Despite the importance of entrepreneurship in changing the economic landscape of many countries, the identification of the entrepreneurial opportunity is still in its early stages. So far, the researches that have been done are full of dichotomous interpretations. These differences could be due, in part, to the fact that there is no unitary conceptualisation and functional definitions of the construct. Nevertheless, the prevalent interpretations are that entrepreneurial opportunities are either stemming from discovery or deliberate search. To reveal the nature of these opportunities, the entrepreneur's traits and personality have been analysed. Evaluation strategies have also been elaborated. Finally, mapping the entrepreneurial processes has emerged to shape these opportunities (Gaglio, 2001).
This report is intended to contribute to the development of the entrepreneurial opportunities identification by addressing the role of two pillars of entrepreneurship – creativity and innovation – as the sources of these entrepreneurial opportunities.
Discussion about E-bay in Paul Trott Book of Innovation management. Group members consist of Tumenast Erdenbold, Thint Khine and Riri Kusumarani. Course offered by Professor Munkee Choi in ITTP,KAIST
This is an example of an investment memo for a consumer products company, Kraft Heinz. This does not constitute investment advice and is an outdated valuation. This should only serve educational purposes.
Discussion about E-bay in Paul Trott Book of Innovation management. Group members consist of Tumenast Erdenbold, Thint Khine and Riri Kusumarani. Course offered by Professor Munkee Choi in ITTP,KAIST
This is an example of an investment memo for a consumer products company, Kraft Heinz. This does not constitute investment advice and is an outdated valuation. This should only serve educational purposes.
IKEA is a Swedish multinational group of companies that designs and sells ready-to-assemble furniture (such as beds, chairs and desks), appliances and home accessories. It has been the world's largest furniture retailer since at least 2008.
Identifying the barriers to good corporate governanceSrishti Katiyar
Corporate world has often witnessed that greed and hubris, many a time, persuades the active managers/ owners of the enterprises to drive the organization in the trajectory, which sometimes derails the journey of growth and sustainability and/or profit disproportionately to the detriment of the interest of inactive.
F ull list test bank and solution manual 2020 2021 ( student saver team ) -pa...JoneMakine
Hi all ,
We are StudenT SaveR TeaM,
Find the test bank and Solution Manual you need for your classes from us ,
Test Bank is collection of questions and answers for a particular textbook. This material is very useful to prepare for quizzes and exams. Most professor will generally adopt the exam/quizzes from the test bank.
Having a test bank clearly helps you to understand the subject matter better.
We have comprehensive TEST BANK and SOLUTION MANUAL for your textbooks in electronic format (PDF/Word). The test bank contains practice exam and quiz questions and answers.
Are you having problem doing test/exams for your classes?
If so, then you have come at the right place. for any questions , orders just try to contact :
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student-saver(at)Hotmail(dot)com
and u can check our Big list here
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StudenT SaveR TeaM,
Comparison of Marketing Mix of IKEA in Four CountriesFatima Arshad
Report Contains Marketing Mix of IKEA. In this report there is comparison of 4Ps of IKEA in Four Countries i.e Sweden, UK, China and India.
This report is result of the efforts of four people.
Given the growth and role of entrepreneurship today, it is becoming increasingly important to
understand how new entrepreneurial opportunities get developed. Entrepreneurs play a critically important role
in the economy. By spotting opportunities and taking action to exploit them, they drive the process of market
production and the fulfillment of social and economic needs. Discussions of the emergence of new
entrepreneurial opportunities often include “eureka” moments, but we currently lack a deep understanding of
why some individuals are able to spot the opportunities that most people cannot see. We attribute the difference
to a loosely defined quality that Kirzner called “entrepreneurial alertness”. While this has been a useful basis
for a considerable body of entrepreneurship research to-date, it is still unsatisfactory in several ways. To
achieve this goal we distribute questionnaires between 115 M.A. student’s from Economics and Management
college of University of Sistan&Baluchestan for the years 2012 and 2013. Analysis was done by correlation test.
