ENTREPRENEURSHIP

Detailed explanation-1: -Discovery-stage in which the entrepreneur generates ideas, recognizes opportunities, and determines the feasibility of ideas, markets, ventures, etc.

Detailed explanation-2: -Nooteboom (1999a, 2000) proposed a ‘heuristic of discovery’ to solve the problem of abduction. The heuristic consist of a number of stages that are repeated along the cycle: consolidation, generalisation, differentiation, reciprocation and novel combinations.

Detailed explanation-3: -There are two ways to recognise opportunities. You can discover them or create them yourself. Entrepreneurs discover opportunities when they search for them in the existing markets. This means that they observe technological, economic, or social trends.