Identifying the elements of entrepreneurial opportunity constructs

Abstract

<jats:p> There is plenty of debate in the entrepreneurship literature regarding entrepreneurial opportunity. There also has been a lack of construct clarity. These two issues have combined to stifle progress in understanding this important phenomenon. We believe that across these debates there are many underlying commonalities and potential for more clear constructs. In this article, we review how scholars have defined and operationalized entrepreneurial opportunity and opportunity-related processes in order to better understand what they really mean when they say ‘opportunity’. We found a total of 102 definitions and 51 operationalizations from 105 articles published in leading entrepreneurship and management journals. A total of 81 elements were identified across the definitions and operationalizations and compiled into an integrated process model. The model incorporates what seemed to be disparate views into a single unifying model. Comparison between conceptual definitions and operationalizations reveals many elements that are missing either conceptual or empirical attention. The model will help scholars more easily identify and build upon prior research. To that effect, numerous suggestions for future research are discussed and are summarized in a table. </jats:p>

At work and play

“…These in turn deliver event outcomes such as a new product or business opportunity (Hansen et al, 2016). This is the first time that events have been researched for their role in providing the setting for entrepreneurship and innovation so further research is required into the characteristics and activities that generate this type of outcomes.…”

“…They may be discovered intentionally or serendipitously (Dew, 2009;Fiet, 2007) and the underlying debate of whether entrepreneurial opportunities are out there to be discovered or are instead emerging through interaction with the environment has characterised the entrepreneurship literature for a long time with some authors claiming that the two perspectives are in fact complementary (Hechavarria and Welter, 2015). Hansen et al (2016) developed a framework to organise and synthesise the component parts of entrepreneurial opportunity, identifying moderators as key contextual (or environmental) factors such as resources, technologies or ideas which entrepreneurs find themselves exposed to. Events are occasions which assimilate many and varied moderators -and therein instigate outcomes such as a new business idea, a new product or business opportunity, or a step along a development process.…”

“…The fleeting nature of the playful paradox was evident in sparking creativity and enhancing relationships and entrepreneurship opportunities (Hansen et al, 2016;Fitjar et al, 2013).…”

“…Each of these can be considered as a precursor to innovation and entrepreneurial strategy (Drucker, 2007) as they contribute to opportunity recognition, an important topic of debate in entrepreneurship literature (Hansen et al, 2016). This paper offers a novel perspective on the process of opportunity recognition, arguing that by 'blurring' work and play (Hechavarria and Welter, 2015) through adept and inventive event design, it is possible to harness the potential of business events as a space where entrepreneurial opportunities are created or discovered.…”

Entrepreneurial opportunity decisions under uncertainty: Conceptualizing the complementing role of personal and cognitive abilities

“…A recent review of entrepreneurial opportunity construct by Hansen, Monllor, & Shrader (2016) propose a model that integrates a unified account of disparate views on opportunity discovery and creation. The model seems to make it easier for entrepreneurship scholars to identify critical elements that matter for decisions on opportunity outcomes.…”