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Article
Publication date: 1 March 2017

A. Banu Goktan, Alka Gupta, Subhendu Mukherjee and Vishal K. Gupta

The link between social interaction and entrepreneurial activity has attracted considerable attention in the entrepreneurship literature. In this study, we focus on…

Abstract

The link between social interaction and entrepreneurial activity has attracted considerable attention in the entrepreneurship literature. In this study, we focus on individual cultural values, shaped by interactions in the social space, as they relate to opportunity evaluation, a cornerstone of the entrepreneurial process. We test our predictions in India, a non-Western society that has sustained one of the highest rates of entrepreneurial activity in the world. Our findings suggest that value orientation of high power distance is negatively associated with opportunity evaluation whereas uncertainty avoidance, collectivism, and femininity are positively associated with opportunity evaluation.

Details

New England Journal of Entrepreneurship, vol. 20 no. 2
Type: Research Article
ISSN: 2574-8904

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Article
Publication date: 12 June 2018

Seyedeh Elahe Adel Rastkhiz, Ali Mobini Dehkordi, Jahangir Yadollahi Farsi and Adel Azar

In order to answer which opportunities are better to pursue, the purpose of this paper is to propose and empirically test a decision-making model for evaluating and…

Abstract

Purpose

In order to answer which opportunities are better to pursue, the purpose of this paper is to propose and empirically test a decision-making model for evaluating and selecting entrepreneurial opportunities.

Design/methodology/approach

First, the authors identified common evaluation criteria through a systematic review of 45 high quality articles published in top entrepreneurship and management journals between 2000 and 2017. Second, fuzzy screening technique has been employed to offer the decision-making model. Third, the authors used data of six evaluations provided by five experts at a medium-sized biotech firm to test the model.

Findings

The study shows that common decision criteria for evaluating entrepreneurial opportunities fall into seven categories. According to these criteria and using fuzzy screening technique, a multi-expert multi-criteria decision-making (ME–MCDM) model has been suggested for evaluating and selecting opportunities.

Practical implications

This model can be served in situations in which decision makers should select a small number of opportunities among the larger set with regard to opportunity profile and minimal information. More opportunities and more decision makers can be included in the model. When the number of opportunities and decision makers are high, it is possible to use programming for fast, accurate and easy calculation.

Originality/value

This study is the first systematic review of opportunity evaluation criteria. It is also the first considering opportunity evaluation as a multi-expert decision-making process.

Details

Journal of Small Business and Enterprise Development, vol. 26 no. 1
Type: Research Article
ISSN: 1462-6004

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Book part
Publication date: 26 August 2019

Kirsi Snellman and Gabriella Cacciotti

The purpose of this chapter is to explore whether and how angel investors’ emotions unfold in the investment opportunity evaluation process as they interact with the…

Abstract

Purpose

The purpose of this chapter is to explore whether and how angel investors’ emotions unfold in the investment opportunity evaluation process as they interact with the social environment. Complementing recent research that has emphasized the financial calculations, we add angel investors’ own emotional arousal to the list of tools that may help them to rate investment opportunities.

Design/Methodology/Approach

Drawing on semi-structured qualitative interviews, we develop a phenomenological analysis of the investment opportunity evaluation process at the level of angel investors’ lived experience.

Findings

Our findings indicate that when angel investors use their emotional arousal in evaluating investment criteria, they engage in a developmental process characterized by three elements: subjective validation, social validation, and investment decision.

Research Limitations/Implications

We illuminate how discrete emotions can complement rational considerations in the opportunity evaluation journey. Capturing the nature of emotion as action oriented, embodied, socially situated, and distributed, we embrace its adaptive socially situated dynamics.

Practical Implications

Taking a step toward better understanding of the soft aspects in the relationship development that leads to investments, we hope this study will help not only those entrepreneurs who need funding but also those policymakers who design new incentives that improve the flow of investment into promising new ventures.

Originality/Value

We demonstrate how angel investors’ emotions can complement their rational considerations in the investment opportunity evaluation process as they interact with the social environment. Identifying boundary values for the conditions that are necessary and sufficient to advance in the process, we have demonstrated how emotion can serve as a driving or restraining force not only during subjective validation but also during social validation.

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Article
Publication date: 8 July 2014

Jason M. Gordon and Tracey King Schaller

The purpose of this paper is to explore mindfulness as a cognitive construct that affects the identification and processing of information during market analysis leading…

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1563

Abstract

Purpose

The purpose of this paper is to explore mindfulness as a cognitive construct that affects the identification and processing of information during market analysis leading to opportunity evaluation.

Design/methodology/approach

This paper draws from theory on entrepreneurial cognition and introduces the concept of mindfulness in market analysis to better understand the entrepreneurial mindset at the opportunity evaluation stage of the value-creation process.

Findings

Based on a review of the literature on entrepreneurial cognition and mindfulness at the marketing/entrepreneurship interface, a detailed description of the concept of mindful market analysis is presented. In addition, propositions are developed regarding the moderating effects of mindful market analysis on the relationships between various personal and psychological factors and information processing outcomes related to opportunity evaluation.

