Imagination in entrepreneurial opportunity creation

Imagina ion in En ep eneu ial Oppo uni y C ea ion D a PhD Resea ch P oposal Ve sion: 1.2 A.J.-P. (A jan) F ede iks [email p o ec ed] Ne he lands Ins i u e o Knowledge In ensi e En ep eneu ship School o Managemen and Go e nance Ins i u e o Inno a ion and Go e nance S udies Uni e si y o Twen e P.O. Box 217 7500 AE Enschede The Ne he lands Supe iso s: d . M. an de S een p o . d . A.J. G oen Ne he lands Ins i u e o Knowledge In ensi e En ep eneu ship School o Managemen and Go e nance Ins i u e o Inno a ion and Go e nance S udies Uni e si y o Twen e 6 July 2011 ABSTRACT Many au ho s men ion he use o imagina ion by en ep eneu s, bu none o hem discuss how en ep eneu s use hei imagina ion and o wha ex en i helps hem o c ea e hei oppo uni ies. This esea ch builds on exis ing en ep eneu ship li e a u e o answe he ques ion how en ep eneu s use imagina ion o c ea e oppo uni ies. This ques ion will be answe ed by pe o ming in-dep h case s udies based on na a i es. INTRODUCTION En ep eneu ship is su ounded by beau i ul s o ies o how he oes like S e e Jobs s a ed hei own company in a ga age and became sel -made billionai es. These he oes ha e made a o une by s a ing up companies ha a e based on an idea hey had. Many o such s o ies con ain ph ases like: “he saw hings di e en ly” o “ hey had a s upid idea”, and “ hey pu sued his idea, whe eas o he s old hem hey a e c azy”. When hese en ep eneu s s a hei business, hey seem c azy o mos people, as mos people hink hese ideas would no wo k. A e wa ds, howe e , when he business is success ul, success is a ionalised in hindsigh , as i i could ha e been expec ed. Taleb (2007) has al eady shown ha such e en s canno be p edic ed. Many o he illusions and my hs su ounding en ep eneu ship s o ies ha e been “bus ed” as well (Shane, 2008). The e is, howe e , s ill a possible illusion o my h su ounding en ep eneu ship. Many esea che s s a e ha en ep eneu s use hei imagina ion (Ba on, 2006; Ba on & Ensley, 2006; Co nelissen & Cla ke, 2010; Foss & Foss, 2008; Foss, Klein, Ko & Mahoney, 2008; Ga ne , 2007; Kaish & Gilad, 1991; Ki zne , 1997a, 1999; Lumpkin & Dess, 1996; Ma hews, 2010; Sa as a hy, 2001; Wi , 2007; Zah a, 2008). Un o una ely, none o hese s udies has explained how en ep eneu s use hei imagina ion. In his s udy I would like o in es iga e o wha ex en en ep eneu s use hei imagina ion o c ea e oppo uni ies. BACKGROUND En ep eneu ship In en ep eneu ship esea ch we ha e seen majo shi s in iewpoin s (G égoi e, Noël, Dé y & Bécha d, 2006). Ea ly en ep eneu ship esea ch had a ai app oach ha assumed a pa icula en ep eneu ial pe sonali y. This means ha i was assumed ha someone is an en ep eneu o he is no an en ep eneu and he e is no much ha can be changed. Howe e , his ype o esea ch could no ind a pa icula en ep eneu ial pe sonali y and “Who is an En ep eneu ?” u ned ou o be he w ong ques ion (Ga ne , 1988). A e he ai app oach came he beha iou al app oach o en ep eneu ship. I we canno know who is an en ep eneu , we mus ind ou wha he does, because only by ac ing as an en ep eneu , we can dis inguish en ep eneu s om non-en ep eneu s. This led o ano he p oblem, because wha does an en ep eneu do? Is s a ing up new o ganisa ions a condi io sine qua non o an en ep eneu (Ga ne , 1985)? And i so, is en ep eneu ship mo e han jus egis e ing a new o ganisa ion a he Chambe o Comme ce? A he end o he nine ies, he p oblem wi h his app oach was