Skip to main content
SpringerLink
Log in

A systematic literature review of entrepreneurial opportunity recognition: insights on influencing factors

  • Published:
International Entrepreneurship and Management Journal Aims and scope Submit manuscript

Abstract

In the last three decades, research studies investigating how individuals recognize entrepreneurial opportunities have advanced rapidly and have become a key topic in the modern entrepreneurship literature. To advance this important concern further, we present a systematic literature review of the entrepreneurial opportunity research field and its status. Contrary to conventional wisdom, this research suggests that the field is fragmented and empirically underdeveloped. A comprehensive literature analysis shows that only a handful of authors have contributed specifically to developing dialogues related to opportunity recognition and that the topic is considered primarily as an ancillary issue by many authors and academic journals. Based on analyzing 180 articles, we classify existing contributions into six influential factors: prior knowledge, social capital, cognition/personality traits, environmental conditions, alertness, and systematic search. Moreover, by developing a framework, we communicate critical insights regarding the opportunity recognition process. The contribution of individual articles to the proposed factors is presented in a research synthesis table. We conclude by presenting several directions for future research related to opportunity recognition.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Log in via an institution

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Institutional subscriptions

Fig. 1
Fig. 2
Fig. 3
Fig. 4

Similar content being viewed by others

References

  • Acs, Z. J., Braunerhjelm, P., Audretsch, D. B., & Carlsson, B. (2009). The knowledge spillover theory of entrepreneurship. Small Business Economics, 32(1), 15–30.

    Article  Google Scholar 

  • Aldrich, H. E., & Cliff, J. E. (2003). The pervasive effects of family on entrepreneurship: toward a family embeddedness perspective. Journal of Business Venturing, 18(5), 573–596.

    Article  Google Scholar 

  • Alvarez, S. A., & Barney, J. B. (2007). Discovery and creation: alternative theories of entrepreneurial action. Strategic Entrepreneurship Journal, 1(1–2), 11–26.

    Article  Google Scholar 

  • Alvarez, S. A., & Barney, J. B. (2010). Entrepreneurship and epistemology: the philosophical underpinnings of the study of entrepreneurial opportunities. Academy of Management Annals, 4(1), 557–583.

    Article  Google Scholar 

  • Alvarez, S. A., & Busenitz, L. W. (2001). The entrepreneurship of resource-based theory. Journal of Management, 27(6), 755–775.

    Article  Google Scholar 

  • Anokhin, S., Troutt, M. D., Wincent, J., & Brandyberry, A. A. (2010). Measuring arbitrage opportunities: a minimum performance inefficiency estimation technique. Organizational Research Methods, 13(1), 55–66.

    Article  Google Scholar 

  • Anokhin, S., Wincent, J., & Autio, E. (2011). Operationalizing opportunities in entrepreneurship research: use of data envelopment analysis. Small Business Economics, 37(1), 39–57.

    Article  Google Scholar 

  • Ardichvili, A., Cardozo, R., & Ray, S. (2003). A theory of entrepreneurial opportunity identification and development. Journal of Business Venturing, 18(1), 105–123.

    Article  Google Scholar 

  • Arenius, P., & Clercq, D. D. (2005). A network-based approach on opportunity recognition. Small Business Economics, 24(3), 249–265.

    Article  Google Scholar 

  • Audretsch, D. B. (2005). The knowledge spillover theory of entrepreneurship and economic growth. Research on Technological Innovation Management and Policy, 9, 37–54.

    Article  Google Scholar 

  • Audretsch, D. B., Aldridge, T. T., & Sanders, M. (2011). Social capital building and new business formation: a case study in silicon valley. International Small Business Journal, 29(2), 152–169.

    Article  Google Scholar 

  • Audretsch, D. B., & Keilbach, M. (2007). The theory of knowledge spillover entrepreneurship. Journal of Management Studies, 44(7), 1242–1254.

    Article  Google Scholar 

  • Audretsch, D. B., Keilbach, M., & Lehmann, E. (2005). The knowledge spillover theory of entrepreneurship and technological diffusion. Advances in the Study of Entrepreneurship Innovation & Economic Growth, 16, 69–91.

    Article  Google Scholar 

  • Bagheri, A. (2009). An exploratory study of entrepreneurial leadership development of university students. European Journal of Social Sciences, 11(1), 177–190.

    Google Scholar 

  • Baker, T., & Nelson, R. E. (2005). Creating something from nothing: resource construction through entrepreneurial bricolage. Administrative Science Quarterly, 50(3), 329–366.

    Article  Google Scholar 

  • Baker, T., Gedajlovic, E., & Lubatkin, M. (2005). A framework for comparing entrepreneurship processes across nations. Journal of International Business Studies, 36(5), 492–504.

    Article  Google Scholar 

  • Baron, R. A. (1998). Cognitive mechanisms in entrepreneurship: why and when enterpreneurs think differently than other people. Journal of Business Venturing, 13(4), 275–294.

