Abstract
The Internet of Things and social media not only produce a plethora of radical innovations that clearly illustrate the concept of creative destruction; these events are also accompanied by detailed public records of innovations, companies, and entrepreneurs who have succeeded or failed. The sheer number of events and the amount of data represent a golden opportunity for the empirical investigation of alertness and opportunity identification. However, a reading of the literature 2009–2015 gives the impression that, with few exceptions, opportunity identification scholars have not taken full advantage of the new events but continued a discussion of the trends noted in our previousliterature review.
While we do update those trends and make note of the new variables that have emerged, the purpose of this chapter is to focus on and explore several notable exemplars of high quality empirical conceptualizations, methods and techniques that capture the complexity of opportunity identification yet facilitate rigorous empirical study. We urge scholars and graduate students to incorporate the qualities of these exemplars into their own research programs.
We also address some fundamental issues about the empirical investigation of alertness and entrepreneurial opportunities that have created unnecessary distractions: (1) entrepreneurial opportunities are indeed empirical and part of the social fact that is the economic marketplace; (2) because entrepreneurial opportunities are part of the economic marketplace, they are social phenomena; (3) the discipline needs to acknowledge the different communities of interest who seek ownership of the words ‘opportunity’ and ‘entrepreneur’ and hence, their investigation. We urge scholars to turn their attention to the munificence of events and data now available.
Keywords
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsNotes
References
Aldrich HE, Zimmer C (1986) Entrepreneurship through social networks. In: Sexton DL, Smilor RW (eds) The art and science of entrepreneurship. Ballinger Publishing, Cambridge, pp 3–23
Alvarez S, Barney J (2010) Entrepreneurship and epistemology: the philosophical underpinnings of the study of entrepreneurial opportunities. Acad Manag Ann 4:557–583
Alvarez S, Barney J, Anderson P (2013) Forming and exploiting opportunities: the implications of discovery and creation processes for entrepreneurial and organizational research. Organ Sci 24:301–317
Andresen E, Lundberg H, Wincent J (2014) Processes in collaborative entrepreneurship: a longitudinal case study of how multiple actors exploit a radically new opportunity. Int Entrep Manag J 10:713–726
Arentz J, Sautet F, Storr VH (2013) Prior-knowledge and opportunity identification. Small Bus Econ 41(2):461–478
Aubry M, Bonnet J, Renou-Maissant P (2015) Entrepreneurship and the business cycle: the “Schumpeter” effect versus the “Refugee” effect—a French appraisal based on regional data. Ann Reg Sci 54:23–55
Audretsch D, Heger D, Veith T (2015) Infrastructure and entrepreneurship. Small Bus Econ 44:219–230
Aziz N, Friedman B, Bopieva A, Keles I (2013) Entrepreneurial motives and perceived problems: an empirical study of entrepreneurs in Kyrgyztan. Int J Bus 18:163–176
Baker T, Gedajilovic E, Lubatkin M (2005) A framework for comparing entrepreneurship processes across nations. Int J Bus Stud 36:492–504
Baron R (2008) The role of affect in the entrepreneurial process. Acad Manage Rev 33:328–340
Barreto I (2012) Solving the entrepreneurial puzzle: the role of entrepreneurial interpretation in opportunity formation and related processes. J Manag Stud 49:356–380
Barringer BR, Ireland RD (2009) Entrepreneurship, 3rd edn. Prentice Hall, London
