1
Oppo uni ies in he p ocess o becoming an en ep eneu
Paula Ky ö*
Agnieszka Ku czewska**
Aa ni Moisala*
*Aal o Uni e si y School o Economics, Helsinki, Finland
**Uni e si y o Lodz, Lodz, Poland
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We would also like o hank ou ideo p oduc ion eam, Fe ha Sen and Reha Discioglu, om he Aal o Uni e si y
School o A and Design o hei excellen echnical and a is ic con ibu ion and he Y jö Ui o Founda ion o
making he ideo wo k possible.
1. In oduc ion
The ole o oppo uni ies in becoming an en ep eneu and in he en ep eneu ial p ocess is
undeniable (Shane and Venka a aman 2000) and challenging (Gaglio and Ka z 2001). B ush e al.
(2003) sugges ha he domain o en ep eneu ship o emos and abo e all conce ns oppo uni y
explo a ion, ecogni ion, and exploi a ion in o de o c ea e alue o and wi hin di e se con ex s.
Acco ding o A dich ili e al. (2003), he impo ance o he oppo uni y p ocess in en ep eneu ship
esea ch s ill demands a be e unde s anding o i s de ini ions and phases. As Gaglio and Ka z
(2001, p.107) w i e: “The jou ney om idea o easible oppo uni y o success ul oppo uni y mus
be explained in a heo y o en ep eneu ship. This jou ney (…) has iden i iable s ages e en i he
bounda ies be ween each s age a e uzzy.”
Howe e , he “jou ney”, e en hough i is aken by many indi iduals e e y day, has s ill no been
explo ed enough wi hin he ield o en ep eneu ship. On he con a y, oppo uni y is pe cei ed o
be an elusi e concep (Dimo 2011), as i en ails di e se ideas, app oaches, me hodologies and
e en ocabula ies. Despi e an ex ensi e amoun o esea ch on oppo uni y, he ques ion o wha
oppo uni ies a e and how o iden i y, de elop and exploi hem has no been su icien ly answe ed.
As a consequence, we s ill do no unde s and how oppo uni ies come in o exis ence. A dich ili e
al. (2003) asse ha he e is no ag eemen among en ep eneu ship esea che s on he majo
concep s used o de ine and ope a ionalize he oppo uni y p ocess.
One o he easons o why he oppo uni y p ocess is con using and in e p e ed di e en ly by
di e en au ho s is i s complexi y and di e se na u e. The e a e plen y o models which y o
explain he oppo uni y p ocess (Bha e 1994, Schwa z and Teach 1999, Singh 1999, Gaglio and
Ka z 2001). Depending on he pa icula oppo uni y ype o de ini ion ha he au ho s choose o
use, some au ho s a gue ha oppo uni ies „exis ou he e‟ in he o m o unme needs, unsol ed
p oblems, o ine icien p ocesses and i is he job o he en ep eneu o unco e hese oppo uni ies
(Ald ich and Cli , 2003; Kim, Ald ich and Keis e , 2003; Shane, 2003; Ga ne e al 2004),
whe eas o he s posi oppo uni ies as a p oduc o one‟s mind (Shane and Venka a aman 2000;
A dich ili e al. 2003; Ga ne e al. 2003).
Conside ing he scope and na u e o he oppo uni y p ocess, di e en app oaches deno e di e en
ideas. The oppo uni y p ocess may ep esen a ional hinking, an ac aken h ough an ac ion-
o ien ed p ocess, o he use o cogni i e amewo ks. Fo example, Venka a aman and Sa as a hy
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(2001) sugges ha oppo uni y ecogni ion is a p ocess o gene a ing idea, belie s and ac ions
acco ding o a pu pose. Sa ason e al. (2006, p. 287), simila ly o Shane (2003), unde s and he
en ep eneu ial p ocess as he dynamic in e ac ion o an indi idual and a pa icula oppo uni y. Fo
Ba on (2006), oppo uni y ecogni ion in ol es using cogni i e amewo ks ha one has acqui ed
h ough expe ience o pe cei e connec ions be ween seemingly un ela ed e en s o ends in he
ex e nal wo ld, in o he wo ds, i is a p ocess “ h ough which ideas o po en ially p o i able new
business en u es a e iden i ied by speci ic pe sons” (Ba on and Ensley 2006). The oppo uni y
p ocess looks di e en in each o he pa icula cases. Each o hem in ol es di e en s ages,
esou ces and ime sequences. Unde s anding a p ocess ei he as a linea decision, as a cogni i e
p ocess based on he use o p e ious cogni i e amewo ks, o as an i e a i e ac ion leads us o
ques ion he idea o he p ocess‟s uni o mi y and poses a ques ion ega ding he exis ence o any
gene ic p ocess o iden i ying oppo uni ies. As a solu ion o hese di e ences, A dich ili e al.
