A Practical Strategy for Discovering, Evaluating and Exploiting Entrepreneurial Opportunities: Research-based Action Guidelines

Abstract

It has been argued that entrepreneurship researchers do not place sufficient emphasis on making their research findings relevant to entrepreneurs and their advisors. The paper utilises five general principles introduced by Hindle, Anderson and Gibson (2004) to convert a complex range of entrepreneurship research findings into useful action guidelines for practicing entrepreneurs. The existing research-based knowledge concerning opportunity assessment is distilled into a diagrammatic framework. This framework and a sequence of ten, plain-English questions, provides entrepreneurs and SME operators with a strategic tool (nick-named the “4/10 strategy”) for discovering, evaluating and exploiting entrepreneurial opportunities.

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