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Summary Principles of Management IIB (Entrepreneurship) Chpt.2 - Opportunity Recognition and Evaluation
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Entrepreneurial Intelligence and Creativity, Human Capital, and Entrepreneurial Mindset and Cognitions.
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Principles of Management IIB (Entrepreneurship) by ProfessorBurgerQueenChapter 2: Opportunity Recognition and Evaluation
- The creation of a venture involves three (3) parallel, interactive phenomena, none of
which are predetermined but rather are defined by each other:
- Emergence of the opportunity;
- Emergence of the venture; and,
- Emergence of the entrepreneur.
- This view acknowledges that venture creation transcends rational thought processes
to include emotions, impulses, and physiological responses as individuals react to a
diverse, multifaceted array of activities.
The Individual as a First-Order Force
- First-order Forces
- Individuals accounting for entrepreneurship
- Second-order Forces
- Environmental
- The ‘who’ is seen as an individual and the ‘what’ as a process involving creativity and
innovation resulting in something that can be recognised as valuable.
- The entire entrepreneurial process unfolds because the entrepreneurs act and are
motivated to pursue opportunities
Entrepreneurial Intentions
- Defined as dedication to beginning a new business
- Intentions is the single best predictor of planned behaviour, including
entrepreneurship. An intention is a representation of a future course of action to be
performed; it is not simply an expectation of future actions; but a proactive
commitment to bringing them about.
- To be an agent is to intentionally make things happen by one’s own actions.
- Entrepreneurial action is most often intentional
- Entrepreneurs intend to pursue certain opportunities, enter new markets, and offer
new products; all of which is rarely the process of unintentional behaviour.
- Therefore, creating a new venture or beginning a business can be described as a
deliberate and purposeful inclination.
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