RECOGNIZING THE ENTREPRENEURIAL OPPORTUNITIES: A COMMON OUTCOME OF AN ENTREPRENEURIAL MINDSET

Denny Bernardus, Fulgentius Danardana Murwani, Imanuel Deny Krisna Aji, Liestya Padmawidjaja, Stefan Yudana Jatiperwira, Imanuel Hitipeuw

Abstract


Entrepreneurship is important for economic growth in Indonesia. Entrepreneurial opportunities are essential to maintain a business. This study is intended to explore how business teams recognize entrepreneurial opportunities as a common outcome of their entrepreneurial mindsets. Specifically, this study explores how business teams express their ideas for introducing innovative products in a marketplace where entrepreneurial opportunities underlie those ideas. This study used a qualitative descriptive approach to achieve a comprehensive summarization. A few business teams had already enrolled in the entrepreneurship course. Each business team was asked to report how the business team recognized entrepreneurial opportunities. Content analysis was used to analyze the business team reports. The business team reports were coded into main categories, which the main categories were then analyzed using manifest analysis. The results showed that the business teams recognized the entrepreneurial opportunities underlying their business ideas. Business ideas have several characteristics. This study has implications, limitations, and suggestions for future studies.

Keywords


Entrepreneurial Opportunity; Entrepreneurial Mindset; Opportunity Recognition; Entrepreneurial Alertness

Full Text:

PDF

References


Backman, E., Granlund, M., and Karlsson, A. K. 2020. Documentation of Everyday Life and Health Care Following Gastrostomy Tube Placement in Children: A Content Analysis of Medical Records. Disability and Rehabilitation, Vol. 42, No. 19, pp. 2747-2757. DOI: https://doi.org/10.1080/09638288.2019.1573383.

Bengtsson, M. 2016. How to Plan and Perform a Qualitative Study Using Content Analysis. NursingPlus Open, 2, pp. 8-14. DOI: https://doi.org/10.1016/j.npls.2016.01.001.

Bernardus, D., Murwani, F. D., Ardyan, E., Padmawidjaja, L., Aji, I. D. K., Jatiperwira, S. Y., Kusumojanto, D. D., Wardoyo, C., and Hermanto, Y. B. 2020. Which Psychological Characteristics Strengthen "The Entrepreneurial Intention-Action Relationship"?: An Extension of the Theory of Planned Behavior. Cogent Business and Manage-ment, 7(1), pp. 1823579. DOI: https://doi.org/10.1080/23311975.2020.1823579.

Chen, P. C., Chan, W. C., Hung, S. W., and Lin, D. Z., 2020. How Entrepreneurs Recognise Entrepreneurial Opportunity and Its Gaps: A Cognitive Theory Perspective. Technology Analysis and Strategic Management, 32 (2), pp. 223-238. DOI: https://doi.org/10.1080/09537325.2019.1648790.

Colorafi, K. J. and Evans, B. 2016. Qualitative Descriptive Methods in Health Science Research. HERD: Health Environments Research and Design Journal, 9(4), pp. 16-25. DOI: https://doi.org/10.1177%2F1937586715614171.

Costa, S. F., Santos, S. C., Wach, D., and Caetano, A. 2018. Recognizing Opportunities across Campus: The Effects of Cognitive Training and Entrepreneurial Passion on the Business Opportunity Prototype. Journal of Small Business Management, Vol. 56, No. 1, pp. 51-75. DOI: https://doi.org/10.1111/jsbm.12348.

Coulson, N. S., Buchanan, H., and Aubeeluck, A. 2007. Social Support in Cyberspace: a Content Analysis of Communication within a Huntington's Disease Online Support Group. Patient Education and Counseling, 68 (2), pp. 173-178. DOI: https://doi.org/10.1016/j.pec.2007.06.002.

Fox, D. E., Quinn, R. R., James, M. T., Venturato, L., and King-Shier, K. M. 2020. Social Support in the Peritoneal Dialysis Experience: A Qualitative Descriptive Study. Canadian Journal of Kidney Health and Disease, 7, pp. 1-10. DOI: https://doi.org/10.1177%2F2054358120946572.

George, N. M., Parida, V., Lahti, T., and Wincent, J. 2016. A Systematic Literature Review of Entrepreneurial Opportunity Recognition: Insights on Influencing Factors. International Entrepreneurship and Management Journal, 12(2), pp. 309-350. DOI: https://doi.org/10.1007/s11365-014-0347-y.

Hansen, D. J., Lumpkin, G. T., and Hills, G. E. 2011. A Multidimensional Examination of a Creativity‐Based Opportunity Recognition Model. International Journal of Entrepreneurial Behavior and Research, 17(5), pp. 515-533. DOI: https://doi.org/10.1108/13552551111158835.

Hansen, D. J., Monllor, J., and Shrader, R. C. 2016. Identifying the Elements of Entrepreneurial Opportunity Constructs: Recognizing What Scholars are Really Examining. International Journal of Entrepreneurship and Innovation, 17(4), pp. 240-255. DOI: https://doi.org/10.1177%2F1465750316671471.

