Importance Of Opportunity Recognition Process
and weaknesses of the business, to experiment new ways to see new opportunities.
Stevenson et al (1985) stated that defining and choosing the appropriate opportunities for new venture are among essential skills of a successful entrepreneur.
This essay will review the opportunity recognition process, and whereas the individual characteristics have an impact on this process. In addition, this paper will identify and explore the alternative aspects of opportunity recognition and development process.
Opportunity recognition is ideas, in which business owners determine prescriptive action, in order to establish new venture based on the opportunities that they identify. Bygrave and Hofer (1991) describe an entrepreneur as a person who is able to identify opportunity and develop a business to follow that idea. Indeed, Shane and Venkataraman (2000) claimed that the finding, analysing, and development of opportunities is a determining characteristic of the field of entrepreneurship.
A number of researchers have identified the various factors of opportunity recognition in the business field that have influence from individual to external environmental factors. (Park, 2005; Smith et al., 2009)
Although, Carter and Jones-Evans (2012) have described two main valuable levels of thinking about opportunity recognition: a systemic (environmental trends) and individual (personal characteristics) level, which are illustrated in figure 1 below.
Figure 1: Full view of the opportunity…