Originality/value

Much research exists regarding idea creation, entrepreneurial action, opportunity discovery and recognition and entrepreneurial traits. Taking a different approach, this research focuses on opportunity evaluation and the role of market analysis at this stage of the entrepreneurial process. Overall, these contributions help to fulfill the call for more research on the intrapersonal cognitive processes of entrepreneurs and their role in opportunity evaluation.

Details

Journal of Research in Marketing and Entrepreneurship, vol. 16 no. 1
Type: Research Article
ISSN: 1471-5201

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Article
Publication date: 14 November 2016

Maureen Brookes, Levent Altinay, Xuan Lorna Wang and Ruth Yeung

The purpose of this paper is to examine franchisees’ business start-ups from an entrepreneurial perspective, adopting a process representative of entrepreneurship to…

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1008

Abstract

Purpose

The purpose of this paper is to examine franchisees’ business start-ups from an entrepreneurial perspective, adopting a process representative of entrepreneurship to examine opportunity identification and evaluation by franchisees and to analyse factors that influence this process.

Design/methodology/approach

A qualitative study was employed and data collected using semi-structured interviews with a sample of service industry franchisees in Macau.

Findings

The study identifies that social networks play a key role in opportunity identification and that franchisees’ goals influence the criteria used and information search activities undertaken while evaluating franchise opportunities.

Research limitations/implications

The study makes two contributions to franchise literature. It identifies that social networks can serve as substitutes for lack of prior knowledge in franchise opportunity identification. It also identifies the interrelated nature of franchisees’ goals based on the activities and criteria used to evaluate franchise opportunities, and the importance of relational criteria when franchisees lack prior industry knowledge. It therefore also contributes to franchise/entrepreneurship literature by identifying the interrelated nature of the factors contributing to the dynamics of franchise chain growth.

Practical implications

Franchisors should explore how to better use franchisees’ social networks and identify the longer term goals of prospective franchisees to support market penetration and franchise chain growth. Franchisees are advised to use independent information sources to evaluate franchise opportunities using goal-informed objectives and demand and relational criteria.

Originality/value

The study presents a more comprehensive understanding of franchisees’ decision-making process when joining franchise chains by identifying the activities undertaken and criteria used to identify and evaluate franchise opportunities.

Details

Journal of Service Theory and Practice, vol. 26 no. 6
Type: Research Article
ISSN: 2055-6225

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Article
Publication date: 20 June 2016

Matthew S. Wood, Per Bylund and Steven Bradley

– The purpose of this paper is to investigate effects of policy initiatives on entrepreneurs’ opportunity evaluation decisions.

Abstract

Purpose

The purpose of this paper is to investigate effects of policy initiatives on entrepreneurs’ opportunity evaluation decisions.

Design/methodology/approach

Factors were selected from real world policy initiatives. The model pricing power as a traditional economic base rate attribute and then considering how variance in use fees and reporting requirements changes the base rate relationship. The factors served as decision attributes in a conjoint analysis experiment. A total of 126 entrepreneurs made 2,268 opportunity evaluation decisions.

Findings

While increases in pricing power result in a positive upward base rate opportunity evaluation, government mandated use fees and reporting requirements diminish the base rate toward the negative. This suggest that that even though the likely profits are much higher with the significant pricing power opportunity, entrepreneurs heavily discount these opportunities because they view the combination of economic costs of paying high use fees and the non-pecuniary costs of reporting requirements as unappealing. Further, the authors find entrepreneurs’ disproportionately discount higher margin opportunities when the regulatory burden is higher revealing the importance of policy factors in new product introduction decisions.

Practical implications

Policy has traditionally focussed on the macro-level effects of initiatives and how they directly affect issues like economic growth. This study reveals that this is only part of the equation because changes in government policy impact entrepreneurs’ opportunity evaluation decisions that underpin macro trends. In order to be effective, policy makers need to pay greater attention to not only the economic, but also the non-pecuniary costs that policy changes evoke. This is especially true for those policies like reporting requirements that may be perceived as threats to entrepreneurs’ sense of autonomy.

Originality/value

This research brings to the foreground the relationship between the policy environment and the cognitions and decision of individual entrepreneurs whose collective actions move the economy. The net effect is new insight regarding how policy factors coalesce to influence entrepreneurs’ assessments of opportunities, often in ways that negatively affect these assessments beyond what simple economic calculations would suggest.

