Opportunity Development

Opportunity development is a process in which an initial rough idea for a new venture is continuously modified, refined, and developed into an opportunity. This view contrasts with many of the other opportunity-related processes (such as opportunity recognition, discovery, and identification), which come from the perspective that opportunities are objective—they exist in the world, separate from the entrepreneur. The objective view suggests that one need only recognize the existing opportunity and that knowledge is what enables one person to see an opportunity that is missed by another. However, there has been growing attention to the idea that opportunities are not separate from the entrepreneurs—that it is entrepreneurs who make opportunities. Furthermore, an opportunity does not emerge fully formed, as the objective perspective would suggest. Development ...