Linking complex problem solving to opportunity identification competence within the context of entrepreneurship

Abstract

Today's working life is increasingly characterized by entrepreneurial challenges. Entrepreneurial challenges start at an individual level with the identification of entrepreneurial opportunities, which is acknowledged as one of the key competencies for lifelong learning. Since the identification of entrepreneurial opportunities relies heavily on the opportunity identification competence (OIC) of individuals, understanding the meaning of OIC is relevant. Until now, OIC has been explored in the young entrepreneurship research field. However, entrepreneurship researchers until now have not fully explored OIC. According to several authors, the research on complex problem solving (CPS) in the cognitive research field might contribute to understanding OIC. In this paper, we review the link between OIC and CPS by comparing the cognitive and entrepreneurship research fields. We argue that those who excel in identifying opportunities share core characteristics with high-level complex problemsolvers. We propose to conduct empirical research in the future to investigate the relation between OIC and CPS within a work context in order to gain more insight into OIC. We believe that the cognitive research field contributes to the entrepreneurship research field and provides a deeper understanding of the initial steps of the entrepreneurial process.

Development and application of the opportunity identification competence assessment test (OICAT) in higher education

“…Proponents of the subjective view maintain that opportunities are created by individuals (Fletcher, 2006;Wood & McKinley, 2010). In the discovery perspective, opportunities are determined by the environment, whereas opportunities in the creation view are determined by the individual (Suddaby, Bruton, & Si, 2015; for a full elaboration on this debate please read Baggen et al, 2015 andSuddaby et al, 2015). These views are not mutually exclusive but they approach opportunities and the process underlying opportunity identification differently.…”

“…One of those entrepreneurial competencies is opportunity identification competence (OIC). Opportunity identification is at the heart of entrepreneurship research (Shane & Venkataraman, 2000), as the entrepreneurial process always starts with the identification of potential business ideas that could be explored and further developed into a new product, service or process (Baggen et al, 2015).…”

Complex Problems in Entrepreneurship Education: Examining Complex Problem‐Solving in the Application of Opportunity Identification

“…This perspective is considered to have the most connections with CPS. In this article, the capability to identify opportunities is defined as "the ability of individuals to identify ideas for new products, processes, practices or services in response to a particular pain, problem, or new market need" ( [11], p. 417).…”

“…Moreover, CPS aligns with the broad definition of EE because CPS can, as a more generic skill, help in managing to act entrepreneurial. Despite the linkages at the conceptual level, the relationship between OI and CPS has not been empirically investigated yet [11].…”

“…Identifying opportunities involves decision-making processes and information-seeking activities to bring facts and relationships between facts to bear in problem-solving [10,11]. Seeking information and making decisions in systematic ways result in more identified opportunities [12].…”