ecognised and i was sugges ed ha en ep eneu ship in ol es he nexus o wo phenomena: he p esence o luc a i e oppo uni ies and he p esence o en e p ising indi iduals (Venka a aman, 1997). The ield o en ep eneu ship he e o e “in ol es he s udy o sou ces o oppo uni ies; he p ocesses o disco e y, e alua ion and exploi a ion o oppo uni ies; and he se o indi iduals who disco e , e alua e, and exploi hem” (Shane & Venka a aman, 2000, i alics in o iginal). Un il oday oppo uni ies a e one o he cen al concep s wi hin en ep eneu ship esea ch (Buseni z, Wes , Shephe d, Nelson, Chandle & Zacha akis, 2003; Eckha d & Shane, 2003; Sho , Ke chen J , Shook & I eland, 2010). They can be de ined as “si ua ions in which new goods, se ices, aw ma e ials, ma ke s and o ganising me hods can be in oduced h ough he o ma ion o new means, ends, o means-ends ela ionships” (Eckha d & Shane, 2003; Shane & Venka a aman, 2000). Unde lying mos oppo uni y-based en ep eneu ship esea ch is he assump ion ha oppo uni ies, hese speci ic si ua ions, objec i ely exis , bu ha hey a e subjec i ely disco e ed (Shane & Venka a aman, 2000). This assump ion has a leas wo impo an implica ions o he way we look a en ep eneu s and en ep eneu ship. The i s implica ion is ha e e yone can disco e objec i ely exis ing oppo uni ies in he ma ke , as hey a e “ou he e”, eady o be ound. The ew hings a po en ial en ep eneu hen need a e he “ igh ” knowledge o in o ma ion (Dencke , G ube & Shah, 2009; Shane & Venka a aman, 2000) and “ igh ” capabili ies, such as iden i ying means-ends ela ionships (Eckha d & Shane, 2003; Shane & Venka a aman, 2000) o en ep eneu ial ale ness (Ki zne , 1997a, 1999). As in o ma ion and knowledge can be ob ained and capabili ies can be lea ned, e e yone can become an en ep eneu and he e o e, he pe son i sel does no eally ma e anymo e. Typical human p ope ies as c ea i i y and imagina ion a e no impo an hen anymo e. The second implica ion is ha he e is only one way o exploi he oppo uni y. Because an oppo uni y objec i ely exis s, he e is a way whe e speci ic esou ces and ac i i ies can be combined in a speci ic way o add ess a speci ic g oup o cus ome s. In he las ew yea s se e al esea che s ha e made empi ical obse a ions ha show ha he en ep eneu ial p ocess and he oppo uni y disco e y p ocess especially does no e y sequen ially and s a ic as many old models p esc ibe. B icolage (Bake , Mine & Eesley, 2003) and e ec ua ion (Sa as a hy, 2001) show ha oppo uni ies will no be pu sued in he way he en ep eneu hough when he disco e ed he oppo uni y. The assump ion ha oppo uni ies objec i ely exis is based on neoclassical equilib ium heo ies, whe eas en ep eneu ship be e i s disequilib ium heo ies (Ki zne , 1997b; Lachmann, 1976), like e olu iona y economics (Nelson & Win e , 1982; Van de S een, 1999) o Aus ian economics. Lachmann’s (1976) conside a ion o he na u e o expec a ions led him o deny ha he ma ke ends o equilib ium (Boehm, Ki zne , Koppl, La oie, Lewin & To , 2000). He a gued ha expec a ions a e bound o di e ac oss indi iduals and hese di e ences in expec a ions make he eme gence o equilib ium impossible. These expec a ions di e because he u u e is unknown and unknowable. I we would know he u u e, we would know he ac ions o indi iduals in his u u e, bu all ac ion is based on knowledge and u u e ac ion is, he e o e, based on u u e knowledge. This means ha i we would ha e knowledge o he u u e, we would ha e o ha e knowledge o u u e