(2003) sugges ha a ull app ecia ion o he oppo uni y p ocess equi es a mo e cohe en app oach
and a mo e comp ehensi e heo y on oppo uni y.
Howe e , we a gue ha a he han p o iding a comp ehensi e heo y on oppo uni ies, he e a e
di e en ways o unde s anding oppo uni ies, which also ep esen di e en pa hs o maximizing
he oppo uni y p ocess. When conside ing he concep and he p ocess o oppo uni ies, i seems o
be oo simplis ic o ea oppo uni y as a uni e sal phenomenon. I he e is no one ype o
oppo uni y, and an unde s anding o he na u e o he oppo uni y p ocess a ies among schola s, i
is possible ha we canno discuss a single ype o oppo uni y p ocess leading om idea gene a ion
o en u e c ea ion. Thus, we claim ha he e a e no uni e sal, consecu i e phases o he
oppo uni y p ocess ei he . A di e en unde s anding o oppo uni ies implies a di e en
unde s anding o hei iden i ica ion, e alua ion, and exploi a ion.
Al hough some schola s al eady ad oca e s udying he dynamics and con ingency o he
oppo uni y p ocess (Gaglio 2004), s udying he dynamic p ocesses o oppo uni ies is di icul and
equi es a longi udinal app oach, ei he by ollowing how oppo uni ies come in o exis ence o by
inding a way o ca ch, e ospec i ely, how hey came in o exis ence. Lea ning om Dimo ‟s
(2011) e ospec i e app oach o analysing how indi iduals alk abou hei pas en u es, we
u he de elop he e ospec i e app oach by adop ing a documen a y ideog aphy app oach o
unde s anding he oppo uni y p ocess in o de o be e unde s and how en ep eneu s expe ience
he oppo uni y p ocess om idea gene a ion o exploi a ion. As G egoi e e al. (2010) sugges ,
ins ead o only discussing he de ini ions and na u e o oppo uni ies, we should moni o how
oppo uni ies e ol e in he p ocess o becoming an en ep eneu and ecognize i s di e en phases
and he ela ions be ween hose phases.
Fi s , we iden i y di e en app oaches o he oppo uni y and oppo uni y p ocess d awn om
p e ious esea ch. Then, by adop ing a mul iple, longi udinal case-s udy app oach and a
documen a y ideog aphy wi h edi ing me hod, we ec ea e en ep eneu s‟ oppo uni y p ocesses
and analyse hei “speci ic pa hs in e ms o sequences and e en s” (Dimo 2011, p.70). Finally, by
implemen ing pa e n ma ching logic, we compa e hese oppo uni y p ocesses o he iden i ied
heo e ical app oaches.
2. Chaos o he oppo uni y p ocess
Despi e he ichness o heo e ical and empi ical esea ch on oppo uni y cons uc s (Sho e al.
