entrepreneurship

1. Model of Opportunity Recognition

Opportunity recognition phase is crucial when beginning a new enterprise (Klemm, 2013). It is the discovery of the potential to create something new, contributed by four factors: individual knowledge, creativity, network and changes in the environment. Opportunity recognizers truly think out of the box, stretch beyond limits, and are combinatorial in non-traditional ways. In the case of Artemis Images, the entrepreneurs’ knowledge, networks and creativity had greatly contributed to the idea generation.

1.1 Knowledge

Knowledge is power (Bacon, 1597). It is the underlying basis for opportunity recognition. Without the facts or skills acquired through experience or education, it is impossible for anyone to succeed in identifying and creating any entrepreneurial ideas.

Specialized in media management, Chris had three years experience with Applied Graphics Technologies (AGT), a company that provides digital imaging management and archiving services for some of the largest publishers and advertisers in the world. With knowledge of media management, she was assigned to the Indianapolis Motor Speedway Corporation (IMSC), host of Indy 500, to present about content management technology solution.

From that event, she was enlightened by the realization that there was a huge demand for IMSC digitalized images that could almost generate $500,000 in revenue a year. However, image requests often require a long research process that could only fetch a sale price ranged from $60 to $100. Moreover, it was not cost-effective for IMSC to adopt a system that digitize and preserve these collections. With the problem presented, she derived at the understanding that archived photographs and images could deliver treme...

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...zation of its directors. George and Chris were badly over-stretched financially, physically and mentally, while Greg and Frank backed out at the final critical minute of the business. If they were able to work hand-in-hand, take equal ownership and bear the same risk for the business, Artemis will have two more directors to depend on. Being overloaded with enormous workload and high stress level, Chris and George overlooked the importance of conducting intensive testing on the website interface which then caused serious website glitches on its official launch. Artemis is a company full of potential and prospects, however it was unable to unleash its full potential due to one simple mistake. Therefore, it is a significant lesson for all entrepreneurs to bear in mind especially when doing business with close friends or relatives. Trust is sacred in the business world.