The Nature of Entrepreneurial Opportunities: Understanding the Process Using the 4I Organizational Learning Framework

Abstract

In this article, we drew upon insights from two rather disparate streams of literature—entrepreneurship and organizational learning—to develop an informed understanding of the phenomenon of entrepreneurial opportunities. We examined the nature of entrepreneurial opportunities from two contrasting views—Schumpeterian and Kirznerian—and delved into their ontological roots. By applying the 4I organizational learning framework to entrepreneurial opportunities, we were able to not only resolve the apparently conflicting explanations of opportunities arising out of the contrasting ontological positions but also to achieve a level of pragmatic synthesis between them. In highlighting the article's contributions to theory and practice, we suggest that just as research on entrepreneurial opportunities benefits from applying organizational learning theory, so is organizational learning informed by research arising within the field of entrepreneurship studies.