It is the capacity of the individuals to spot opportunities in the market and to turn them into profitable businesses. For that individuals need to adopt a risk-taking behavior and to deploy all necessary resources to develop, organize and manage the new business venture profitably.
Published in Chapter:
Much More Than Meets the Eye: Unveiling the Challenges Behind Nascent Entrepreneurship
Alexandra França (University of Vigo, Spain), Silja Frankenbach (University of Aveiro, Portugal), Vanda Vereb (University of Minho, Portugal), Alexandra Vilares (University of Minho, Portugal), and António Carrizo Moreira (University of Aveiro, Portugal)
Copyright: © 2021
|Pages: 31
DOI: 10.4018/978-1-7998-4826-4.ch003
Abstract
Nascent entrepreneurship plays an important role in the study of entrepreneurship. It has been studied from different angles, especially from the psychological and sociological perspective as nascent entrepreneurs have distinctive traits and competencies. Other important foci of research are the investigation of the environment in which nascent entrepreneurs operate, as well as the way both the identification and exploitation of entrepreneurial opportunities have emerged. The main objective of this chapter is to address (1) the main individual characteristics that entrepreneurs have in common; (2) the environmental factors contributing to new venture creation; and (3) the steps in the creation process. The chapter departs from the fundamental process of nascent entrepreneurship, which is centered on opportunity recognition, evaluation, and exploitation, and is complemented by the way how contextual factors and personal characteristics and competencies influence the new venture creation process.