A MODEL OF THE ENTREPRENEURIAL OPPORTUNITY RECOGNITION PROCESS

Alexander Ardichvili and Richard N. Cardozo
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Alexander Ardichvili: Department of Human Resource Education, University of Illinois, USA
Richard N. Cardozo: Carlson School of Management, University of Minnesota, USA

Journal of Enterprising Culture (JEC), 2000, vol. 08, issue 02, 103-119

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.

Date: 2000
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DOI: 10.1142/S0218495800000073

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