Prior experience of entrepreneur and entrepreneur team is essential for opportunity recognition? What are your reflections?

Expert Solution

Prior information is essential for opportunity recognition as it is crucial for developing ideas and identifying it traits .Opportunity recognition influences different levels of entrepreneurship . It is the ability to develop a possible idea and transform it into a valuable business . It is basically expanding an idea with a mix approach of new and existing one.

It is an unavoidable part which separates an entrepreneur from any other employee .

It is not a single process but a series of continuous creation , development , views and discovery of ideas. It also shows that entrepreneur constantly renew their skills and ideas composition through identifying different opportunities.

Opportunity recognition is not that prior or after the venture or business setup is done but is a continuous with the work cycle of a venture . It involves interaction with different people on the market with different perspective and getting an information about market and having a personalised idea.

Rahul Sunny answered 1 year ago

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