Introduction
Entrepreneurs are individuals who hold immense ability to utilize and coordinate scarce factors of production at their disposal to satisfy the needs of society members.
They continuously focus their potentials in organizing and operating business entities to promote economic performance in various settings. Notably, entrepreneurship is a concept that holds requisite capacity to revolutionize execution of activities in diverse sectors of operation.
The concept facilitates the development of innovative and pertinent solutions to diverse issues that affect business performance. Therefore, individuals and nations that seek to record excellent performance in all aspects of service delivery should adopt the concept.
They should also create a favorable environment that promotes creativity. This is critical in fostering the introduction of new things or ways of production that entrepreneurship is all about.
Successful entrepreneurs are individuals who are able to make right decisions, choices and are always decisive. They are always focused, determined and industrious individuals who explore every idea that comes their way.
They are also influential strategic thinkers who hold immense capacity to evaluate various scenarios or action plans before execution (Butler, 2004). This enables them to execute their ideas effectively.
Based on these facts, it is true that entrepreneurs have the different innovative capacity, different ways of seeking opportunities, creativity levels and how they execute their ideas. This explains why some entrepreneur’s record immense success over a short period compared to others.
As noted by scholars, how entrepreneurs search for opportunities matter a lot in various facets of operation. The search process defines how successful they can be and how effective they can execute their expansion plans.
Entrepreneurs who maximize the opportunities they have always record proper performance levels than those who underutilize the available opportunities.
Consequently, entrepreneurs who aggressively seek to establish new inventions or acquire information on emerging opportunities, regularly record excellent performance.
Such entrepreneurs are always able to expand their businesses with speed compared to those who do not perform vigorous search of information (Butler, 2004). This is evident since they find it very easy to identify available opportunities and plan effectively towards exploring the opportunities.
They also find new ways of product development through detailed information search. Notably, the reasons highlighted seek to justify the notion that repeat entrepreneurs are more aggressive individuals compared to single firm owners.
This is apparent since they execute their information search about prevailing business opportunities effectively.
Relevance and significance of the study
This paper provides insightful information on the notion that repeat entrepreneurs normally perform their search for business opportunities in a different manner compared to single entrepreneurs.
It focuses on establishing how they seek for various development opportunities in the market, strategies they adopt to drive their expansion plans and how they make use of the opportunities they get.
Further, it gives credible information on how to repeat entrepreneurs are able to expand compared to their counterparts who are single company holders.
Indeed, this study is set with a purpose to foster understanding among investors on modern ways of information gathering about existing opportunities and how they should explore the possibilities.
This is essential since most entrepreneurs have immense knowledge on key investment opportunities, but they lack proper implementation skills.
For instance, inferior action plans are what stagnates most entrepreneurs. This is apparent since those who do not execute a thorough search on various issues on an investment idea are bound to fail in their pursuit for expansion.
They fail because they do not perform thorough feasibility studies to establish the prevailing dynamics that an idea has and how its implementation would be affected by the environmental factors.
This justifies the saying that an entrepreneur can have a great idea but actualizing the idea can be a major problem (Jones, 2009).
They can also acquire or hold immense information about the existing and future opportunities, but what matters is how they are able to plan and explore the possibilities.
This explains why some entrepreneurs in diverse settings always perform well, while others record dismal performance despite having the potential to start new firms.
Discussion on entrepreneurship and how to build more opportunities
As noted, entrepreneurs are industrious individuals who organize various factors of production for economic and social empowerment. They employ the skills that they have in transforming their lives and for other persons in the society.
Their contribution in the economic development has been remarkable in most nations. This is because they seek and find practical solutions to diverse issues that affect operations or exemplary performance (Butler, 2004).
They also contribute to establishing new and safer ways of executing various activities such as trade, communication and provision of services.
For instance, entrepreneurs have been able to establish new technological inventions, including lean operating systems that most institutions use in the current world. These include invention of mobile phones, money transfer platforms, savings accounts and flexible communication systems.
Realistically, repeat entrepreneurs are individuals who should be able to plan well, coordinate their activities effectively and manage the resources at their disposal optimally.
They need to be determined individuals who hold effective coordination, planning ability, management and resource control skills to enable them to execute their ideas appropriately (Jones, 2009).
Secondly, they should be opportunity seekers and flexible learners who are able to establish new ways of doing things with ease as repeat entrepreneurs do. They should be able to understand the environment in which they operate, and establish the current opportunities, including how well they can be exploited.
Thirdly, they must be decisive, focused and action-oriented individuals who ensure that they make optimal use of the opportunities that they identify.
Decisiveness revolves around, making the right decisions at the right time and for the right reasons. This gives them the capacity to evaluate various options that are at their disposal and make viable choices that are sustainable.
