Figure1 shows the distribution of document types that have been cited by the 161 publications. Therefore, an idea is the precondition for opportunity recognition but not yet an opportunity (Khalid and Sekiguchi 2018). 2016. The books by Schumpeter (1934, 1942) provide general theories of economic development driven by the entrepreneur and innovator as the central driving force creating opportunities. Opportunity Defined; An opportunity is a favorable set of circumstances that creates the need for a new product, service, or business idea. "In the midst of difficulty lies opportunity". The definitions differ with regard to their specifics. 2010). 1942. 2020. Therefore, the importance of opportunity recognition is paramount as, without spotting opportunities, no entrepreneurial action can take place (Harms et al. Focusing on cognitive mechanisms (such as prototypes) increases entrepreneurial awareness and results in effective opportunity recognition (Baron 2006 ), which is the first stage and primary trigger of the entrepreneurial process (Baron and Shane 2008 ). Creativity, self-efficacy, and optimism are considered to be the most important personality traits in the development of opportunities. 2010. How Believing in Ourselves Increases Risk Taking: Perceived Self-Efficacy and Opportunity Recognition. Decision Sciences 25(3): 385400, https://doi.org/10.1111/j.1540-5915.1994.tb01849.x.Search in Google Scholar, Lehner, O. M., and J. Kansikas. Individuals can have much prior knowledge, but if they do not see themselves as entrepreneurs and are not motivated to identify new business opportunities, the chance that new opportunities are recognized is low. (2001) demonstrate that in established firms, the initiation gap between the generation of an idea and the opportunity recognition by the management is a major problem. Social Sources of Information in Opportunity Recognition: Effects of Mentors, Industry Networks, and Professional Forums. Journal of Business Venturing 22(2): 17492, https://doi.org/10.1016/j.jbusvent.2005.12.001.Search in Google Scholar, Park, J. S. 2005. Opportunity Discovery and Creation in Social Entrepreneurship: An Exploratory Study in Mexico., Ferreira, J. J., C. I. Fernandes, and S. Kraus. The content of Cluster C1 Individual Antecedents is highly interrelated with Cluster 1 The role of personal factors in opportunity recognition. 2012. Cognition and International Entrepreneurship: Implications for Research on International Opportunity Recognition and Exploitation., Zupic, I., and T. ater. 1997. 2003. Opportunity identification in the field of entrepreneurship has been recognized as the key entrepreneurial process [4]. Research and Bibliometrics: A Long History. Clinics and Research in Hepatology and Gastroenterology 35: 3367, https://doi.org/10.1016/j.clinre.2011.04.008.Search in Google Scholar, Dimov, D. 2007. Philips and Tracey (2007) deal with opportunity recognition in institutional entrepreneurship. Experiential Learning within the Process of Opportunity Identification and Exploitation., Davidsson, P., and B. Honig. Filser, Matthias, Tiberius, Victor, Kraus, Sascha, Zeitlhofer, Tanita, Kailer, Norbert and Mller, Adrian. Opportunity Recognition as Pattern Recognition: How Entrepreneurs Connect the Dots to Identify New Business Opportunities. Academy of Management Perspectives 20(1): 10419, https://doi.org/10.5465/amp.2006.19873412.Search in Google Scholar, Baron, R. A., and M. D. Ensley. 2015. Creative Personality, Opportunity Recognition and the Tendency to Start Businesses: A Study of Their Genetic Predispositions. Journal of Business Venturing 30(3): 40719, https://doi.org/10.1016/j.jbusvent.2014.04.001.Search in Google Scholar, Shane, S., and S. Venkataraman. Krueger and Dickson (1994) argue that self-efficacy is crucial in opportunity recognition. 2014. Apart from individual, also organizational properties might influence not only if opportunities are recognized but also how well they can be realized under unfavorable circumstances. 