The implications of Opportunity Recognition for entrepreneurs

The implications of Opportunity Recognition for entrepreneurs The Entrepreneur that starts up this business is Mr. Goh Cheng Hoy; he was born in 1959 in Penang. In 1983, Mr. Goh identifies the prospect of setting up a mattress manufacturing factory in Penang. He saw what others dont saw and he is the pioneer in bringing this business up in Penang. Not only did his company made name locally, his brand is also well known in the other part of the world as it is a major exporter of mattress. According to Donald Kuratko and Howard Frederick, entrepreneur is defined as a person who is innovative, recognizes and seizes opportunities; converts those opportunities into workable/marketable ideas; add value through time, effort, money, or skills; and assumes the risks of the competitive marketplace to implement these ideas. Entrepreneurs are often characterized by their ability to recognize opportunities (Bygrave Hofer, 1991) and the most basic entrepreneurial actions involve the pursuit of opportunity (Stevenson Jarillo, 1990). Entrepreneur is a person who can identify and recognise viable business opportunities. Opportunities lie everywhere, yet many people neglected and didnt notice there was one; however, entrepreneurs have the capacity to see what others do not. They are uniquely optimistic, committed, determined, creative and innovative. Although all people are unique by nature, all entrepreneurs have one common objective that is to create wealth from new or existing resources. The purpose of this paper is to review opportunity recognition literature in the entrepreneurial process and to discuss the implications of Opportunity Recognition for entrepreneurs. The opportunity recognition as presented here is only on an individual-level basis. Christensen et al. (1989) defines opportunity recognition consists of either perceiving a possibility to create new business, or significantly improving the position of an existing business. It both will lead to profit potential. Opportunity Recognition for new business is the central and important component of entrepreneurial process, (Christensen et al. 1994; Gaglio 1997; Gaglio and Katz 2001; Gartner et al. 2001; Kirzner 1997; Shane and Venkataraman 2000), and is the first and most vital steps in the entrepreneurial process (Christensen et al. 1994; Hills 1995; Timmons et al. 1987). Before one could proceed to others, they must first identify the opportunity that arise and take further step to make the opportunity into a profit making business. Without opportunity there is no entrepreneurship. This is further strengthen by the cited definition of an entrepreneur as someone who perceives an opportunity and creates an organization to pursue it (Bygrave Hofer, 1991:14) Numerous scholars view opportunity recognition as a multi-staged and often complex process. The process perspective of OpR has proved to be a fruitful area of research because it acknowledges that OpR is a multifaceted phenomenon influenced by numerous factors. Long and McMullan (1984), for example, proposed a model of the opportunity recognition process with four stages: Prevision, point of vision, opportunity elaboration, and the decision to proceed. Pre-vision is affected by both uncontrollable and controllable factors, such as environmental and job forces, as well as venture alertness cultivation, moonlight venturing, and job selection. Ardichvili et al. (2003) suggest that the opportunity identification process begins when alert entrepreneurs notice factors in their domain of expertise that result in the recognition and evaluation of potential business opportunities. The issue of opportunity recognition, as opposed to opportunity evaluation, has received far less attention. Yet it is opportunity recognition that often drives deals. Until recently this aspect has been offered very little attention by scholars. However, there has been a growing interest into the process of opportunity recognition over the last few years, resulting in a number of published researches. The specific area of opportunity identification has been particularly enriched with insights through valuable academic in recent years. Namely, it is through the research findings and contributions of scholars like Shane, Lumpkin and Gilad that there are several affecting factors identified and modelled accordingly. Even though the joint efforts of the business practitioners and scholars, they have yet to produce a workable universal model, there are a number of framework variables that are being discussed and elaborated upon. Despite of a growing amount of published research work focusing on entrepreneurial opportunities, there is little empirical research and investigation into this area. The main question that puzzles most of the research relating to opportunity recognition is why, when and how someone generates or sees opportunities whilst others do not (Shane Venkataraman, 2000). Scholars argue that existing entrepreneurs are more likely than others to detect opportunities because of the knowledge they have learned from previous entrepreneurial experiences (McGrath, 1996; Ronstadt, 1998). Recent research on habitual entrepreneurship founds that opportunity recognition may be fuelled by prior entrepreneurial experience resulting in knowledge (Ucbasaran, Howorh, Westhead, 2000; Ucbasaran Westhead, 2002). There are two set of questions and debates surrounding opportunity literature. The first is whether opportunities are the result of serendipity or deliberate search (Chandler, Dahlquist, Davidsson, 2002; Gaglio Katz, 2001). The second is whether they are discovered objectively or created subjectively (Gartner et al., 2003). Existing knowledge is assumed to have the capacity to affect both the ability to search for information and the ability to take advantage of elements of coincidence or luck. Furthermore, both the discovery and creation of opportunities may be supported by the existing knowledge of the discoverer. Despite Shane (2000) states that opportunities are discovered without actively searching for them, he also supports the notion that prior knowledge is a pre-requisite for discovery. The discovery of entrepreneurial opportunities depends on prior knowledge, and people will be more likely to discover opportunities in sectors that they know well. Individuals who have developed particular knowledge through education, personal events, and work experience -idiosyncratic prior knowledge- are better able to discover certain opportunities than others. Therefore, all individuals are not equally likely to recognize a given entrepreneurial opportunity. The prior distribution of knowledge in society influences who discovers these opportunities. In sum, for opportunities to be discovered there must be a fit between an entrepreneurs prior experience and a venture opportunity. Prior experience must overlap with the knowledge domain of the venture opportunity (Fiet Patel, 2006). Shane (2000) takes into consideration the mentioned fit or overlap and proposes to assess the knowledge possessed by the entrepreneurs instead of identifying the knowledge needed to launch a new business. Conclusion An early step along a prospective entrepreneurs path to beginning a new business is the identification of an opportunity to pursue. In essence, the would-be entrepreneur must recognize that society currently deploys resources in a sub-optimal manner, so that a benefit exists to mobilizing and then reconfiguring them for use in a different capacity. In many instances, opportunity recognition results from an entrepreneurs creative insight into a new way to fulfill an unmet need. But even in well-established and highly visible industries, much of the information that serves as a necessary input to the creative process is available only to those with extensive industry experience. In part for this reason, considerable evidence reveals that nascent entrepreneurs most likely develop new ventures in domains in which they have broad work experience (for an early statement of this argument, see Brittain Freeman, 1986).

