Figure1 shows the distribution of document types that have been cited by the 161 publications. (2017) outline that entrepreneurs rely on social networks to gain knowledge and other strategic resources. Based on the citations of all 161 publications, the 30 most cited and therefore most influential publications were identified, analyzed, and attributed to different clusters. 2017. Recognizing Opportunities: Initiating Service Innovation in Psfs., Gaglio, C. M. 2004. 2018. Also, Bhagavatula etal. 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. (2010), Ramoglou and Tsang (2016) or Ding (2019) suggest that some of the opportunities are discovered and some of them are created. The first and third cluster are then subdivided into further sub-clusters. They argue that network ties are important in the opportunity recognition process. Therefore, in this study, we act on the assumption that opportunities can be either discovered or created, based on the circumstances, but focus on opportunity recognition. Learning Guide Certificates Unlimited ExpertTracks Need Some Help? I love the speed and excitement, the precision with which the sleds must be steered to gain the most speedbut also avoid disaster. All the personal factors influencing opportunity recognition that are mentioned above are strongly related to each other. Ethics and Entrepreneurship: A Bibliometric Study and Literature Review., Vandor, P., and N. Franke. Rather they address two different market situations and, correspondingly, two different types of entrepreneurs. In order to discover how reasonable your business idea is, you need to research many aspects of the concept. As the systematic literature review immersed deeper into the determinants of opportunity recognition, more subclusters emerged. More specifically, our bibliometric analysis identifies the 30 most cited and therefore most influential publications within the opportunity recognition field. 2018. Bhave (1994) develops a three-stage entrepreneurial process model consisting of opportunity recognition, organization-creation, and exchange. The product, the movie, is the same, but the way it is delivered is different. With the absence of network ties, companies will have difficulties to recognize international opportunities and expand to foreign markets.Bhagavatula etal. This work is licensed under the Creative Commons Attribution 4.0 International License. Our findings contribute to opportunity research in entrepreneurship by providing a systematic, two-fold analysis based on a quantitative and qualitative procedure which gives researchers an overview of the prior research and helps identify research gaps. The research on determinants of opportunity recognition is characterized by high diversity. Clustering top 30 of bibliometric analysis. Corporate Citizenship: Structuring the Research Field., Krueger, N., and P. R. Dickson.
International entrepreneurial opportunity: A systematic review, meta Another term that is mentioned quite often with reference to opportunity recognition is self-efficacy. Mapping the Field of Family Business Research: Past Trends and Future Directions., Zaefarian, R., T. Y. Eng, and M. Tasavori. Alvarez, S. A., and J. The purpose of this paper was to gather and summarize the plethora of research on opportunity recognition and revealed the constructs specific to entrepreneurial opportunity recognition. Furthermore, as it is a quantitative analysis, the citations cannot be rated positively or negatively. 2012. Discovery and Creation: Alternative Theories of Entrepreneurial Action. Strategic Entrepreneurship Journal 1(12): 1126, https://doi.org/10.1002/sej.4.Search in Google Scholar, Ardichvili, A., R. Cardozo, and S. Ray. The authors show that there is a positive relationship between these factors of information sourcing and identifying opportunities. The higher the frequency of individuals participating in professional forums, adopting support from mentors, and taking part in industry networks, the higher is the chance that opportunities are recognized. Against this backdrop, we suggest the following definition: An entrepreneurial opportunity is the potential of a profitable market offer recognized by an entrepreneur or by an entrepreneurial venture. We believe that this definition captures the core of what entrepreneurial opportunities mean. 2012. Future opportunities can be sensed through foresight (Semke and Tiberius 2020). 2019. 2010. 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. Business Models and Opportunity Creation: How IT Entrepreneurs Create and Develop Business Models Under Uncertainty. Information Systems Journal 26(5): 45176, https://doi.org/10.1111/isj.12078.Search in Google Scholar, Ozgen, E., and R. A. Baron. Scenarios in the Strategy Process: A Framework of Affordances and Constraints., Tranfield, D., D. Denyer, and P. Smart. 