Does Entrepreneurial Experience Influence Opportunity Identification?

Abstract

Habitual (experienced) entrepreneurs are an important sub-group of entrepreneurs who make a fundamental contribution to the process of wealth creation in society. They have been associated with the“entrepreneurial mindset” which induces them to passionately seek and exploit the best opportunities. Despite these exceptional qualities, there are conflicting views among financiers as to whether the additional experience possessed by habitual entrepreneurs is an asset or a liability. Furthermore, there has been limited empirical work that has examined how these experienced entrepreneurs identify and exploit opportunities and whether their practices do indeed differ from those of their novice counterparts. This study seeks to address this void by examining the attitudes and behaviors of 773 novice and habitual entrepreneurs who own firms located throughout Great Britain.