Scholars have identified four different roles played by entrepreneurs
in the discovery of new venture opportunities. What each of these role
s has in common is that the discovery process consists of the acquisit
ion of specific, risk-reducing information. Uncertain returns from suc
h investments deter some would-be entrepreneurs from making discoverie
s. This approach suggests that the vision to make entrepreneurial disc
overies depends on making cost-effective informational investments, no
t on special talents possessed by only a few aspirants.