2007. The findings show that network reliance has a positive impact on opportunity recognition. But the broader psychological basis of the alertness, which differentiates intrinsic and phasic aspects of alertness, has somehow been neglected, even though some entrepreneurship scholars have described alertness as the main cognitive capability of entrepreneurs in recognizing . Most entrepreneurial ventures arestarted in one of two ways. On the one hand, organizations can enhance the entrepreneurs motivation to search for new business opportunities and on the other hand, with their measures, firms can increase the probability that discovered opportunities are pursued and exploited successfully. Recognizing Opportunities: Initiating Service Innovation in Psfs., Gaglio, C. M. 2004. 2009. Each of the following are ways to identify an opportunity EXCEPT: The recognition of an idea as having the potential create a desired value and the decision to exploit that value are important entrepreneurial topics. Beyond the Single-Person, Single-Insight Attribution in Understanding Entrepreneurial Opportunities., Ding, T. 2019. https://doi.org/10.1007/s11846-020-00406-z.Search in Google Scholar, Mcmullen, J. S., and D. A. Shepherd. Opportunity Recognition: Conversational Foundations and Pathways Ahead. Characteristics of Opportunities Search of Entrepreneurs Versus Executives: Sources, Interests, General Alertness. Journal of Business Venturing 6(1): 4561, https://doi.org/10.1016/0883-9026(91)90005-x.Search in Google Scholar, Khalid, S., and T. Sekiguchi. 2005. Moreover, with the continuous digitalization, the importance of technological skills is rising in identifying opportunities, like it is mentioned in the studies of Park (2005) and Siegel and Renko (2012). The individual antecedents (C1) refer to cognitive frameworks and processes and include experiential learning (Corbett 2005), knowledge (Shane 2000; Shepherd and DeTienne 2005) alertness (Baron 2006; Gaglio and Katz 2001), active information search (Kaish and Gilad 1991), pattern recognition (Baron and Ensley 2006; Zahra, Korri, and Yu 2005), whereas social antecedents (C2) include social networks (Dimov 2007; Ozgen and Baron 2007; Singh 2000; Singh etal. 2018. New York: Garland Publishing, Inc.Search in Google Scholar, Singh, R. P., G. E. Hills, R. C. Hybels, and G. T. Lumpkin. Properties of Opportunity Creation and Discovery: Comparing Variation in Contexts of Innovativeness. Technovation 79: 110, https://doi.org/10.1016/j.technovation.2018.02.014.Search in Google Scholar, Kaish, S., and B. Gilad. You see, one of my favorite Olympic sports is bobsledding. Are Opportunities Recognized or Constructed?, Vallaster, C., S. Kraus, J. M. Merig Lindahl, and A. Nielsen. Various researchers, like Ardichvili, Cardozo, and Ray (2003), Krueger and Dickson (1994) as well as Tumasjan and Braun (2012) argue that self-efficacy, as a personality trait, fosters the phenomenon of opportunity recognition. Recognizing Opportunity is the First Step to an Entrepreneurial Mindset Whether it's a new store location or a new way to do things, finding a chance to blaze your own path is vital. 2003), thus making this topic particularly important for entrepreneurship research.For instance, Gaglio and Katz (2001: 95) argued that "understanding the opportunity identification process represents one of the core intellectual questions for the domain of . B. Barney. Corporate Citizenship: Structuring the Research Field., Krueger, N., and P. R. Dickson. The main objective of the study of Shin and Lee (2013) was to figure out how low-risk technological arbitrage opportunities can be identified in mature technologies for small and medium-sized enterprises (SMEs). User Experience (UX) in Business, Management, and Psychology: A Bibliometric Mapping of the Current State of Research. Multimodal Technologies and Interaction 4(2): 18, https://doi.org/10.3390/mti4020018.Search in Google Scholar, Maine, E., P. H. Soh, and N. Dos Santos. Alvarez, S. A., and J. Both Fischer (2011) and Baron (2006) outline that following three factors are essential in opportunity recognition: prior knowledge, searching and alertness. Second, an investigation of which combinations of individual and social drivers are most effective for opportunity recognition in practice, would be a valuable input for prospective entrepreneurs. In this regard, we disagree with Eckhardt and Shane (2003) who state that the product or service has to be new as it is sufficient to offer them in a new way. Opportunity Recognition and the Tendency to Be an Entrepreneur: A Bivariate Genetics Perspective. Organizational Behavior and Human Decision Processes 110(2): 10817, https://doi.org/10.1016/j.obhdp.2009.08.005.Search in Google Scholar, OConnor, G. C., and M. P. Rice. Please login or register with De Gruyter to order this product. 