2009), s ill less a en ion has been paid o he p ocess by which an indi idual iden i ies
oppo uni ies (G egoi e e al. 2010). The gaps in oppo uni y p ocess esea ch p o oke chaos when
we y o econs uc and ollow i . Depending on he con ex and he aims o he esea ch, di e en
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au ho s concen a e on di e en ypes o oppo uni y p ocesses. Resea che s ha e al e na ely
explained he oppo uni y p ocess on he g ounds o s uc u a ion heo y (Sa ason e al. 2006),
Dubin‟s heo y building amewo k (A dich ili e al. 2003), o ganiza ional lea ning (Lumpkin and
Lich ens ein 2005, Lumpkin and C ossan 2005), and disco e y and c ea ion heo y (Al a ez and
Ba ney 2006). Companys and McMullen (2007) dis inguish h ee schools o hough ega ding
oppo uni ies: he economic, cul u al cogni i e, and socio-poli ical. Howe e , as he app oaches
ha e been de eloped simul aneously and we e analysed in such di e en con ex s, no common
concep ualisa ion exis s o da e. As a consequence, oppo uni y may be ound h ough he p ocess
o iden i ica ion (A dich ili e al. 2003, Gaglio 2001, 2004; de Tienne 2004; Shepha d 2005),
ecogni ion (Shane and Venka a aman 2000, Lumpkin and Lich ens ein 2005, Co be 2005),
de elopmen and gene a ion (Alson and Kaikkonen 2004), disco e y (Klein 2008, Shane 2000,
Al a ez 2007, Holcombe 2003, Al a ez and Ba ney 2007), o c ea ion (Holcombe 2003, Al a ez
and Ba ney 2007). Al hough all o hese e ms desc ibe p ocesses connec ed wi h oppo uni y, i is
impossible o de ec hei p ecise unde s andings since hey di e as much be ween hemsel es as
wi hin a single p ocess ca ego y. Fo example, aking only ecogni ion concep , Lumpkin and
Lich ens ein (2005) de ine oppo uni y as he iden i ica ion o a good idea and he ans o ma ion o
i in o a business concep ha adds alue and gene a es e enue, whe eas Ba on (2006) unde s ands
i as he de ec ion o pa e ns and Shane (2000) a gues ha indi iduals disco e oppo uni ies by
ecognizing he alue o new in o ma ion. Al hough he e is e idence ha each o hese
pe spec i es has made a signi ican con ibu ion o he ield, none o he app oaches is solely able o
explain he complexi y and di e si y o he oppo uni y p ocess.
Di e en unde s andings and e minology conce n no only he oppo uni y p ocess in gene al, bu
also i s pa icula phases. Fo example, o Lumpkin e al. (2004, 2006) he oppo uni y p ocess
consis s o a disco e y phase (consis ing o p epa a ion, incuba ion, and insigh ) and a o ma ion
phase (consis ing o e alua ion and elabo a ion). Schwa z and Teach (2000), as well as Shane and
Venka a aman (2000), dis inguish wo phases o he p ocess: oppo uni y ecogni ion and
exploi a ion. Lindsay and C aig (2002) ea oppo uni y ecogni ion as a pa o he oppo uni y
o mula ion p ocess, in which i is p eceded by oppo uni y sea ch and ollowed by oppo uni y
e alua ion and e i ica ion. Fo A dich ili e al. (2003), oppo uni y iden i ica ion is a iad o
ecogni ion, de elopmen , and e alua ion. As a consequence, unde s anding he oppo uni y p ocess
becomes e en mo e ague and chao ic.
The mul iplici y o app oaches o oppo uni ies, as well as he chao ic and di e se cha ac e o he
oppo uni y p ocess, indica es ha we do no eally know how he p ocess ac ually e ol es and how
en ep eneu s de elop hei ideas. Following he ideas o Al a ez and Ba ney (2007), we adop an
app oach whe eby he agency o c ea ing oppo uni y is b ough by he en ep eneu s who exploi
such oppo uni ies. Simila ly, as Shane and Venka a aman (2000) also sugges , he exploi a ion o
oppo uni y depends on he na u e o human in ol emen . As Mc Mullen e al. (2007, p. 278) s a e,
“oppo uni y is a concep ha inds i s meaning in he con ex o human ac ion”. Al e na i ely,
Shane (2003) posi ions en ep eneu ship wi hin an indi idual–oppo uni y nexus.