Betta M, Jones R, Latham J (2010) Entrepreneurship and the innovative self: a Schumpeterian reflection. Int J Entrep Behav Res 16:229–244
Bhagavatula S, Elfring T, van Tilburg A, van de Bunt GG (2010) How social and human capital influence opportunity recognition and resource mobilization in India’s handloom industry. J Bus Ventur 25(3):245–260
Block J, Thurik R, Zhou H (2013) What turns knowledge into innovative products? The role of entrepreneurship and knowledge spillovers. J Evol Econ 23:693–718
Braunerhjelm P, Svensson R (2010) The inventor’s role: was Schumpeter right? J Evol Econ 20:413–444
Buenstorf G (2007) Creation and pursuit of entrepreneurial opportunities: an evolutionary perspective. Small Bus Econ 28:323–337
Busenitz L, Plummer L, Klotz A, Shahzad A, Rhoads K (2014) Entrepreneurship research (1985-2009) and the emergence of opportunities. Entrep Theory Pract 38:1–20
Carden A (2014). Baumol and Kirzner should get economic Nobel. Forbes. http://www.forbes.com/sites/artcarden/2014/10/08/baumol-and-kirzner-should-get-the-economics-nobel-prize/. Accessed Nov 2015
Casson M, Wadeson N (2007) The discovery of opportunities: extending the economic theory of the entrepreneur. Small Bus Econ 28:285–300
Chang W-L, Liu WGH, Chiang S-M (2014) A study of the relationship between entrepreneurship courses and opportunity identification: an empirical survey. Asia Pac Manag Rev 19(1):1–24
Crump M, Singh R, Abbey A (2011) Examining opportunity recognition research output: 1995-2006. J Mark Dev Compet 5:64–79
Cullen J, Johnson J, Parboteeah K (2014) National rates of opportunity entrepreneurship activity: insights from Institutional Anomie Theory. Entrep Theory Pract 38:775–806
Dahlqvist J, Wiklund J (2012) Measuring the market newness of new ventures. J Bus Ventur 27(2):185–196
Deli F (2011) Opportunity and necessity entrepreneurship: local unemployment and the small firm effect. J Manag Policy Pract 12:38–57
Dimov D (2007a) Beyond the single-person, single-insight attribution in understanding entrepreneurial opportunity. Entrep Theory Pract 31:713–731
Dimov D (2007b) From opportunity insight to opportunity intention: the importance of person-situation learning match. Entrep Theory Pract 31:561–583
Dimov D (2011) Grappling with the unbearable elusiveness of entrepreneurial opportunities. Entrep Theory Pract 35:57–81
Durkheim E (1938) The rules of sociological method. Free Press, New York
Dyer JH, Gregersen HB, Christensen C (2008) Entrepreneur behaviors, opportunity recognition, and the origins of innovative ventures. Strateg Entrep J 2(4):317–338
Eckhardt JT, George G, Bock AJ (2014) Models of opportunity: how entrepreneurs design firms to achieve the unexpected. Adm Sci Q 59:NP35–NP38
Endres A, Woods C (2010) Schumpeter’s conduct model of the dynamic entrepreneur: scope and distinctiveness. J Evol Econ 20:583–607
Forbes DP, Kirsch DA (2011) The study of emerging industries: recognizing and responding to some central problems. J Bus Ventur 26(5):589–602
Gaglio CM, Winter S (2009) Entrepreneurial alertness and opportunity identification: where are we now? In: Carsrud AL, Brännback M (eds) Understanding the entrepreneurial mind. Springer, Dordrecht, pp 305–325
Gaimon C, Bailey J (2013) Knowledge management for the entrepreneurial venture. Prod Oper Manag 22:1429–1438
Gartner W, Shaver K, Liao J (2008) Opportunities as attributions: categorizing strategic issues from an attributional perspective. Strateg Entrep J 2:301–315
Gawel A, Toikko T (2014) Entrepreneurial processes in new company creation. J Enterp Commun 8:198–216
Gemmell RM, Boland RJ, Kolb DA (2012) The socio-cognitive dynamics of entrepreneurial ideation. Entrep Theory Pract 36(5):1053–1073