2015. Your purchase has been completed. Entrepreneurial opportunities are generally understood as "situations in which new goods, services, raw Creativity is also mentioned several times in the literature on opportunity recognition. 2017. The process of recognizing an opportunity starts with an idea, and proceeds with the evaluation of this idea. Third, promoting informal networks fosters multi-dimensionality and therefore also enhances opportunity recognition. Prior Knowledge and the Discovery of Entrepreneurial Opportunities., Shane, S., and N. Nicolaou. Specifically, apart from past and present, also future customer wants and needs could provide a valuable source of insights into entrepreneurial opportunities. 2019. A Realist Perspective of Entrepreneurship: Opportunities as Propensities., Rice, M., D. Kelley, L. Peters, and G. Colarelli OConnor. 2015. Also, Bhagavatula etal. By applying these measures, SMEs may overcome the disadvantages compared to large companies and might be able to recognize opportunities from mature technologies effectively. For example, with the increasing trend of globalization, cross-cultural experience and linguistic knowledge are required, to recognize international opportunities (Hurmerinta, Nummela, and Paavilainen-Mntymki 2015; Vandor and Franke 2016). Entrepreneurial Action and the Role of Uncertainty in the Theory of the Entrepreneur. Academy of Management Review 31(1): 13252, https://doi.org/10.5465/amr.2006.19379628.Search in Google Scholar, Muzychenko, O., and P. W. Liesch. Towards a Methodology for Developing Evidence-Informed Management Knowledge by Means of Systematic Review., Tumasjan, A., and R. Braun. (2023). For example, the current COVID-19 crisis has shown that some firms predominantly perceived the lockdown consequences as a major threat, whereas other firms saw opportunities emerging from it (Kraus et al. 2010. Fuzzy-set Qualitative Comparative Analysis (fsQCA) in Entrepreneurship and Innovation ResearchThe Rise of a Method. International Entrepreneurship and Management Journal 14(1): 1533, https://doi.org/10.1007/s11365-017-0461-8.Search in Google Scholar, Kruggel, A., V. Tiberius, and M. Fabro. Therefore, some more research on the identification of international opportunities should be done, so that firms can derive some measures for their internationalization process. Mapping the Field of Family Business Research: Past Trends and Future Directions., Zaefarian, R., T. Y. Eng, and M. Tasavori. Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach. Journal of Economic Literature 35(1): 6085.10.4324/9780203465974.pt1Search in Google Scholar, Kohlbacher, F., C. Herstatt, and N. Levsen. Kontinen and Ojala (2011) indicate that weak ties can be formed for example through attending international exhibitions. See Paris and Found a Business? Prior Knowledge, Cognitive Characteristics and Opportunity Recognition., Hansen, D. J., G. T. Lumpkin, and G. E. Hills. The entrepreneurs prior knowledge is a crucial aspect in opportunity recognition. Niche Construction: The Process of Opportunity Creation in the Environment., Lumpkin, G. T., and B. Corporate Citizenship: Structuring the Research Field. Sustainability 12(13): 5289, https://doi.org/10.3390/su12135289.Search in Google Scholar, Krueger, N., and P. R. Dickson. 1-30. In the study of Kohlbacher, Herstatt, and Levsen (2015), the role of demographic changes regarding opportunity recognition and exploitation is discussed. It is a rather subjective approach and probably could have been interpreted in another way by different researchers. 2011. In a continuously changing technological industry with high uncertainty, using stakeholder feedback to develop the product further is crucial for opportunity development (Ojala 2016). The opportunity recognition school, which is the perspective focused on in this paper, goes back to the works of Kirzner (1973, 1979, 1997). This paper aims to discuss Opportunity Recognition Support System (ORSS), an information support system to help especially student entrepreneurs in identifying and recognizing business opportunities. 