Howe e , di e en schola s iew he na u e o human in ol emen di e en ly. I may conce n bo h
unco e ing and c ea ing oppo uni ies (Al a ez and Ba ney 2007). I oppo uni ies ake he o m o
unme needs, unsol ed p oblems, o ine icien p ocesses, hen i is he en ep eneu who unco e s
hem (Ald ich and Cli , 2003; Kim, Ald ich & Keis e , 2003; Shane, 2003; Ga ne e al 2004). I
oppo uni ies a e a p oduc o one‟s mind (Shane & Venka a aman, 2000; A dich ili e al., 2003;
Ga ne e al., 2003), hen i is he en ep eneu who c ea es hem. Human in ol emen in he
p ocess migh conce n a sys ema ic, planned, and a ional sea ch (D ucke , 1998; Zie sma, 1999), in
which an en ep eneu de ec s he indi idual ela ional dynamics among a ious ideas and hei
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possible in e play wi h he ou e wo ld and cogni ion (Ba on 2006), o a p ocess in which an
en ep eneu enac s hose ideas (Sa as a hy). D awing om his di e si y o iewpoin s, we sugges
ha di e en ideas abou human in ol emen wi hin he oppo uni y p ocess leads o di e en
app oaches o unde s anding he oppo uni y p ocess.
The o he c i e ion is o also include he no ion o exploi a ion wi hin he oppo uni y p ocess. Wha
he abo e esea che s ha e in common is ha , in gene al, hey a gue ha he oppo uni y
iden i ica ion phase migh be ollowed by an e alua ion phase (G egoi e e al. 2010). Howe e ,
none a e su e abou he exac posi ion o exploi a ion in his p ocess, e en hough oppo uni ies pe
se a e useless unless hey a e exploi ed. Thus, in ou iew, he oppo uni y p ocess‟s ou come is no
me ely based on an oppo uni y, bu a he on an exploi ed oppo uni y. A he co e o he
oppo uni y p ocess is he ques ion o how ideas come in o exis ence and, hus, he no ion o
en ep eneu ial oppo uni y also includes he abili y o exploi such an oppo uni y. Such an
unde s anding o he oppo uni y p ocess is in line wi h he iews o Shane and Venka a aman
(2000, p. 218), who de ine he ield o en ep eneu ship as he s udy o “how, by whom, and wi h
wha e ec s oppo uni ies (…) a e disco e ed, e alua ed, and exploi ed”. They also claim:
“Al hough he disco e y o an oppo uni y is a necessa y condi ion o en ep eneu ship, i is no
su icien . Subsequen o he disco e y o an oppo uni y, a po en ial en ep eneu mus decide o
exploi he oppo uni y.” Howe e , he idea o oppo uni y exploi a ion has been o e looked o
ma ginalized so a . The concep pe se appea s in he esea ch on oppo uni ies qui e o en, bu in-
dep h esea ch concen a es abo e all on iden i ica ion ( ecogni ion, disco e y) and less o en on he
e alua ion phase, no o men ion he no ion o exploi a ion. Igno ance o he exploi a ion phase is
one o he easons o he exis ing chaos ega ding an unde s anding o he oppo uni y p ocess; ha
is o say, unless esea che s ocus on he poin a which an oppo uni y has been exploi ed, hey
canno discuss he oppo uni y p ocess in i s en i e y. Rega ding an unde s anding o he
oppo uni y p ocess as a mul i-s age p ocess, one which emb aces he phases o iden i ica ion,
e alua ion, and he exploi a ion o oppo uni ies (no necessa ily in his consecu i e o de ), is a
p ocess ha leads om idea gene a ion o en u e c ea ion.
Thus, in ou iew, he inabili y o esea che s o each a sha ed unde s anding o he oppo uni y
p ocess is a consequence no only he di e en on ological posi ions o he au ho s, he di e en
schools o hough hey ep esen , and hei pa icula in e es s and gene al app oach o
en ep eneu ship, bu also esul s om he di e en pe spec i es on he na u e o human
in ol emen in he oppo uni y p ocess and i s consequences in e ms o he exploi a ion o
oppo uni ies.
