) However, there seems to be a consensus that the essence of entrepreneurship is the willingness to pursue opportunity.
which individuals-either on their own or inside organizations-pursue opportunities (Stevenson and Jarillo, 1990 p. 23).
Opportunity is defined as a future situation according to desires and goals of individuals or organizations. In turn, entrepreneurial opportunities differ from the larger set of all opportunities for profit,
particularly opportunities to enhance the efficiency of existing goods, services, raw materials, and organizing methods (Shane and Venkataraman,
2000 p. 220) 10 Entrepreneurship can be seen as entrepreneurial function, which involves more than the creation of a new business.
Entrepreneurship implies the pursuit of opportunity, evaluation, and exploitation of opportunities and the set of individuals who discover,
evaluate, and exploit them (Shane and Venkataraman, 2000 p. 218). In brief, in a firmlevel perspective these opportunities are not specifically related to business creation but rather through new products, services and process, new strategic behaviors and new market opportunities.
Thus, entrepreneurial opportunities come in a variety of forms: opportunities in a product markets (Venkataraman, 1997), opportunities in factor markets,
as in the case of the discovery of new things innovation (Schumpeter, 1934). But, what about our research?
Where is located it? As noted above, we can identify that two streams of research have denominated the entrepreneurship literature.
That is, in an uncertain environment where an atmosphere of high risk predominates, fewer opportunities, and with tremendous competitiveness, an entrepreneurial behavior is recommended specially.
firms seize entrepreneurial opportunities. Entrepreneurial opportunities are likely to be larger when firms develop innovations that are new to the market or new to the world.
Regarding to innovativeness, it is acknowledged that of the three dimensions that integrate the EO construct,
and capitalize on emerging market opportunities (Wiklund, 1999). Unsurprisingly, it has received special attention, and remains as a topic with substantial conceptual and empirical attention (e g.,
In the field of entrepreneurship, Alvarez and Busenitz (2001) present RBV through the entrepreneurial process of cognition, discovery, understanding market opportunities,
Entrepreneurial opportunities exist primarily because different agents have different beliefs about the relative value of resources
In summary, entrepreneurial opportunities emerge when certain individuals have insights into the value of resources that others do not (Barney et al.,
it can be used to identify entrepreneurial opportunities, to develop creative or novel internal solutions or external offerings.
and exploitation of entrepreneurial opportunities results from prior knowledge about markets and customers combined with the prior information on external problems (Shane and Venkataraman, 2000;
1977) as stressful, very risky, with few opportunities. In this sense, Covin and Slevin (1989) added that a hostile environment is characterized by intense competition,
overwhelming business climate and relative lack of opportunity for exploitation. Conversely, a non-hostile or benign environment is one that has none of the characteristics above,
but, instead, provides investment opportunities and has a favorable climate for business (Covin and Slevin, 1989;
and highlights networks as vital when it comes to gaining access to opportunities, collecting the resources needed to build a new firm
The trend towards network represents a major opportunity for the corporate entrepreneurship movement (Ripollés and Blesa, 2006.
Borgatti and Foster (2003 p. 1005) 5 An important source of new ideas and lucrative opportunities may be the networks,
and pursuing new business opportunities. Proactive firms act on future needs actively seeking new opportunities and furthermore they are often pioneer firms that first to enter the new markets (Nazdrol et al.,
2009). ) Risk-taking reflects a firm's willingness to commit more resources to projects in which the expected returns are uncertain.
Entrepreneurs seek to identify new opportunities, respond to environmental changes, and take appropriate actions to achieve success. At the firm level,
and exploit entrepreneurial opportunities (Lumpkin and Dess, 1996). Essentially, it refers to a firm's strategy orientation,
thus achieving profitable opportunities. Risk-taking involves taking bold actions by venturing into the unknown (Rauch et al.
2009), it reflects the tendency to assume relatively high levels of riskseeking profitable opportunities in the face of uncertainty and the achievement of longterm profitability.
2. 2. The moderating role of environmental hostility a contingency approach It is acknowledged that the discovery and exploitation of entrepreneurial opportunities results from prior knowledge about markets and customers (Venkataraman, 1997.
Moreover, new information about technology, combined with the prior information on market needs and external problems, leads to the discovery of entrepreneurial opportunities (Shane and Venkataraman, 2000.