1999. Some articles focus on both individual and social antecedents (C3) such as prior knowledge, personality traits, and social networks (Ardichvili, Cardozo, and Ray 2003) or organizational learning (Lumpkin and Lichtenstein 2005). Competition and Entrepreneurship. While literature reviews are a traditional, qualitative way to organize complex research fields (Kraus, Breier, and Das-Rodrguez 2020; Tranfield, Denyer, and Smart 2003), bibliometric analyses represent a quantitative mapping method based on citations (Devos 2011; Mas-Tur et al. Beyond the Single-Person, Single-Insight Attribution in Understanding Entrepreneurial Opportunities. Entrepreneurship Theory and Practice 31(5): 71331, https://doi.org/10.1111/j.1540-6520.2007.00196.x.Search in Google Scholar, Ding, T. 2019. Aspects like prior knowledge, experience, and alertness were mentioned several times. Cognition and International Entrepreneurship: Implications for Research on International Opportunity Recognition and Exploitation. International Business Review 14(2): 12946, https://doi.org/10.1016/j.ibusrev.2004.04.005.Search in Google Scholar, Zupic, I., and T. ater. Entrepreneur Behaviors, Opportunity Recognition, and the Origins of Innovative Ventures. Strategic Entrepreneurship Journal 2(4): 31738, https://doi.org/10.1002/sej.59.Search in Google Scholar, Eckhardt, J. T., and S. A. Shane. 2001. An entrepreneurial mindset includes creativity, problem-solving skills, and a propensity to innovation. . How Social and Human Capital Influence Opportunity Recognition and Resource Mobilization in Indias Handloom Industry. Journal of Business Venturing 25(3): 24560, https://doi.org/10.1016/j.jbusvent.2008.10.006.Search in Google Scholar, Bhave, M. P. 1994. The Role of Organizational Learning in the OpportunityRecognition Process., Luther, L., V. Tiberius, and A. Brem. 2017. Cluster 2 focuses on the organizational aspects in opportunity recognition. Start by . 2020. The Concept of Opportunity in Entrepreneurship Research: Past Accomplishments and Future Challenges. Journal of Management 36(1): 4065, https://doi.org/10.1177/0149206309342746.Search in Google Scholar, Siegel, D. S., and M. Renko. 2012. 2006. We deliberately do not include novelty in our definition. 2016. The phenomenon of opportunity recognition cannot be explained through personal factors alone, but it is influenced by a combination of individual and social aspects. They have a knack for looking at the usual and seeing the unusual, at the ordinary and seeing the extraordinary. In other words, while both conceptualizations have their merits and Schumpeters hero-like entrepreneur is probably more appealing to both founders and researchers, Kirzners entrepreneur is much more common in practice. 2020. Mapping the Field of Family Business Research: Past Trends and Future Directions. International Entrepreneurship and Management Journal 11(1): 113132, https://doi.org/10.1007/s11365-013-0286-z.Search in Google Scholar, Zaefarian, R., T. Y. Eng, and M. Tasavori. A General Theory of Entrepreneurship: The Individual-Opportunity Nexus. Opportunity Identification and Pursuit: Does an Entrepreneurs Human Capital Matter?, Ucbasaran, D., P. Westhead, and M. Wright. Characteristics of Opportunities Search of Entrepreneurs Versus Executives: Sources, Interests, General Alertness., Khalid, S., and T. Sekiguchi. 2007. Prior Knowledge and the Discovery of Entrepreneurial Opportunities. Organization Science 11(4): 44869, https://doi.org/10.1287/orsc.11.4.448.14602.Search in Google Scholar, Shane, S. 2003. Additionally, the clusters can of course never form a complete list of topics related to opportunity recognition, especially also since not all extant articles on this topic could be considered. The conceptualisation ofopportunityin strategic management research., Hills, G. E., G. T. Lumpkin, and R. P. Singh. A niche B. 2012. Rice etal. On the other hand, the desire to build a world-class enterprise and having a passion for cross-cultural encounters will influence the intention positively. Third, the investigation of the outcomes of the process of opportunity recognition are rather neglected in the literature. To acquire resources, strong ties are considered to be more beneficial. 