3. Th ee app oaches o oppo uni y p ocess.
The na u e o human in ol emen de e mines he oppo uni y p ocess. The iew o he en ep eneu
as a human being looking o and app oaching new oppo uni ies is sha ed by h ee leading
economis s in e es ed in en ep eneu ship: Can illon, Ki zne , and on Mises. They ha e a common
unde s anding o an equilib ium goal (equilib ium depends on he ac ions o indi iduals) and all
ep esen a unc ional app oach in e ms o unde s anding he en ep eneu . Howe e , e en i hey
ag ee ha an en ep eneu is a human being app oaching new oppo uni ies, Can illon sees him o
he as a „judgmen make ‟, Ki zne as an „a bi ageu ‟ and on Mises as a “specula o ”. Di e ences
in he na u e o human in ol emen p omp ed us o ecognize h ee di e en oo s o he
oppo uni y p ocess and h ee di e en app oaches o he oppo uni y p ocess.
The i s app oach o he oppo uni y p ocess s ems om he iews o Can illon (1931), who
conside ed he en ep eneu as an indi idual wi hin an o ganized sys em o in e connec ed ma ke s
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ha ope a e o achie e a kind o equilib ium. The ins i u ions o his o ganized sys em e ol e o e
ime in esponse o "need and necessi y”. An en ep eneu assumes he isk o unce ain y inhe en
in ma ke ac i i ies and plays he ole o a coo dina o by ma ching p oduce s wi h consume s
making a ional judgmen s in an unce ain en i onmen . Can illon a gued ha economic science is a
science o pu e choice, simply because i is buil on he pu pose ulness o human ac ion. He was
mo e in e es ed in he unc ion a he han he pe sonali y o he en ep eneu . Acco ding o
Can illon, he oppo uni y p ocess akes place when indi iduals, by way o a pu pose ul, delibe a e,
and conscious sea ch (D ucke , 1998; Zie sma, 1999), iden i y and il e en ep eneu ial oppo uni y
o en u e c ea ion (Choi & Shephe d 2004) o any o he p ocesses wo hy o de elopmen
(A dich ili e al., 2003). Objec i e oppo uni ies exis and a e dependen on en ep eneu ial ac ion
wi hin he socie y (Singh e al., 1999). Howe e , he condi ions ha a e necessa y in o de o he
sea ch p ocesses o occu equi e he p esence o cen al a e ac s and he business con ex s wi hin
which decisions a e made (Sa as a hy, 2001). Indi iduals a e assumed o be a ional in hei
judgmen s and sea ch o oppo uni ies as a solu ion o speci ic p oblems o needs. In ha sense,
he p ocess o sea ching is a human ac ion o e alua ing al e na i es and making choices. In he
sea ch app oach, he na u e o he p ocess is cha ac e ized by a linea p ocess om idea o
oppo uni y and, u he , o i s exploi a ion, and he p ocess mode a o s a e based on pas
knowledge and expe iences. The p ocess begins by iden i ying a need o be ul illed o a p oblem
ha is sys ema ically being sol ed.
The second and hi d app oaches a e oo ed in Aus ian economics. They a e inspi ed by on
Mises‟s (1949) iews, and ha e been u he de eloped by Ki zne (1963). They bo h ag eed ha
equilib ium is no a gi en condi ion o he economy and bo h in es iga ed he ma ke p ocess
leading o equilib ium in he economy, and made he en ep eneu esponsible o his p ocess o
happen. Howe e , o Mises an en ep eneu c ea es oppo uni ies by c ea ing disequilib ia, while
o Ki zne he en ep eneu inds oppo uni ies by iden i ying disequilib ia in he ma ke .
