ENTREPRENEURSHIP LITERATURE REVIEW: Opportunity Recognition Concepts

This literature review delves into the concept of opportunity recognition within the field of entrepreneurship, drawing upon management research and technical teamwork. It focuses on the experiences of Mr. Wayne Peel, highlighting his journey and key factors associated with opportunity recognition. The review explores core concepts such as opportunity recognition itself, industry networks, alertness and pattern recognition, serendipity, causation, and effectuation. It examines how these concepts influenced Mr. Peel's entrepreneurial journey, including his prior experience in the mining industry and his ventures with Honeywell and Venturis. The review emphasizes the importance of analytical thinking, strategic planning, and adapting to challenges for entrepreneurial success. It also highlights the significance of networking, alertness, and understanding the interplay between causation and effectuation in identifying and capitalizing on opportunities. The literature review concludes by emphasizing the necessity for entrepreneurs to generate new ideas, apply knowledge, and develop strategic plans to achieve both short-term and long-term goals.

ENTREPRENEURSHIP LITERATURE REVIEW
1.0 INTRODUCTION
The concept of opportunity recognition will be demonstrated with this literature review on
the basis of the technical work of team, entrepreneurship, and research on management.
According to M Peel (2015), he was involved in the process of buyout with the management.
He also gained the experience of 20 years in the projects of engineering and the biggest
achievement for him was the award of E&Y which he received as the youngest entrepreneur
by one of the big four firms. In this literature review, all the opportunity recognition and
theories which are relevant and connected with Mr Peel will be discussed.
2.0 OPPORTUNITY RECOGNITION CONCEPTS
Opportunity Recognition:
As per the views of Ardichvili, Cardozo and Ray 2003, it includes the three distinctive
processes which include the involving the idea of an individual and converting it into the
effective strategy for the growth. In the process, it includes the resources which are
underemployed and sensing the needs in market, next step includes and recognizes the fit
between the specific resources and the needs of fixed market and in last the resources and
market needs are formed in the new business concept. Baron (2006) has defined Opportunity
recognition as the process of cognitive in which an individual can identify and discover the
opportunity.
Industry Network:
As per the views of Arenius and Clercy (2005)in order to discover the opportunities, people
prefer to use recognition process which is exposed because of value of information. An
individual in gaining the information from other peers who are linked through network and
these are based and influenced by the timing, quality and availability of the information
which can be accessed by an individual are suggested as the main literature. Mr Peel has
presented the video in which he included the information for graduates for career and
entrepreneurial journey as it can be achieved by networking information. He also stated that
“networks are your number one assets and it requires controlling, investing, building and

nurturing. An individual who is more exposed and gets more opportunities and ideas by
building a strong network with professionals.
Alertness and Pattern Recognition:
According to Tang, Kacmar, and Busenitz (2012), in order to clarify ideas it involves alert
research and scanning for an entrepreneur which must be meticulous and consistent. Alertness
helps an entrepreneur in structuring the information in varieties of domain-relevant information.
The natural tendency includes the alertness for an entrepreneur for the possible opportunities. In
the presentation, Wayne has included the constant search and always looks for an opportunity for
exploring for the growth and improving in outward and inward. In order to look for an
opportunity systematically and with alertness helps in evaluating and searching the information
for the viability and profitability with an opportunity. In the venture of Wayne, alertness and
research played a major role in business. Alertness and research helps an entrepreneur in looking
for an opportunity effectively. In order to gather new ideas, creative and making extension is
done by both connection and association as the other dimension for information. Wayne Peel
always believed in creativity and innovation in his work. He had recognized new pattern which
he had gained from his previous experience and it helps him in gaining prototypes by controlling
networks in industry.
Serendipity (Luck and Planning):
Serendipity framework is driven by three forces which include the contingencies event,
resources and an activity in which people in group or individuals are gathered to look for
opportunities in market. It is difficult to understand the concept of serendipity but search is done
which is based on the identification of opportunities, discovery, and creativity. It is presented by
Mr Peel in presentation, it is necessary for an entrepreneur to take the big step for identifying the
opportunities. It will help entrepreneur to grab the opportunities and take the advantages of it. It
is essential for an entrepreneur to keep faith and must relate with self-efficacy and with an

opportunity it is necessary to have belief for taking the next big step to move forward. In order
the hold the opportunity it is essential for an entrepreneur to make research and gather the
information to successfully implement for taking the advantages with the grabbed opportunity.
Causation and Effectuation:
Causation is the process which includes objectives to run the process constantly. It also helps in
recognizing the various opportunities as it helps in increasing the profits. In the process of
causation, an individual can make the decision for creating a rationale choice which is based on
the provided information as it is involved in making effective decisions. The current literature is
based on the theoretical framework for an entrepreneur as it is stated by Chandler. It is
mentioned in the presentation of Mr Peel, that the causation of theory is connected with the
planned approaches which show journey of him to make an effective entrepreneur. He had
gained the experience by working n various companies where he had learned in overcoming his
failures and success in the journey of entrepreneurship. In effectuation theory, it is suggested that
entrepreneurs must learn to make effective decisions in the situation of uncertainty as it is also an
emergent process. During the journey of Mr Peel, he had decided to choose the entrepreneurial
route between Engenium and Gradient and he trusted to choose the path of Engenium and it
helped him in understanding the business venture and it allowed him to grab the opportunity to
forward the Engenium process for future.

Prior Experience (Wayne Peel’s journey):
It is stated by Shane (2000), in the market, an entrepreneur can discover the various
opportunities effortlessly with the information of people for using the updated technology
and for influencing the other markets. In the presentation of Mr Peel, he had worked with
mining industry as a research developer where he had gained knowledge and innovative
ideas. In order to gain the information and experience of marketing he went to Honeywell to
meet people and after that he had started his business called Venturis. He always wanted to
start his own company with all his experience in hand as it will increase his networking
connection in market and he made it successful because of Engenium. It helps Mr Peel in
making his mind curious and determination to grab opportunities. It is stated that knowledge
and experience help in making effective connections which helps in explaining the causes
and effects of problems with the updated technologies in the market industry.
Conclusion:
In order to conclude, it is essential for an entrepreneur to generate new ideas and identify
opportunities by applying analytical thinking in products and services to be successful in
market. To start a successful entrepreneurship, it is crucial to grab the potential opportunities
and apply the knowledge and experience in the entrepreneurship and for achieving success an
entrepreneur face internal and external challenges. In the journey of an entrepreneur it is
necessary to study and implement the planned strategies and effective processes for
achieving the short term as well as long term goals. An entrepreneur must investigate the
various ways and accept the success and failure in entrepreneurship by finding a better
solution and having a strategic plan. It is essential for an entrepreneur to overcome the
hurdles which arise during the process of entrepreneurship and identify the certain skills,

leadership and profiling for creating success. In order to conclude, Mr Peel is an entrepreneur
who has included all the main elements of entrepreneurship in his presentation.