2015. 2015. Perceived behavioral control and having an attitude towards international opportunity recognition improve the identification of international opportunities. Additionally, the authors demonstrate that low creativeness and entrepreneurial self-efficacy can be compensated by high promotion focus. Corporate Foresight and Dynamic Capabilities: An Exploratory Study. Forecasting 2(2): 18093, https://doi.org/10.3390/forecast2020010.Search in Google Scholar, Seo, W., J. Yoon, H. Park, B. Y. Coh, J. M. Lee, and O. J. Kwon. The Role of Entrepreneurial Decision-making in Opportunity Creation and Recognition., Mas-Tur, A., S. Kraus, M. Brandtner, R. Ewert, and W. Krsten. 86 likes, 0 comments - Sanskriti The Gurukul (@sanskriti_thegurukul) on Instagram: "We are thrilled to announce that Sanskriti The Gurukul has been honored as the ATL . Establish ed a sound ESG management system and join ed the United Nations Global Compact to firmly promote the implementation of . They can reflect on their individual prerequisites and asses if they place a solid foundation for entrepreneurial success or need further investments in their human capital. Learning Guide Certificates Unlimited ExpertTracks Need Some Help? Cluster 3 deals with the role of environmental factors, such as networks, technology, and other environmental conditions, in opportunity recognition. I'm also . 2005. ENTREPRENEURSHIP [ET203] TUTORIAL - 2 - Answers. 1991. 2019. In the literature, aspects like potential financial reward, entrepreneurial culture, decision-making processes, organizational learning, and information sourcing, are studied. Whereas individuals with a low entrepreneurial orientation appreciate the acquisition of knowledge through social networks and consequently are able to recognize opportunities better, the individuals with high entrepreneurial orientation are not dependent on knowledge from social networks in the opportunity recognition process. On the one hand, effectuation permits higher resiliency that fosters decision-making in an uncertain environment. The study of Zaefarian, Eng, and Tasavori (2016) deals with the recognition of international opportunities in family firms that are characterized as risk-averse, i.e.,not proactive in terms of looking for new international opportunities. They argue that promotion focus or focusing on maximal goals positively influences the opportunity recognition process. 2006. Radical Innovation: Triggering Initiation of Opportunity Recognition and Evaluation. R & D Management 31(4): 40920, https://doi.org/10.1111/1467-9310.00228.Search in Google Scholar, Rohrbeck, R., and H. G. Gemnden. The Art of Crafting a Systematic Literature Review in Entrepreneurship Research. International Entrepreneurship and Management Journal 16: 102342, https://doi.org/10.1007/s11365-020-00635-4.Search in Google Scholar, Kraus, S., T. Clau, M. Breier, J. Gast, A. Zardini, and V. Tiberius. An Exploratory Study of International Opportunity Identification Among Family Firms., Zahra, S. A., J. S. Korri, and J. Yu. The entrepreneur overcomes the barrier between an opportunity and its realization based on knowledge and motivation (McMullen and Shepherd 2006). 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Fashion Industry, Uncovering the Cultural Beliefs in a Nascent Entrepreneurial Ecosystem, Director Network, Governance of Independent Directors and Efficiency of Enterprise Capital Allocation, situations in which new goods, services, raw materials and organizing methods can be introduced and sold at greater than their cost of production, a range of phenomena that begin unformed and become more developed through time, situations in which new goods, services, raw materials, markets and organizing methods can be introduced through the formation of new means, ends, or means-ends relationships, the chance to introduce innovative (rather than imitative) goods, services, or processes to an industry or economic marketplace, sources of opportunities are extant features that provide the context for creating