1994. 2018. However, it is not necessary to stress this novelty, as it would be redundant to the characterization as a potential. Whereas diverse information in this case is moderating the influence of divergent thinking on opportunity identification, constrained information has a negative effect on divergent thinking and the generation of new ideas. Also, Westhead, Ucbasaran, and Wright (2009) show that portfolio entrepreneurs with prior business ownership recognize more business opportunities than serial and prospective entrepreneurs. ANSWER THE FOLLOWING QUESTIONS. Ucbasaran, Westhead, and Wright (2009) find that entrepreneurs with experience in starting a business do not only recognize more but also more lucrative opportunities with higher profits. Therefore, in our subsequent literature review, we focus on determinants which influence opportunity recognition. 2016. In the study of Kohlbacher, Herstatt, and Levsen (2015), the role of demographic changes regarding opportunity recognition and exploitation is discussed. This approach is also frequently used to confirm the outcomes of the bibliometric analysis (Filser etal. We decided to conduct a title rather than a topic search (which also screens abstracts and keywords) because we wanted to collect a core data set of publications which clearly focus on these topics rather than deal with them as a side aspect. Additionally, the authors argue that apart from language skills also cultural knowledge is helpful for recognizing internationional opportunities. 2020; Gundolf and Filser 2013; Kruggel et al. The realization of an entrepreneurial opportunity is attributed to a market disequilibrium (Eckhardt and Shane 2003). For example, Hajizadeh and Zali (2016) argue that entrepreneurial alertness and learning, as the key cognitive characteristics in entrepreneurship, are mediating affects between previous knowledge and the identification of opportunities. Vandor and Franke (2016) point out that individuals with cross-cultural experience show a higher entrepreneurial activity and recognize profitable opportunities more easily than those without such experience. Cluster 3 has no completely corresponding Cluster in the bibliometric analysis. Opportunity Recognition and Product Innovation in Entrepreneurial Hi-Tech Start-ups: A New Perspective and Supporting Case Study. Technovation 25(7): 73952, https://doi.org/10.1016/j.technovation.2004.01.006.Search in Google Scholar, Phillips, N., and P. Tracey. Perceived behavioral control and having an attitude towards international opportunity recognition improve the identification of international opportunities. Cluster C3 contains papers which could not be attributed exclusively to either C1 or C2 as they examine both individual and social antecedents. A niche B. Coopetition Research: Towards a Better Understanding of Past Trends and Future Directions. International Journal of Entrepreneurship and Small Business 24(4): 492521, https://doi.org/10.1504/ijesb.2015.068637.Search in Google Scholar, Gielnik, M. M., M. Frese, J. M. Graf, and A. Kampschulte. Scenarios in the Strategy Process: A Framework of Affordances and Constraints. European Journal of Forest Research 7: 7, https://doi.org/10.1186/s40309-019-0160-5.Search in Google Scholar, Timmons, J. Especially, it sees an opportunity as something that is not yet but could be realized, i.e.,a potential.
Opportunity Recognition: Conversational Foundations and Pathways Ahead On the one hand, effectuation permits higher resiliency that fosters decision-making in an uncertain environment. 2009. Identification, Intentions and Entrepreneurial Opportunities: An Integrative Process Model., Jones, R. J., and A. Barnir. In the first step, a bibliometric analysis was conducted by analyzing all articles with the word combinations of opportunity + recognition, discovery, identification or creation in the title and published before 2019. 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. Cluster C2 Social Antecedents is similar to Cluster 2 The role of organizational aspects in opportunity recognition and Cluster 3 The role of environmental factors in opportunity recognition. As a consequence, our data set consisted of 48 papers. I. Another environmental condition that may influence the recognition of opportunities is demographic change, as demonstrated in the study of Kohlbacher, Herstatt, and Levsen (2015). One definition provides chances as a mere synonym for opportunities. To identify low-risk technological arbitrage opportunities, they proposed a procedure for recognizing opportunities, involving the analysis of technological complexity, market appropriateness, technology maturity, and organizational fit.