1977) as stressful, very risky, with few opportunities. In the same way, Covin and Slevin (1989) added that the hostile environment is characterized by intense competition,
overwhelming business climate and relative lack of opportunity for exploitation. Conversely, the non-hostile or benign environment is one that has none of the characteristics above,
but rather provides investment opportunities and has a favorable climate for business (Covin and Slevin, 1989;
in an uncertain environment where an atmosphere of high risk predominates, few opportunities, and with tremendous competitiveness, an entrepreneurial posture of the firm is recommended specially.
If, on one hand, EO can be a way for the firm to exploit opportunities and improve its growth, on the other hand,
) Furthermore, in any studies the limitations or suggestions represent opportunities to advance in the research.
discovery of opportunities, securing resources and gaining legitimacy (Elfring and Hulsink, 2003). Likewise, networks act as a buffer against shocks
To foster EO, the entrepreneurs need to access different resources to identify new entrepreneurial opportunities,
as well as, the resources and competences needed to exploit these opportunities economically ahead of competitors, thus facilitating innovative and proactive performance,
and exploit entrepreneurial opportunities (Lumpkin and Dess, 1996). Empirically, Miller and Friesen (1982), then Miller (1983) have used five items related to risk-taking
and exploit new opportunities, on the other hand, the long-term or lagged effects of EO on firm performance are still unclear.
and their findings point out the value of networks for discovering opportunities and gaining legitimacy. More importantly, these entrepreneurial processes, in turn, have an impact on a firm's performance.
and capitalize on emerging market opportunities (Wiklund, 1999). Innovative firms, through the creation and introduction of new products and technologies, develop a market niche with new products/services,
An operationalization of Stevenson's conceptualization of entrepreneurship as opportunity-based firm behavior. Strategic Management Journal, 22,953-968.
aggressive posture in order to maximize the probability of exploiting potential opportunities. Likert 1-7. 863.932.873.866.876.750.846.857.881.943***951***969***158 Appendix 3. EH scale measurement No. of items Type of measure Environmental hostility How would you characterize the external environment (both domestic
3 Very safe/risky Likert 1-7 There is an abundance/very few marketing opportunities and investment Likert 1-7 An environment that my firm can control
Gartner Executive programs To grasp the digital opportunity, incrementally improving IT performance isn't enough. Enterprises and their CIOS need to flip from old to new in terms of information
CIOS have a unique opportunity, but they must flip their information technology, value and people leadership practices to deliver on the digital promise.
and the next set of digital technologies, trends, opportunities and threats is creating yet another competitive frontier.
In short, to start the digital cultural revolution required to seize this opportunity, CIOS must flip to digital leadership (see figure on page 4). Adapt Ideatecreate Offer Engage Monetize IT craftsmanship IT industrialization We are here Digitalization IT provides innovations
effectiveness and integrity Digital provides continual opportunities for growth, innovation and differentiation The third era of enterprise IT has arrived 4 Gartner Executive programs EXECUTIVE SUMMARY These are not small changes.
and technology through simplification Seizing the digital opportunity requires agility, adaptability and speed. However, existing business processes, business models, information technology and talent suffer from legacy inertia and bad complexity.
inspiration the only fuel Legacy first Digital first FLIP FLIP FLIP Visible Valuable Control Vision Seizing the digital opportunity requires flipping long-held behaviors
The digital business opportunity requires faith-based investments and management capable of dealing with them.
From IT management to digital inspiration To seize the digital opportunity, CIOS need to help the enterprise understand
Therefore we want to use this opportunity to express our gratitude to all participating national associations
an opportunity is being missed to convert a browser to a buyer. Success criteria Gfk makes use of the latest research techniques to understand each element of the customer journey
Whether there is an opportunity to take advantage of this or a need to create a defensive strategy,
For merchants, there is still plenty of opportunity for growth by expanding into new European markets.
and identify opportunities Another big trend that is further maturing in 2014 is the application of big data analytics and visualization to the domain of online payments.
This is done through the use of common payment instruments and standards, supported by a regular and accepted legal structure. opportunities.
Other possibilities to personalize your website include providing consumers with the opportunity to give feedback,
but I mainly consider this a great opportunity for European companies to increase their market.
