Improving entrepreneurial opportunity recognition through web content analytics

The ability to recognize and develop an opportunity into a venture defines an entrepreneur. Research in opportunity recognition has been robust and focuses more on explaining the processes involved in opportunity recognition. Factors such as prior knowledge, cognitive and creative capabilities are shown to affect opportunity recognition in entrepreneurs. Prior knowledge in areas such as customer problems, ways to serve the market, and technology has been shows in various studies to be a factor that facilitates entrepreneurs to identify and recognize opportunities. Findings from research also shows that experienced entrepreneurs search and scan for information to discover opportunities. Searching and scanning for information has also been shown to help novice entrepreneurs who lack prior knowledge to narrow this gap and enable them to better identify and recognize opportunities. There is less focus in research on finding empirically proven techniques and methods to develop and enhance opportunity recognition in student entrepreneurs. This is important as the country pushes for more graduate entrepreneurs that can drive the economy. This paper aims to discuss Opportunity Recognition Support System (ORSS), an information support system to help especially student entrepreneurs in identifying and recognizing business opportunities. The ORSS aims to provide the necessary knowledge to student entrepreneurs to be able to better identify and recognize opportunities. Applying design research, theories in opportunity recognition are applied to identify the requirements for the support system and the requirements in turn dictate the design of the support system. The paper proposes the use of web content mining and analytics as two core components and techniques for the support system. Web content mining can mine the vast knowledge repositories available on the internet and analytics can provide entrepreneurs with further insights into the information needed to recognize opportunities in a given market or industry.