IN SEARCH OF ENTREPRENEURIAL OPPORTUNITIES — AN INTEGRATED MODEL

The aim of this research study is to test an integrative model of entrepreneurial opportunity recognition based on theories of cognition, social capital, environmental development and personality. 240 entrepreneurs in the services industry participated in this survey. Multiple regression analysis was used to test the model and find the factors that predict entrepreneurial opportunity recognition. Overall, eight hypotheses were tested and six were supported. Schema was found to be the strongest significant variable amongst all. The study results indicate that entrepreneurs who discover opportunities organize prior knowledge and information related to their field in a manner that is easily accessible, have confidence in themselves, use social networks (both weak and strong ties) and see opportunities in changes in the economic environment. The study implies that potential entrepreneurs should be supported in terms of their social networks and instructed in the beliefs about the information and changes in the environment needed to spot opportunities. Governments play a role in providing a munificent economic environment.