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The extent and nature of opportunity identification by experienced entrepreneurs |
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| Authors: | Deniz Ucbasaran Paul Westhead Mike Wright |
| Institution: | 1. Nottingham University Business School, Jubilee Campus, Wollaton Road, Nottingham, NG8 1BB, England, UK;2. Durham Business School, Durham University, Mill Hill Lane, Durham City, DH1 3LB, England, UK;3. Bodø Graduate School of Business, Norway;4. Center for Management Buy-out Research, Nottingham University Business School, Jubilee Campus, Wollaton Road, Nottingham, NG8 1BB, England, UK;5. Erasmus University, The Netherlands |
| Abstract: | Guided by insights from cognitive theories, this article explores the links between entrepreneurs' prior business ownership experience and their opportunity identification behavior. Hypotheses were tested using data from 630 entrepreneurs. Experienced entrepreneurs identified more opportunities and exploited more innovative opportunities with greater wealth creation potential. Entrepreneurs that had owned more than 4.5 businesses, however, identified fewer opportunities. The nature of prior business ownership experience also shaped opportunity identification behavior. An inverse U-shaped relationship was detected between the proportion of failed businesses relative to the number of businesses owned and the number of opportunities identified in a given period. Business failure experience was not associated with the innovativeness of exploited opportunities. |
| Keywords: | Repeat entrepreneurs Business ownership experience Business failure Opportunity identification Innovative opportunities |
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