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Business opportunity

About: Business opportunity is a research topic. Over the lifetime, 995 publications have been published within this topic receiving 17242 citations.


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Journal ArticleDOI
TL;DR: Support is offered for the view that pattern recognition is a key component of opportunity recognition, as it is proposed that ideas for new products or services often emerge from the perception of such patterns.
Abstract: It is suggested that the recognition of new business opportunities often involves pattern recognition---the cognitive process through which individuals identify meaningful patterns in complex arrays of events or trends. Basic research on pattern recognition indicates that cognitive frameworks acquired through experience (e.g., prototypes) play a central role in this process. Such frameworks provide individuals with a basis for noticing connections between seemingly independent events or trends (e.g., advances in technology, shifts in markets, changes in government policies, etc.), and for detecting meaningful patterns in these connections. We propose that ideas for new products or services often emerge from the perception of such patterns. New business opportunities are identified when entrepreneurs, using relevant cognitive frameworks, “connect the dots” between seemingly unrelated events or trends and then detect patterns in these connections suggestive of new products or services. To obtain evidence on these proposals, we compared the “business opportunity” prototypes of novice (first-time) and repeat (experienced) entrepreneurs---their cognitive representations of the essential nature of opportunities. As predicted, the prototypes of experienced entrepreneurs were more clearly defined, richer in content, and more concerned with factors and conditions related to actually starting and running a new venture (e.g., generation of positive cash flow) than the prototypes of novice entrepreneurs. These findings offer support for the view that pattern recognition is a key component of opportunity recognition.

1,139 citations

Journal ArticleDOI
TL;DR: In this paper, the authors identify the entrepreneurial, managerial, and technical-functional functions as three roles that founders must perform in order to be successful, and they develop a questionnaire to measure the competencies necessary for effectiveness in these three roles.

985 citations

Journal ArticleDOI
TL;DR: In this paper, the authors survey the history of an alternative view of value creation to that associated with industrial production, arguing that technical breakthroughs and social innovations in actual value creation render the alternative -value co-production framework - ever more pertinent.
Abstract: This paper surveys the history of an alternative view of value creation to that associated with industrial production. It argues that technical breakthroughs and social innovations in actual value creation render the alternative - a value co-production framework - ever more pertinent. The paper examines some of the implications of adopting this framework to describe and understand business opportunity, management, and organizational practices. In the process, it reviews the research opportunities a value co-production framework opens up.

947 citations

Journal ArticleDOI
TL;DR: This article found that necessity entrepreneurship has no effect on economic development while opportunity entrepreneurship has a positive and significant effect, while necessity entrepreneurship is having to become an entrepreneur because you have no better option, from opportunity entrepreneurship, which is an active choice to start a new enterprise based on the perception that an unexploited or underexploited business opportunity exists.
Abstract: ple answer: Entrepreneurs create new businesses, and new businesses in turn create jobs, intensify competition, and may even increase productivity through technological change. High measured levels of entrepreneurship will thus translate directly into high levels of economic growth. However, the reality is more complicated. If, by entrepreneurship, one allows inclusion of any type of informal self-employment, then high levels of entrepreneurship may actually mean either that there are substantial bureaucratic barriers to formally creating a new business, or simply that the economy is creating too few conventional wage-earning job opportunities. Under these circumstances, we might reasonably hypothesize that high levels of entrepreneurship would correlate with slow economic growth and lagging development. For the past two years I have been the chair of the research committee of a multi-country survey effort known as the Global Entrepreneurship Monitor (GEM) project, which has begun to make headway in understanding how different types of entrepreneurship affect development. The starting point has been to distinguish “necessity entrepreneurship,” which is having to become an entrepreneur because you have no better option, from “opportunity entrepreneurship,” which is an active choice to start a new enterprise based on the perception that an unexploited or underexploited business opportunity exists. Analyzing data gathered by GEM researchers in 11 countries, Atilla Varga and I have found that effects on economic growth and development of necessity and opportunity entrepreneurship vary greatly. We found that necessity entrepreneurship has no effect on economic development while opportunity entrepreneurship has a positive and significant effect. After the fall of the Berlin Wall many uneconomical factories were closed in Central Europe as economies became integrated into the global economy. Those workers who had jobs in the plants and factories of the former socialist countries were productive members of society. However, as factories were closed one after another, many of these workers found themZoltan Acs

930 citations

Journal ArticleDOI
TL;DR: In this article, the authors report that entrepreneurship-specific rather than general human capital variables explain more of the variance in the number of business opportunities identified and pursued, while the use of publications as a source of information was positively associated with the probability of identifying more opportunities.
Abstract: Extending human capital approaches to entrepreneurship, an entrepreneur’s “inputs” relating to their general (i.e. education and work experience) and entrepreneurship-specific human capital profile (i.e. business ownership experience, managerial capabilities, entrepreneurial capabilities and technical capabilities) are presumed to be related to entrepreneurial “outputs” in the form of business opportunity identification and pursuit. Valid and reliable independent variables were gathered from a stratified random sample of 588 owners of private firms. Ordered logit analysis was used to test several theoretically derived hypotheses. With regard to the number of business opportunities identified and pursued, entrepreneurship-specific rather than general human capital variables “explained” more of the variance. Entrepreneurs reporting higher information search intensity identified significantly more business opportunities, but they did not pursue markedly more or less opportunities. The use of publications as a source of information was positively associated with the probability of identifying more opportunities, while information emanating from personal, professional and business networks was not. Implications for practitioners and researchers are discussed.

645 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
20236
202211
202129
202038
201945
201856