First, KETS offer opportunities for product and process innovation to many firms, particularly in manufacturing.
which innovative opportunities of these technologies are explored and implemented. Being first in generating new scientific findings is no sufficient condition for generating economic returns from new technologies.
is to balance technological opportunities originating from research with the user needs, a cost-efficient production and the capabilities of business partners (suppliers, distributors,
Most of these potential applications areas are derived from concepts driven by technological opportunities rather than the likely preferences of users.
and an entrepreneurial culture (linked with private financing opportunities). Advanced materials Wallonia's Plastiwin cluster:
while a more detailed look at production opportunities and market demands for certain applications leads to less euphoric,
This opportunity is reflected in the high number of involved universities/research centres and interdisciplinary projects (more than 100.
The Ministry for Education and Research also has strong patent laws in place to ensure that utilisation opportunities are realised. 12 Norms and values:
which seek for funding opportunities on a federal level. 15 A consortium of seven federal ministries developed a‘Nano-Initiative Action Plan 2010',
This market structure of a scientific base with MNES acting as anchor companies offers start-ups a good opportunity to settle down on the interface between them in an intermediary role.
EN Maybe the single most important barrier to developing new markets for nanotechnology products is to clearly identify the commercial opportunities that may result from new research findings.
NNI also provides a vision of the long-term opportunities and benefits of nanotechnlogy by producing Strategic Plans.
Another critical factor is to successfully link technological opportunities with user demand. Many product developments in nanotechnology tend to be driven research,
the cluster is in a state of re-vitalisation identifying new opportunities, aiming to found new centre's of excellence in:
and organises new research opportunities) Strong international exchange culture of researchers and students through general programmes (not technology specific).
application oriented through central coordination of identification of market opportunities (Minalogic) Focus on semiconductor design activities,
there are several opportunities for public support to ameliorate the conditions for microelectronics research, development and manufacturing in Europe.
industrial biotechnology provides the opportunity to improve the quality of existing products and to develop completely new products
This opened collaboration opportunities between technology specialists. Figure 5-24: The emergence of technology clusters in Cambridge over time Source:
and learning opportunities through collaboration activities. Therefore, Cambridge has established a well entrepreneurial culture with university spin-offs (dating back to the 1980s.
It offers the bioscience community networking opportunities, advocacy, group purchasing and access to organisations that support research, development and commercialisation of biotechnology products.
Industrial biotechnology provides the opportunity to improve the quality of existing products and to develop completely new products
In particular it provides opportunities to achieve a sustainable development Industrial biotechnology can help to limit the consumption energy and scarce resources,
) Industrial biotechnology provides the opportunity to improve the quality of existing products and to develop completely new products
and point out the chances of this field can improve the funding opportunities for industrial biotechnology firms.
and other industries with new technological opportunities from photonics and to sustain sectoral clusters that incorporate new technologies from photonics,
Each wave brought new technological opportunities that have been picked up by existing companies but which also gave room for new entrants.
There is a wide variety of funding opportunities from the European, national and regional agencies aimed at technology development, basic research,
the Plastiwin initiative as a separate cluster organisation is in charge of cluster coordination, internal and external relationships and building collaboration opportunities.
Nickel-titanium alloy) open many opportunities to improve the convenience and to extend the durability of implants, stents and prostheses.
biotechnology and photonics-the opportunities for new applications will rise. Additionally, it is evident, that the appropriation of new and advanced materials focuses on central needs of the society
This limits the opportunities to deploy identical technology in many different companies. For some manufacturing industries, no external AMT providers exist,
In this respect, it turns out that the average CAGR is estimated with about 7 percent which signals an overall highly interesting market in terms of growth opportunities.
these platform technologies potentially offer substantial economic opportunities. Public support can specifically facilitate the further development and adoption of these platform technologies through initiatives like grants for collaborative R&d
which signals an overall interesting market in terms of growth opportunities. The highest growth rate is found in the machine vision subfield,
A key success factor for technological advance in manufacturing technologies is to combine new technological opportunities emerging from different fields of technology (including most other KETS covered in this report, particularly microelectronics, photonics and advanced materials,
Another main success factor is to balance userspecific requirements with new technological opportunities yet out of sight of users.
