Critical Factors Influencing Opportunity Recognition and Exploitation

Abstract

When entrepreneurs discovered an opportunity, they take the risk of exploiting it by sourcing resources and applying them to develop the product or service, offer the product to customers through the relevant market, gather the appropriate human resources, and satisfy all the stakeholders. It is therefore important to understand the factors that will influence both entrepreneurial opportunity recognition and opportunity exploitation. This article presented a literature review and findings from the reviewed literature as it relates to critical factors that influence opportunity recognition and opportunity exploitation. The finding might help entrepreneurs understand critical factors that will influence them to discover entrepreneurial opportunity quickly and efficiently, and exploit the opportunity to form a new venture. The information presented in the article might guide researchers to explore more factors that will influence entrepreneurial opportunity recognition and exploitation especially as it relates to specific industries.