The Evolution of Film Essay -- History, Trick Film

In the early times of narrative cinema there was litter pressure on the filmmakers for the evolution of film forms before nickelodeons (Salt, 31) as cinema had not become a mass cultural product and film was still just a novelty expected to die out like rock n roll. And so the demand was low and so the supply could remain unoriginal. Mary Jane's Mishap was made in 1903 when ‘multi-scene films were becoming popular’ (Salt, 32). Mary Jane's Mishap is notable for its use of experimental and inventive shot transitions. It used a vertical wipe to instead of ‘separate successive scenes’ (Salt, 32) (as it cuts to a shot width a wider frame of the same locale) but to change the zoom level. This frame is essentially an insert and borderline emblematic shot. It doubles as an intertitle at the same time as to avoid ‘systematically anticipating the narrative content of the following shot and thus eliminating any possible suspense, were to constitute a major obsta cle to the linearization of narrative for the next ten years at least.’ (Burch, 221) it which explains to the viewer clearly that it is Mary Jane’s grave as on which is important as it is a ‘self sufficient narrative’ (Burch, 221) as cinema had run out of stories that were familiar to audiences and the primitive viewer was not well versed in film (quote this). This is at a time when fades and overlaps were more popular. In the development of the narrative close ups are used. Mary Jane's Mishap uses both types of these close shots that Salt defines (Salt, 38). Firstly the insert which only show the face but closer it furthers the narrative by highlighting the comedy and humour in the moustache she has given herself with shoe polish. Secondly, the ‘true close-up’ such as in this shot... ...shot of Mary Jane in the first scene to join the shots and de-emphasize discontinuity as well as trying to match the character movement to bridge the cuts. (Gunning, 90) ‘The key articulation in the scene would be the cut-in (or the cut out) in which successive shots overlap spatially. This would find its beginnings in the cut-ins to medium shots in such films as Mary Jane's Mishap but becomes dominant practice around 1912.’ (Gunning, 93) According to this view, ‘the single-shot functions as a theatrical proscenium (long shot framing) and the theatrical scene’ (the lengthy uninterrupted shot)’ (Gunning, 97). Though Mary Jane's Mishap evolves from this by using these cut-ins though these are still only cut-ins filmed from the same perspective/position of the original shots/ where a audience member of a theatre show would stay. Understanding of it being primitive.

