This chapter propelled a transparent model or road map to start a new business venture that addresses literature and practices. The study aimed to investigate the serial mediation of opportunity creation, opportunity discovery, and entrepreneurial recognition between the relationship of entrepreneurial Alertness and new venture creation through the authority of entrepreneurship theory. The post-positivist school of thought has followed to unfold the current phenomenon. The study used the online survey forum of Google Forms and sent the link to the respondents through e-mail. The quantitative research method was implemented, and data were collected through stratified random sampling—the sample of 575 responses was collected from 54 Universities in South Asia and South Europe. The one-shot serial mediation model has run through user-defined in AMOS version 26. A partial serial mediation has been reported in the results of the study. All six hypotheses resulted in significant relationships.
Top1. Introduction
Entrepreneurship has become an integral sector of research and development since the last century; directly or indirectly, many subfields emerged during this journey. The end terminal was the new venture creation or the new business development (Kirzner, 1999). Professor Schumpeter presented the entrepreneurship theory revolutionising the economic and industrial sectors (Mehmood et al., 2019; Sweezy, 1943). The current study is constructed on the bedrock of Schumpeterian entrepreneurship theory. Many of those got substantial theoretical and practical importance, but unfortunately, we still struggle to find a sustainable business process model or framework. Slow but incremental growth has been determined during the last three decades in theoretical context about the possible impact of entrepreneurial Alertness on the entrepreneurial opportunity and new venture creation process (Begley & Boyd, 1987; Kaish & Gilad, 1991; Sternberg & Wennekers, 2005; Z. Tang & Tang, 2012).
In antecedents, Ekelund and Kirzner (1974) emphasized entrepreneurial opportunity research and identified entrepreneurial Alertness as an ‘ability to notice’ based on observation without any search and data collection. Before other people (Gaglio and Katz, 2001), the entrepreneur`s ability to recognize the entrepreneurial opportunity is referred to as entrepreneurial Alertness. Entrepreneurial Alertness led the entrepreneurial process faster than others towards new business ventures (Adomako et al., 2018).
Kaish and Gilad (1991) and Gozukara and Colakoglu (2016) mentioned that this field has a vast and developed theoretical background that is impossible for one to conclude and find a new research passage to answer the current questions from the authors and practitioners just based on three and four studies. So, I have adopted the bibliometric analysis approach to explore the possible theoretical connections and determine the path for future research. Figure 1 shows the adopted bibliometric journey step by step and clarifies the scholar's approach to forming the current research paper`s topic.
Figure 1. Bibliometric analysis process
(Burnham, 2006) has refined the entrepreneurial theoretical knowledge and gotten the bibl Data from the ‘Scopus index published research for the last five years. In the first step, this study got 41,744
Figure 2. First literature mapping of 41,744 documents
The results show a considerable scholarly effort to enhance the theoretical body of knowledge about entrepreneurial Alertness, but a vast gap exists. Knowledge specification that how entrepreneurial Alertness affects new venture creation.
Figure 3. Second literature mapping of 648 documents
Although conceptual limitations among opportunity, discovery, creation, and recognition have been identified, the theoretical connection of entrepreneurial Alertness to new venture creation has not yet been conceptualized with the relationships of entrepreneurial opportunity exploitation (Dimov, 2011). In addition, although the distinctions between opportunity recognition and entrepreneurial opportunities have been well defined, comprehensive literature is available about the role and importance of opportunity discovery and creation (Alvarez and Barney, 2007).