    Article  Google Scholar 

  • Baron, R. A. (2000). Counterfactual thinking and venture formation: the potential effects of thinking about “what might have been”. Journal of Business Venturing, 15(1), 79–91.

    Article  Google Scholar 

  • Baron, R. A. (2004). The cognitive perspective: a valuable tool for answering entrepreneurship’s basic “why” questions. Journal of Business Venturing, 19(2), 221–239.

    Article  Google Scholar 

  • Baron, R. A. (2006). Opportunity recognition as pattern recognition: how entrepreneurs “connect the dots” to identify new business opportunities. Academy of Management Perspectives, 20(1), 104–119.

    Article  Google Scholar 

  • Baron, R. A. (2008). The role of affect in the entrepreneurial process. Academy of Management Review, 33(2), 328–340.

    Article  Google Scholar 

  • Baron, R. A., & Ensley, M. D. (2006). Opportunity recognition as the detection of meaningful patterns: evidence from comparisons of novice and experienced entrepreneurs. Management Science, 52(9), 1331–1344.

    Article  Google Scholar 

  • Baron, R. A., & Markman, G. D. (2000). Beyond social capital: how social skills can enhance entrepreneurs’ success. Academy of Management Executive, 14(1), 106–114.

    Google Scholar 

  • Baron, R. A., & Tang, J. (2011). The role of entrepreneurs in firm-level innovation: joint effects of positive affect, creativity, and environmental dynamism. Journal of Business Venturing, 26(1), 49–60.

    Article  Google Scholar 

  • Baumol, W. J. (1993). Formal entrepreneurship theory in economics: existence and bounds. Journal of Business Venturing, 8(3), 197–210.

    Article  Google Scholar 

  • Bhagavatula, S., Elfring, T., van Tilburg, A., & van de Bunt, G. G. (2010). How social and human capital influence opportunity recognition and resource mobilization in India’s handloom industry. Journal of Business Venturing, 25(3), 245–260.

    Article  Google Scholar 

  • Bonney, F. L., & Williams, B. C. (2009). From products to solutions: the role of salesperson opportunity recognition. European Journal of Marketing, 43(7), 1032–1052.

    Google Scholar 

  • Bosma, N., & Harding, R. (2007). Global entrepreneurship monitor: GEM 2006 summary results. Babson Park: Babson College; London Business School.

    Google Scholar 

  • Buenstorf, G. (2007). Creation and pursuit of entrepreneurial opportunities: an evolutionary economics perspective. Small Business Economics, 28(4), 323–337.

    Article  Google Scholar 

  • Busenitz, L. W. (1996). Research on entrepreneurial alertness: sampling, measurement, and theoretical issues. Journal of Small Business Management, 34(4), 35–44.

    Google Scholar 

  • Butler, J. E., Doktor, R., & Lins, F. A. (2010). Linking international entrepreneurship to uncertainty, opportunity discovery, and cognition. Journal of International Entrepreneurship, 8(2), 121–134.

    Article  Google Scholar 

  • Casson, M. (2005). The individual–opportunity nexus: a review of Scott Shane: a general theory of entrepreneurship. Small Business Economics, 24(5), 423–430.

    Article  Google Scholar 

  • Casson, M., & Wadeson, N. (2007). The discovery of opportunities: extending the economic theory of the entrepreneur. Small Business Economics, 28(4), 285–300.

    Article  Google Scholar 

  • Chandra, Y., Styles, C., & Wilkinson, I. (2009). The recognition of first time international entrepreneurial opportunities: evidence from firms in knowledge-based industries. International Marketing Review, 26(1), 30–61.

    Article  Google Scholar 

  • Chen, M., & Yang, Y. (2009). Typology and performance of new ventures in Taiwan: a model based on opportunity recognition and entrepreneurial creativity. International Journal of Entrepreneurial Behaviour and Research, 15(5), 398–414.

    Article  Google Scholar 

  • Chiasson, M., & Saunders, C. (2005). Reconciling diverse approaches to opportunity research using the structuration theory. Journal of Business Venturing, 20(6), 747–767.

    Article  Google Scholar 

  • Choi, Y. R., Lévesque, M., & Shepherd, D. A. (2008). When should entrepreneurs expedite or delay opportunity exploitation? Journal of Business Venturing, 23(3), 333–355.

    Article  Google Scholar 

  • Choi, Y. R., & Shepherd, D. A. (2004). Entrepreneurs’ decisions to exploit opportunities. Journal of Management, 30(3), 377–395.

    Article  Google Scholar 

  • Clarysse, B., Tartari, V., & Salter, A. (2011). The impact of entrepreneurial capacity, experience and organizational support on academic entrepreneurship. Research Policy, 40(8), 1084–1093.

    Article  Google Scholar 

  • Cliff, J. E., Jennings, P. D., & Greenwood, R. (2006). New to the game and questioning the rules: the experiences and beliefs of founders who start imitative versus innovative firms. Journal of Business Venturing, 21(5), 633–663.

    Article  Google Scholar 

  • Cohen, B., & Winn, M. I. (2007). Market imperfections, opportunity and sustainable entrepreneurship. Journal of Business Venturing, 22(1), 29–49.

