Factors determining entrepreneurial opportunity recognition and the significant role of education and training

Abstract

Purpose The purpose of this paper was to determine the factors that enable entrepreneurial opportunity recognition and the significant role of education and training in enhancing opportunity recognition. Design/methodology/approach This paper follows a systematic literature review method to answer the research questions. A systematic literature review allows us to determine the work carried out to date, how it was done, assess literature and report all relevant research. The authors have used the Preferred Reporting Items for Systematic and Meta-Analysis procedure. Findings The findings of this study showed that prior knowledge, social networks, external environment, entrepreneurial alertness, creativity, self-efficacy and entrepreneurial passion are the main factors that play a role in the opportunity recognition process. The authors were also able to establish the importance of education and training in enhancing opportunity recognition. Experiential learning is at the forefront of education methods used to improve prior knowledge and experience that directly impact the ability to recognize entrepreneurial opportunities. Practical implications The paper provides human resource development practitioners and entrepreneurship educators with factors that determine entrepreneurial opportunity recognition. It pinpoints the factors that can be exploited in enhancing employees and novice entrepreneurs’ ability to recognize viable entrepreneurial opportunities. Originality/value Opportunity recognition is recognized as the first step in the entrepreneurship process. Therefore, it is crucial for entrepreneurs to have the ability to recognize opportunities that are viable. Understanding the factors that contribute to a successful opportunity recognition is important. In addition, the role of education and training in opportunity recognition and enhancing entrepreneurial opportunity recognition cannot be overlooked.

Integrating Cognitive Competency, Social Competency and Risk Propensity with the Theory of Planned Behaviour to Attain Sustainable-Development-Goal-8-Driven Sustainable Entrepreneurial Intentions

“…Baron (2006) [93] states that opportunity recognition is contingent on the cognitive process. Creativity and entrepreneurial fervour were identified as the primary determinants in the opportunity recognition procedure by [94]. Opportunity identification emerged as a crucial component of cognitive competence in this current study, affecting entrepreneurial attitude.…”

Business Opportunities and Drivers for Health and Spa Tourism: A Qualitative Research on Baile Felix Spa Resort, Romania

“…While initial arguments suggested that skills, education level, and knowledge are crucial for recognizing and capitalizing on opportunities [24,30,32,33], it gradually was observed that people with relatively similar attributes performed differently, and some were not even interested in launching or running a business. Consequently, research has focused on understanding the various individual manifestations in terms of self-efficacy, reasoning ability, social skills, perseverance, experience, and education [34].…”

Diamonds in the rough

“…Each option requires a level of alertness and knowledge of the current market to achieve success. The work by Nafukho and El Mansour (2023) seeks to identify ways to improve the identification of entrepreneurial opportunities within the market.…”