Need an argumentative essay on Opportunity Recognition: A Clearer Understanding. Needs to be 11 pages. Please no plagiarism.
This paper illustrates that academicians are one in saying that opportunity recognition is not limited to one theory or belief, and is, in fact, a confluence of three different views or theories, namely: the Creation theory. the Discovery Theory and the Allocative Theory which are discussed by other experts in their own particular ways and methods of analysis. Opportunity recognition is the ability to discern or identify a premise or an idea that may afford one to gain profit or advantage. G. T. Lumpkin describes it as “the ability to identify a good idea and transforms it into a business concept that adds value and generates revenues”. It is said to be a crucial element in business entrepreneurship and has been the subject of numerous research and theories by business scholars and researchers because of the various arguments and interpretations attributed to it. Opportunity recognition is based on the premise that profitable business is ever present around us, but they are only recognized by people with cognitive, entrepreneurial mindset, that is, people who have the genetic predisposition to recognize opportunities when they see one, because of their inherent, genetic thought processes. These are people who are said to have a business eye and are normally open to new experiences and changes. Opportunity recognition has been given due importance because it is the initial step to entrepreneurship, which is essential in a nation’s whole economic set-up, and is being considered as part of the educational curriculum to assist would-be entrepreneurs to effectively discern these opportunities and chances, which may escape them, if they do not possess the inherent knack for identification and recognition.