    Article  Google Scholar 

  • Cooper, S. Y., & Park, J. S. (2008). The impact of “incubator” organizations on opportunity recognition and technology innovation in new, entrepreneurial high-technology ventures. International Small Business Journal, 26(1), 27–56.

    Article  Google Scholar 

  • Corbett, A. C. (2005). Experiential learning within the process of opportunity identification and exploitation. Entrepreneurship: Theory and Practice, 29(4), 473–491.

    Google Scholar 

  • Corbett, A. C. (2007). Learning asymmetries and the discovery of entrepreneurial opportunities. Journal of Business Venturing, 22(1), 97–118.

    Article  Google Scholar 

  • Corner, P. D., & Ho, M. (2010). How opportunities develop in social entrepreneurship. Entrepreneurship: Theory and Practice, 34(4), 635–659.

    Google Scholar 

  • Crick, D., & Spence, M. (2005). The internationalisation of “high performing” UK high-tech SMEs: a study of planned and unplanned strategies. International Business Review, 14(2), 167–185.

    Article  Google Scholar 

  • de Holan, P. M. (2014). It’s all in your head: why we need neuroentrepreneurship. Journal of Management Inquiry, 23(1), 93–97.

    Article  Google Scholar 

  • DeTienne, D. R., & Chandler, G. N. (2007). The role of gender in opportunity identification. Entrepreneurship: Theory and Practice, 31(3), 365–386.

    Google Scholar 

  • Dimov, D. (2007). From opportunity insight to opportunity intention: the importance of person–situation learning match. Entrepreneurship: Theory and Practice, 31(4), 561–583.

    Google Scholar 

  • Dyer, J. H., Gregersen, H. B., & Christensen, C. (2008). Entrepreneur behaviors, opportunity recognition, and the origins of innovative ventures. Strategic Entrepreneurship Journal, 2(4), 317–338.

    Article  Google Scholar 

  • Eckhardt, J. T., & Shane, S. A. (2003). Opportunities and entrepreneurship. Journal of Management, 29(3), 333–349.

    Article  Google Scholar 

  • Ellis, P. D. (2011). Social ties and international entrepreneurship: opportunities and constraints affecting firm internationalization. Journal of International Business Studies, 42(1), 99–127.

    Article  Google Scholar 

  • Endres, A. M., & Woods, C. R. (2007). The case for more “subjectivist” research on how entrepreneurs create opportunities. International Journal of Entrepreneurial Behaviour and Research, 13(4), 222–234.

    Article  Google Scholar 

  • Farr-Wharton, R., & Brunetto, Y. (2007). Women entrepreneurs, opportunity recognition and government-sponsored business networks: a social capital perspective. Women in Management Review, 22(3), 187–207.

    Article  Google Scholar 

  • Fiet, J. O. (1996). The informational basis of entrepreneurial discovery. Small Business Economics, 8(6), 419–430.

    Article  Google Scholar 

  • Fiet, J. O. (2007). A prescriptive analysis of search and discovery. Journal of Management Studies, 44(4), 592–611.

    Article  Google Scholar 

  • Fiet, J. O., & Patel, P. C. (2008). Entrepreneurial discovery as constrained, sytematic search. Small Business Economics, 30(3), 215–229.

  • Fiet, J. O., Piskounov, A., & Patel, P. C. (2005). Still searching (systematically) for entrepreneurial discoveries. Small Business Economics, 25(5), 489–504.

    Article  Google Scholar 

  • Fischer, A. (2011). Recognizing opportunities: initiating service innovation in PSFs. Journal of Knowledge Management, 15(6), 915–927.

    Article  Google Scholar 

  • Fletcher, D. E. (2006). Entrepreneurial processes and the social construction of opportunity. Entrepreneurship and Regional Development, 18(5), 421–440.

    Article  Google Scholar 

  • Foo, M. D. (2011). Emotions and entrepreneurial opportunity evaluation. Entrepreneurship: Theory and Practice, 35(2), 375–393.

    Google Scholar 

  • Fuentes, M. D. M. F., Arroyo, M. R., Bojica, A. M., & Pérez, V. F. (2010). Prior knowledge and social networks in the exploitation of entrepreneurial opportunities. International Entrepreneurship and Management Journal, 6(4), 481–501.

  • Gaglio, C. M., & Katz, J. A. (2001). The psychological basis of opportunity identification: entrepreneurial alertness. Small Business Economics, 16(2), 95–111.

    Article  Google Scholar 

  • García-Cabrera, A. M., & García-Soto, M. G. (2009). A dynamic model of technology-based opportunity recognition. Journal of Entrepreneurship, 18(2), 167–190.

    Article  Google Scholar 

  • Garg, A. K., Matshediso, I. B., & Garg, D. (2011). An individual’s motivation to become entrepreneur: evidences from a mineral based economy. International Journal of Entrepreneurship and Small Business, 12(1), 109–127.

