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OPPORTUNITY IDENTIFICATION SKILLS - Coggle Diagram
OPPORTUNITY IDENTIFICATION SKILLS
Definition
A possibility to meet the needs and wants of a market through combining resources and delivering superior value (Schumpeter, 1934; Kirzner, 1973).
Opportunity-Based Theory
Entrepreneurs excel at seeing and taking advantage of possibilities created by social, technological and cultural changes (Peter Drucker, 1985) .
Roles of Opportunity In Entrepreneurship
To reap extraordinary profits
Societal responsibility and recognition
To engage in work of entrepreneur choice
Sources of Opportunity
The Unexpected
Incongruities
Process Need
Opportunity Identification Process
• Entrepreneurial alertness
• Search for information
Evaluation of Information
Construction of Opportunity
Exploitation
Taxonomy of Opportunity Generation Process
• Opportunity discovery (passive-objective)
• Opportunity search (active-objective)
• Opportunity creation (active-subjective)
• Opportunity occurrence (passive-subjective)
Influential Factors Identifying Opportunities
Prior knowledge
Social capital
Cognition/personality traits
opportunity recognition (Garg et al., 2011).
Environmental conditions
Alertness.
Systematic search