Further, entrepreneurs who seek to record excellent performance in the current economic and competitive environment should be able to think strategically. They should have the capacity to develop specific, attainable, measurable and viable projects.
This is essential in ensuring that the projects are strategically driven to foster their success. These elements are central in developing strong entrepreneurs who can identify diverse opportunities in the environment and organizes on how to exploit the opportunities effectively (Jones, 2009).
How entrepreneurial opportunities are built and why established firms perform better
As indicated by Jones (2009), business opportunities are ventures that are built out of new ideas, nurturing of the existing ones and developing new techniques of product enhancement.
They are innovations that come out of creative thoughts with a need to finding credible solutions to evident economic and social complications in our environment. The scholars affirm that new opportunities are built in most cases through creativity or innovation.
Those who are creative are always able to see new opportunities even when others recognize nothing. They are able to notice various performance gaps that companies have and make modalities on how to bridge the gaps with reliable solutions.
Opportunities that are built through creativity have been instrumental in empowering most individuals economically. They have also been instrumental in enabling the provision of quality services to consumers of various items globally (Gartner, Shaver, Carter & Reynolds, 2004).
For instance, new invention opportunities that have been identified in the technology sector have enabled technologically enabled system users to achieve quality services.
This has been manifested in the mobile phone sector where the need to produce phones with multiple support engines, slim, portable and practical functional capacity has been realized as a result of innovation done by repeat entrepreneurs.
The development in the mobile sector has been due to proper identification of the emerging opportunities based on consumer needs. The innovation has paid significant dividends to its proprietors and the producing companies who currently enjoy huge profits.
Consequently, opportunities are also built through sharing of ideas among individuals. These help entrepreneurs especially repeat entrepreneurs to get new insights from their colleagues that enable them to develop quality items (Gartner et al., 2004).
Sharing of ideas between individuals who operate as team members or a cross-business levels helps creative people to develop new insights. The insights that can be structural assist them in identifying new opportunities and exploring them appropriately.
Conversely, opportunities are established through research studies, especially by repeat entrepreneurs. This has been a critical driver to most innovations since research studies present facts about phenomena and clear recommendations for improvements.
They are able to foster understanding among individuals about the existing operating guidelines that are used in an institution. This enables the individuals to seek out for best modalities to improve any situation that may compromise service delivery (Gartner et al., 2004).
Evidently, most repeat entrepreneurs build their ideas and identify opportunities from various research studies. The studies are instrumental since they enable them to establish consumer needs, quality gaps in a product and their future expectations in terms of products features.
This gives them ideal insights that enable them to explore the opportunities effectively.
The factual nature of the notion that repeat entrepreneurs search for opportunities differently than single firm holders
Various theoretical studies and scholars present varied opinions about the notion that repeat entrepreneurs search for opportunities is more advanced than sole firm owners.
One school of thought argues that repeat entrepreneurs are individuals who are very aggressive and are always ready to take risks than single firm owners. They are determined, more focused, issue-based and action-oriented individuals who do not leave any opportunity pass (Gartner et al., 2004).
They are always seeking to know more about issues and learn new things towards improving their lifestyle, including that of society members. However, single firm owners are not able to expand rapidly since they are highly reserved in their actions.
They are entrepreneurs who take time to make individual decisions such as investment decisions. They also fear taking risks by venturing into new businesses or executing conventional ideas that are generated.
They are known as pear evaluators who make extensive considerations before venturing into a business.
Their operating strategy may be right for institutions who seek to have a sustainable performance, but it is detrimental for entrepreneurs who would like to attain high level of competitiveness.
Due to the evident facts, scholars who subscribe to this notion indicate that repeat entrepreneurs are great individuals who view and search for opportunities differently as compared to single firm owners.
Conversely, another school of thought indicates that there is limited justification that repeats entrepreneurs search for opportunities is more advanced than single firm owners.
The scholars a firm that, achieving repeat investment is dependent on various factors that must be executed holistically. The factors include comprehensive search for information, planning, coordination of activities and effective resource mobilization.
Others include the ability to recognize opportunities, strategic partnerships and in-depth analysis of a company’s strengths (Gartner et al, 2004).
Further, they indicate that it is not that effective opportunity search is what drives repeat entrepreneurs to higher levels of performance, especially when performed in isolation. They perform well due to strategies that they operate under.
Despite, holding reserved opinion on the issues they still affirm that research on opportunities that are available is key and any entrepreneur that aspires to perform exceedingly well should ensure quality search.
Therefore, there is some credible element of truth that repeat entrepreneurs and individuals who perform their search for opportunities exceedingly well operates more uniquely compared to single firm owners.
They also perform their search in a systematic manner compared to single firm owners who operate with large reservations.