Discovery Wheel & Multiple Intelligences Essay

While evaluating the data from the discovery wheel, it was noted that for the most part all of the team fell into the same range. Most of the team appeared to score above average in all of the categories on the discovery wheel. All six of us scored high in attitude and purpose and all six of us scored low in tests and time. Money was split. For three of the members it was in the top half of the list and was in the bottom half for the other three. Communication, diversity, and memory are in the top half for two team members and in the bottom half for four members. Reading, notes, and health were in the top half for four members and in the bottom half for two members. We all have a great attitude and know our purpose in life but we all have little time and hate taking tests. After seeing the results for all six of us combined, we all have some the same great qualities and each has their own unique qualities to share which makes the six of us one great team. The information on intelligence shows that the group learns through a variety of methods. Some of these methods are interpersonal, mathematical/logical, bodily/kinesthetic, visual/spatial, rhythmic, and intrapersonal. This data shows that the group is a diverse group of people, whereas the discovery wheel shows that the team is relatively in tune and has close to the same score in all areas. Advantages/Challenges of Diversity A successful diverse team can be achieved by bringing people of varying walks of life and geographic areas together so we can blend ideas and experiences to make an interesting and intriguing final product. Every person is different and brings inherent talents to a team. People are from different places and believe different things. People have different opinions and thoughts on numerous issues. These different ways of thinking can often create conflict in a situation. We believe that individual diversity can create different points of view, both culturally and environmentally, that can be utilized to make a much better and more creative final product for the team. The blending of different learning styles can lead to some amazing discoveries and help a group to think outside of the box. If everyone thought the same and had the same strengths, then nothing new or exciting would be accomplished. As long as the eveloping team can agree and establish good rules for communication and conflict management, determine a team leader, and be able to respect and accept constructive criticism from each other, the end result of the team should be an amazing collaboration of ideas. Cultural issues are another challenge of diversity that can affect team interactions through a different understanding of communication. Culture and life experiences have a great influence on how individuals react to feedback. Age creates the potential for communication problems based on different levels of experience and for prejudicial treatment based on age. Gender can also bring different opinions and perspectives that can often lead to problems. Affects of Diversity, Attitude, Learning, and Work Attitude is the key to any team building. Let’s say that a person on a team has a rotten attitude about an assignment, he or she will not be willing to be a team player and complete the task they are supposed to do. If they do their part with a bad attitude, it will not be done properly. However, if everyone in a group has a good attitude and is enthusiastic about an assignment, we will all pass with flying colors. Diversity is very important in a group effort. We all have different points of view. If we have a whole group from different backgrounds, then we can teach each other different ways to look at the world. Sometimes this can cause problems among the group. We don’t always see eye to eye. Having an open mind is very crucial in teamwork. A person with a different outlook on life will have opinions about someone else’s work that they may or may not like. Being open to criticism will help each of us along the way in the journey to our future. The discovery wheel was very beneficial. It helped us learn that we all have different learning and work styles. Some of us are better at researching while others are better and constructive and fluent papers. Working in a team brings out the best of these in all of us. It is constructive when an assignment requires each of us to do a part. When we all do the part that we are best at, we can’t possibly go wrong. Career Interest Profiler and Competencies The results from the Career Interest Profiler show that Team B is Conventional and Enterprising. Out of the three that were listed, Conventional and Enterprising were amongst the list for all team members. The results also showed that two were Investigative, two were Social, and two were Realistic. Team B likes to work with data and details more than ideas. We prefer having a chain of command in place. Enterprising means we like to lead people and are usually the decision makers. With that being said, we move along to the Competencies results and it was no surprise what answers took the top three. All members of Team B take initiative, can cope with pressure, and follow instructions. The team is comprised of people that can research, write, strategize, and deliver results. Half of the team is goal focused and the other half is innovating. Although the competencies are similar amongst the group, each person has their own unique competencies they bring to the table to help make the best team possible. No two team members has the exact same results but it was good to see out of six team members, all six of us had a lot in common. Using Knowledge for Improvement As we come together as a learning team and begin to develop strategies for completing assignments, having the knowledge gained from experiences like the Career Interest Profiler and Career Plan Building Competencies will be very valuable. For the individual, the results can give us confidence in our strengths as we accept assignments and responsibilities within the learning team, as well as knowing the areas where we may need assistance by other team members. This is the first step in becoming a productive team member. That knowledge is then extended to the learning team and we begin to see the value in each individual. The hope is that the combined competencies and varied interests of the group will overcome any weakness we have as individuals. Even more than just overcoming weaknesses as a team, we can also use the strengths of each member to teach, learn, and grow as individuals, which will impact the quality and performance of the team. Each project we take on as a team will require different skills, learning processes, thought processes, and levels of creativity and innovation, which is the basis for developing teams. The more we understand about ourselves and each other, the more cohesive the learning team will become which will lead to better overall performance. Obstacles from Ethical Perspectives While different ethical perspectives provide the team with diverse strengths, weaknesses also exist. Obstacles may arise from these weaknesses and diversity among the team members. Since team members may be driven by different ethics, the inability for members to understand each other’s motivation may become prevalent. While one team member may be motivated by long term results and successes, another may be driven by what is happening immediately, in the here and now. Along with motivation, differences in priorities between ethical perspectives may arise. There may be several members on the team whose priority primarily involves themselves as an individual while other team members may be driven by what is a priority for the team as a whole or the community in which they are a part. Different ethical perspectives also rely on different tools to solve complex problems. Since team members may rely on different tools, there could be conflict about the best way for the team as a whole to resolve an issue or solve a complex problem. Each ethical lens uses a different process to determine the right action. This different use of processes could be perceived as an obstacle. Ethical perspective also determines how team members interact with each other since each different ethical perspective operates under a different set of values. The differences in values can create huge conflicts between team members. These conflicts can inhibit a team’s ability to be effective in working together, agreeing on the right course of action, and ultimately, the team’s overall success. By understanding their own individual ethical perspectives and those of their team members, the team can mitigate or overcome obstacles that arise. Using Factors to Resolve Conflicts Just as diversity, attitude, learning and work styles, and ethical perspective of the learning team members are applied to collaborative assignments, they can be applied to conflict resolution. We all have different ideas of what conflict is. To some a misunderstanding or comment might appear very serious, when another team member doesn’t even notice it at all. These factors also allow us to draw on each other’s strengths when there is conflict present. One team member may be extremely goal and results driven and can help resolve a conflict by bringing other team members back to being focused on completing the task at hand. Another team member may be focused on enhancing relationships and be able to soothe the tension and pressure created by the conflict. Understanding our differences can be used to create a positive environment just as they are used to create negativity during a conflict. Ethical perspective can help each of us remember how the other team member views the world and will help â€Å"bring the person around† when there is conflict. By understanding and accentuating that all of these things make us individuals and having individuals on the team working together, makes the team successful and conflicts can be resolved.