Fo Ki zne (1973), he ma ke p ocess is d i en by indi iduals who use hei cogni i e abili ies o
acqui e be e in o ma ion abou he plans being made by ellow ma ke pa icipan s. This wo old
in luence ( he na u e o he en ep eneu and cogni i e abili y) is, acco ding o Sandye (2006),
mani es in he concep o ale ness, which e lec s he en ep eneu ‟s aci na u e o knowledge in
he disco e y o oppo uni ies. Acco ding o Ki zne `s iews, he second app oach posi s
oppo uni ies as he esponses o indi iduals o changes in he en i onmen . Oppo uni ies exis
independen ly o en ep eneu ial ac ion and need o be disco e ed as objec i e phenomena. The
indi iduals a e “ale and sensi i e o hei en i onmen s” (Ki zne , 1997; Shane, 2003). Howe e ,
i en ep eneu s and non-en ep eneu s di e , hen no e e yone knows abou pa icula
oppo uni ies, o , e en i hey do, no e e yone will be p edisposed o exploi hem. This app oach
assumes ha en ep eneu s and non-en ep eneu s mus di e in some impo an ways (Al a ez and
Ba ney, 2007). Indi iduals ha e conside ably less use ul ex-an e in o ma ion abou he
oppo uni ies and ha e o ely upon hei cogni i e abili ies o iden i y oppo uni ies as hey a ise.
Indi iduals may al eady possess some o his in o ma ion om p e ious expe ience wi hin a
pa icula en i onmen , o hey may collec i as hey begin o look o possible oppo uni ies wi hin
a ecen ly changed en i onmen (Casson, 1982). Ale en ep eneu s may e en disco e
oppo uni ies wi hou engaging in a sys ema ic sea ch. In his app oach, disco e y is a p ocess o
using indi idual cogni i e abili ies and pas cogni i e pa e ns (Ba on 2006) o connec di e en
ideas. Acco dingly, he oppo uni y p ocess is non-linea , as oppo uni y ecogni ion and i s
e alua ion a e in e wined, and p ocess mode a o s a e pas cogni i e pa e ns; Ba on (2006), o
example, has elabo a ed on such p ocess mode a o s in his wo k. The p ocess begins wi h
iden i ying new si ua ions o a possible new in e play be ween hem, which is hen co ec ed o
e o s and new ways o dealing wi h he si ua ion o in e play a e c ea ed.

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Fo Mises (1949), he ma ke p ocess is de e mined by he da ing, imagina i e, and specula i e
ac ions o en ep eneu s who iden i y oppo uni ies (wi hin he condi ion o ma ke disequilib ia).
He a gues ha economic science can only be e i ied by including he undamen al p oposi ion ha
human beings ac . This me hodological ap io ism assumes ha en ep eneu ship always in ol es
human ac ion and in e ac ion (Gunning 1996), and ha en ep eneu is an indi idual who ac s upon
exis ing oppo uni ies ( on Mises, 1949). As a esul , he inal iden i ied app oach p oposes ha
indi iduals do no ecognize oppo uni ies i s and hen ac (A dich ili e al., 2003; Choi, 1993;
Hube , 2001). Ra he , hey ac , wai o a esponse o hei ac ions (usually om he en i onmen ),
and hen hey modi y hei ac ions and ac again. In his sense, oppo uni ies do no exis un il
indi iduals ac o c ea e hem (Ald ich and Zimme , 2006; Ga ne , 1985; Sa as a hy, 2001; Weick,
1979). Hence, A dich ili e al. (2003) claim ha oppo uni ies a e made o c ea ed bu no ound.
Indi iduals can a ely sepa a e he end poin om he beginning (Al a ez & Ba ney, 2007). Fo
Ga ne e al. (2003), oppo uni ies a e he esul o indi iduals‟ ac ions, a he han a esul o wha
hey see a a pa icula poin in ime. In his app oach, en ep eneu s du ing he oppo uni y p ocess
ha e conside ably less use ul ex-an e in o ma ion abou he oppo uni ies hey a e o ming han is
assumed o be in he case wi h sea ch and disco e y app oach (Bake e al., 2005). The ac ion
app oach in e p e s he esul s o expe ience-o ien ed ac ions. In his app oach, di e en phases o
he oppo uni y p ocess a e cyclical and in e wined and pas beha iou pa e ns pe haps bes
desc ibe mode a o s wi hin he p ocess. The p ocess begins wi h iden i ying he consequences o an
indi idual‟s ac ions and hei expe iences and is ollowed by c ea ing new means and new ends.