Results showed that there is significant relationship between creativity, self-efficacy, locus of control, social
networks, prior knowledge, educational issues, environment and student’s entrepreneurial alertness. This survey
can be used to develop potential entrepreneurs in different fields in determining of key elements of opportunity
recognition, training and improving of that.
IKEA is a Swedish multinational group of companies that designs and sells ready-to-assemble furniture (such as beds, chairs and desks), appliances and home accessories. It has been the world's largest furniture retailer since at least 2008.
Identifying the barriers to good corporate governanceSrishti Katiyar
Corporate world has often witnessed that greed and hubris, many a time, persuades the active managers/ owners of the enterprises to drive the organization in the trajectory, which sometimes derails the journey of growth and sustainability and/or profit disproportionately to the detriment of the interest of inactive.
F ull list test bank and solution manual 2020 2021 ( student saver team ) -pa...JoneMakine
Hi all ,
We are StudenT SaveR TeaM,
Find the test bank and Solution Manual you need for your classes from us ,
Test Bank is collection of questions and answers for a particular textbook. This material is very useful to prepare for quizzes and exams. Most professor will generally adopt the exam/quizzes from the test bank.
Having a test bank clearly helps you to understand the subject matter better.
We have comprehensive TEST BANK and SOLUTION MANUAL for your textbooks in electronic format (PDF/Word). The test bank contains practice exam and quiz questions and answers.
Are you having problem doing test/exams for your classes?
If so, then you have come at the right place. for any questions , orders just try to contact :
student-saver@hotmail.com
student-saver(at)Hotmail(dot)com
and u can check our Big list here
http://www.testbanks-solutionmanual.com/
StudenT SaveR TeaM,
Comparison of Marketing Mix of IKEA in Four CountriesFatima Arshad
Report Contains Marketing Mix of IKEA. In this report there is comparison of 4Ps of IKEA in Four Countries i.e Sweden, UK, China and India.
This report is result of the efforts of four people.
Given the growth and role of entrepreneurship today, it is becoming increasingly important to
understand how new entrepreneurial opportunities get developed. Entrepreneurs play a critically important role
in the economy. By spotting opportunities and taking action to exploit them, they drive the process of market
production and the fulfillment of social and economic needs. Discussions of the emergence of new
entrepreneurial opportunities often include “eureka” moments, but we currently lack a deep understanding of
why some individuals are able to spot the opportunities that most people cannot see. We attribute the difference
to a loosely defined quality that Kirzner called “entrepreneurial alertness”. While this has been a useful basis
for a considerable body of entrepreneurship research to-date, it is still unsatisfactory in several ways. To
achieve this goal we distribute questionnaires between 115 M.A. student’s from Economics and Management
college of University of Sistan&Baluchestan for the years 2012 and 2013. Analysis was done by correlation test.
Results showed that there is significant relationship between creativity, self-efficacy, locus of control, social
networks, prior knowledge, educational issues, environment and student’s entrepreneurial alertness. This survey
can be used to develop potential entrepreneurs in different fields in determining of key elements of opportunity
recognition, training and improving of that.
The socio economic impact of creative products and services developing the cr...Joana Cerejo
The socio-economic impact of creative products/services: developing the creative industries through design thinking.
Design thinking, although it has been growing in popularity, is still seen with some distrust, given that its impact is difficult to quantify and its benefits are subjective. This paper wants to address that distrust and contribute to clear it by providing some information about what it can do for companies by taking a look at creative products and services. First, we review the meaning of creative products and services, the concept of innovation, introduce design and some of its applications, as well as its economic impact and move to the meaning of design thinking. Second, we discuss the literature review and establish our findings. Finally, we end with our conclusions and contributions.
