Why Is Entrepreneurial Opportunity Recognition Important?

What makes for a successful entrepreneur continues to be studied.

Economists and social psychologists have attempted to analyze the characteristics of successful entrepreneurs for decades. Inquiries in the field have revealed aspects of success such as ambition, drive and openness to risk-taking. Other factors considered were education, gender and even height and birth-order.

Attitude

The right attitude is believed to be essential in entrepreneurial success.

Entrepreneurial opportunity recognition (EOR) was first presented as a methodology of investigation in the winter 2000 issue of "Entrepreneur" magazine. Using a lengthy questionnaire, the authors expanded on the attitudinal concept with its correlates of behavior, belief and emotion. The factor studied was how to recognize people who see and grasp opportunities.

Definition

The ability to see opportunity when it is not obvious is a core value in entrepreneurs.

According to "Entrepreneur," EOR is the ability to see unmet needs in a market. Through a series of questions given to nurses about the ability to see unmet needs, the authors discovered where the unmet needs in the industry were located.

Significance

The medical business is changing and nurses may find business opportunities.

The authors did not study EOR in a group of investors but in nurses. "Entrepreneur" recognizes that health care is changing and that nurses, with their knowledge and inside experience, can be used with advantage. Thus, the study revealed opportunities in the medical business and the characteristics of the nurses who are open to health care business opportunities.

References

• Entrepreneur ; Entrepreneurship: Theory and Practice - Winter, 2000