🚪 Opportunity Recognition Process

The process of identifying and evaluating potential business opportunities is called Opportunity Recognition.

Entrepreneurs assess:

• 🔍 Trends

• 🧍 Customer needs

• ⚖️ Market inefficiencies

➡️ Aim: To discover areas where new value can be created.

The opportunity recognition process refers to how entrepreneurs identify and act upon potential business opportunities. According to leading entrepreneurship theories (like those by Shane, Venkataraman, and Kirzner), this process typically involves:

• 📚 Prior knowledge of markets and customer problems:
  This helps entrepreneurs recognize unmet needs or inefficiencies that can be turned into business opportunities.
• 👀 Entrepreneurial alertness:
  Coined by Israel Kirzner, this is the ability to notice opportunities that others overlook — a critical trait for entrepreneurs.
• 🤝 Networks:
  Personal and professional networks help in sharing information, getting feedback, and accessing resources, all of which support opportunity recognition.