    Article  Google Scholar 

  • Granovetter, M. S. (1973). The strength of weak ties. American Journal of Sociology, 78(6), 1360–1380.

    Article  Google Scholar 

  • Granovetter, M. S. (1992). Problems of explanation in economic sociology. In N. Nohria & R. Eccles (Eds.), Networks and organizations (pp. 25–56). Boston: Harvard Business School Press.

    Google Scholar 

  • Gordon, S. R. (2007). Interpersonal trust, vigilance and social networks roles in the process of entrepreneurial opportunity recognition. International Journal of Entrepreneurship and Small Business, 4(5), 564–585.

    Article  Google Scholar 

  • Görling, S., & Rehn, A. (2008). Accidental ventures – a materialist reading of opportunity and entrepreneurial potential. Scandinavian Journal of Management, 24(2), 94–102.

    Article  Google Scholar 

  • Grégoire, D. A., Barr, P. S., & Shepherd, D. A. (2010a). Cognitive processes of opportunity recognition: the role of structural alignment. Organization Science, 21(2), 413–431.

    Article  Google Scholar 

  • Grégoire, D. A., Shepherd, D. A., & Lambert, L. S. (2010b). Measuring opportunity-recognition beliefs: illustrating and validating an experimental approach. Organizational Research Methods, 13(1), 114–145.

    Article  Google Scholar 

  • Hansen, D. J., Lumpkin, G. T., & Hills, G. E. (2011). A multidimensional examination of a creativity-based opportunity recognition model. International Journal of Entrepreneurial Behaviour and Research, 17(5), 515–533.

    Article  Google Scholar 

  • Haynie, J. M., Shepherd, D. A., & McMullen, J. S. (2009). An opportunity for me? The role of resources in opportunity evaluation decisions. Journal of Management Studies, 46(3), 337–361.

    Article  Google Scholar 

  • Hayton, J., Chandler, G. N., & DeTienne, D. R. (2011). Entrepreneurial opportunity identification and new firm development processes: a comparison of family and non-family new ventures. International Journal of Entrepreneurship and Innovation Management, 13(1), 12–31.

    Article  Google Scholar 

  • Heilbrunn, S. (2010). Entrepreneurial opportunities in changing communities. Journal of Small Business and Enterprise Development, 17(2), 247–259.

    Article  Google Scholar 

  • Heinonen, J., Hytti, U., & Stenholm, P. (2011). The role of creativity in opportunity search and business idea creation. Education and Training, 53(8), 659–672.

    Google Scholar 

  • Hill, S. A., & Birkinshaw, J. M. (2010). Idea sets: conceptualizing and measuring a new unit of analysis in entrepreneurship research. Organizational Research Methods, 13(1), 85–113.

    Article  Google Scholar 

  • Hite, J. M. (2005). Evolutionary processes and paths of relationally embedded network ties in emerging entrepreneurial firms. Entrepreneurship: Theory and Practice, 29(1), 113–144.

    Google Scholar 

  • Hjorth, D. (2007). Lessons from Iago: narrating the event of entrepreneurship. Journal of Business Venturing, 22(5), 712–732.

    Article  Google Scholar 

  • Holcombe, R. G. (2003). The origins of entrepreneurial opportunities. Review of Austrian Economics, 16(1), 25–43.

    Article  Google Scholar 

  • Hsieh, C., Nickerson, J. A., & Zenger, T. R. (2007). Opportunity discovery, problem solving and a theory of the entrepreneurial firm. Journal of Management Studies, 44(7), 1255–1277.

    Article  Google Scholar 

  • Ireland, R. D., Hitt, M. A., & Sirmon, D. G. (2003). A model of strategic entrepreneurship: the construct and its dimensions. Journal of Management, 29(6), 963–989.

  • Kaish, S., & Gilad, B. (1991). Characteristics of opportunities search of entrepreneurs versus executives: sources, interests, general alertness. Journal of Business Venturing, 6(1), 45–61.

    Article  Google Scholar 

  • Kellermanns, F. W., & Eddleston, K. A. (2006). Corporate entrepreneurship in family firms: a family perspective. Entrepreneurship: Theory and Practice, 30(6), 809–830.

    Google Scholar 

  • Kickul, J., Liao, J., Gundry, L., & Iakovleva, T. (2010). Firm resources, opportunity recognition, entrepreneurial orientation and performance: the case of Russian women-led family businesses. International Journal of Entrepreneurship and Innovation Management, 12(1), 52–69.

    Article  Google Scholar 

  • Kirzner, I. M. (1973). Competition and entrepreneurship. Chicago: University of Chicago Press.

  • Kirzner, I. (1979). Perception, opportunity, and profit. Chicago: University of Chicago Press.

    Google Scholar 

  • Kirzner, I. (1997). Entrepreneurial discovery and the competitive market process: an Austrian approach. Journal of Economic Literature, 35, 60–85.

    Google Scholar 

  • Ko, S., & Butler, J. E. (2006). Prior knowledge, bisociative mode of thinking and entrepreneurial opportunity identification. International Journal of Entrepreneurship and Small Business, 3(1), 3–16.

