, it is essential to distinguish between "ability" and "opportunity." Identifying

"opportunity" as "discovery" or "creation" is not a worry for them because they are accustomed to the terminology used in practice Businesses would benefit more from concentrating on the usage of these terms and their meanings in particular settings rather than being mired in intricate philosophical arguments about their nature

2 TWO WAYS TO PHILOSOPHICAL ILLUMINATION 2.1 Intellectualist theory

Wittgenstein maintained that by imposing improper linguistic forms, intellectualist theory-building frequently causes confusion and

"category mistakes" (Magidor, 2016; Tripodi, 2020) He observed that language, when isolated from its typical environment, can produce countless theories that are more motivated by imagination than reason (Wittgenstein, 1998) Moreover, creating new word combinations that are not rooted in everyday language risks turning confusion into a false sense of profundity (Wittgenstein, 1958)

2.2 Bridge theory

Wittgenstein (1958) suggested that instead of looking for hidden meanings, one should concentrate on the common usage of words Just as one understands a coin’s value through its role in transactions, complex words should be understood by their function

in language Baz (2012) supports this "ordinary language philosophy," rejecting the notion of hidden meanings behind words This method is used by philosophers such as Austin, Grice, and Ryle

to elucidate ideas based on everyday language Wittgenstein's

"bridge theory" illustrates how logical language patterns connect academic thought with everyday understanding, establishing practical insights as foundational for philosophical ideas

3 ENTREPRENEURS AND ENTREPRENEURSHIP 3.1 Entrepreneurs as Worldmakers

The idea that "opportunities are created" is challenged in the text, suggesting it arises from a misinterpretation of "opportunity." While entrepreneurial effort is essential, true opportunities depend

on real, existing conditions within the business environment Entrepreneurs are often referred to as "worldmakers," but they cannot create possibilities without considering market and technological realities This perspective aligns with the lean startup method, which emphasizes the importance of testing ideas in real-world scenarios rather than relying solely on theoretical constructs

In the end, the success of an entrepreneur depends on prerequisites; without the required opportunity, desire alone cannot produce measurable results

3.2 Entrepreneurial Work

The text argues that entrepreneurial success hinges on the combination of desire and the essential conditions for actualizing possibilities While opportunities can exist, they differ from natural events in that they require deliberate human action to materialize Key components of successful entrepreneurship include persuading customers, engaging stakeholders, and building networks The article asserts that entrepreneurship involves both realizing what is already possible and creating new opportunities Because they understand the effort and hard work required to turn ideas into reality, entrepreneurs should be viewed as actualizers of opportunities that already exist rather than merely creators

3.3 The role of entrepreneurs

Entrepreneurs play a crucial role in driving innovation and progress through entrepreneurial work, which includes cognitive,

explore new growth paths By developing new businesses and products, they turn creative concepts into reality through perseverance and hard work While entrepreneurs can envision non-actual world-states, they do not solely discover, create, or non-actualize opportunities; instead, they operate within a framework of possibilities to effect meaningful change

RELEVANT DOCUMENTS Umar, M (n.d.) New venture creation: Role of entrepreneurial opportunity identification and evaluation Department of

Business Management, Sule Lamido University Kafin Hausa, Jigawa State, Nigeria m.umar@slu.edu.ng; +2348035059974

https://www.researchgate.net/profile/Muhammad-Umar-188/publicat ion/

382219955_New_Venture_Creation_Role_of_Entrepreneurial_Opportu nity_Identification_and_Evaluation/links/

66924cdab15ba559075692ea/New-Venture-Creation-Role-of-Entrepreneurial-Opportunity-Identification-and-Evaluation.pdf

Based on the study, we explored the importance of identifying and evaluating entrepreneurial prospects when starting new businesses A detailed analysis of the methods and strategies used

to identify prospects enhanced our understanding of how entrepreneurs might spot potential market opportunities We believe the most important and interesting part of this study is the process

of finding possibilities, which requires a thorough analysis of feasibility and potential value alongside recognizing social concerns and needs This emphasizes that identifying opportunities is the first crucial step in the entrepreneurial process, leading to the establishment and growth of successful ventures The process consists of five separate steps, starting with preparation, where entrepreneurs gather experience and expertise to become sensitive

to industry issues This is followed by the Incubation stage, during which ideas are examined using intuitive methods The Insight stage marks a critical moment when a fundamental solution is realized The evaluation step then assesses the viability and originality of these ideas for their potential financial gain or societal value Finally, the elaboration step involves external analysis of the concepts

Our first reaction upon receiving the assignment to research the text was confusion because it was a new area for us But as we discussed, the group became very excited and fully understood the content of the reading.Through our investigation, we have determined that it is crucial for entrepreneurs to comprehend the true nature of "the opportunity."

We all have different perspectives on the issue, "What is an opportunity really?" Others believed that the opportunity was immaterial, while some members believed it could be a concrete object Nevertheless, we came to the conclusion throughout the presentation that opportunity should not be viewed as a specific goal but rather as the possibility of achieving future outcomes Chances are always associated with a certain environment and goal, such as financial gain or product development Entrepreneurs refer to the potential that their activities may achieve rather than a measurable

"object" when they offer opportunities

By understanding this viewpoint, we can better see opportunities

in terms of potential and trust, preventing misinterpretation with material realities The talk also presented a fresh viewpoint on the role of entrepreneurs, showing that they are not just the founders of startups but also people who can turn seemingly impossible situations into reality and play a vital role in bringing about change and shaping the future

We were impressed by the examination of the concept of

"opportunity" in entrepreneurship through the ABC model, which consists of desired futures (A), commercial activities (B), and the conditions (C) required to get from A to B The study can investigate the futures that entrepreneurs want, not just from a financial perspective but also from a non-financial one, highlighting the variety of entrepreneurial goals

In conclusion, we believe that careful planning and strategic thinking can help aspiring business owners seize and take advantage

of opportunities in a constantly changing economic landscape Through our conversations and research, our group has gained deeper insights and understanding of the role opportunities play in

entrepreneurship as well as the factors that affect entrepreneurs' success

Aimar, T 2021 Discovery or ownership? A new light on an Austrian controversy over entrepreneurship Cambridge Journal of Economics, 45: 811-832

Albritton, R 1985 Freedom of will and freedom of action Proceedings and addresses

of the American Philosophical Association, 59: 239-251.R

Alvarez, S A., & Barney, J B 2007 Discovery and creation: Alternative theories of entrepreneurial action Strategic Entrepreneurship Journal, 1: 11-26.R

Alvarez, S A., & Barney, J B 2010 Entrepreneurship and epistemology: The

philosophical underpinnings of the study of entrepreneurial opportunities Academy

of Management Annals, 4: 557-583.R