‘Entrepreneurship is the Pursuit of Opportunity beyond Resources Controlled.'
as formulated in 1981 by Professor Howard Stevenson of Harvard Business School
The traditional method of administering ‘merely what exists’ is replaced by an approach that embraces ‘the possible’. It is an approach expanding the entire process so that all the available means are brought to bear, harnessing all that is necessary. Each undertaking is put on a path to realizing the full potential of that opportunity.
Entrepreneurship embraces methods and means to ‘harness opportunity’. It secures all required resources. Therefore, it is not the tailoring of an opportunity to fit existing resources but one's ability to amplify them.
The answer is often straightforward, such as licensing an existing production facility (e.g., a custom fabricator or batching plant) to create one's product – whether as a new invention, formulation, or replicated regional adaptation.
Market entry and delivery may only require an affiliate relationship with a well-established custom producer, sales organization or distribution system.
This solution harnesses what is already established, i.e., physical, financial and human resources, thereby eliminating the need to commit scarce resources to a capital-intensive process, such as building a production facility or rolling out physical sales outlets.
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