Identifying the elements of entrepreneurial opportunity constructs "Opportunity Recognition: Conversational Foundations and Pathways Ahead". A Theory of Entrepreneurial Opportunity Identification and Development., Arenius, P., and D. D. Clercq. Understanding the Design of Opportunities: Re-evaluating the Agent-Opportunity Nexus through a Design Lens., Dyer, J. H., H. B. Gregersen, and C. Christensen. 2000. 2020; Zupic and ater 2015) which has just recently become increasingly popular in business, entrepreneurship, and management (Filser et al. Due to the fact, that the importance of sustainable development increases, it should be further investigated what factors influence the identification of sustainable opportunities. The findings show that network reliance has a positive impact on opportunity recognition. 2007. The Promise of Entrepreneurship as a Field of Research., Shepherd, D. A., and D. R. DeTienne. 1942. The content of Cluster C1 Individual Antecedents is highly interrelated with Cluster 1 The role of personal factors in opportunity recognition. In the following, the nature of the cited literature is highlighted. The authors argue that interventions to enhance opportunity recognition such as incentives or special trainings should not be given too much attention due to their lack of influence. Hills, Lumpkin, and Singh (1997) study whether entrepreneurs who develop business ideas independently or who are embedded in social networks are more successful in identifying opportunities. They argue that promotion focus or focusing on maximal goals positively influences the opportunity recognition process. (2016) deals with the question how opportunities for new feasible products can be identified based on the internal capabilities of the company, using the present product portfolio of a firm as a basis. 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. The findings show that creativity influences the process of recognizing opportunities and starting a business positively. There is a multitude of different researchers that highlight the importance of individual aspects, especially prior knowledge, in opportunity recognition (e.g.
1.2: Chapter 2 - Opportunity Recognition and Design Thinking 2010. The Extent and Nature of Opportunity Identification by Experienced Entrepreneurs., Vaghely, I. P., and P. A. Julien. Other scholars like Ardichvili, Cardozo, and Ray (2003), Sarason, Dean, and Dillard (2006), Alvarez and Barney (2007), or Wood and McKinley (2010) claim that opportunities are subjective and must be created by individuals. A Realist Perspective of Entrepreneurship: Opportunities as Propensities., Rice, M., D. Kelley, L. Peters, and G. Colarelli OConnor. A venture C. A trend D. An opportunity. Due to its practical relevance, research on opportunity recognition has strongly grown over the last 20 years, leading to a complex and confusing research landscape, which involves the risk of an information overload (Castillo-Vergara, Alvarez-Marin, and Placencio-Hidalgo 2018). Other researchers such as Short etal. The Role of Empathy in Entrepreneurial Opportunity Recognition: An Experimental Study in Japan and Pakistan., Kirzner, I. M. 1997. London: Routledge.Search in Google Scholar, Semke, L.-M., and V. Tiberius. The phenomenon of opportunity recognition cannot be explained through personal factors alone, but it is influenced by a combination of individual and social aspects. Ardichvili, Cardozo, and Ray 2003; Baron 2006; Chandra, Styles, and Wilkinson 2009; Fischer 2011; Hajizadeh and Zali 2016; Hurmerinta, Nummela, and Paavilainen-Mntymki 2015; Kohlbacher, Herstatt, and Levsen 2015; Shepherd and DeTienne 2005; Zaefarian, Eng, and Tasavori 2016). B. Lichtenstein. Discovery and Creation: Alternative Theories of Entrepreneurial Action., Ardichvili, A., R. Cardozo, and S. Ray. 2015. Table3 provides an overview of the identified thematic clusters. User Experience (UX) in Business, Management, and Psychology: A Bibliometric Mapping of the Current State of Research., Maine, E., P. H. Soh, and N. Dos Santos. Cognitive Processes of Opportunity Recognition: The Role of Structural Alignment. Organization Science 21(2): 41331, https://doi.org/10.1287/orsc.1090.0462.Search in Google Scholar, Grgoire, D. A., D. A. Shepherd, and L. Schurer Lambert. Cheltenham, UK: Edward Elgar.10.4337/9781781007990Search in Google Scholar, Shane, S., and N. Nicolaou. By the emergence of new trends in the environment, new skills are required. 