knowledge, which is a con adic io in e minis (Boehm e al., 2000; Lachmann, 1976). Howe e , Lachmann makes an impo an ema k: “The u u e is unknowable, hough no unimaginable” (Lachmann, 1976, p. 59). En ep eneu s imagine di e en u u es and choose om hese subjec i ely men al c ea ions. This choice is hen a c ea i e ac (Chiles, Bluedo n & Gup a, 2007). C ea i e imagina ion di e s signi ican ly om bo h Ki zne ian disco e y, which unco e s wha al eady exis s, and Schumpe e ian inno a ion, which eschews c ea ing he uly no el h ough human subjec i i y (Chiles e al., 2007). Acco ding o Lachmann en ep eneu s can c ea e ex nihilo h ough “ he o wa d-looking p ocess o imagining” (Fo d, 2002) ha allows hem o “ hink ou side he box”, whe e he “box” is de ined la gely by he limi s o knowledge oo ed in in e p e a ions o he pas (Chiles e al., 2007). I oppo uni ies hen a e imagined, hey a e by de ini ion subjec i e and a e hen c ea ed by he en ep eneu (Al a ez & Ba ney, 2007). Al hough many au ho s ha e s essed ha en ep eneu s use imagina ion (Ba on, 2006; Ba on & Ensley, 2006; Co nelissen & Cla ke, 2010; Foss & Foss, 2008; Foss e al., 2008; Ga ne , 2007; Kaish & Gilad, 1991; Ki zne , 1997a, 1999; Lumpkin & Dess, 1996; Ma hews, 2010; Sa as a hy, 2001; Wi , 2007; Zah a, 2008), none o hese s udies has explained how en ep eneu s use hei imagina ion, how impo an i is, o wha ex en he imagina ion is ela ed o he success o a company, how oppo uni ies a e s a ed by using imagina ion. Oppo uni y Disco e y and Oppo uni y C ea ion In he p e ious sec ion i has al eady been s a ed ha oppo uni ies ha e been ega ded as objec i e phenomena du ing he las decades in en ep eneu ship esea ch. When en ep eneu s imagine u u e goods, se ices, aw ma e ials, ma ke s and o ganising me hods ha can be in oduced h ough he o ma ion o means, ends o means-ends ela ionships, hey ha e c ea ed a men al, subjec i e oppo uni y. In his sec ion I will elabo a e on how oppo uni y disco e y di e s om oppo uni y c ea ion. Al hough is has been a gued ha disco e y and c ea ion o m a i uous cycle because bo h mechanisms en ich and enhance each o he (Zah a, 2008), I will discuss hem sepa a ely o emphasise he di e ences be ween hem. Al a ez & Ba ney (2007) dis inguish be ween wo eleological heo ies o en ep eneu ial ac ion: disco e y heo y and c ea ion heo y. Bo h heo ies explain how en ep eneu s beha e and how hey ac , bu he e a e di e en assump ions behind each heo y. In disco e y heo y, he na u e o he oppo uni y is assumed o be objec i e (Al a ez & Ba ney, 2007): oppo uni ies a e ou he e in he ma ke , wai ing o be disco e ed. En ep eneu s need o ind, disco e o ecognise hem, a e which hey can ac i ely decide whe he he oppo uni y will be exploi ed. Because in his si ua ion some en ep eneu s disco e o ecognise he oppo uni y, whe e o he s do no , i is assumed ha en ep eneu s ex an e signi ican ly di e om non-en ep eneu s: hey will ha e a special en ep eneu ial capabili ies o pe sonal cha ac e is ics ha enables hem o disco e hese oppo uni ies. The hi d assump ion is ha he con ex in which he en ep eneu makes decisions is isky. Al hough he e ms isk and unce ain y a e o en used in e changeably, he e is a di e ence be ween hem (Knigh , 1921). A decision-making con ex is isky when he en ep eneu a he momen ha he decision has o be made, can collec enough in o ma ion abou he di e en possible ou comes o he decision and he p obabili y ha a ce ain ou come will occu . In an unce