Article on opportunities of interprenuers - Term Paper Example

In order to better grasp a clearer picture, one does not only look at the external factors that dictate the course of action, but rather delve into the internal workings of the mind of an entrepreneur on how he deals with such external stimulants. To put it plainly, this deals with how entrepreneurs create opportunities subject to the way of how they generally think and analyse situations. Contrary to popular belief, opportunities are not easily just out there waiting to be ceased by whosoever first stumbles upon them, the subjective research points out that entrepreneurs possess a certain set of knowledge and a level of alertness which enables them to recognise and create these opportunities (Endres & Woods, 2007).

It was already established earlier that the subjective approach is an inside-out analysis on the entrepreneur. With that said, past experiences and psychological and internal perspectives also dictate the behaviour and responses of an entrepreneur and must be considered in a subjective approach with the rationalization that individuals view their external environment with respect to their own way of thinking. It is important to understand how entrepreneurs generate their interpretations despite constraints of uncertainties and unknowns and how they overcome this and project profitability with respect to these hurdles.

Based on the definition of economics, being comprised of two aspects of action such as the purposeful nature and the entrepreneurial element, it can be concluded that entrepreneurs have a high level of desired and contentment state since one cannot will to change ones current state if he is easily contentment. In simpler terms, entrepreneurs are ambitious people who can foresee and visualize the means and ends of an idea to generate profit (Endres & Woods, 2007). Alertness in the environment is a crucial attribute for entrepreneurs.

The ability of recognising opportunities that