Conceptualizing the Innovation Process Towards the ‘Active Innovation Paradig...Maxim Kotsemir
Available at SSRN: https://ssrn.com/abstract=2755005
https://www.researchgate.net/publication/299413400_Conceptualizing_the_innovation_process_towards_the_%27active_innovation_paradigm%27-trends_and_outlook?ev=prf_pub
Journal of Innovation and Entrepreneurship (2016) 5:14
Abstract:
This paper introduces the evolving understanding and conceptualization of innovation process models. We categorize the different approaches to understand and model innovation processes into two types. First, the so-called innovation management approach focuses on the evolution of corporate innovation management strategies in different social and economic environments. The second type is the conceptual approach which analyses the evolution of innovation models themselves as well as the models’ theoretical backgrounds and requirements. The focus in this second approach is the advantages and disadvantages of different innovation models in how far they can describe the reality of innovation processes.
The paper focuses on the advantages and disadvantages as well as the potential and limitations of the approaches. It also proposes potential future developments of innovation models as well as the analysis of the driving forces that underlie the evolution of innovation models.
The article concludes that the predominant open innovation paradigm requires rethinking and further development towards an ‘active innovation’ paradigm.
An Exploratory Study of Entrepreneurial Opportunity Recognition of Small and Medium Sized Enterprises. With the objective to recognize opportunity and start a venture formation, SMEs must proactively involve in entrepreneurial activities from scratch. Founders of SMEs are likely perceived as entrepreneurs in the process of pursuing new business and profit which will lead to enterprise formation (DeTienne & Chandler, 2007; Gilmore, 2011). Approaching from the behavioral aspect of entrepreneurs, entrepreneurial opportunity search includes knowledge, alertness, intuition, creativity and social interaction. By searching the pattern of adopted activities of owners, the process evolves into opportunity recognition. Since the more turbulent and complicated the marketplace is, the more opportunities entrepreneurs are granted; entrepreneurial opportunity recognition may also come into existence from a complex series of phenomena with different distinct parts such as innovative insight, idea exploration, informal evaluation and concept development (Webb, Ireland, Hitt, Kistruck, & Tihanyi, 2011). Or through the argument by Ardichvili, Cardozo, and Ray (2003), entrepreneurs undergo a process from observing underemployed resource or market need to disclosing a ‘match’ between specific market need and certain resources; then formulating a fresh ‘match’ between the need and resources in the specific context of their businesses. And the main determinants influencing the above processes as well as contributors to entrepreneurial opportunity recognition that are in need of further exploration include prior knowledge, entrepreneurial alertness, market analysis, creativity, network ties and situational elements.
Managing human capital entrepreneurshipSamuel Gibbs
This research paper explores the concept of entrepreneurship from the perspective of Timmon's Model of Entrepreneurship. It provides useful insights of factors that promote entrepreneurship
Thinking “Sustainably”: The role of intentions, cognitions, and emotions in ...Norris Krueger
A fun book chapter that takes a cognitive science-ish look at social and sustainable entrepreneurship. Would LOVE your comments, of course! (Major props to my awesome co-authors too)
Creativity, innovation, and foresight are closely connected concepts.docxtaminklsperaw
Creativity, innovation, and foresight are closely connected concepts. This week's reading from the Cambridge Handbook of Creativity introduced the connections between individual creativity, an organization's capacity for innovation, and the ability to predict coming trends and other important developments successfully. The systematic approaches to creativity overviewed in this chapter offer a wide variety of means to foster creativity, but the most important knowledge you can gain from this reading is the fact that creativity is not an unexplainable phenomenon or a mysterious process. Rather, creativity can be approached systematically in order to seek out opportunities for innovation, based on foresight.
For this Discussion, you will analyze how foresight, creativity, and innovation are separate, yet interrelated, concepts. To prepare for the Discussion, read "Welcome to a World of Change: Life in the 21st century" (Puccio, et al, 2011) and "Moonshots for Management" (Hamel, 2009).
[removed]
Puccio, G. J., Mance, M., Switalski, L. B., & Reali, P. D. (2012).
Welcome to the world of change: Life in the 21st century
. In
Creativity rising: Creative thinking and creative problem solving in the 21st century
(pp. 13–20). Buffalo, NY: ICSC Press.