Geron T (2013) Airbnb and the unstoppable rise of the share economy. Forbes. http://www.forbes.com/sites/tomiogeron/2013/01/23/airbnb-and-the-unstoppable-rise-of-the-share-economy/. Accessed Nov 2015
Gerschlager C (2012) Agents of change. J Evol Econ 2:413–441
Gonzalez-Alvaez N, Rodriguez V (2011) Discovery of entrepreneurial opportunities: a gender perspective. Ind Manag Data Syst 111:755–775
Granovetter M (1973) The strength of weak ties. Am J Sociol 78(6):1360–1380
Grégoire D, Barr P, Shepherd DA (2010a) Cognitive processes of opportunity recognition: the role of structural alignment. Organ Sci 21:413–431
Grégoire D, Shepherd DA, Lambert L (2010b) Measuring opportunity recognition beliefs: illustrating and validating an experimental approach. Organ Res Methods 13:114–145
Grichnik D, Smeja A, Welpe I (2010) The importance of being emotional: how do emotions affect entrepreneurial opportunity evaluation and exploitation? J Econ Behav Organ 76:15–29
Haynie M, Shepherd DA, McMullen J (2009) An opportunity for me? The role of resources in opportunity evaluation decisions. J Manag Stud 46:337–361
Holmes J (2015) Nonsense: the power of not knowing. Crown Publishing, New York
Hui-Chen C, Kuen-Hung T, Chen-Yi P (2014) The entrepreneurial process: an integrated model. Int Entrep Manag J 10(4):727–745
Huning TM, Bryant PG, Brown SC (2012) A three-path model of new venture creation: an image theory perspective. J Appl Manag Entrep 17(4):51–75
Jiao H, Cui Y, Zhu C, Chen J (2014) Building entrepreneurs’ innovativeness through knowledge management; the mediating effect of entrepreneurial alertness. Technol Anal Strateg Manag 26:501–516
Jones O, Holt R (2008) The creation and evolution of new business ventures: an activity theory perspective. J Small Bus Enterp Dev 15(1):51–73
Kirzner I (2009) The alert and creative entrepreneur: a clarification. Small Bus Econ 32:145–152
Klein P, Bylund P (2014) The place of Austrian economics in contemporary entrepreneurship literature. Rev Austrain Econ 27:259–279
Ko S (2012) Entrepreneurial opportunity identification: a motivation cognitive based approach. J Appl Manag Entrep 17:23–37
Korsgaard S (2011) Entrepreneurship as translation: understanding entrepreneurial opportunities through actor-network theory. Entrep Reg Dev 23:661–680
Lim JYK, Busenitz LW, Chidambaram L (2013a) New venture teams and the quality of business opportunities identified: faultlines between subgroups of founders and investors. Entrep Theory Pract 37(1):47–67
Lim M, Lucas HC, Shmueli G (2013b) Research commentary: too big to fail: large samples and the p-value problem. Inf Syst Res 24(4):906–917
Luksha P (2008) Niche construction: the process of opportunity creation in the environment. Strateg Entrep J 2(4):269–283
M.C.K. (2012) They did not have to be so unfair. Economist. http://www.economist.com/blogs/freeexchange/2012/10/americas-bank-bailouts. Accessed Nov 2015
MacMillan I, Katz J (1992) Idiosyncratic milieus of entrepreneurial research: the need for comprehensive theory. J Bus Ventur 7:1–8
Maine E, Soh PH, Dos Santos N (2015) The role of entrepreneurial decision-making in opportunity creation and recognition. Technovation 39:53–72
Manne H (2014) Resurrecting the ghostly entrepreneur. Rev Austrain Econ 27:249–258
Martin RL, Osberg S (2007) Social entrepreneurship: the case for definition. Stanford Soc Innov Rev 5(2):28–39
McAfee A (2012). Are droids taking our jobs [Video file]. https://www.ted.com/talks/andrew_mcafee_are_droids_taking_our_jobs
McKelvie A, Haynie JM, Gustavsson V (2011) Unpacking the uncertainty construct: implications for entrepreneurial action. J Bus Ventur 26(3):273–292
