【正文】 may range from career goals and individual prosperity to freedom and justice and the good life for all and peace on earth. These aspirations have to be transformed into demand functions and markets for specific economic artifacts such as particular goods, services and firms. Entrepreneurship consists in matching up the products of human imagination with human aspirations to create markets for goods and services that did not exist before the entrepreneurial act. In fact, most entrepreneurial opportunities, be they supply based or demand based, do not originate in the economic domain at all. For example, the internet was developed as a way to facilitate munication between defense scientists and remained out of the economic domain for several years. The mere existence of the internet did not guarantee the development of emerce. Rather, this artifact created to solve a political problem (namely, defense), had to be transformed through several intentional and unintentional activities to bee a universe of entrepreneurial opportunities in the economic domain. To cite another example, entrepreneurs such as Robert Lucas transform literary and artistic endeavors into the Star Wars marketing empire by matching up creations of the human imagination with human aspirations such as the desire to participate in the triumph of good over evil. That is why if we are to understand entrepreneurial opportunities, we have to delve into the preconditions for their existence ., the preconditions for the existence of demand and supply binations that constitute entrepreneurial opportunities. This leads us to a simple typology of entrepreneurial actions in relation to opportunities as follows: 1. Opportunity RecognitionIf both sources of supply and demand exist rather obviously, the opportunity for bringing them together has to be recognized and then the matchup between supply and demand has to be implemented either through an existing firm or a new firm. Examples include arbitrage and franchises. For example, through its first successful coffee shop, Starbucks proved the existence of a demand for specialty coffees as also a viable and effective way to satisfy that demand. Thereafter, each Starbucks franchisee only has to recognize potential geographic locations for extending that demand and supply bination. They do not have to invent sources of supply, or induce demand for a pletely new product.2. Opportunity DiscoveryIf only one side exists in an obvious manner and the other side either does not exist or is so latent as to be virtually nonexistent for most people ., demand exists, but supply does not, and vice versa then, the nonexistent side has to be discovered before the matchup can be implemented. In other words, when demand exists。 Tversky amp。 profit maximization on the firm。 Joas, 1996). We want to stress that we do not mean creative action to be “irrational”, nor do we suggest that rationality cannot lead to creative outes in the colloquial sense., we need to first examine what we know so far about creative action.In a powerful theoretical exposition, Joas (1996) has argued in considerable detail for the fundamentally creative nature of all human action. “All theories of action which proceed from a type of rational action – irrespective of whether they are based on a narrower or broader, a utilitarian or a normative concept of rationality – make at least three assumptions. They presuppose firstly that the actor is capable of purposive action, secondly that he has control over his own body, and thirdly that he is autonomous vis224。 and it has long been criticized for it. For example, studies have shown that that there are severe limits lack of knowledge, putational ability, and ability to consider more than a few factors simultaneously that place an upper bound on human objective rationality (Simon, 1959。2. Demand side: One or more ends – may be subjective (endogenous) aspirations or objective (exogenous) goals or both。 Sarasvathy and Simon, 2000。 supply has to be discovered. An example of this is Ron Popeil and his inventions for more convenient and health conscious kitchen devices. On the other side of the coin, supply might exist。 Kahneman, 1982). Although this does not imply that decision makers are irrational, it shows that they must usually use heuristics and approximate inductive logics that nevertheless often lead to very effective decisions (Gigerenzer, Hell amp。 and, welfare maximization on the economy. But others, such as psychologists and historians have argued that individuals and firms and even economies may have a variety of purposes that are not given a priori and that are born, change, and die over time. While Buchanan and Vanberg decry the economist’s imposition of an exogenous telos on the phenomena they study, Joas brings to bear a wide variety of authorities from the pragmatist philosophers to expressivist anthropologists to develop a theory of creative action in which telos is neither ignored, nor imposed externally, nor assumed as a precondition for action. Within management literature, March too has called for theories that do not assume preexistent goals (March, 1982): “To say that we make decisions now in terms of goals that will only be knowable later is nonsensical – as long as we accept the basic framework of the theory of choice and its presumptions of preexistent goals. I do not know in detail what is required, but I think it will be substantial. As we challenge the dogma of preexistent goals, we will be forced to reexamine some of our most precious prejudices. … We should indeed be able to develop better techniques. Whatever those techniques may be, however, they will almost certainly undermine the superstructure of biases erected on purpose, consistency, and rationality. They will involve some way of thinking about action now as occurring in terms of a set of unknown future values.”The first step in