Puccio, G. J., Mance, M., Switalski, L. B., & Reali, P. D. (2012). Welcome to the world of change: Life in the 21st century. In Puccio, G.J., Mance, M., Switalski, L.B. et al. (Eds.), Creativity Rising: Creative thinking and creative problem solving in the 21st century (1st Ed.), (pp. 51–70). Buffalo, NY: ICSC Press. Copyright 2012 by ICSC Press. Reprinted by permission of Omniskills, LLC/ICSC Press
Many of us have probably felt frustrated that the world around us continues to change at an increasingly fast pace. A cell phone or tablet computer that was state of the art when purchased can be sadly out of date just one year later. The authors of this reading discuss the wide variety of changes we are experiencing today and explore how creative responses to the challenges presented by the rapid pace of change are necessary.
Also consider the tensions between innovation and creativity addressed in the article "Institutionalizing Ethical Innovation in Organizations: An Integrated Causal Model of Moral Innovation Decision Processes". Use this article as a foundation for evaluating creativity, foresight, and innovation within an ethical model.
Post
by
Day 7
of
Week 1
by selecting an organization – it could be a company or even a division of a company – and describing a situation that demonstrates this organization's foresight, creativity, and innovation within an ethical model. Consider your own experience as well as observation. Your post should provide an analysis of how the organization demonstrated each of these separate concepts in an interrelated and ethical way. Next, analyze the situation you have presented in light of foresight, creativity, and innovation in one of the following ways:
Analyze .
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During the group presentation, the first marketing plan proposal for Nordstrom was provided to make its first foray out of the U.S.A. into Brazil. Following that, this report sets out to analyse the market entry plan as, throughout Brazil, opportunities abound for branded fashion retailers to expand. This paper entrenches the development of marketing branding programme to build the brand identity and cultivate loyalty to be integral in driving sales growth.
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1. 2014
Student number: 21202244
Module Leader: David Mackrory
Module Code: MS70074E
Entrepreneurship
Figure 1 – (Source: Google, Adapted from Jason Tozer, 2014)
2. Enterprise and Innovation – Research Paper
1 | P a g e
Contents
ABSTRACT ..................................................................................................................................................2
1. INTRODUCTION ...................................................................................................................................2
2. LITERATURE REVIEW.............................................................................................................................3
2.1. ENTREPRENEURIAL CREATIVITY & INNOVATION IN RELATION TO THE ENTREPRENEURIAL OPPORTUNITY...........3
3. DISCUSSION AND DEVELOPMENT OF A PROPOSED MODEL...........................................................................4
4. CONCLUSION ......................................................................................................................................6
5. BIBLIOGRAPHY ....................................................................................................................................8
3. Enterprise and Innovation – Research Paper
2 | P a g e
ABSTRACT
Despite the importance of entrepreneurship in changing the economic landscape of many
countries, the identification of the entrepreneurial opportunity is still in its early stages. So
far, the researches that have been done are full of dichotomous interpretations. These
differences could be due, in part, to the fact that there is no unitary conceptualisation and
functional definitions of the construct. Nevertheless, the prevalent interpretations are that
entrepreneurial opportunities are either stemming from discovery or deliberate search. To
reveal the nature of these opportunities, the entrepreneur's traits and personality have
been analysed. Evaluation strategies have also been elaborated. Finally, mapping the
entrepreneurial processes has emerged to shape these opportunities (Gaglio, 2001).
This report is intended to contribute to the development of the entrepreneurial
opportunities identification by addressing the role of two pillars of entrepreneurship –
creativity and innovation – as the sources of these entrepreneurial opportunities.
1. INTRODUCTION
Drawing from the definition of Timmons and Spinelli (2004 cited in Stokes & Wilson, 2010)
of entrepreneurship as ‘opportunity-based’, it can be argued that identifying lucrative
opportunities for new businesses is one of the distinct attributes of the entrepreneurial
behaviour that yields into a successful venture (Ardichvili et al, 2003). In this context,
entrepreneurial opportunity serves as the backbone for the existence of entrepreneurship
and entrepreneurial activities (Shane et al, 2000).
