Networks in this case can include those the entrepreneur associates with closely such as his family members, business partners or even close friends. When a network in this case is made up of people who are particularly close to the entrepreneur, such a network can be said to be strong. On the other hand, an entrepreneur's network could also include competitors, suppliers etc. Though there exists some exceptions, the ties exhibited in the second instance are often weak. In a way, the most viable business opportunities often have significant returns on investment. Examples in this case include undervalued resources, inefficiencies in the industry etc. Network ties aid in both the screening as well as distribution of information. It can also be noted that when network ties extend to providers of resources, entrepreneurs have their ability to capitalize on opportunities enhanced significantly. However, of key importance to opportunity recognition in this case is the nature of the network ties. In basic terms, entrepreneurs stand to gain more from available opportunities when the ties under consideration are strong. Such ties in this case may be characterized by amongst other things mutual confiding, shared history, frequent interaction etc. In regard to prior knowledge and experience, Butler (2004) notes that the same contributes to an individual's alertness. With that in mind, the author points out that "opportunity recognition is thus seen as related to one's prior experience" (Butler 2004)....
Most entrepreneurs tend to believe that possessing special knowledge or experience regarding certain pieces of information effectively reduces their chances of failure. Indeed, one of the main reasons why some individuals identify opportunities which others totally miss has largely got to do with the differing stock of both experience and prior knowledge both groups possess in regard to a specific venture or idea. Butler (2004) supports this view with his assertion that prior experience aids in the identification or recognition of "possibilities that could not be seen without undergoing the experience." Hence in terms of opportunity recognition, prior knowledge in this case is largely considered an edge. Prior knowledge and experience in this case could be related to special knowhow in relation to client service, market dynamics etc.
As a result, economic development was redefined in terms of reduction or elimination of poverty, inequality, and unemployment within the perspective of a growing economy (Mamede & Davidsson, 2003). Research indicates that entreprenuership can be both the cause and effect of economic development in the sense of wealth distribution. Countries in which wealth is concentrated in the hands of a small fraction of the population face greater difficulties in coordinating
Entrepreneurial Firm's Size, Age, And Growth Goals Help Determine Its Character And Strategic Direction An entrepreneurial firm's character and strategic direction is guided by its overall goals, including its long-term vision and intent (Entrepreneurship Video, 2013). Age, history/heritage and ambitions for growth also play an important role. For instance, a younger firm must fully define and understand its customer base, and then create offerings to meet and exceed customer expectations. This
……How Veterans Can Make a Positive Impact on Workforce Development in the Construction IndustryABSTRACTThe U.S. construction industry faces significant workforce development challenges, mostly in terms of labor shortage. Addressing this challenge is important for meeting the present and future needs of the industry. Hiring veterans is a valuable way through which the construction industry may overcome the workforce development challenges it faces. In spite of the several initiatives introduced by
For example, Shu-Acquaye (2007) cites the basic differences in the legal systems in various parts of the world as contributing to the different approaches to corporate governance. Likewise, Shu-Acquaye cites these differences and adds, "The American corporate governance system adheres to the idea of shareholder primacy. Because the United Kingdom, Austria, and Canada share a legal system based on English common law and equity principles, they are similar to
Globalization in the economic sense - economic, social and technological process that advocates a constant interdependence at a global level, supporting trade liberalization. International Monetary Fund (IMF) - an international financial organization that monitors the global financial flows and that offers financial assistance to Third World countries. African Festival of Arts and Culture (FESTAC) - cultural festival that promotes and sustains the revival of the Black cultural values and civilization. 1945 - the
Such training can be effective, but it depends on the learning style of the trainees. This is an area where training design can be particularly challenging. Many people have different learning styles, so group training is likely more effective with some people and less effective with others. Many people require a more hands-on approach to their training, the result being that they might struggle with classroom training. It is
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now