    Article  Google Scholar 

  • Koellinger, P. (2008). Why are some entrepreneurs more innovative than others? Small Business Economics, 31(1), 21–37.

    Article  Google Scholar 

  • Kontinen, T., & Ojala, A. (2011a). International opportunity recognition among small and medium-sized family firms. Journal of Small Business Management, 49(3), 490–514.

    Article  Google Scholar 

  • Kontinen, T., & Ojala, A. (2011b). Network ties in the international opportunity recognition of family SMEs. International Business Review, 20(4), 440–453.

    Article  Google Scholar 

  • Kourilsky, M. L., & Esfandiari, M. (1997). Entrepreneurship education and lower socioeconomic black youth: an empirical investigation. Urban Review, 29(3), 205–215.

    Article  Google Scholar 

  • Kourilsky, M. L., & Walstad, W. B. (1998). Entrepreneurship and female youth: knowledge, attitudes, gender differences, and educational practices. Journal of Business Venturing, 13(1), 77–88.

    Article  Google Scholar 

  • Leaptrott, J., & Michael McDonald, J. (2009). Ways managers interpret and act on common workplace events: implications for the entrepreneurial executive. Entrepreneurial Executive, 14(1), 81–94.

    Google Scholar 

  • Lettl, C., Hienerth, C., & Gemuenden, H. G. (2008). Exploring how lead users develop radical innovation: opportunity recognition and exploitation in the field of medical equipment technology. IEEE Transactions on Engineering Management, 55(2), 219–233.

    Article  Google Scholar 

  • Li, Y. (2011). Emotions and new venture judgment in China. Asia Pacific Journal of Management, 28(2), 277–298.

    Article  Google Scholar 

  • Lindsay, N. J., Lindsay, W. A., Jordaan, A., & Hindle, K. (2006). Opportunity recognition attitudes of nascent indigenous entrepreneurs. International Journal of Entrepreneurship and Small Business, 3(1), 56–75.

    Article  Google Scholar 

  • Lumpkin, G. T., & Lichtenstein, B. B. (2005). The role of organizational learning in the opportunity-recognition process. Entrepreneurship: Theory and Practice, 29(4), 451–472.

    Google Scholar 

  • Lunnan, A., Nybakk, E., & Vennesland, B. (2006). Entrepreneurial attitudes and probability for start-ups – an investigation of Norwegian non-industrial private forest owners. Forest Policy and Economics, 8(7), 683–690.

    Article  Google Scholar 

  • Lynskey, M. J. (2004). Knowledge, finance and human capital: the role of social institutional variables on entrepreneurship in Japan. Industry and Innovation, 11(4), 373–405.

    Article  Google Scholar 

  • Macpherson, A., Jones, O., & Zhang, M. (2004). Evolution or revolution? Dynamic capabilities in a knowledge-dependent firm. R and D Management, 34(2), 161–178.

    Article  Google Scholar 

  • Mahnke, V., Venzin, M., & Zahra, S. A. (2007). Governing entrepreneurial opportunity recognition in MNEs: aligning interests and cognition under uncertainty. Journal of Management Studies, 44(7), 1278–1298.

    Article  Google Scholar 

  • Mainela, T., & Puhakka, V. (2009). Organising new business in a turbulent context: opportunity discovery and effectuation for IJV development in transition markets. Journal of International Entrepreneurship, 7(2), 111–134.

    Article  Google Scholar 

  • Markman, G. D., & Baron, R. A. (2003). Person-entrepreneurship fit: why some people are more successful as entrepreneurs than others. Human Resource Management Review, 13(2), 281–301.

    Article  Google Scholar 

  • Marvel, M. R., & Droege, S. (2010). Prior tacit knowledge and first-year sales: learning from technology entrepreneurs. Journal of Small Business and Enterprise Development, 17(1), 32–44.

    Article  Google Scholar 

  • McMullen, J. S., Plummer, L. A., & Acs, Z. J. (2007). What is an entrepreneurial opportunity? Small Business Economics, 28(4), 273–283.

    Article  Google Scholar 

  • Merrilees, B. (2007). A theory of brand-led SME new venture development. Qualitative Market Research, 10(4), 403–415.

    Article  Google Scholar 

  • Mejri, K., & Umemoto, K. (2010). Small-and medium-sized enterprise internationalization: towards the knowledge-based model. Journal of International Entrepreneurship, 8(2), 156–167.

    Article  Google Scholar 

  • Miao, Q., & Liu, L. (2010). A psychological model of entrepreneurial decision making. Social Behavior and Personality: An International Journal, 38(3), 357–363.

    Article  Google Scholar 

  • Mitchell, J. R., & Shepherd, D. A. (2010). To thine own self be true: images of self, images of opportunity, and entrepreneurial action. Journal of Business Venturing, 25(1), 138–154.

    Article  Google Scholar 

  • Monllor, J., & Attaran, S. (2008). Opportunity recognition of social entrepreneurs: an application of the creativity model. International Journal of Entrepreneurship and Small Business, 6(1), 54–67.