The American Dream Dead, Alive Or On Hold - 872 Words

The Dream Itself Many years ago today, the United States of America was the prime example of prosperity and opportunity. It established America with the idea that its citizens would be guaranteed life, liberty, and the pursuit of happiness. Today, it is true that people have liberties and are free to pursue happiness. However, in recent years, in the worst recession since the Great Depression. Unemployment, growing economy inequality, and medical care have skyrocketed. Despite the odds, the American Dream is still a goal that many people strive for and hope to reach. In fact, an essay written by Brandon King, The American Dream: Dead, Alive or on Hold? He says, â€Å"the American dream is a dream in which life should be better and richer and fuller for everyone, with the opportunity for each according to his/her ability and achievement†¦Ã¢â‚¬  (King 610-611). Therefore, the problem with the American Dream lies not within the dream itself, but within the means people pursue to attain this dream. In America our entire society is based on money. People who are respected are generally those who are the richest, because of this, the American Dream is sufficiently associated with money. For instance, this country indirectly tells the poor and oppressed that hard work and determination, in the land of free, will lead directly to success and happiness. Remember, the saying, â€Å"money can’t buy you happiness†. It is this general belief that most American citizens believe they all have an equalShow MoreRelatedThe American Dream : Dead, Alive, Or On Hold?1104 Words   |  5 Pagesworks, The American Dream: Dead, Alive, or on Hold?, debates his interpretation of the notion of the American Dream and whether the concept is dead, alive, or on hold. 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(King pg2 p1)Read MoreA More Perfect Union : The American Dream Essay1270 Words   |  6 PagesOn eighteen century America, the founding fathers classified the American Dream as an idea that everyone living in the United Stated had the chance to achieve the Jeffersonian idea of life, liberty, and the pursuit of happiness. At the time the American Dream was supposedly possible to anyone who had the willingness to work hard and honestly. To the founding father s anyone who would stand by this saying would ei ther achieve success or be emulated for their efforts, even those who did not achieveRead MoreAmerica s The American Dream1277 Words   |  6 Pagesinterpretations of what the American dream is, but we all can agree that it is a concept that provides us with the hope for a better life. It is a dream of experiencing life, liberty, and the pursuit of happiness. 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