In nearly all clusters lead firms played an important role to create critical mass and funding opportunities
In nearly all clusters lead firms played an important role to create critical mass and funding opportunities, international connections and distribution channels.
What is more, career opportunities of cross-disciplinary studies are unclear to many students (e g . because commercial applications and thus job opportunities in KETS have yet to evolve),
resulting in low perceived attractiveness of such studies and a low number of students. European Competitiveness in KETS ZEW and TNO EN 348error!
European council 8/9 march 2007 Presidency Conclusions, 7224/1/07 REV 1, Brussels. CPC (2009), Illuminating a world of opportunity, available from:
Doc (2007), Opportunities in Canada's IT corridor Industry Sector Analysis, Washington: US Department of commerce. References EN 353error!
Brussels. ETEPS AISBL (2007), Consequences, Opportunities and Challenges of Modern Biotechnology for Europe, Task 2 Main Report.
and the new opportunities presented by information and communication technologies. 1 Initially, the strategies concerned mainly the lower end of the value chain driven by cost-related factors.
This opens the door to new opportunities of international cooperation and to world progress in research and innovation addressing societal challenges.
Countries with the right mix of science and technology strengths are positioned better to take up the market opportunities in sustainable construction fostering high-growth innovative enterprises;
Building upon the technological profiles of countries in the EU opens the door to opportunities for network specialisation.
Figure 17 reveals that there are large opportunities for networked technology collaboration with Norway, combining specialisation in both green energy and other transport technologies.
This article sets out to assess the technology profile of Europe in the context of increasingly tough international competition and fungible R&d investment moving from one country to another, depending on market opportunities and specific
business owners and large corporates need to address with coherent strategies in order to capitalise on potential business development opportunities fermented by cluster formations.
or exploiting an opportunity. We could see, for example, how a local university may wish to provide enterprise opportunities for graduates emerging from a degree course that has nurtured creative talent suitable for the digital sector.
Or perhaps there are willing investors who decide that a certain geographical location has commercial advantages such as transport infrastructure
taking advantage of the opportunity to learn from their fast--moving and dynamic suppliers/partners.
digital clusters represents a major strategic leadership challenge to ensure that the opportunities for high--value employment,
the leadership challenges could be perceived as either threats or opportunities. The authors are quite clear where they stand this is an opportunity for all stakeholders to take advantage of the benefits that these clusters Bring to help leaders develop successful businesses
and successful clusters an exemplar framework that can model cluster characteristics, behaviours and performance has to be proposed.
Fourth, a programme of training, development and business support has to be in place to capitalize on the opportunities of clusters and their membership.
and create their own opportunities and, mirroring that, a trend for older professionals to relocate
there is a major opportunity to benefit from this strong division of labour through an open innovation model. OI theory purports that innovators do not necessarily implement all innovation stages,
All of these changes provide huge opportunities for those leading businesses able to move quickly to adopt
This presents a huge opportunity for CIOS, especially those with the aspiration, as detailed in our previous The DNA of the CIO report, to have a bigger and more influential role within the business.
1 CIOS see digital as a major opportunity to fulfill their career aspirations. From Nestlé's push into direct online selling as a consumer brand, to Caterpillar's creation of new lines of services for clients, CIOS at all kinds of firms are using digital technology to transform their businesses.
they actively seek out opportunities to work in other parts of the business and in other geographic regions.
and creating new revenue and cost-saving opportunities. This seems like a natural process within internet companies,
For leading CIOS, this presents a major opportunity to expand their role and remit, especially for those who have grasped the more strategic elements of their role.
For leading CIOS, these present a major opportunity to expand their role and remit, especially for those engaged on the most strategic elements of their role.
and understand the opportunities for these changes, and for cutting capital spending and moving toward a more flexible business model,
Opportunities ahead for CIOS in IT-intensive industries Previous research5 revealed that about two-thirds of all CIOS (64%)are generally happy in their roles,
For these CIOS, digital can provide this opportunity at least for those who are able to recognize
for CIOS to truly help address the opportunities and threats that digital transformation provides to their firms,
this is a missed opportunity. Digital is creating new demands for leadership. Some CIOS are ready for that
Digital presents CIOS with a fresh opportunity to become relevant to the business but this digital CIO needs different DNA.
and suggest where the opportunities are for the organization. Too many CIOS are simply reactive,
It gives us insight into new opportunities to cross-sell or up-sell, he says.