Hébert, R. F. and Link, A. N. 1989. In Search of the Meaning of Entrepreneurship. Small Business Economics, 1, pp. 39-49. DOI: https://doi.org/10.1007/BF00389915.

Hulbert, B., Gilmore, A., and Carson, D. 2015. Opportunity Recognition by Growing SMEs: A Managerial or Entrepreneurial Function?. Journal of Strategic Marketing, 23(7), pp. 616-642. DOI: https://doi.org/10.1080/0965254X.2014.1001868.

Ireland, R. D., Hitt, M., and Sirmon, D. G. 2003. A Model of Strategic Entrepreneurship: The Construct and Its Dimensions. Journal of Management, 29, pp. 963-989. DOI: https://doi.org/10.1016/S0149-2063(03)00086-2.

Jiggins, K. 2016. A Content Analysis of the Meaningful Use Clinical Summary: Do Clinical Summaries Promote Patient Engagement?. Primary Health Care Research and Development, 17(3), pp. 238-251. DOI: https://doi.org/10.1017/S1463423615000353.

Joffe, H. and Yardley, L. 2004. Content and Thematic Analysis. In D.F. Marks and L. Yardley (Eds.), Research Methods for Clinical and Health Psychology, (pp. 56-68). Thousand Oaks, CA: SAGE Publications.

Lambert, V. A. and Lambert, C. E. 2012. Qualitative Descriptive Research: An Acceptable Design. Pacific Rim International Journal of Nursing Research, Vol. 16(4), pp. 255-256. DOI: https://he02.tci-thaijo.org/index.php/PRIJNR/article/view/5805.

Makel, M. C., Meyer, M. S., Simonsen, M. A., Roberts, A. M., and Plucker, J. A. 2022. Replication is Relevant to Qualitative Research. Educational Research and Evaluation, 27(1-2), pp. 215-219. DOI: https://doi.org/10.1080/13803611.2021.2022310.

McGrath, R. and MacMillan, I. 2000. The Entrepreneurial Mindset. Boston, MA: Harvard Business School Press.

Mohammadi, N. and Heshmati, S. 2021. Entrepreneurial Opportunity Recognition: A Bibliometric Overview and Clustering Analysis. World Journal of Science, Technology and Sustainable Development, 18(3), pp. 239-258. DOI: https://doi.org/10.1108/WJSTSD-04-2021-0042.

Naumann, C. 2017. Entrepreneurial Mindset: A Synthetic Literature Review. Entrepreneurial Business and Economics Review, 5(3), pp. 149-172. DOI: https://doi.org/10.15678/EBER.2017.050308.

Outreville, J. F. and Hanni, M. 2013. Multinational Firms in the World Wine Industry: An Investigation into the Determinants of Most-Favoured Locations. Journal of Wine Research, 24(2), pp. 128-137. DOI: https://doi.org/10.1080/09571264.2013.766159.

Patzelt, H. and Shepherd, D. A. 2011. Recognizing Opportunities for Sustainable Development. Entrepreneurship Theory and Practice, 35(4), pp. 631-652. DOI: https://doi.org/10.1111%2Fj.1540-6520.2010.00386.x.

Ripsas, S. 1998. Towards an Interdisciplinary Theory of Entrepreneurship. Small Business Economics, 10, pp. 103-115. DOI: https://doi.org/10.1023/A:1007975330428.

Sanz‐Velasco, S. A. 2006. Opportunity Development as a Learning Process for Entrepreneurs. International Journal of Entrepreneurial Behavior and Research, 12(5), pp. 251-271. DOI: https://doi.org/10.1108/13552550610687637.

Shane, S. and Venkataraman, S. 2000. The Promise of Entrepreneurship as a Field of Research. Academy of Management Review, 25 (1), pp. 217-226. DOI: https://doi.org/10.5465/amr.2000.2791611.

Siegel, D. S. and Renko, M. 2012. The Role of Market and Technological Knowledge in Recognizing Entrepreneurial Opportunities. Management Decision, 50(5), pp. 797-816. DOI: https://doi.org/10.1108/00251741211227500.

Stritar, R. and Drnovšek, M. 2016. What Entrepreneurs Discover when Creating Opportunities? Insights from Skype and YouTube Ventures. International Entrepreneurship and Management Journal, 12, pp. 659-679. DOI: https://doi.org/10.1007/s11365-015-0362-7.

Tang, J. and Khan, S. A. 2007. Dynamic Interactions between Alertness and Systematic Search: A Yin and Yang Perspective on Opportunity Recognition and Innovation. International Journal of Entrepreneurship and Innovation, Volume 8, Number 3, pp. 175-187. DOI: https://doi.org/10.5367/000000007781698518.

Vaismoradi, M., Turunen, H., and Bondas, T. 2013. Content Analysis and Thematic Analysis: Implications for Conducting a Qualitative Descriptive Study. Nursing and Health Sciences, 15(3), pp. 398-405. DOI: https: //doi.org/10.1111/nhs.12048.




DOI: http://dx.doi.org/10.21776/ub.jam.2023.021.1.20

Refbacks

  • There are currently no refbacks.