These oo s o he oppo uni y p ocess and ways in which di e en schola s choose o in e p e
human in ol emen wi hin he oppo uni y p ocess leads o h ee di e en app oaches: (1) sea ch
(Can illon 1931, Caplan 2000), (2) disco e y (Ki zne 1979, Shane 2000, 2003; Shane and
Venka a aman 2000), and (3) ac ion (Mises 1949; Venka a aman 2003). Each app oach ep esen s a
di e en unde s anding o he oppo uni y p ocess. The di e ences conce n he na u e o human
in ol emen , bu also a comp ehension o oppo uni y and he oppo uni y p ocess and i s
mode a o s and phases.
Table 1. Th ee di e en app oaches o he oppo uni y p ocesses
C i e ia
Sea ch p ocess
Disco e y p ocess
Enac ing p ocess
Roo s
Can illon
„judgmen make ‟
Ki zne
„a bi ageu ‟
Mises
„specula o ‟
Na u e o human
in ol emen
Human ac ion o e alua ing
al e na i es and making
choices
Use o cogni i e abili ies
by ale indi iduals o
„connec he do s‟
In e p e ing he
consequences as a esul
o ac ion-based
expe ience
Oppo uni y
Oppo uni y is a solu ion o he
p oblem o need iden i ied by
an en ep eneu
Oppo uni ies exis ,
independen o en ep eneu ‟s
hinking
Oppo uni y is a esponse
by an indi idual o
changes in he
en i onmen
Oppo uni ies exis ,
independen o
en ep eneu ial ac ions
Oppo uni y is a esul o
he i e a i e ac ions o
indi idual beha iou
Oppo uni ies do no exis
un il en ep eneu s
engage in he oppo uni y
p ocess
Oppo uni y p ocess
Oppo uni y p ocess is linea ,
a ional, pu pose ul, and
sys ema ic , aimed a achie ing
gi en ends
Oppo uni y p ocess
akes place h ough
cogni i e pa e ns; i is
non-linea and in e nal
Oppo uni y p ocess is
cyclical, se endipi ous, o
oppo unis ic, b icolage;
oppo uni y iden i ica ion
and exploi a ion a e
7
in e wined
P ocess mode a o s
Pas knowledge and expe ience
Pas cogni i e pa e ns
Pas beha iou pa e ns
Oppo uni y p ocess
phases
 Oppo uni y
Iden i ica ion
Iden i ica ion o a need o a
p oblem
Iden i ica ion o a new
si ua ion o a possible
new in e play
Iden i ica ion o he
consequences o an
indi idual‟s ac ions and
hei expe iences
 Oppo uni y
E alua ion
Using esou ces o achie e ends
(sol e he p oblem o ul il he
need),
bo h means and ends a e known
“Connec ing he do s”,
Co ec ing e o s and
c ea ing new ways o
achie e an end; means
and ends ei he known o
unknown
C ea ing new means and
new ends;
bo h means and ends a e
unknown
 Oppo uni y
Exploi a ion
Oppo uni y iden i ica ion is
ollowed by oppo uni y
e alua ion, which is ollowed
by oppo uni y exploi a ion
Oppo uni y
iden i ica ion and
e alua ion a e
in e wined and ollowed
by an exploi a ion phase
Oppo uni y
iden i ica ion and
oppo uni y e alua ion
and exploi a ion a e
in e wined
Modi ied om Ky ö e al. (2011)
The p oposed di ision co esponds, o some ex en , o ha no ed by A dich ili e al. (2003) when
hey a gued ha he e m “oppo uni y ecogni ion” has is oo na ow in i s o mula ion. Acco ding
o he au ho s, oppo uni y iden i ica ion may ake he o m o 1) sensing o pe cei ing ma ke
needs and/o unde employed esou ces, 2) disco e ing a ma ch be ween pa icula ma ke needs and
speci ied esou ces, and 3) c ea ing a new ma ch be ween sepa a e needs and esou ces. Simila ly,
o Sa as a hy e al. (2003), he di e ence be ween ecognizing, disco e ing, and c ea ing is d awn
om h ee s eams o economic li e a u e pe inen o en ep eneu ial oppo uni y − ha is o say,
he ma ke as an alloca i e p ocess, he ma ke as a disco e y p ocess, and he ma ke as a c ea i e
p ocess. We assume ha he phases o iden i ica ion, e alua ion, and exploi a ion a e p esen in
each o he oppo uni y p ocesses − sea ching, disco e ing, o enac ing − bu hey a e di e en in
hei ou comes.
