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Book part

Zorica Zagorac-Uremović and Christian Marxt

Entrepreneurial opportunity (EO) identification pertains to the core processes of entrepreneurship and innovation. The initial phase of this process starts with individual…

Abstract

Entrepreneurial opportunity (EO) identification pertains to the core processes of entrepreneurship and innovation. The initial phase of this process starts with individual cognition, which is why cognition has been established as a critical theoretical perspective.

Knowledge and new information have been confirmed as essential cognitive impact factors. However, it is not understood well, how individuals apply those factors and how they actually identify innovative and economically viable EOs. To address the limitations of current research, this chapter investigates the current literature on underlying cognitive processes of opportunity identification.

The literature analysis demonstrates that there is not a single cognitive process but rather a magnitude of different micro-mechanisms that are necessary for the successful identification of EOs. The findings are grouped to four categories of cognitive processes and entail their micro-mechanisms: pattern recognition, information processing, and creative thinking. Furthermore, the analysis reveals that those micro-mechanisms have seldom been related to each other within the scope of opportunity identification. This chapter closes this gap by discussing and contrasting and the different process categories and respective micro-mechanisms and suggests an integrative theory development and avenues for future research.

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Book part

Jeffery S McMullen and Dean A Shepherd

Gaglio’s work on opportunity recognition (Gaglio, 1997; Gaglio & Katz, 2001) represents an important contribution to the literature and has generated considerable…

Abstract

Gaglio’s work on opportunity recognition (Gaglio, 1997; Gaglio & Katz, 2001) represents an important contribution to the literature and has generated considerable scholarly attention. Therefore, it is with great pleasure that we respond to her commentary on our recent chapter (McMullen & Shepherd, 2003). Central to Gaglio’s commentary is a discussion about the appropriateness of our critique of the literature and a proposed alternate use for signal detection theory in building entrepreneurship theory. Responding to this commentary provides us the opportunity to better articulate our main arguments and to build on Gaglio’s ideas for an alternative application of signal detection theory.

Details

Advances in Entrepreneurship, Firm Emergence and Growth
Type: Book
ISBN: 978-1-84950-267-2

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Book part

Connie Marie Gaglio and Dimo Dimov

Twenty-one years ago (1997), the entrepreneurial revolution, both academic and actual, was just beginning. Entrepreneurial opportunities represent both the core…

Abstract

Twenty-one years ago (1997), the entrepreneurial revolution, both academic and actual, was just beginning. Entrepreneurial opportunities represent both the core theoretical construct and the plethora of products, services, processes, and business models, which dramatically changed daily life. This chapter examines key developments, which have emerged in the scholarly investigation of the opportunity identification process during the intervening years: what fundamentally is an opportunity; what socio-cognitive processes are involved; what is the role of time, of meaning, of context; and finally, what is the relationship between the academic and practitioner. In addition, exemplary research work is highlighted and guidelines for future academic efforts are offered.

Details

Reflections and Extensions on Key Papers of the First Twenty-Five Years of Advances
Type: Book
ISBN: 978-1-78756-435-0

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Abstract

Details

Reflections and Extensions on Key Papers of the First Twenty-Five Years of Advances
Type: Book
ISBN: 978-1-78756-435-0

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Article

Maija Renko, Rodney C. Shrader and Mark Simon

Previous research has predominantly approached the concept of entrepreneurial opportunities from either one of two perspectives: opportunities exist as objective phenomena…

Abstract

Purpose

Previous research has predominantly approached the concept of entrepreneurial opportunities from either one of two perspectives: opportunities exist as objective phenomena in the environment waiting to be discovered by alert entrepreneurs, or opportunities are subjectively perceived and even created by individual entrepreneurs. This paper aims to put forward a framework of opportunity perception which demonstrates that all entrepreneurial opportunities possess both objective and subjective qualities, thus helping reconcile both perspectives.

Design/methodology/approach

A conceptual framework is developed, based on previous literature and insights from entrepreneurship, economics, psychology and related disciplines.

Findings

Various perspectives presented in previous research can be combined into a coherent framework that summarizes the components of entrepreneurial opportunity perception. Testable propositions are provided for future research.

Originality/value

The authors show that elements of both subjective perception and objective market conditions contribute to recognized entrepreneurial opportunities. Also, they show that while the perception and pursuit of opportunity is fundamentally idiosyncratic to each entrepreneur, the success of an entrepreneurial endeavor is constrained by the objective conditions of opportunity.

Details

Management Decision, vol. 50 no. 7
Type: Research Article
ISSN: 0025-1747

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Book part

Reed E. Nelson, Anderson Santana and Matthew S. Wood

Entrepreneurship involves complex interactions between individuals and environments but there is little research on these dynamics. We address this gap by conducting an…

Abstract

Entrepreneurship involves complex interactions between individuals and environments but there is little research on these dynamics. We address this gap by conducting an inductive qualitative study of entrepreneurs in the exclusive tourist destination of Tiradentes, Brazil. Tiradentes has a unique architectural, cultural, and economic heritage that serves as a unique sociocultural backdrop that influences entrepreneurs’ models of start-up thinking and action. Specifically, our investigation revealed that entrepreneurs’ backgrounds (native vs. nonnative) and social identities come together with the sociocultural fabric of the community in a way that moved them towards a “Joia” or “Bijuteria” orientation, each of which were associated with a distinct mindset. This diversity had implications for entrepreneurs’ conceptualizations of start-up models possible within the backdrop of Tiradentes sociocultural fabric and this influenced the actions entrepreneurs took such as the geographic location chosen for the business and the business practices used. We discovered that entrepreneurs favoring one orientation over another tended to occupy predictable physical and social positions in the community while also espousing similar values and perspectives. These results are used to elaborate the theory on the link between the external and internal explanation for entrepreneurial thinking and action. The net effect is new understanding regarding ways models of start-up thinking and action can be investigated.

