ENTREPRENEURSHIP

Detailed explanation-1: -Social Networks– The extent and depth of an individual’s social network affects opportunityrecognition. People who build a substantial network of social & professional contacts will beexposed to more opportunities and ideas than people with sparse networks.

Detailed explanation-2: -The five stages of opportunity recognition process include getting an idea, opportunity identification, opportunity development, opportunity evaluation, and team assessment. An entrepreneur must follow these stages effectively for a successful business.

Detailed explanation-3: -In this regard, opportunity recognition is based on three important factors: (1) the active search for an opportunity, (2) the alertness to perceive an opportunity and (3) prior knowledge of and experience in an industry.

Detailed explanation-4: -Curiosity. Successful entrepreneurs have a distinct personality trait that sets them apart from other organizational leaders: a sense of curiosity. Structured Experimentation. Adaptability. Decisiveness. Team Building. Risk Tolerance. Comfortable with Failure. Persistence. More items •07-Jul-2020