International Journal of Business and Social Science

ISSN 2219-1933 (Print), 2219-6021 (Online) DOI: 10.30845/ijbss

Opportunity Recognition and Business Idea Generation as a Foundation for Entrepreneurial Businesses in Central Nigeria
Wurim, Ben Pam

Most entrepreneurial discoveries are reached after a business opportunity is recognized or an idea is generated. Also, the recognition and generation of business opportunities and ideas creates enabling conditions for the smooth take off and management of business outfits. The principal objectives of this paper are to critically investigate the application or otherwise of business opportunity recognition and idea generation in the formative days of entrepreneurial businesses and the potency of such processes in the formation of solid business outfits in Central Nigeria. Two hypotheses in line with these objectives were drawn and tested based on the data generated through a Likert Scale (5 points) questionnaire. The survey investigation method was used in collecting primary data for the study from a sample of 150 central Nigeria entrepreneurs. The result showed that business opportunity and idea generation processes are significantly lacking in the formative days of central Nigeria businesses (x2c = 16.36 > x2t = 12.59) and the lack of these processes accounts for the absence of formidable and successful business outfits in central Nigeria (x2c = 3.32 ? x2t = 7.81). The paper concluded that the information sharing aspect of social networking in the opportunity identification process is very needful bearing in mind that every business comes out of an idea or opportunity. Also, information asymmetry and previous field related experience is vital if solid foundations must be laid for successful businesses. The paper recommends the use of social networking, planned and systematic research, and brainstorming; market surveys and the use of previous field related experience in the formative days of businesses.

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