A MODEL OF THE ENTREPRENEURIAL OPPORTUNITY RECOGNITION PROCESS
- 1 June 2000
- journal article
- Published by World Scientific Pub Co Pte Ltd in Journal of Enterprising Culture
- Vol. 8 (2), 103-119
- https://doi.org/10.1142/s0218495800000073
Abstract
The goal of this study is to propose a model of the entrepreneurial opportunity recognition process. A number of research propositions was generated based on the analysis of the available literature, and then validated by the analysis of in-depth cases of opportunity recognition that resulted in the creation of successful entrepreneurial ventures. The study indicates that entrepreneurial opportunities are discovered through recognition rather than purposeful search; prerequisites for successful opportunity discovery are a combination of entrepreneurial awareness, access to extended social networks, and prior knowledge of markets and customer problems; prior knowledge could exist due to work experience, personal, non-work related experiences and events, or due to relevant to these markets education. Further, opportunity recognition does not require an exceptional level of creativity, and is not likely to involve a prior knowledge of the ways to serve markets.Keywords
This publication has 6 references indexed in Scilit:
- Characteristics of opportunities search of entrepreneurs versus executives: Sources, interests, general alertnessJournal of Business Venturing, 1991
- What are we talking about when we talk about entrepreneurship?Journal of Business Venturing, 1990
- The Corridor PrincipleJournal of Business Venturing, 1989
- “Who Is an Entrepreneur?” Is the Wrong QuestionAmerican Journal of Small Business, 1988
- Risk Taking Propensity of Entrepreneurs.The Academy of Management Journal, 1980
- The Strength of Weak TiesAmerican Journal of Sociology, 1973