Opportunity Recognition: A Predicting Factor for Entrepreneurial Success

Abstract

Entrepreneurship is the process of innovation that reallocates resources to new opportunities, often creating new opportunities, through unusual combinations of resources and the skill of risk-taking entrepreneurs. Entrepreneurship is the result of inspired strategy to exploit change. The changes generally are in terms of industrial changes, market changes, demographic changes and social and cultural changes. These changes opened doors for entrepreneurs to find new opportunities. Those who recognize and pursue potential profitable opportunities to conceptualize the venture strategy will prosper and grow and will be rewarded in terms of wealth and personal satisfaction. A crucial requirement in the process of new venture creation is a match between the opportunity, the propensity to enterprise, and the ability to enterprise. Problems in business are important only as they relate to opportunities. A particular enterprise cannot, thus, be fully understood except in terms of its particular opportunities and how well they are exploited.