Details

Management Decision, vol. 54 no. 5
Type: Research Article
ISSN: 0025-1747

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Book part
Publication date: 1 July 2012

Matthew S. Wood, David W. Williams and Denis A. Grégoire

Studies of entrepreneurial action often distinguish between different phases such as opportunity identification, evaluation, and exploitation. Yet, the richness of past…

Abstract

Studies of entrepreneurial action often distinguish between different phases such as opportunity identification, evaluation, and exploitation. Yet, the richness of past contributions masks the absence of an integral framework to organize, in a theoretically consistent ensemble, the different kinds of cognitive processes that underpin entrepreneurial action. In this chapter, we draw from research on human action and cognition to offer an integrative model of the cognitive processes that foster entrepreneurial action. By presenting a more specific articulation of when, how, and why different cognitive processes operate, we provide theorists and empiricists with a more complete picture of how entrepreneurs’ thinking evolves from the emergence of an opportunity idea to the initiation of concrete entrepreneurial acts. In addition, our framework draws attention to cognitive inflection points that entrepreneurs must navigate in their journey toward entrepreneurship. By explicitly locating these inflection points and specifying the changes in mental processing that occurs at each point, we highlight that for entrepreneurial action to ensue, entrepreneurs must shift from one type of cognitive processing to another. Along this line, our model draws attention to the entire set of cognitive “skills” entrepreneurs must master for successful completion of each phase and successful transitions between phases.

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Book part
Publication date: 30 June 2016

Reginald L. Tucker, Graham H. Lowman and Louis D. Marino

Machiavellian, narcissistic, and psychopathic traits are often viewed as negative or undesirable personality traits. However, recent research demonstrates that individuals…

Abstract

Machiavellian, narcissistic, and psychopathic traits are often viewed as negative or undesirable personality traits. However, recent research demonstrates that individuals with these traits possess qualities that may be personally beneficial within the business contexts. In this chapter, we conceptualize a balanced perspective of these traits throughout the entrepreneurial process (opportunity recognition, opportunity evaluation, and opportunity exploitation) and discuss human resources management strategies that can be employed to enhance the benefits, or minimize the challenges, associated with Machiavellian, narcissistic, and psychopathic traits. Specifically, we propose that Machiavellian qualities are most beneficial in the evaluation stage of entrepreneurship, and Machiavellian, narcissistic, and psychopathic qualities are beneficial in the exploitation stage of entrepreneurship.

Details

Research in Personnel and Human Resources Management
Type: Book
ISBN: 978-1-78635-263-7

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Article
Publication date: 16 August 2011

David J. Hansen, G.T. Lumpkin and Gerald E. Hills

This paper seeks to detail an exploratory examination of a multidimensional, creativity‐based theoretical model of opportunity recognition originally proposed by Hills et

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3368

Abstract

Purpose

This paper seeks to detail an exploratory examination of a multidimensional, creativity‐based theoretical model of opportunity recognition originally proposed by Hills et al. and later refined by Lumpkin et al., but never empirically tested. The paper also aims to examine the relationship between individual dimensions of the model and creativity.

Design/methodology/approach

Analyses were conducted using AMOS software on a sample of 145 entrepreneurs. One structural equation model (SEM) and three confirmatory factor analysis models were tested.

Findings

The five‐dimensional model – consisting of preparation, incubation, insight, evaluation, and elaboration – was determined to be the best fitting model. The SEM model also indicated that incubation and elaboration were significantly related to creativity. Overall, a multidimensional, creativity‐based approach to modeling opportunity recognition is supported by this study.

Research limitations/implications

Cross‐sectional data do not allow for testing of the process aspect of the model; however, they do provide evidence that the model can stand up to empirical tests of the five elements of the model. Future research should examine opportunity using multiple dimensions and a creativity perspective. Additional research is needed to examine the process aspects of opportunity recognition.

Practical implications

Fostering opportunity recognition processes that are iterative and involve multiple stages is likely to promote more creative entrepreneurial outcomes.

Originality/value

This study provides one of the few examples of a multidimensional perspective on opportunity recognition as well as an empirical examination of a creativity‐based theoretical model of opportunity recognition.

Details

International Journal of Entrepreneurial Behavior & Research, vol. 17 no. 5
Type: Research Article
ISSN: 1355-2554

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Article
Publication date: 15 May 2020

Prescott C. Ensign and Maria Scopelliti

This paper aims to present the challenges faced by a small startup as entrepreneurship and marketing intersect to influence the success or failure of the venture. The…

Abstract

Purpose

This paper aims to present the challenges faced by a small startup as entrepreneurship and marketing intersect to influence the success or failure of the venture. The entrepreneurial marketing focus of the case provides a deeper understanding of the practice-based interface of these two disciplines. The case focuses on the vision of two entrepreneurs and how they use the value creation process of opportunity recognition, evaluation and development to design a consulting service for Canadian firms that want to do business in China. It also provides insight on the difficulty of creating, communicating, selling and delivering a new consulting service to the Canadian business community.

Design/methodology/approach

The case is based on extensive interviews with QiaoLinx Inc.’s founders, relevant others and secondary data including press releases, social media and promotional material.

Findings

The events, issues and questions presented to track the entrepreneurial actions and marketing process of a startup from concept to market to tipping-point. The case is intended to serve as an instructional platform that encourages deductive reasoning in analyzing and synthesizing the application of entrepreneurship and marketing theories.

Originality/value

This teaching case can be used in undergraduate or graduate courses in entrepreneurship, marketing, new venture creation and international business. Researchers, faculty, practitioners and students can use the case to engage in a discussion on the underlying theories of entrepreneurship and marketing.

1 – 10 of over 103000