Opportunity recognition is a process used by entrepreneurs.
* Opportunity recognition, a theory based on entrepreneurship, suggests that people use a specific cognitive process to recognize the potential in a new business opportunity. The idea is based on considering past experiences, risks and market trends to recognize the potential in and make a decision about a business venture. There are many different theoretical models of opportunity recognition process. * shown as follow:
Now over view an opportunity recognition process :
Education: Education is the most important of identify recognition process .Because I think education can learn and thinking about prior knowledge of market and customers problems. Experience: experience is the another most important part of opportunity recognition process. Creative experience always actual to search for opportunity recognition process . there are two types of experience – * Personal experience: Personal experience of a human being is the moment-to-moment experience and sensory awareness of internal and external events.
* Work experience: Confusingly, “work experience” is also commonly used to mean an unadvertised opportunity, which you have organized yourself. These tend to be shorter than internships, and are less likely to be paid. Finally these two experience can identify the prior knowledge of market and customers problem . Prior knowledge of market and customers problems: The knowledge that stems from previous experience .knowledge of a set of circumstances sufficient to make actions based on those circumstances wrongful The defendant was convicted because the prosecutor proved the defendant's of the victim's particular vulnerability.
Interpersonal alertness: as an entrepreneur is creative person so they must be have alertness to opportunity recognition process.
Successful opportunity recognition: all the steps majarment an entrepreneur reach the successful opportunity recognition.
Opportunity Recognition Process of Indian Entrepreneurs: The Role of Social Capital and Risk Perception: K. Nigama
Bharathidasan Institute of Management (BIM)
P. David Jawahar
Bharathidasan Institute of Management
Opportunity recognition is of central importance in the field of entrepreneurship. Entrepreneurs bump into countless decision-making situations, be it in the process of creating new ventures or day-to-day business situations in existing business. Although there have been research attempts to understand how entrepreneurs recognize opportunities amidst such myriad choices, there is no single answer yet. This study considers the influence of entrepreneur’s social capital and his perception of risk in the opportunity recognition process. We find very little literature that propose research results on the influence of social capital in opportunity recognition process. In this paper, the researchers have taken efforts to analyze all the sub-processes of opportunity recognition. The research was conducted with 117 entrepreneurs of micro, small and medium enterprises from Information Technology and Information Technology Enabled Services (IT and ITES) Industry. The questionnaire used was adopted from a well-researched inventory but modified to suit Indian environment and the objectives of the study. PLS method was employed to analyze the data and interpret the results. The research revealed that cognitive dimension of social capital is the most important factor that influences the risk perception of an entrepreneur. The study also brings out the significant impacts of structural dimension of social capital on competitive scanning, relational dimension of social capital on proactive searching, and cognitive dimension of social capital on knowledge acquisition and proactive searching.
Opportunity Recognition & Idea Generation
This post provides an overview of the...