ain decision- making con ex he in o ma ion on he di e en possible ou comes, o on he p obabili y o each ou come canno be collec ed. As disco e y heo y assumes ha oppo uni ies objec i ely exis , in o ma ion on hese oppo uni ies can be collec ed and da a-analysis echniques can be used o unde s and he di e en possible ou comes and hei p obabili ies and he decision- making con ex is, he e o e, assumed o be isky. In oppo uni y c ea ion heo y, oppo uni ies do no exis independen o he en ep eneu . By i s using hei imagina ion o o m di e en possible u u es and hen s a ac ing and obse ing how cus ome s and ma ke s espond o hei ac ions, hey c ea e oppo uni ies ha we e no he e be o e. They c ea e an oppo uni y ex nihilo by using hei imagina ion and by ac ing, eac ing and enac ing (Al a ez & Ba ney, 2007; Bake & Nelson, 2005; Ga ne , 1985; Sa as a hy, 2001). Whe eas disco e y heo y clea ly assumes ha en ep eneu s and non-en ep eneu s a e signi ican ly di e en ex an e, c ea ion heo y has no assump ion on signi ican ex an e di e ences be ween en ep eneu s and non-en ep eneu s. I signi ican ex an e di e ences be ween en ep eneu s and non-en ep eneu s would exis , his would explain why some people o m oppo uni ies whe eas o he s do no . Al e na i ely, i no such signi ican ex an e di e ences would exis , e y small di e ences be ween wo e y iden ical pe sons could al eady lead o one o o m oppo uni ies, whe e he o he does no . In his case e y small a ia ions in hei local en i onmen o luck (Al a ez & Ba ney, 2007) may cause one o hem o o m and exploi an oppo uni y whe eas he o he does no . The pa h he en ep eneu c ea es while o ming and exploi ing his oppo uni y will enable and cons ain he ac i i ies o he in ol ed ac o s (Ga ud & Ka nøe, 2003). These ac o s hen come embedded in he pa hs hey c ea e (Ga ud, Kuma aswamy & Ka nøe, 2010). In u n hese pa hs will hen shape he en ep eneu s o e ime (Ga ud & Ka nøe, 2003). In his way di e ences will eme ge ex pos be ween en ep eneu s and non-en ep eneu s. While disco e y heo y assumes a isky decision-making con ex , c ea ion heo y assumes an unce ain and unknowable u u e (Al a ez & Ba ney, 2007; Knigh , 1921). The oppo uni y ha al eady exis s in disco e y heo y does no exis in c ea ion heo y as i ge s shaped along he way. This means ha be o e any ac ion has been aken, he e is no oppo uni y o measu e o analyse. The e o e no ou comes o p obabili ies can be es ima ed. The u u e in c ea ion heo y is unknowable (Knigh , 1921) bu , again, no unimaginable (Lachmann, 1976). On Imagina ion1 To unde s and how en ep eneu s make use o hei imagina ion, we need o unde s and he concep o imagina ion. Whe eas he ield o en ep eneu ship is ela i ely young, many au ho s ha e w i en on he concep o imagina ion since he ancien G eeks. This means ha he e is much li e a u e o discuss on his subjec . Fi s , imagina ion needs o be dis inguished om c ea i i y. Jus like many esea che s claim ha imagina ion is impo an o en ep eneu s, so do many esea che s acknowledge ha c ea i i y is impo an o en ep eneu s. The e is howe e a main di e ence be ween hese wo. Whe eas c ea i i y is conce ned wi h ac ion o c ea ion (hence c ea i i y), imagina ion is a men al p ocess conce ned wi h images (hence imagina ion). C ea i i y (c ea i e ac ion) is impo an o en ep eneu s, as new en u es ha e o be c ea ed, jus like new, “c ea i e” p oduc s and se ices. Some examples o c ea i e ac ion a e e ec ua ion (Sa as a hy, 2001) o b