Thereof, the notion of opportunity occupies a central place in entrepreneurship literature,
wherein researchers in their attempt to tap on the perception of the entrepreneurial
opportunity have identified creativity and innovativeness as key attributes (Heinonen et al,
2011). In this sense, research literature depicts an entrepreneur as an individual with
innovative and creative traits that tie up to solve a problem, to search for new ideas or to
create new information (Kirzner, 2009).
Given the inherent interrelatedness between entrepreneurship, innovation, and creativity,
this research tries to shed the light on the entrepreneurial opportunity to capture this
interrelatedness between these premises. Hence, this study is an attempt to answer the
proposed question: What is the role of creativity and innovation as a source of the
entrepreneurial opportunity?
In this paper, we will demonstrate a framework for understanding how creativity and
innovation impact on the entrepreneurial opportunity perception – identifying, recognising,
and discovery activities. Moreover, to explain this perception, related disciplines and
theories from entrepreneurship and psychology are reviewed (Renko & Shrader, 2012).
The following section reviews some literature on the subject. In the penultimate
section, we discuss the contribution of the study and the proposed model. Finally, a
summary the study is presented.
4. Enterprise and Innovation – Research Paper
3 | P a g e
2. LITERATURE REVIEW
Innovation, creativity and entrepreneurial opportunity are three of the buzzwords of the
early 21st
century, whereas the entrepreneurial opportunity identification lies at the heart of
entrepreneurship (Stephen, 2012). Opportunity has been viewed from different
perspectives; on one hand, it could be a phenomenon that is derived from external
environmental conditions such as market demands and demographics changes. On the
other hand, it could be driven by the individual’s cognition to discover new ideas. Often, the
definition of the opportunity emanates from its context (Renko et al, 2012).
2.1. ENTREPRENEURIAL CREATIVITY & INNOVATION IN RELATION TO THE ENTREPRENEURIAL
OPPORTUNITY
Despite the broad term of opportunity, there is a consensus that a successful
entrepreneurial opportunity is one that will trigger a new venture creation or expand
market share of an existing venture. Creativity is the evolution of this opportunity by
generating new ideas and novel solutions that fit with it whereas innovation is the
successful exploitation of these new ideas (Stokes et al, 2010). Given the fact that new
business creation is a key issue in entrepreneurship, navigating these strands can help unveil
the entrepreneurial construct and give a better understanding of the entrepreneurship field.
The neoclassical economic theory is based on the notion of equilibrium mechanisms of the
market demand and supply. In this context, entrepreneurial opportunities spring from
under-employed resources, market inefficiencies and temporary gaps. Furthermore, Joseph
Schumpeter – one of the pioneering entrepreneurship theorists – has argued that
opportunities are driven by temporary innovation that destabilizes the economic
equilibrium, referring to ‘creative destruction’ theory (Renko, 2012). On the other hand,
drawing from the ideas of the neo-Austrian economists, Shane and Venkataraman (2000,
cited in Carter et al, 2012) argue that disequilibrium is the dominated premise where not all
market participants know about these opportunities. Therefore, Shane (2003 cited in Ko,
2012) defines entrepreneurial opportunity as a situation in which entrepreneurs can create
new commercially viable products and/or services by reassembling resources that will yield
into entrepreneurial profit. In addition, Gaglio (1997 cited in Hansen, 2007) suggests, based
on Kirzner work, that an idea is considered as an opportunity when it creates a value.
Thereof, she conceives an opportunity as an entity that evolves out of an idea. This view
suggests that an opportunity is an outcome of the opportunity recognition process. Once
the idea is recognized to be both possible and having some potential value, it becomes an
opportunity.
