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A Model Of The Entrepreneurial Opportunity Recognition Process

Author

Listed:
  • ALEXANDER ARDICHVILI

    (Department of Human Resource Education, University of Illinois, USA)

  • RICHARD N. CARDOZO

    (Carlson School of Management, University of Minnesota, USA)

Abstract

The goal of this study is to propose a model of the entrepreneurial opportunity recognition process. A number of research propositions was generated based on the analysis of the available literature, and then validated by the analysis of in-depth cases of opportunity recognition that resulted in the creation of successful entrepreneurial ventures. The study indicates that entrepreneurial opportunities are discovered through recognition rather than purposeful search; prerequisites for successful opportunity discovery are a combination of entrepreneurial awareness, access to extended social networks, and prior knowledge of markets and customer problems; prior knowledge could exist due to work experience, personal, non-work related experiences and events, or due to relevant to these markets education. Further, opportunity recognition does not require an exceptional level of creativity, and is not likely to involve a prior knowledge of the ways to serve markets.

Suggested Citation

  • Alexander Ardichvili & Richard N. Cardozo, 2000. "A Model Of The Entrepreneurial Opportunity Recognition Process," Journal of Enterprising Culture (JEC), World Scientific Publishing Co. Pte. Ltd., vol. 8(02), pages 103-119.
    • Handle: RePEc:wsi:jecxxx:v:08:y:2000:i:02:n:s0218495800000073
    DOI: 10.1142/S0218495800000073
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    Citations

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    Cited by:

    1. Matthias Huegel & Philip Doerr & Martin Kalthaus, 2023. "Initiation of knowledge and technology transfer from academia to industry: Opportunity recognition and transfer channel choice," Jena Economics Research Papers 2023-002, Friedrich-Schiller-University Jena.
    2. , Aisdl, 2019. "Creativity and Entrepreneurship: An Exploratory Multiple Case Study of What Entrepreneurs Think," OSF Preprints w2nfz, Center for Open Science.
    3. Dorian Boumedjaoud & Karim Messeghem, 2020. "Stratégie repreneuriale et performance en PME : rôle du mentorat dans la reprise externe," Post-Print hal-02569219, HAL.
    4. Alessandro Muscio & Sotaro Shibayama & Laura Ramaciotti, 2022. "Universities and start-up creation by Ph.D. graduates: the role of scientific and social capital of academic laboratories," The Journal of Technology Transfer, Springer, vol. 47(1), pages 147-175, February.
    5. Ehsan Masoomi & Kurosh Rezaei-Moghaddam & Ezatollah Karami & Dariush Hayati & Mahsa Fatemi, 2022. "Development of an opportunity-based model of rural entrepreneurial process," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 12(1), pages 237-256, December.
    6. Aldawod, Alvin, 2022. "A framework for the opportunity recognition process in UK entrepreneurial universities," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
    7. Dorian Boumedjaoud & Karim Messeghem, 2020. "Vigilance entrepreneuriale du repreneur externe et mentorat : rôle de l'accompagnement en amont," Post-Print hal-02569210, HAL.
    8. Angus, Ryan W. & Houghton, Jeffery D. & Neck, Christopher B. & Kip Holderness Jr., D., 2024. "Who responds to critical feedback? The effects of self-leadership on entrepreneurial product pivoting behavior," Journal of Business Research, Elsevier, vol. 172(C).
    9. Hao-Chen Huang, 2016. "Entrepreneurial resources and speed of entrepreneurial success in an emerging market: the moderating effect of entrepreneurship," International Entrepreneurship and Management Journal, Springer, vol. 12(1), pages 1-26, March.
    10. Kurosh Rezaei-Moghaddam & Hoda Izadi, 2019. "Entrepreneurship in small agricultural quick-impact enterprises in Iran: development of an index, effective factors and obstacles," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 9(1), pages 1-21, December.
    11. Wang, Rui & Guo, Li-ming & Cao, Chao & Chen, Yan-sheng, 2023. "The key success factors of the AI industry entrepreneurial process in China Great Bay Area: A systematic approach study," Technological Forecasting and Social Change, Elsevier, vol. 186(PB).
    12. Zhongming Wang & Yixuan Shao, 2022. "Decide to Take Entrepreneurial Action: Role of Entrepreneurial Cognitive Schema on Cognitive Process of Exploiting Entrepreneurial Opportunity," Sustainability, MDPI, vol. 14(8), pages 1-20, April.
    13. Aydemir, Nisa Yazici & Huang, Wan-Ling & Welch, Eric W., 2022. "Late-stage academic entrepreneurship: Explaining why academic scientists collaborate with industry to commercialize their patents," Technological Forecasting and Social Change, Elsevier, vol. 176(C).
    14. Uwe Cantner & Philip Doerr & Maximilian Goethner & Matthias Huegel & Martin Kalthaus, 2024. "A procedural perspective on academic spin-off creation: the changing relative importance of the academic and the commercial sphere," Small Business Economics, Springer, vol. 62(4), pages 1555-1590, April.
    15. Dorian Boumedjaoud & Karim Messeghem, 2019. "L'influence de la créativité sur la vigilance entrepreneuriale des repreneurs de PME," Post-Print hal-02570575, HAL.
    16. Étienne St-Jean & Maripier Tremblay & Frank Janssen & Jacques Baronet & Christophe Loué & Aziz Nafa, 2017. "May business mentors act as opportunity brokers and enablers among university students?," International Entrepreneurship and Management Journal, Springer, vol. 13(1), pages 97-111, March.

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