    Article  Google Scholar 

  • Mueller, P. (2007). Exploiting entrepreneurial opportunities: the impact of entrepreneurship on growth. Small Business Economics, 28(4), 355–362.

    Article  Google Scholar 

  • Murphy, P. J. (2011). A 2 × 2 conceptual foundation for entrepreneurial discovery theory. Entrepreneurship: Theory and Practice, 35(2), 359–374.

  • Nicolaou, N., Shane, S., Cherkas, L., & Spector, T. D. (2009). Opportunity recognition and the tendency to be an entrepreneur: a bivariate genetics perspective. Organizational Behavior and Human Decision Processes, 110(2), 108–117.

    Article  Google Scholar 

  • Nicolaou, N., & Shane, S. (2010). Entrepreneurship and occupational choice: genetic and environmental influences. Journal of Economic Behavior & Organization, 76(1), 3–14.

  • Omorede, A., Thorgren, S., & Wincent, J. (2014). Entrepreneurship psychology: A review. International Entrepreneurship and Management Journal, 1–26.

  • Osigweh, C. A. (1989). Concept fallibility in organizational science. Academy of Management Review, 14(4), 579–594.

    Article  Google Scholar 

  • Ozgen, E. (2009). The collaborative frontiers of social networks and opportunity recognition in convergent technologies. Academy of Entrepreneurship Journal, 15(1–2), 111–128.

    Google Scholar 

  • Ozgen, E. (2011). Porter’s diamond model and opportunity recognition: a cognitive perspective. Academy of Entrepreneurship Journal, 17(2), 61–76.

    Google Scholar 

  • Ozgen, E., & Baron, R. A. (2007). Social sources of information in opportunity recognition: effects of mentors, industry networks, and professional forums. Journal of Business Venturing, 22(2), 174–192.

    Article  Google Scholar 

  • Park, J. S. (2005). Opportunity recognition and product innovation in entrepreneurial hi-tech start-ups: a new perspective and supporting case study. Technovation, 25(7), 739–752.

    Article  Google Scholar 

  • Patel, P. C., & Fiet, J. O. (2009). Systematic search and its relationship to firm founding. Entrepreneurship: Theory and Practice, 33(2), 501–526.

    Google Scholar 

  • Patzelt, H., & Shepherd, D. A. (2011). Recognizing opportunities for sustainable development. Entrepreneurship: Theory and Practice, 35(4), 631–652.

    Google Scholar 

  • Pech, R. J., & Cameron, A. (2006). An entrepreneurial decision process model describing opportunity recognition. European Journal of Innovation Management, 9(1), 61–78.

    Article  Google Scholar 

  • Plummer, L. A., Haynie, J. M., & Godesiabois, J. (2007). An essay on the origins of entrepreneurial opportunity. Small Business Economics, 28(4), 363–379.

    Article  Google Scholar 

  • Podsakoff, P. M., Mackenzie, S. B., Bachrach, D. G., & Podsakoff, N. P. (2005). The influence of management journals in the 1980s and 1990s. Strategic Management Journal, 26(5), 473–488.

  • Rae, D. (2005). Entrepreneurial learning: a narrative-based conceptual model. Journal of Small Business and Enterprise Development, 12(3), 323–335.

    Article  Google Scholar 

  • Ramos-Rodríguez, A., Medina-Garrido, J., Lorenzo-Gómez, J., & Ruiz-Navarro, J. (2010). What you know or who you know? The role of intellectual and social capital in opportunity recognition. International Small Business Journal, 28(6), 566–582.

    Article  Google Scholar 

  • Rerup, C. (2005). Learning from past experience: footnotes on mindfulness and habitual entrepreneurship. Scandinavian Journal of Management, 21(4 SPEC. ISS), 451–472.

    Article  Google Scholar 

  • Reim, W., Parida, V., & Örtqvist, D. (2014). Product–Service Systems (PSS) business models and tactics–a systematic literature review. Journal of Cleaner Production. doi:10.1016/j.jclepro.2014.07.003.

  • Saemundsson, R. J., & Holmén, M. (2011). Yes, now we can: technological change and the exploitation of entrepreneurial opportunities. Journal of High Technology Management Research, 22(2), 102–113.

    Article  Google Scholar 

  • Sambasivan, M., Abdul, M., & Yusop, Y. (2009). Impact of personal qualities and management skills of entrepreneurs on venture performance in Malaysia: opportunity recognition skills as a mediating factor. Technovation, 29(11), 798–805.

    Article  Google Scholar 

  • Sanz-Velasco, S. A. (2006). Opportunity development as a learning process for entrepreneurs. International Journal of Entrepreneurial Behaviour and Research, 12(5), 251–271.

    Article  Google Scholar 

  • Sarasvathy, S. D., Dew, N., Ramakrishna Velamuri, S., & Venkataraman, S. (2003). Three views of entrepreneurial opportunity. In Z. Acs & D. B. Audretsch (Eds.), Handbook of entrepreneurship research (pp. 141–160). Dordrecht: Kluwer Academic Publishers.