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). Other definitions are more specific as they state that opportunities are competitive imperfections, ideas or dreams, the outcome of social construction, or the propensity of market demand. Opportunity Recognition and Breakthrough Innovation in Large Established Firms., Ojala, A. We also included the creation term because often both conceptualizations are examined in one article. 2020. 2007. The Role of Market and Technological Knowledge in Recognizing Entrepreneurial Opportunities. Management Decision 50(5): 797816, https://doi.org/10.1108/00251741211227500.Search in Google Scholar, Singh, R. P. 2000. The ORSS aims to provide the necessary knowledge to student entrepreneurs to be able to better identify and recognize opportunities. 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. 2009. 2019). Philips and Tracey (2007) deal with opportunity recognition in institutional entrepreneurship. 1991. Creative Personality, Opportunity Recognition and the Tendency to Start Businesses: A Study of Their Genetic Predispositions., Shane, S., and S. Venkataraman. 1994. Innovative opportunities can be identified through the creation of new means or ends, whereas arbitrage opportunities emerge due to market inefficiencies (Shin and Lee 2013). Table1 provides an overview of the four identified clusters. However, Fischer (2011) and Shepherd and DeTienne (2005) argue that the personal factors are also related to organizational aspects. 2003. By applying these measures, SMEs may overcome the disadvantages compared to large companies and might be able to recognize opportunities from mature technologies effectively. Fifth, we see research opportunities regarding crisis-induced opportunity recognition. The outcomes of this paper should be interpreted with some limitations. The Effects of Network Reliance on Opportunity Recognition: A Moderated Mediation Model of Knowledge Acquisition and Entrepreneurial Orientation. Technological Forecasting and Social Change 117: 98107, https://doi.org/10.1016/j.techfore.2017.01.004.Search in Google Scholar, Tiberius, V. 2019. In the Eye of the Beholder: How Regulatory Focus and Self-Efficacy Interact in Influencing Opportunity Recognition., Ucbasaran, D., P. Westhead, and M. Wright. Muzychenko and Liesch (2015) deal with personality traits in international opportunity recognition. 2009. Against the backdrop of the increasing globalization and competition in business environments, the capability to recognize entrepreneurial opportunities is a major prerequisite for innovativeness (Jones and Barnir 2019) and entrepreneurial performance (Shane and Venkataraman 2000; Short etal. For example, the sharing economy usually provides products and services which have already been around for a long time.
New York: Garland Publishing, Inc.Search in Google Scholar, Singh, R. P., G. E. Hills, R. C. Hybels, and G. T. Lumpkin. Opportunity Recognition, Entrepreneurial Capabilities and Bricolage: Connecting Institutional Theory and Entrepreneurship in Strategic Organization. Strategic Organization 5(3): 31320, https://doi.org/10.1177/1476127007079956.Search in Google Scholar, Ramoglou, S., and E. W. K. Tsang. Through OR,. Creativity is also mentioned several times in the literature on opportunity recognition. 2016. Ardichvili, Cardozo, and Ray (2003) highlight that an individuals personality traits influence the alertness for recognizing opportunities that may lead to the formation of a new business venture. 2020; Luther, Tiberius, and Brem 2020; Xi et al. Taking the time to explore new ideas, dream, reflect, and view situations from a new perspective contribute to the entrepreneurial mindset. Prior Knowledge, Potential Financial Reward, and Opportunity Identification., Shin, J., and H. Lee. Most of them are seen as abstract categories such as entities, features, phenomena, or situations.
Recognizing Opportunities for Sustainable Development Opportunity Recognition in Social Entrepreneurship., Luksha, P. 2008. (2010) explore the role of social capital (networks) and human capital in the opportunity recognition process.
Houses For Rent Berlin, Wi,
Waffle Slogans That Rhyme,
Ccsf Human Resources Certificate,
How To Maintain Patient Confidentiality: Nhs,
Articles R