and talk about any issues and opportunities, or about how they can get more value from IT,
Nevertheless, digital-ready CIOS do seek out bigger opportunities in IT infrastructure. But with one such opportunity
the cloud, the attraction for many IT leaders is that it has the potential to reduce the time
As such, CIOS need to experiment widely to identify the biggest opportunities for the future. Digital CIOS need to be more innovative
High job satisfaction The first thing to point out is that digital-ready CIOS appreciate the opportunity they hold:
which gave him international exposure and significant personal and professional development opportunities. It was one of the key points of my life,
He took an opportunity to transfer to France, which forced him to embrace a new culture and language,
Shorter tenures As a result of their greater willingness to pursue new opportunities, many of these leading CIOS have been in their posts for a relatively short amount of time.
The early pioneers of digital have shown the disruptive potential that these tools hold from new ways to communicate with customers, through to wholly new business model opportunities.
Digital, in particular, provides wide-ranging new opportunities to deliver radically more efficient processes, as well as wholly new products and services.
CIOS need to balance any new digital opportunities against their associated risks. While it may make a lot of sense to move email and CRM systems quickly to the cloud,
Digital data opportunities: using insight to drive relevance in the digital world, EY, 2011. Predictive analytics:
The new business concept is conceived from the current state of products and processes in the enterprise, the current markets and a perception of future market opportunities.
During times of dramatic changes in the business environment or when SMES exploited completely new opportunities,
and representing the economic opportunity of recombining knowledge. At top of that, more and more companies have involving in different stage of the innovation process.
It will also inhibit the regions in embracing opportunities for cross-boundary collaboration. Actions Accelerated Development of the Gateways-Governance Gateways have a critical role in driving regional economic development.
is based upon building on existing sectoral strengths as well as preparing to take advantage of new opportunities. It acknowledges that regional boundaries are'fluid'in this context,
Prioritise and target investments (national, regional and local) in a coordinated and complementary way that accelerates the development of the gateways Reinstate the GIF at the earliest opportunity.
There is short term potential to harness opportunities in wind and wood energy and related technologies, and longer term potential in wave energy There is a strong recognition of the need to ensure that development is undertaken in a way that is harmonious with the local landscape and implemented in a manner consistent with habitat designations and directives.
OVERVIEW, FINDINGS & ACTIONS 19 Key Actions (extract) Harness the capabilities of the'new'highly skilled professional unemployed to identify potential opportunities
and/or the holding of demonstration events Stimulate interactions between sectors-particularly where there are opportunities for convergence (e g. medical devices and ICT), working with the relevant industry associations.
and research base the cross sectoral aspects may present real opportunity for differentiation capitalising on convergence opportunities (Figure ii) Kerry in particular has a strong entrepreneurial culture.
OVERVIEW, FINDINGS & ACTIONS 23 Figure (ii) Convergence Opportunities Key Actions (Extract) Consider how best to enable companies (particularly small companies) to access technologies and research from HEIS, at a basic level such as:
the current environment could provide opportunity to take a proactive, regionally based and creative approach in the short term.
OVERVIEW, FINDINGS & ACTIONS 24 HEIS to consider work placement where students would take up opportunities in a flexible
As companies increasingly network, it presents opportunity for the development agencies in the Midwest to enhance their collaborative actions to facilitate companies in this environment, and to:
but also presents an opportunity to work with this distinctive diversity through a more coordinated regional approach.
and given the business opportunities that are arising in the agribusiness/environmental sectors, ensure optimal co-ordination of supports from relevant agencies such as Teagasc, EI,
and educate those who have lost their jobs by providing comprehensive details about opportunities across the Midwest.
Túsnua opportunities are based on three pillars: Education Enterprise and Employment. Its website presents a comprehensive overview of the range of supports available,
Sectoral Opportunities 9the Bio-economy 10agri-Food 10bio-energy 12tourism 13internationally Traded Services (excluding ICT) 15ict Services & Software 16lifesciences 185.
Highlight opportunities to build on each region's distinctive strengths Identify barriers to achieving objectives and/or issues specific to the region together with actions to address them Identify infrastructure priorities relevant to future enterprise needs within the regions.
