Entrepreneurial Success within the Process of OpportunityRecognition and Exploitation: An Expansion of EntrepreneurialOpportunity Recognition Model

Abstract

The purpose of this paper is to expand upon existing entrepreneurial opportunity recognition model (EORM) that builds on the existing theoretical literature, utilises the Dubin’s theory-building framework. It identifies entrepreneurial awareness and viable business plan as the determinant of entrepreneurial success within the process opportunity recognition (OR) and exploitation. Entrepreneurial awareness is the central component of OR process. Entrepreneurial awareness and viable business plan, are the basic condition for the success of the OR and exploitation process which in turn yielding a successful entrepreneurial outcome. A proposed conceptual model, a set of propositions, and suggestions for further research are provided.