entrepreneurial ventures, competitive imperfections in markets were created by the actions of entrepreneurs, idea or dream that is discovered or created by an entrepreneurial entity and that is revealed through analysis over time to be potentially lucrative, opportunities are the outcome of social construction, not preexisting entities subject to detection by the entrepreneur, the propensity of market demand to be actualized into profits through the introduction of novel products or services, neutral entities that emerge from an agents ability to develop a course of action that converts an existing situation into a desired one, Cluster 1: The role of personal factors in opportunity recognition, Cluster 2: The role of organizational aspects in opportunity recognition, Cluster 3: The role of environmental factors in opportunity recognition, Cluster 3c: Other environmental conditions. The conceptualisation ofopportunityin strategic management research. International Journal of Entrepreneurial Venturing 1(1): 5771.10.1504/IJEV.2009.023820Search in Google Scholar, Hills, G. E., G. T. Lumpkin, and R. P. Singh. Cluster C2 includes both organizational aspects and environmental factors. The ability to recognize and choose the right opportunitiesis considered as the most important characteristic for a successful entrepreneur in launching a start-up business. Individuals who are capable of perceiving trends or connections between events which, on first sight have nothing in common, are more likely to recognize business opportunities. Innovation in Family Firms: Examining the Inventory and Mapping the Path. International Journal of Innovation Management 20(6): 139, https://doi.org/10.1142/s1363919616500547.Search in Google Scholar, Filser, M., V. Tiberius, S. Kraus, J. Spitzer, N. Kailer, and R. Bouncken. Most of them are seen as abstract categories such as entities, features, phenomena, or situations. The Role of Empathy in Entrepreneurial Opportunity Recognition: An Experimental Study in Japan and Pakistan., Kirzner, I. M. 1997. 2015. This research also has implications for entrepreneurs. Our model suggests that entrepreneurs are . 2016. The Concept of Opportunity in Entrepreneurship Research: Past Accomplishments and Future Challenges., Siegel, D. S., and M. Renko. Opportunity recognition beliefs are characterized mainly by two different indicators. Lehner and Kansikas (2012) as well as Flix Gonzlez, Husted, and Aigner (2017) argue that, in social entrepreneurship, both approaches opportunity discovery and opportunity creation are needed to identify opportunities. 2019. The most cited journal in the field of opportunity recognition is the Journal of Business Venturing, followed by Entrepreneurship Theory and Practice and the Academy of Management Review. How Believing in Ourselves Increases Risk Taking: Perceived Self-Efficacy and Opportunity Recognition., Lehner, O. M., and J. Kansikas. Incumbent firms and entrepreneurs need an in-depth understanding of how opportunities considered to be valuable by the market (Ding 2019) can be identified and what factors influence the opportunity recognition process. A Multidimensional Examination of a Creativity-based Opportunity Recognition Model. International Journal of Entrepreneurial Behavior & Research 17(5): 51533, https://doi.org/10.1108/13552551111158835.Search in Google Scholar, Harms, R., A. Schulz, S. Kraus, and M. Fink. The Production of Entrepreneurial Opportunity: A Constructivist Perspective. Strategic Entrepreneurship Journal 4(1): 6684, https://doi.org/10.1002/sej.83.Search in Google Scholar, Xi, J., S. Kraus, M. Filser, and F. W. Kellermanns. In large established enterprises, recognizing new opportunities is considered to be a difficult challenge. New Venture Creation: Entrepreneurship for the 21th Century. The comparison of the different clusters leads to the result that drivers influencing opportunity recognition are the most researched topic within this field of research. Opportunity Recognition through Social Network Characteristics of Entrepreneurs. Frontiers of Entrepreneurship Research: 22841.10.5465/apbpp.1999.27600505Search in Google Scholar, Song, G., S. Min, S. Lee, and Y. Seo.
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