    Google Scholar 

  • Sardeshmukh, S. R., & Corbett, A. C. (2011). The duality of internal and external development of successors: opportunity recognition in family firms. Family Business Review, 24(2), 111–125.

    Article  Google Scholar 

  • Schumpeter, J. (1934). The theory of economic development. Cambridge: Harvard University Press.

    Google Scholar 

  • Schumpeter, J. (1942). Capitalism, Socialism and Democracy (5th ed.). London: Allen & Unwin.

    Google Scholar 

  • Schwartz, R. G., Teach, R. D., & Birch, N. J. (2005). A longitudinal study of entrepreneurial firms opportunity recognition and product development management strategies: implications by firm type. International Journal of Entrepreneurial Behaviour and Research, 11(4), 315–329.

    Article  Google Scholar 

  • Seymour, R. G. (2006). Hermeneutic phenomenology and international entrepreneurship research. Journal of International Entrepreneurship, 4(4), 137–155.

    Article  Google Scholar 

  • Shane, S. (2000). Prior knowledge and the discovery of entrepreneurial opportunities. Organization Science, 11(4), 448–469.

    Article  Google Scholar 

  • Shane, S. (2001). Technological opportunities and new firm creation. Management Science, 47(2), 205–220.

    Article  Google Scholar 

  • Shane, S., Nicolaou, N., Cherkas, L., & Spector, T. D. (2010). Do openness to experience and recognizing opportunities have the same genetic source? Human Resource Management, 49(2), 291–303.

    Article  Google Scholar 

  • Shane, S., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review, 25(1), 217–226.

    Google Scholar 

  • Shaver, K. G., & Scott, L. R. (2002). Person, process, choice. Entrepreneurship: Critical Perspectives on Business and Management, 2(2), 334.

    Google Scholar 

  • Shaw, E., & Carter, S. (2007). Social entrepreneurship: theoretical antecedents and empirical analysis of entrepreneurial processes and outcomes. Journal of Small Business and Enterprise Development, 14(3), 418–434.

    Article  Google Scholar 

  • Shepherd, D. A., & Lévesque, M. (2002). A search strategy for assessing a business opportunity. IEEE Transactions on Engineering Management, 49(2), 140–154.

    Article  Google Scholar 

  • Short, J. C., Ketchen, D. J., Jr., Shook, C. L., & Ireland, R. D. (2010). The concept of “opportunity” in entrepreneurship research: past accomplishments and future challenges. Journal of Management, 36(1), 40–65.

    Article  Google Scholar 

  • Shum, P., & Lin, G. (2010). A resource-based view on entrepreneurship and innovation. International Journal of Entrepreneurship and Innovation Management, 11(3), 264–281.

    Article  Google Scholar 

  • Singh, R. P., Knox, E. L., & Crump, M. E. S. (2008). Opportunity recognition differences between black and white nascent entrepreneurs: a test of Bhave’s model. Journal of Developmental Entrepreneurship, 13(1), 59–75.

    Article  Google Scholar 

  • Smith, B. R., Matthews, C. H., & Schenkel, M. T. (2009). Differences in entrepreneurial opportunities: the role of tacitness and codification in opportunity identification. Journal of Small Business Management, 47(1), 38–57.

    Article  Google Scholar 

  • Suzuki, K. I., Kim, S. H., & Bae, Z. T. (2002). Entrepreneurship in Japan and Silicon Valley: a comparative study. Technovation, 22(10), 595–606.

    Article  Google Scholar 

  • Tang, J. (2008). Environmental munificence for entrepreneurs: entrepreneurial alertness and commitment. International Journal of Entrepreneurial Behaviour and Research, 14(3), 128–151.

    Article  Google Scholar 

  • Tang, J. (2010). How entrepreneurs discover opportunities in China: an institutional view. Asia Pacific Journal of Management, 27(3), 461–479.

    Article  Google Scholar 

  • Tominc, P., & Rebernik, M. (2007). Growth aspirations and cultural support for entrepreneurship: a comparison of post-socialist countries. Small Business Economics, 28(2–3), 239–255.

    Article  Google Scholar 

  • Ucbasaran, D., Westhead, P., & Wright, M. (2008). Opportunity identification and pursuit: does an entrepreneur’s human capital matter? Small Business Economics, 30(2), 153–173.

    Article  Google Scholar 

  • Ucbasaran, D., Westhead, P., & Wright, M. (2009). The extent and nature of opportunity identification by experienced entrepreneurs. Journal of Business Venturing, 24(2), 99–115.

    Article  Google Scholar 

  • Ucbasaran, D., Wright, M., & Westhead, P. (2003a). A longitudinal study of habitual entrepreneurs: starters and acquirers. Entrepreneurship and Regional Development, 15(3), 207–228.

    Article  Google Scholar 

  • Ucbasaran, D., Wright, M., Westhead, P., & Busenitz, L. W. (2003b). The impact of entrepreneurial experience on opportunity identification and exploitation: habitual and novice entrepreneurs. Advances in Entrepreneurship, Firm Emergence and Growth, 6, 231–263.

