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. I could be ha he image hey ha e is e y s ic and
ixed end goal ha hey would like o wo k owa ds o. On he o he hand, i could be ha
hese images a e e y ague and a e only used as di ec ion ins ead o a ixed goal. By making
use o he knowledge ha I will ge om he case s udies, I would like o e ine and imp o e
he model ha I ha e buil om he li e a u e.
REFERENCES
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imp o isa ional compe encies in he ounding p ocess.” Resea ch Policy, 32(2), 255–
276.
Bake , T. & Nelson, R. (2005). “C ea ing some hing om no hing: Resou ce cons uc ion
h ough en ep eneu ial b icolage.” Adminis a i e Science Qua e ly, 50(3), 329–366.
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