icolage (Bake & Nelson, 2005). As s a ed be o e, his esea ch ocuses on imagina ion, he men al p ocess. Secondly, wo ypes o imagina ion can be dis inguished. The i s ype, ep oduc i e imagina ion, is a kind o imagina ion whe e images a e men ally c ea ed, based on ea lie pe cep ions. This can be expe ienced, o ins ance, when one closes his eyes and ies o “ emembe ” how ha delicious dish in he es au an as es like. As his is he kind o imagina ion ha is based on ‘ emembe ing’ p e ious expe iences and pe cep ions, i is no !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 1!This sec ion is mainly based on K aaijenb ink, Spende and G oen (n.d.) his ype o imagina ion his esea ch ocuses on. This esea ch ocuses on he second ype o imagina ion: p oduc i e imagina ion. This is he kind o imagina ion is he human capaci y o go beyond wha al eady exis s, and i is he e o e he d i e o new ideas and inno a ions. This p oduc i e ype o imagina ion can be di ided in wo sub ypes: ancy imagina ion and cons uc i e imagina ion. Fancy imagina ion is ega ded as he ype o imagina ion ha can be seen as dayd eaming o wild an asies. I is he mos ee kind o imagina ion as i does no equi e any connec ion o he eal wo ld. En ep eneu s, howe e , a e bound o he limi s o he eal wo ld and, he e o e, his ype o imagina ion is no ele an o hem. Cons uc i e imagina ion, a pu pose-based kind o imagina ion, has wo de ining cha ac e is ics: i s , i is an in en ional ac o consciousness, which means en ep eneu s can ac i ely choose o use i ; secondly, i is hypo he ical, which means ha when we imagine cons uc i ely, we cons uc hypo heses abou how he wo ld could be. Examples o his ype o imagina ion is when one asks ques ions like “Suppose ha . . . ”, “Wha i . . . ?” o “Wouldn’ i . . . ?” (c. . Ga ne , 2007). I is his kind o imagina ion, he consciously c ea ion o hypo heses abou he u u e ha Lachmann (1976) mean when he said ha he u u e is unknowable, bu no unimaginable (Chiles e al., 2007) and, he e o e, his esea ch ocuses on he use o cons uc i e imagina ion by en ep eneu s. RESEARCH GOAL As men ioned be o e, many en ep eneu ship esea che s acknowledge he use imagina ion by en ep eneu s, bu none o hem desc ibes how hey use hei imagina ion and how i helps hem o c ea e hei oppo uni ies. This esea ch, he e o e, builds on oppo uni y c ea ion heo y (Al a ez & Ba ney, 2007) by emphasising he ole o imagina ion in he en ep eneu ial p ocess. By assuming ha he en ep eneu and his imagina i e and c ea i e abili ies a e he cen al ocus in he oppo uni y c ea ion p ocess, his esea ch will assume a pa h c ea ion app oach (Ga ud e al., 2010) and will desc ibe how en ep eneu s use hei imagina ion o a ionalise (Co nelissen & Cla ke, 2010) and c ea e (Al a ez & Ba ney, 2007) hei oppo uni y. The goal o his esea ch is, he e o e, o desc ibe how he u u e images ha en ep eneu s in he ea ly s ages o he en ep eneu ial p ocess ske ch when hey answe ques ions such as “Suppose ha . . . ”, “Wha i . . . ?” o “Wouldn’ i . . . ?” (c. . Ga ne , 2007) and how hese images a e used o a ionalise he oppo uni y (Co nelissen & Cla ke, 2010) and how hey o m he basis o he oppo uni y ha is c ea ed du ing he en ep eneu ial p ocess. Based on he p e ious p oblem s a e he ollowing cen al esea ch ques ion has been o mula ed: “To wha ex en do en ep eneu s use cons uc i e imagina ion o c ea e hei oppo uni y?” To ind an answe o his cen al ques ion, some sub-ques ions ha e been o mula ed: 1. How can he use o cons uc i e imagina ion by en ep eneu s be concep ualised? 