When Should Entrepreneurs Expedite or Delay Opportunity Exploitation?

We theorize on the performance implications of the timing at which entrepreneurs stop exploring their business opportunities and start exploiting them. Using an optimal-stopping approach, we characterize the time when exploitation should begin based primarily on when an entrepreneur's ignorance...

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Main Authors:	CHOI, Young Rok, Levesque, Moren, Shepherd, D. A.
Format:	text
Language:	English
Published:	Institutional Knowledge at Singapore Management University 2008
Subjects:	Opportunity exploitation Ignorance reduction Knowledge management Timing of exploitation Optimal stopping Entrepreneurial and Small Business Operations
Online Access:	https://ink.library.smu.edu.sg/lkcsb_research/1414 https://doi.org/10.1016/j.jbusvent.2006.11.001
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Institution:	Singapore Management University
Language:	English

id	sg-smu-ink.lkcsb_research-2413
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spelling	sg-smu-ink.lkcsb_research-24132010-09-23T06:24:04Z When Should Entrepreneurs Expedite or Delay Opportunity Exploitation? CHOI, Young Rok Levesque, Moren Shepherd, D. A. We theorize on the performance implications of the timing at which entrepreneurs stop exploring their business opportunities and start exploiting them. Using an optimal-stopping approach, we characterize the time when exploitation should begin based primarily on when an entrepreneur's ignorance has been sufficiently reduced through knowledge accumulation. This “ignorance threshold” captures a tradeoff between the time needed to increase legitimacy and the necessity to act now to minimize competition. Changes in legitimacy and competition are based on how entrepreneurs manage their knowledge (tacit versus explicit) under differing degrees of novelty for the business opportunity. These changes, in turn, impact the performance and timing of opportunity exploitation. 2008-05-01T07:00:00Z text https://ink.library.smu.edu.sg/lkcsb_research/1414 info:doi/10.1016/j.jbusvent.2006.11.001 https://doi.org/10.1016/j.jbusvent.2006.11.001 Research Collection Lee Kong Chian School Of Business eng Institutional Knowledge at Singapore Management University Opportunity exploitation Ignorance reduction Knowledge management Timing of exploitation Optimal stopping Entrepreneurial and Small Business Operations
institution	Singapore Management University
building	SMU Libraries
continent	Asia
country	Singapore Singapore
content_provider	SMU Libraries
collection	InK@SMU
language	English
topic	Opportunity exploitation Ignorance reduction Knowledge management Timing of exploitation Optimal stopping Entrepreneurial and Small Business Operations
spellingShingle	Opportunity exploitation Ignorance reduction Knowledge management Timing of exploitation Optimal stopping Entrepreneurial and Small Business Operations CHOI, Young Rok Levesque, Moren Shepherd, D. A. When Should Entrepreneurs Expedite or Delay Opportunity Exploitation?
description	We theorize on the performance implications of the timing at which entrepreneurs stop exploring their business opportunities and start exploiting them. Using an optimal-stopping approach, we characterize the time when exploitation should begin based primarily on when an entrepreneur's ignorance has been sufficiently reduced through knowledge accumulation. This “ignorance threshold” captures a tradeoff between the time needed to increase legitimacy and the necessity to act now to minimize competition. Changes in legitimacy and competition are based on how entrepreneurs manage their knowledge (tacit versus explicit) under differing degrees of novelty for the business opportunity. These changes, in turn, impact the performance and timing of opportunity exploitation.
format	text
author	CHOI, Young Rok Levesque, Moren Shepherd, D. A.
author_facet	CHOI, Young Rok Levesque, Moren Shepherd, D. A.
author_sort	CHOI, Young Rok
title	When Should Entrepreneurs Expedite or Delay Opportunity Exploitation?
title_short	When Should Entrepreneurs Expedite or Delay Opportunity Exploitation?
title_full	When Should Entrepreneurs Expedite or Delay Opportunity Exploitation?
title_fullStr	When Should Entrepreneurs Expedite or Delay Opportunity Exploitation?
title_full_unstemmed	When Should Entrepreneurs Expedite or Delay Opportunity Exploitation?
title_sort	when should entrepreneurs expedite or delay opportunity exploitation?
publisher	Institutional Knowledge at Singapore Management University
publishDate	2008
url	https://ink.library.smu.edu.sg/lkcsb_research/1414 https://doi.org/10.1016/j.jbusvent.2006.11.001
_version_	1770569899240849408

When Should Entrepreneurs Expedite or Delay Opportunity Exploitation?

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