Discuss in scholarly detail factors including entrepreneurial alertness, information asymmetry, social networks, and the ability to establish means-ends relationships that influence the ability of individuals to identify opportunities.
Solution
An entreprener is one who has the ability to spot a business opportunity and the skill to convert that opportunity into a business model. He also has the ability to take risk and put in the hard work to convert the dream to a reality. For starting a business , you need lot of information and they are not readily available with an individual due to information asymetry. He should know who knows , so that he can get that information as per need. It is extremely difficult to start and grow alone without the direct/indirect support of others. Social network can be leveraged for this support. The entrepreneur must know where to reach (business objective) and also how to reach there(Business strategy) , else he will not be able to exploit the business opportunity and his dream will remain a wishful thought.
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Discuss in scholarly detail factors including entrepreneurial alertnes.docx
1. Discuss in scholarly detail factors including entrepreneurial alertness, information asymmetry,
social networks, and the ability to establish means-ends relationships that influence the ability of
individuals to identify opportunities.
Solution
An entreprener is one who has the ability to spot a business opportunity and the skill to convert
that opportunity into a business model. He also has the ability to take risk and put in the hard
work to convert the dream to a reality. For starting a business , you need lot of information and
they are not readily available with an individual due to information asymetry. He should know
who knows , so that he can get that information as per need. It is extremely difficult to start and
grow alone without the direct/indirect support of others. Social network can be leveraged for this
support. The entrepreneur must know where to reach (business objective) and also how to reach
there(Business strategy) , else he will not be able to exploit the business opportunity and his
dream will remain a wishful thought.