Methodology Desk-based research and one-to-one consultations with a range of stakeholders were undertaken to outline the current status of the region and highlight opportunities and challenges specific to it.
and Challenges Realising Future Potential Identifying areas of opportunity: Sectors and activities at firm level Business environment factors Priority Actions FORFÁS REGIONAL COMPETITIVENESS AGENDA:
(and energy related) issues presents opportunities for companies to innovate with alternative sources of energy, new solutions and services.
and perhaps also a missed opportunity to work with this distinctive diversity through a more coordinated approach to regional development.
Sectoral Opportunities This section considers the assets of the region, and how they might be harnessed to further develop the enterprise base.
Alignment of research with near term development opportunities in the region, i e. ensure that areas being researched can be exploited in the region Continuation of Teagasc advisory role to assist potential agribusiness entrepreneurs in the identification and exploitation of opportunities in the area (in co-operation with Enterprise Ireland and CEB's,
and other enterprise support bodies) Continuation of EI's role in enterprise development for firms operating in the sector, particularly in the areas of productivity improvement and market/product diversification FORFÁS REGIONAL
which every region has an opportunity to benefit, albeit to differing degrees. Key Assets The Southeast has fewer natural advantages in the renewable energy sector than other regions,
and develop opportunities in this area. Existing frameworks which have been developed (e g. the Bioenergy Implementation Plan steering group) can be advanced to deliver practical initiatives in the utilisation of environmental goods and services in the region.
Leadership and enhanced focus on specific areas where returns can be identified will be required for the successful realisation of opportunities.
This new context sees a number of trends that provide both opportunities and challenges for software companies,
it provides opportunities for new converged products and customised digital content (e g. ipod, blackberry); and it enables the monitoring of large scale phenomena such as energy consumption, pollution, weather and global warming.
and a focus on‘wellness'provide high growth opportunities. There is also a greater focus on enhanced efficacy of treatments and cost within increasingly pressurised health systems.
SOUTHEAST 19 There has also been an increase in disaggregation of value chain activities within the sector creating opportunities for smaller companies to position themselves within the global supply chain with innovative,
technology intensive solutions, partnering opportunities, shared revenue deals and licensing. Multinational companies in the sector are tending to focus on activities where they have strengths and to outsource non-core activities (such as late stage manufacturing,
There is an opportunity through the existing regional authority and/or Spirit of Enterprise Forum to provide strong leadership
SOUTHEAST 23 Access to markets and to market intelligence Facilitated networking, introductions and access to shared learning opportunities (e g. through business networks, workshops, seminars.
However, there are some opportunities for strengthening the quality of life proposition of the region. The fragmented and competitive urban structure in the region with the associated lack of spatially concentrated critical mass may militate against the development of larger scale cultural facilities and events
and educate those who have lost their jobs by providing comprehensive details about opportunities across the Midwest.
The opportunity for SMES to improve business productivity, tap into new markets and to innovate in new service delivery can be facilitated through effective use of IT applications and broadband infrastructures.
Further development of tourism-related opportunities will require a specific focus-in conjunction with Fáilte Ireland and other relevant stakeholders.
SOUTHEAST 32 6. Priority Actions Many of the suggested actions below will serve to address a number of the opportunities
It is important that interactions between sectors are initiated-particularly where there are opportunities for convergence (e g. medical devices and ICT;
Further engagement will be required to advance specific actions to achieve the potential of opportunity sectors in the region.
The formation of small, sectorally focused teams under a regional umbrella-possibly the Spirit of Enterprise Forum-to further explore specific opportunities in identified sectors could be most effective.
SOUTHEAST 34 Harness the capabilities of the'new'highly skilled professional unemployed to identify potential business start-up opportunities
and given the business opportunities that are arising in the agribusiness/environmental sectors, ensure optimal co-ordination of supports from relevant agencies such as Teargas, EI, LEADER and the CEBS.
the following routes should commence at the earliest opportunity: N11 (Arklow/Rathnew; Enniscorthy Bypass) N25 (New Ross Bypass) N24 (various improvement schemes along N24 route) 30 30 The Southeast Regional Authority have produced a report examining the need for an upgrade of the N24,
The IDA is focused also on emerging areas such as Clean Technology, Convergence and Services Innovation-areas that offer exciting new investment opportunities.
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