According to Gartner et al. (2004), performing a thorough search on the available business opportunities enables serious entrepreneurs to be ahead of competition.
It is the first step to success as an entrepreneur since it enables one to identify a business opportunity early and plan on how to execute the idea.
Ideally, an entrepreneur who has prior knowledge on an opportunity is able to acquire requisite incentives needed for the implementation of the idea before others in the market. Such entrepreneurs become market leaders easily since they always remain at the top.
This makes them to record huge amount of profits as a result of being market pioneers. This also enables them to expand their market share, recognition and boost their production capacity and turnover rates.
Effective search for information also assists entrepreneurs in various ways that are economically and socially relevant.
Firstly, it enables entrepreneurs to acquire basic information about business or product development opportunities that are bound to arise soon. This enables them to plan and prepare adequately to explore the possibilities.
Secondly, it enables entrepreneurs to get information in before risk issues that may compromise their operations. This gives them the opportunity to develop contingency plans and strategies to counter the effects of any complication that may arise.
Therefore, it is imperative to note that the notion that repeat entrepreneurs search for opportunities separately as compared top single firm owners are true.
Characteristics of entrepreneurs and what makes them seek more opportunities
There are various characteristics that define real entrepreneurs in various settings. The characteristics range from management skills, technical capacity, intellectual prowess and interpersonal skills.
They ensure that individuals are able to identify viable business ventures through systematic processes. They also define how effective identified opportunities or ideas are implemented.
Key characteristics that entrepreneurs are deemed to have include resilience, creativity, ability to cope with risks and being self-reflective (Jones, 2009). In particular, creativity is a significant aspect that defines excellent entrepreneurs.
It entails coming up with conventional ideas of product development and management systems. Similarly, it fosters the development of effective contingency measures and policy formulation on issues that touches of performance enhancement in institutions.
In reality, an entrepreneur who aspires to open up more businesses must be a creative person who can see an opportunity and explore the possibility with limited reservations.
Such entrepreneurs who seem to do things in unique ways are termed as repeat entrepreneurs since they always find it easy to venture into new fields of operation.
What distinguishes them from single firm owners is that they always perform extensive information search that enables them to understand the underlying issues that may hinder their success, hence develop amicable solutions.
Secondly, resilience that defines how well an individual is able to manage the effects of various ecological, economic and social complications is essential (Jones, 2009).
It is a noble character trait that any entrepreneur should have to guarantee the ability to form another company. Another key character trait is the ability to cope with operational and financial risks.
This is imperative since entrepreneurs should be able to find amicable ways of mitigating risks that may occur. They must understand the risks involved in their business ventures and develop strategic plans to counter their effects appropriately.
Similarly, entrepreneurs should have the ability to be self-reflective and be well trained to recognize opportunities.
As indicated by Jones (2009), individuals are continuously seeking for entrepreneurship opportunities to realize their ambitions in life.
They also seek to establish more opportunities in order to provide sustainable solutions to various complications that compromise individual’s wellbeing.
Thirdly, they seek for more opportunities to expand their product portfolios, operating systems, market share and improve quality of products that they deliver.
This is evident since new opportunities present conventional ways of operations that enable entrepreneurs to deliver services that are tailor-made towards satisfying customer needs.
Similarly, new opportunities for growth are sought by most entrepreneurs to increase the performance levels that in turn, lead to high profitability. Variably, it enables individuals and institutions to attain high level of competitiveness in the business world.
As noted, it is what drives entrepreneurs towards seeking new opportunities that advance their success. They need to have positive self-reflection and determination to ensure that what drives them is based on innovative ideals, as evident in repeat entrepreneurs’ virtues.
This explains why repeat entrepreneurs are deemed as individuals who think differently compared to one-time industry holders. They are dynamic, rational and passionate in their search and recognition of business opportunities.
Conclusion
Indeed, entrepreneurs are individuals who are creative and innovative in nature. They always work towards finding new ways of operation with an aim of providing ideal and quality services to individuals.
They are always interested in finding and exploiting new opportunities within their areas of jurisdiction and beyond. In this regard, they have been able to find credible solutions to significant issues that have been affecting most individuals in the society.
Their contribution in the economic development has made authorities in various nations to view entrepreneurship differently. They consider it a critical tool that holds the capacity of enhancing their performance and promoting production of quality items.
References
Butler, E. (2004). Opportunity Identification and Entrepreneurial Behavior. Greenwich, Conn: Information Age Publ.
Gartner, B., Shaver, G., Carter. M & Reynolds, D. (2004). The Handbook of Entrepreneurial Dynamics: The Process of Business Creation. London: Sage Publications Inc.
Jones, V. (2009). Internationalization, Entrepreneurship and the Smaller Firm: Evidence from Around the World. Cheltenham, UK: Edward Elgar.