The individual-institutional-opportunity nexus : an integrated framework for analyzing entrepreneurship development

Recent advancements in the theory of entrepreneurship include a range of discussions about the dynamic interactions of entrepreneurs and the nature and perception of entrepreneurial opportunity. To substantively capture both of these theoretical strains, we revisit and extend a conceptual framework first proposed by Busenitz et al. (2003), stating that the unique domain of entrepreneurship research rests at the nexus of individuals, modes of organizing, and opportunity. Utilizing institutions as modes of organizing, this article discusses ways that this framework can be applied to research on entrepreneurship development that leads to a rich, robust understanding of the processes by which entrepreneurs and related institutions interact to identify, exploit, and/or create opportunity. A series of testable hypotheses are proposed as well as several potential avenues for entrepreneurship development research using this framework. -- entrepreneurship ; institutions ; opportunity ; interaction ; field theory ; local economic development ; community development ; regional science