Entrepreneurial Opportunities Are Being Discovered Day...

Entrepreneurial opportunities are being discovered day after day. This has led to the birth of all of the items we have and cherish in our lives. If one entrepreneur doesn’t grasp the opportunity quickly, there is already another entrepreneur who has recognized an opportunity and knows its true potential whether for personal and/or public benefits in the markets. But, what is an entrepreneurial opportunity? â€Å"Entrepreneurial opportunities are situations in which a person has a chance to introduce a product that generates more revenue than its cost to produce† (Shane 2005). Throughout this essay, three key questions will be answered and dissected: how three factors influence personal decisions on entrepreneurial opportunities, what biases†¦show more content†¦These transformations help stimulate valuable opportunities. An entrepreneur needs to be able to inspect the different types of markets and evaluate how much of an effect each of the four types of chang es has on that market. Recognizing an opportunity is considered the first step in the entrepreneurial process (Christensen et al., 1994). A market that has been running efficiently for the last twenty years seems a lot less appealing that a newer market that is still being advanced and has a plethora of opportunity waiting to be seized. To actually recognize an opportunity, an entrepreneur has to be looking for it. There are many who are trying to find or create the next best thing, so if one is sitting back and waiting for an opportunity to show itself, that person is going to be having a difficult time being successful. The ability to process information is a key factor in decisions regarding entrepreneurial opportunities. Before making any critical decisions, enough information needs to be gathered and then analyzed to make sure the market you are seeking has the most potential. Younger, less experienced entrepreneurs tend to seek out more information in contrast to those who a re more accustomed to being an entrepreneur. However, those who are seeking more information do not leave their comfort zones and