McMullen JS, Shepherd DA (2006) Entrepreneurial action and the role of uncertainty in the theory of the entrepreneur. Acad Manage Rev 31(1):132–152
McMullen J, Bagby R, Palich L (2008) Economic freedom and the motivation to engage in entrepreneurial action. Entrep Theory Pract 32:875–895
Meyer M, Crane F (2014) New venture creation. Sage Publications, London
Minniti M, Lévesque M (2008) Recent developments in the economics of entrepreneurship. J Bus Ventur 23:603–612
Mole K, Mole M (2010) Entrepreneurship as the structuration of individual and opportunity: a response using a critical realist perspective: comment on Sarason, Dean and Dillard. J Bus Ventur 25:230–237
Mollick E (2014) The dynamics of crowdfunding: an exploratory study. J Bus Ventur 29:1–16
Niammuad D, Napompech K, Suwanmaneepong S (2014) The mediating effect of opportunity recognition on incubated—entrepreneurial innovation. Int J Innov Manag 18(03):1440005
Overholm H (2015) Collectively created opportunities in emerging ecosystems: the case of solar service ventures. Technovation 39:14–25
Reich R (2015) The big banks need to be broken up. Newsweek. http://www.newsweek.com/big-banks-need-be-broken-382510. Accessed November 2015
Schwienbacher A, Larralde B (2012) Crowdfunding of small entrepreneurial ventures. In: Cumming D (ed) The Oxford handbook of entrepreneurial finance. Oxford University Press, Oxford, pp 369–391
Shepherd DA, Patzelt H (2013) Operational entrepreneurship: how operations management research can advance entrepreneurship. Prod Oper Manag 22(6):1416–1422
Short J, Ketchen D, Shook C, Ireland D (2010) The concept of ‘opportunity’ in entrepreneurship research: past accomplishments and future challenges. J Manag 36:40–65
Sine WD, Lee BH (2009) Tilting at windmills? The environmental movement and the emergence of the US wind energy sector. Adm Sci Q 54(1):123–155
Singh R, Gibbs S (2013) Opportunity recognition processes of black entrepreneurs. J Small Bus Entrep 26:643–659
Skarbek D (2009) Alertness, local knowledge, and Johnny Appleseed. Rev Austrian Econ 22(4):415–424
Taibb M (2013) Secrets and lies of the bailout. Rolling Stone. http://www.rollingstone.com/politics/news/secret-and-lies-of-the-bailout-20130104. Accessed November 2015
Tumasjan A, Braun R (2012) In the eye of the beholder: how regulatory focus and self-efficacy interact in influencing opportunity recognition. J Bus Ventur 27:622–636
Turkina E, Thai M (2015) Socio-psychological determinants of opportunity entrepreneurship. Int Entrep Manag J 11:213–238
Ucbasarn D, Westhead P, Wright M (2009) The extent and nature of opportunity identification by experienced entrepreneurs. J Bus Ventur 24:99–115
Valliere D (2013) Towards a schematic theory of entrepreneurial alertness. J Bus Ventur 28:430–442
Welter C, Alvarez S (2015) The state of opportunities: clarifying the transitions between opportunity types. Manag Decis 53:1398–1411
Westhead P, Ucbasaran D, Wright M (2009) Information search and opportunity identification: the importance of prior business ownership experience. Int J Small Bus 27:657–680
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2017 Springer International Publishing Switzerland
About this chapter
Cite this chapter
Gaglio, C.M., Winter, S. (2017). Entrepreneurial Alertness and Opportunity Identification 3.0: Yes, We Can Talk Empirical!. In: Brännback, M., Carsrud, A. (eds) Revisiting the Entrepreneurial Mind. International Studies in Entrepreneurship, vol 35. Springer, Cham. https://doi.org/10.1007/978-3-319-45544-0_22
Download citation
DOI: https://doi.org/10.1007/978-3-319-45544-0_22
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-319-45543-3
Online ISBN: 978-3-319-45544-0
eBook Packages: Business and ManagementBusiness and Management (R0)