Noticeably, Hansen (2010) argues that identification of the opportunity is fragmented. On
one hand, it is viewed as an objective phenomenon wherein the entrepreneurial
opportunity is endogenously created, hence these opportunities are constructed by
knowledgeable entrepreneurs who capitalize on prior information to identify them (Vaghely
& Julien, 2010). On the other hand, opportunity is also viewed as a subjective phenomenon
that is created and incorporated from the entrepreneur's creative cognition and actions.
Thus, it is left to the reader to unfold the perceived interpretation of the scholars.
Whatever the typology of the opportunity construct is, it must be recognized, discovered,
identified, or crafted in order to form an entrepreneurial venture (Hansen et al, 2011). In
5. Enterprise and Innovation – Research Paper
4 | P a g e
this sense, entrepreneurs need to generate valuable ideas for new products and services
that will appeal to an identifiable market and they must figure out how to bring their
projects to fruition (Chen et al, 2009). Timmons (1999) further argues that the dominant
thrust behind a highly dynamic entrepreneurial process is the opportunity force by which
entrepreneurs can creatively identify opportunities and deploy appropriate resources.
Consequently, the subjectivist view of the entrepreneurial opportunity is linked to the
creative attributes of the enterprising individuals. This is driven by the entrepreneurial act of
discovering and exploiting profitable opportunities (Shane et al, 2000).
Moreover, Schumpeter (1942) and Kirzner (1999 - cited in Hansen, 2007) agree that
entrepreneurial opportunity recognition is a creativity-based process. Further, de Bono
(1978) claims that this process employs a creative thinking which is ‘thinking out of the box.’
Even though the consensus is that opportunity recognition is a creative process, there is
very little empirical evidence of opportunity recognition in a creativity context (Hansen,
2007). Based on Baumol’s (1993 – cited in Puhakka, 2011) argument, entrepreneurial
alertness is regarded as an innovative and a non-routine activity which is triggered by the
entrepreneur’s internal qualities. Therefore, entrepreneurial behaviour adopts an
innovative approach in the search for new opportunities, or in the way in which ideas are
developed to result in a new market offer (Puhakka, 2011).
Based on this above reasoning, both creativity and innovation have a pivotal role as sources
of entrepreneurial opportunity and thus the existence of entrepreneurial venture.
3. DISCUSSION AND DEVELOPMENT OF A PROPOSED MODEL
From the foregoing discussion, the notion of creativity is associated with opportunity
recognition either as it is a characteristic of the entrepreneur or as outcome of the creative
opportunity recognition process (Walton, 2003). The person and product represent two of
the “four P’s” of the creativity categories; the other two refer to press – the environmental
pressures that influence this creativity and process (Runco, 2004). Creativity is adopted in
Ardichvili et al (2003) model for opportunity recognition as a characteristic of the
entrepreneur. In this context, creativity presents one of two distinct personality traits in the
opportunity recognition process (Hansen, 2010).
Accordingly, the notion of entrepreneurial opportunity creation embodies individual
creative cognition and interior psychological attributes – the environmental conditions and
the association of these elements. These elements have remarkable impact on the
innovativeness of the business opportunity. In conjunction with this, knowledge, alertness
and cognitive processes will be illustrated into this developed research model (Puhakka,
2011).
The model depicted in Figure 2 embraces the above discussion in which “Pre-vision stage”
emerges as the first stage which pertain to preliminarily prepare for the opportunity
recognition process. This stage embraces the entrepreneur’s characteristics which are the
essential assets for seizing or crafting entrepreneurial opportunities. In an attempt to
reconcile the two dichotomies of the opportunity identification – objective or subjective – a
creative behaviour is promoted for a new opportunity search attitude. One of this creative
behaviour’s distinct elements is knowledge as creativity springs from deep wells of expertise.
6. Enterprise and Innovation – Research Paper
5 | P a g e
In addition, creative thinking pertain to combining areas of knowledge and come up with new
ideas (Ahmed & Shepherd, 2010).