Details

Models of Start-up Thinking and Action: Theoretical, Empirical and Pedagogical Approaches
Type: Book
ISBN: 978-1-78635-485-3

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Article

Carlos Poblete and Vesna Mandakovic

This paper aims to analyze how different experts in entrepreneurship perceive their surrounding environment and business opportunities. The authors suggest that people act…

Abstract

Purpose

This paper aims to analyze how different experts in entrepreneurship perceive their surrounding environment and business opportunities. The authors suggest that people act the way they do not only because of different interpretations of the environment but also because of the relative importance they give to the context and themselves in their mental scripts.

Design/methodology/approach

A Mann–Whitney U non-parametric test and principal component analysis were conducted to examine the national expert survey from the global entrepreneurship monitor database of Chilean exports.

Findings

When experts in entrepreneurship are compared, entrepreneurs and non-entrepreneurs differ in their use of certain cognitive resources about past or current events, but they map out future situations similarly, suggesting that their mental simulations may converge into similar patterns.

Originality/value

This study provides useful insights regarding the impact that mental representation has on experts’ perception, by discussing how experts who are entrepreneurs perceive the entrepreneurial ecosystem and current opportunities differently than experts who are not entrepreneurs. The specific context plays a key role in the way entrepreneurs and non-entrepreneurs analyze their surrounding environment but not necessarily opportunities.

Details

Journal of Entrepreneurship in Emerging Economies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2053-4604

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Article

Lalit Sharma

Entrepreneurial alertness is a key factor in business opportunity identification. Scholars have determined that successful entrepreneurs have high levels of…

Abstract

Purpose

Entrepreneurial alertness is a key factor in business opportunity identification. Scholars have determined that successful entrepreneurs have high levels of entrepreneurial alertness, but only a limited number of studies are available on the concept. One of the major reasons identified is the fragmented constituents and less knowledge of the components determining the level of alertness. The present study aims to integrate the varied research on entrepreneurial alertness, identify its core components and develop the understanding of the concept of entrepreneurial alertness.

Design/methodology/approach

The study is based on a systematic review of secondary research. The first stage involved identifying relevant publications and applying practical screening. In the second stage, the resources were screened for the inclusion criteria, and in the final stage, the articles meeting the inclusion criteria were read in detail for the final analysis.

Findings

The review resulted in identification of the following core components of the alertness construct – sensing and searching information, cognitive ability, personality factors (like creativity and self-efficacy), environment, social networks, knowledge and experience. The review also highlighted that cognitive ability plays a central role in alertness.

Originality/value

Based on the review of literature, the study proposes a model of the alertness construct, which attempts to draw a relationship between the identified components. The review also uncovers several unexplored areas, which still need to be addressed in the area of entrepreneurial alertness.

Details

Journal of Entrepreneurship in Emerging Economies, vol. 11 no. 2
Type: Research Article
ISSN: 2053-4604

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Abstract

Details

The Multifaceted Relationship Between Accounting, Innovative Entrepreneurship, and Knowledge Management: Theoretical Concerns and Empirical Insights
Type: Book
ISBN: 978-1-78769-060-8

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Book part

Dermot Breslin

Interpreting venture creation as a process of learning allows potential entrepreneurs to help themselves, and develop the skills and competences they required for…

Abstract

Interpreting venture creation as a process of learning allows potential entrepreneurs to help themselves, and develop the skills and competences they required for business. The effectiveness of a learning-based approach to enterprise education is explored here. This study examines changing perceptions and performances of business students as they complete a new venture creation module. In this course, students are invited to interpret the start-up process as a process of learning, using an evolutionary metaphor. Several key findings were revealed. First, the evolutionary learning approach increased the self-efficacy of participants, as their self-belief and confidence in their ideas and abilities increased over the course of the module. This increase was even more pronounced within a sub-group who started their businesses within six months of completion of the course. Second, by adopting the ‘learning to evolve’ approach, participants increasingly focused changes made to their ideas on marketing-related issues. The more the individual focused on marketing as a source of change, the better the improvement in quality of the idea. This research has implications for enterprise educators and practicing entrepreneurs. When one shifts the focus of attention to the external world, and when changes are driven by signals from that external world, the quality of emerging opportunities is enhanced. Moreover, self-efficacy increases as nascent entrepreneurs gain confidence and self-belief both in their ideas, and the skills needed to make them happen. The shift in perspective towards the external market is the key driver in triggering the entrepreneurial process. The approach thus promotes the notion that the entrepreneurship option is open to all who can ‘learn to evolve’.

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