aem120-8-29 - 8/29 Chapter 2 Change and Entrepreneurship...

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8/29 – Chapter 2: Change and Entrepreneurship Change as a catalyst of new entrepreneurship o New technology Info technology/biotech o Political/regulatory shifts globalization o Social/demographic change Development of a “mass market” into a “consumer society” Baby boom Some types of opportunities are better than others for new firms to pursue Some industries are more favorable to new firms than others Change makes it possible to o Make new products o Open up new markets o Use different raw materials and resources o Develop new production processes o Organize in new ways Entrepreneurial opportunities exist because people have different information o Different information leads to different decisions o Superior information leads to better decisions Valuable entrepreneurial opportunities come form an external change that either (Joseph Schumpeter) o Makes it possible to do things that had not been done before.
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