Lecture

Launching New Ventures: Key Factors Affecting Opportunity Identification

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Description

This lecture discusses the key factors influencing opportunity identification in launching new ventures. It covers the importance of prior knowledge, cognitive flexibility, and creativity in recognizing opportunities. Examples like IKEA and EndoArt are used to illustrate these concepts. The lecture emphasizes the significance of alertness, diverse knowledge backgrounds, and internal locus of control in identifying and seizing entrepreneurial opportunities.

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Related concepts (27)

Cognitive bias

A cognitive bias is a systematic pattern of deviation from norm or rationality in judgment. Individuals create their own "subjective reality" from their perception of the input. An individual's construction of reality, not the objective input, may dictate their behavior in the world. Thus, cognitive biases may sometimes lead to perceptual distortion, inaccurate judgment, illogical interpretation, and irrationality. While cognitive biases may initially appear to be negative, some are adaptive.

Locus of control

Locus of control is the degree to which people believe that they, as opposed to external forces (beyond their influence), have control over the outcome of events in their lives. The concept was developed by Julian B. Rotter in 1954, and has since become an aspect of personality psychology. A person's "locus" (plural "loci", Latin for "place" or "location") is conceptualized as internal (a belief that one can control one's own life) or external (a belief that life is controlled by outside factors which the person cannot influence, or that chance or fate controls their lives).

Cognitive inertia

Cognitive inertia is the tendency for a particular orientation in how an individual thinks about an issue, belief, or strategy to resist change. In clinical and neuroscientific literature, it is often defined as a lack of motivation to generate distinct cognitive processes needed to attend to a problem or issue. The physics term inertia is to emphasize the rigidity and resistance to change in the method of cognitive processing that has been in use for a significant amount of time.

Entrepreneurship

Entrepreneurship is the creation or extraction of economic value. With this definition, entrepreneurship is viewed as change, generally entailing risk beyond what is normally encountered in starting a business, which may include other values than simply economic ones. An entrepreneur is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as "entrepreneurship".

Knowledge management

Knowledge management (KM) is the collection of methods relating to creating, sharing, using and managing the knowledge and information of an organization. It refers to a multidisciplinary approach to achieve organizational objectives by making the best use of knowledge. An established discipline since 1991, KM includes courses taught in the fields of business administration, information systems, management, library, and information science. Other fields may contribute to KM research, including information and media, computer science, public health and public policy.

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