    Article  Google Scholar 

  • Vaghely, I. P., & Julien, P. (2010). Are opportunities recognized or constructed? An information perspective on entrepreneurial opportunity identification. Journal of Business Venturing, 25(1), 73–86.

    Article  Google Scholar 

  • Van der Veen, M., & Wakkee, I. (2009). Value creation and the internet: entrepreneurial behaviour in Dutch SMEs. International Journal of Entrepreneurship and Small Business, 8(3), 411–430.

    Article  Google Scholar 

  • Van Gelderen, M. (2007). Country of origin as a source of business opportunities. International Journal of Entrepreneurship and Small Business, 4(4), 419–430.

    Article  Google Scholar 

  • Vandekerckhove, W., & Dentchev, N. A. (2005). A network perspective on stakeholder management: facilitating entrepreneurs in the discovery of opportunities. Journal of Business Ethics, 60(3), 221–232.

    Article  Google Scholar 

  • Vohora, A., Wright, M., & Lockett, A. (2004). Critical junctures in the development of university high-tech spinout companies. Research Policy, 33(1), 147–175.

    Article  Google Scholar 

  • Wang, Y. L., & Ellinger, A. D. (2009). Examining the relationships between information acquisition, entrepreneurial opportunity recognition, and innovation performance through the development and validation of a new measure to assess information acquisition in the high technology sector in Taiwan. International Journal of Entrepreneurship and Innovation Management, 9(3), 313–342.

    Article  Google Scholar 

  • Webb, J. W., Ireland, R. D., Hitt, M. A., Kistruck, G. M., & Tihanyi, L. (2011). Where is the opportunity without the customer? An integration of marketing activities, the entrepreneurship process, and institutional theory. Journal of the Academy of Marketing Science, 39(4), 537–554.

    Article  Google Scholar 

  • Westhead, P., Ucbasaran, D., & Wright, M. (2009). Information search and opportunity identification: the importance of prior business ownership experience. [recherche d’information et reconnaissance des occasions: L’importance de l’expérience antérieure du “business ownership”]. International Small Business Journal, 27(6), 659–680.

    Article  Google Scholar 

  • Wong, P. K., Lee, L., & Foo, M. D. (2008). Occupational choice: the influence of product vs. process innovation. Small Business Economics, 30(3), 267–281.

    Article  Google Scholar 

  • Wood, M. S., & Pearson, J. M. (2009). Taken on faith? The impact of uncertainty, knowledge relatedness, and richness of information on entrepreneurial opportunity exploitation. Journal of Leadership and Organizational Studies, 16(2), 117–130.

    Article  Google Scholar 

  • Yu, T. F. L. (2001a). Entrepreneurial alertness and discovery. Review of Austrian Economics, 14(1), 47–63.

    Article  Google Scholar 

  • Yu, T. F. L. (2001b). Towards a theory of the entrepreneurial state. International Journal of Social Economics, 28(9), 752–766.

  • Zahra, S. A., Gedajlovic, E., Neubaum, D. O., & Shulman, J. M. (2009). A typology of social entrepreneurs: motives, search processes and ethical challenges. Journal of Business Venturing, 24(5), 519–532.

    Article  Google Scholar 

  • Zahra, S. A., & George, G. (2002). The net-enabled business innovation cycle and the evolution of dynamic capabilities. Information Systems Research, 13(2), 147–150.

    Article  Google Scholar 

  • Zahra, S. A., Korri, J. S., & Yu, J. (2005). Cognition and international entrepreneurship: implications for research on international opportunity recognition and exploitation. International Business Review, 14(2), 129–146.

    Article  Google Scholar 

  • Zahra, S. A., Yavuz, R. I., & Ucbasaran, D. (2006). How much do you trust me? The dark side of relational trust in new business creation in established companies. Entrepreneurship: Theory and Practice, 30(4), 541–559.

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Entrepreneurship and Innovation, Luleå University of Technology, Luleå, Sweden

    Nerine Mary George, Vinit Parida & Joakim Wincent

  2. Hanken School of Economics, Helsinki, Finland

    Tom Lahti & Joakim Wincent

  3. Department of Management, University of Vaasa, Vaasa, Finland

    Vinit Parida

Authors
  1. Nerine Mary George
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Vinit Parida
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Tom Lahti
    View author publications

    You can also search for this author in PubMed Google Scholar

  4. Joakim Wincent
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Nerine Mary George.

Rights and permissions

Reprints and permissions

About this article

Check for updates. Verify currency and authenticity via CrossMark

Cite this article

Mary George, N., Parida, V., Lahti, T. et al. A systematic literature review of entrepreneurial opportunity recognition: insights on influencing factors. Int Entrep Manag J 12, 309–350 (2016). https://doi.org/10.1007/s11365-014-0347-y

Download citation

  • Published:

  • Issue Date:

  • DOI: https://doi.org/10.1007/s11365-014-0347-y

Keywords

Search

Navigation