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Networks in this case can include those the entrepreneur associates with closely such as his family members, business partners or even close friends. When a network in this case is made up of people who are particularly close to the entrepreneur, such a network can be said to be strong. On the other hand, an entrepreneur's network could also include competitors, suppliers etc. Though there exists some exceptions, the ties exhibited in the second instance are often weak. In a way, the most viable business opportunities often have significant returns on investment. Examples in this case include undervalued resources, inefficiencies in the industry etc. Network ties aid in both the screening as well as distribution of information. It can also be noted that when network ties extend to providers of resources, entrepreneurs have their ability to capitalize on opportunities enhanced significantly. However, of key importance to opportunity recognition in this case is the nature of the network ties. In basic terms, entrepreneurs stand to gain more from available opportunities when the ties under consideration are strong. Such ties in this case may be characterized by amongst other things mutual confiding, shared history, frequent interaction etc.
In regard to prior knowledge and experience, Butler (2004) notes that the same contributes to an individual's alertness. With that in mind, the author points out that "opportunity recognition is thus seen as related to one's prior experience" (Butler 2004)....
Most entrepreneurs tend to believe that possessing special knowledge or experience regarding certain pieces of information effectively reduces their chances of failure. Indeed, one of the main reasons why some individuals identify opportunities which others totally miss has largely got to do with the differing stock of both experience and prior knowledge both groups possess in regard to a specific venture or idea. Butler (2004) supports this view with his assertion that prior experience aids in the identification or recognition of "possibilities that could not be seen without undergoing the experience." Hence in terms of opportunity recognition, prior knowledge in this case is largely considered an edge. Prior knowledge and experience in this case could be related to special knowhow in relation to client service, market dynamics etc.
Conclusion
In conclusion, it can be noted that the factors identified in the text above play a critical role in the enhancement of the opportunity recognition process. It is however important to note that the amount of research that has been undertaken in this area so far is still insufficient. Thus to further understand the role these factors play as far as opportunity recognition is concerned, more studies need to be undertaken in this particular area.
References
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