The second element is the entrepreneurial alertness. Based on the Kirzner (1997) theory on
entrepreneurial alertness, it is defined as the entrepreneur’s receptiveness to possible
opportunities (Renko, 2012). In expanding on his work, capturing the entrepreneurial
opportunity due to the entrepreneur’s alertness is driven by creative attitude that is drawn
from the entrepreneur’s creative interactions with the external environment (Puhakka,
2011). Hence, these interactions, influenced by an alert behaviour and cognitive skills,
embed a creative base as illustrated in Figure 2. Moreover, the extent to which the
entrepreneurial opportunity can be profitable depends on the level of this base’s creativity.
These interactions concern the release of hidden opportunities and the discovery of
potential ones. Thus, this creative base yields the potential opportunities that will be
formulated into the creative cognitive process.
The cognitive process developed in this model is adopted from the work of Hesselbein and
Johnston (2000, cited in Ahmed & Shepherd, 2010). It emphasis that the “Innovation
Opportunity” is defining an opportunity or a problem to focus the creativity activity on it.
Ultimately, the perceived value from this solution is derived from addressing, efficiently, the
definition of the problem. Thus, in this phase, the entrepreneur will define, out of the
emerged potential opportunities from the creative base, the ones that have value. While
divergent thinking in the cognitive process implies coming up with new ideas, convergent
thinking concerns with selecting and narrowing these ideas to a single or few ones to be
taken further.
In addition, incubation is the time and space required for better formulation of the solutions
or considerations that may not be obvious yet. With regards to evaluation, it involves
determining whether the idea is viable or not. Though elaboration is the final process, it
continues after the pre- launch to address any changes that are found in the interaction
with the market. The final outcome is the economic entrepreneurial opportunity that is
good enough to set up a new venture (Ahmed & Shepherd, 2010). According to creative
destruction theory, these new innovative entrepreneurial products and services will bring
change and cause disequilibrium which will be the source for other new opportunities to be
captured (Renko, 2012). Also these changes will influence the entrepreneur’s personality
that is why, in the model, there is a link back to the pre-vision stage as entrepreneurs
enhance their skills and ability from their interactions with the environment.
Notably, both the potential opportunity and the cognitive process need to be located
between the two model components – Pre-vision and Formation – because of the ongoing
mechanism between them and creative behaviour. The developed model frames the
opportunity recognition pattern to deepen the understanding of this vital process into the
existence of entrepreneurial ventures.
One of the most notable examples that illustrates our research premise is the world well-
renewed entrepreneur, Coco Chanel, who is one of the names that we associate with
designer clothing and perfumes. Her fame, stemming from her creativity in the fashion
industry, makes her one of the most successful entrepreneurs of all time. With her fashion
acumen, she adapted her taste and skills to create a new fashion that changed the whole
industry landscape. Although she started her business at the war time, that did not stop her.
She spotted untapped opportunities and addressed these hidden needs in the market to
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bank on them for founding her business that was later diversified and grew worldwide
(Dunlop, 2014). She is the best example to illustrate that the entrepreneurs’ stance is based
on how they see a problem as an opportunity rather than a threat and capitalize on this to
turn it around and benefit the individual as well as the society.
4. CONCLUSION
This paper attempted to provide a framework into entrepreneurial opportunity
identification based on the role of creativity and innovation as the sources of these
opportunities to lead to a better understanding and development of the entrepreneurial
opportunity literature. From this research, the crux lies in that successful entrepreneurs
utilize and deploy a range of entrepreneurial skills and qualities in their search. Whether this
search is an active or a reactive one, these skills and qualities are the main tools to identify,
craft, solve a problem and finally deliver a successful business with an economic value. Thus,
unfolding the entrepreneur’s creativity and innovation underpins the creation of remarkable
opportunities that convey into business ventures. Many of which have changed the business
domains such as the world renowned entrepreneurs – Richard Branson, Mark Zuckerberg,
Figure 2: Creativity and Innovation Holistic Model as a source of Entrepreneurial Opportunities
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Anita Roddick and Bill Gates, and more will make other changes. Finally, we can indeed
deduce that creativity and innovation are the main pillars in the process.
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