Entrepreneurial alertness plays a significant role in pursuit of new opportunities (Kirzner, 1999). Building on the arguments on alertness presented by Tang and his colleagues in 2012 as well as Sarasvathy’s work on opportunity identification (2003) and stage theory, this research studies how alert connection — one dimension of entrepreneurial alertness promotes opportunity identification throughout development stages in both mature and immature markets. By studying the examples of successful entrepreneurs, I further explore the alert connection in the market characterized by unmet needs and the differences in the opportunity identification process in var-ious business fields. I then conduct interview with representatives from corresponding fields to validate my findings. Finally, I conclude that the alert connection that generates from prior knowledge, past experience, consumers’ need and innovations promotes the opportunity identifi-cation process in four patterns, providing implications for both future research and practice.
Opportuntiy identification is a core concept in the field of entrepreneurship (Short, Ketchen, Shook and Ireland, 2010). Factors that lead to recognizing opportunities include prior experiences, personality traits, changes in the broader environment, learning asymmetries, and perspective taking (Corbett, 2005; Shane, 2000; Shepherd, McMullen and Jennings, 2007; Prandelli, 2016). Moreover, discovering commercial opportunities has been associated with personal awareness that helps entrepreneurs to utilize and interpret information in various domains of knowledge (Gaglio and Katz, 2001). Alert connection, as one of the complementary dimensions of entrepreneurial alertness...
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...market. Kim and Mauborgne (2005) claimed, “Red oceans will always matter and will always be a fact of business life.” In the com-petitive red oceans, entrepreneurs must grab a greater share of existing demand in order to earn profits. In contrast, blue oceans denote all the industries not in existence today – in other words, they represent the immature market. Blue oceans are characterized by untapped market space, demand creation, and the opportunity for highly profitable growth. Most of them are created from red oceans by expanding existing industry boundaries.
In my research, I study how the patterns of alert connection change from the blue ocean to the red ocean, which also corresponds to the firms’ transition from early stage to late stage. Fur-thermore, I explore how this change motivates entrepreneurs to seize new profit and growth op-portunities.
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