2. To wha ex en do en ep eneu s o m images abou he u u e? 3. To wha ex en do en ep eneu s use hese images o a ionalise he oppo uni y? 4. To wha ex en do en ep eneu s use hese images as a goal in he oppo uni y c ea ion p ocess? The i s ques ion will be answe ed by conduc ing a li e a u e s udy. The esul will be a concep ual pape ha desc ibes he ole o imagina ion in he en ep eneu ial p ocess. The second and he hi d ques ion will be answe ed by conduc ing case s udies. RESEARCH DESIGN This esea ch will consis o a wo-s ep p ocess o ully cap u e en ep eneu ial imagina ion. Fi s , a li e a u e s udy will be conduc ed o ind ou wha is al eady known abou he use o imagina ion by en ep eneu s. This esul o his s age will be an ini ial model and he o mula ion o some p oposi ions. Secondly, an in-dep h case s udy will be conduc ed o be e unde s and how en ep eneu s use hei imagina ion o c ea e he oppo uni y. The case s udies will help o imp o e he model ha was de i ed om he li e a u e s udy. Li e a u e S udy As he ocus o his esea ch is on he applica ion o imagina ion in an en ep eneu ial con ex , he main sou ces o he li e a u e s udy will be academic business and managemen jou nals. The jou nals ha e been selec ed based on hei con en (en ep eneu ship) and hei 2010 ISI Jou nal Ci a ion Repo s impac ac o 2, see Table 1. To pe o m his li e a u e s udy, I would like o sea ch wi hin hese jou nals o a icles con aining ph ases like “imagina ion” o “imagine”. By examining he e e ence sec ion o hese a icles o o he po en ially ele an a icles, addi ional a icles will be added o his s udy. F om he li e a u e I would like o build a model ha desc ibes how en ep eneu s use hei imagina ion o o m oppo uni ies and o c ea e images abou he u u e and hei oppo uni y. Table 1: Lis o jou nals used in li e a u e e iew Name JCR Impac Fac o Academy o Managemen Re iew 6,720 Academy o Managemen Jou nal 5.250 Jou nal o Managemen S udies 3,817 O ganiza ion Science 3,800 Jou nal o Managemen 3,747 Adminis a i e Science Qua e ly 3,684 S a egic Managemen Jou nal 3,583 S a egic O ganiza ion 2,727 O ganiza ion S udies 2,339 En ep eneu ship Theo y and P ac ice 2,272 Jou nal o Business Ven u ing 2,149 S a egic En ep eneu ship Jou nal 2,026 Managemen Science 1,724 Case S udy Imagina ion is a qui e in angible concep and di icul o measu e, he e o e I would like o use a sensemaking app oach Weick (1995). By doing case s udies based on na a i es, I would like o cap u e how en ep eneu s use hei imagina ion (Ga ne , 2007; Hen iksen, !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 2!The 2010 ISI Jou nal Ci a ion Repo s impac ac o is he la es cu en ly a ailable ISI impac ac o anking scheme. See h p://admin-apps.isiknowledge.com/JCR/JCR/! Nø ekli , Jø gensen, Ch is ensen & O’Donnell, 2004). The e a e h ee main subjec s ha I would like o ouch upon in hese cases. Fi s , I would like o ask hem wha ques ions hey asked hemsel es abou he u u e and hei oppo uni y. No e e y en ep eneu may ask he same ques ions and may de i e a hese u u e images in di e en ways. Secondly, I would like o know how hey answe ed hese ques ions and wha “knowledge” hey gained om hese answe s. Thei answe s o hese ques ions should o m he basis o he image. Thi d, I would like o ask hem how hey use hese answe s and he knowledge hey gain om hese answe s, o o m hei oppo uni ies. 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