Thus, o be e unde s and how en ep eneu s expe ience he oppo uni y p ocess om idea
gene a ion o exploi a ion, we need o know how oppo uni ies a e iden i ied, e alua ed, and
exploi ed and he ela ions be ween hese phases. Each o ou app oaches ep esen s di e en
iden i ica ion and e alua ion phases, bu none o he app oaches is able o ecognize how
oppo uni ies a e exploi ed. Only he ac ion app oach assumes ha he phases o iden i ica ion,
e alua ion, and exploi a ion a e all in e wined. Thus, o be e unde s and he whole oppo uni y
p ocess, we p opose inding a way o in es iga e all phases o he oppo uni y p ocess oge he . This
is he guiding p inciple unde pinning ou me hodological choices.
4. Me hodology
4.1 O e iew o he me hodological choices
A mul iple, longi udinal case-s udy app oach enables us o deepen ou unde s anding o di e en
ways o expe iencing he oppo uni y p ocess, since i aims o unde s and he dynamics p esen
8
wi hin indi idual se ings. I allows us o in es iga e pa icula con ex s in dep h, p omo e he
eme gence o new ideas o new in e p e a ions o exis ing ideas when exis ing heo y seems
inadequa e, and unde s and why and how answe s a e needed (Aal io-Ma jasola 2002, Eisenha d
1989, Rowley 2002, Yin 2003). He e, we expec o en ich ou ideas abou he dynamics o he
oppo uni y p ocess in e ms o iden i ying, e alua ing, and exploi ing oppo uni ies and hei
in e ela ions wi hin he p ocess o becoming an en ep eneu .
In o de o ollow, e ospec i ely, he en i e oppo uni y p ocess, we ep oduced his p ocess
h ough a documen a y ideog aphy and edi ing me hod and analysed speci ic pa hs in e ms o
sequences, c i ical inciden s, and e en s. The edi ing me hod has i s o igins in he ela i ely no el
domain o ideog aphy, which, in u n, has e ol ed om documen a y ilmmaking and isual
an h opology (Ca oll & Choi, 2008; Belk & Kozine s, 2007; Kozine s & Belk, 2006). The use o
ideog aphy is s ill a e o e en nonexis en in en ep eneu ship esea ch, bu has ecen ly been
used, o example, in consume esea ch (Valck, Rokka and Hie anen 2009). The edi ing me hod
allowed us in each case o induc i ely iden i y sequences and c i ical inciden s and e en s wi hin
he oppo uni y p ocess and o main ain a logical con inui y be ween hem.
Finally, since, as a gued by Aal io-Ma jasola (2002), a case s udy is connec ed o p e ious heo ies,
we checked whe he ou obse a ional ealm migh suppo ou heo e ical cons uc by
implemen ing pa e n-ma ching logic o deduc i ely compa e he econs uc ed oppo uni y
p ocesses o he h ee di e en heo e ical app oaches. We p opose using pa e n-ma ching logic as
a gene al analy ic s a egy, whe e e en s a e explained when hey a e ela ed o a se o o he
elemen s.
As Pauwels and Ma hyssens (2004, 128) a gue, he a chi ec u e o an elabo a i e, mul iple case-
s udy design is buil upon ou pilla s – heo e ical sampling, iangula ion, analy ical pa e n-
ma ching logic, and analy ical gene alisa ion − as a basis o alida ion h ough jux aposi ion and
i e a ion. By modi ying his a chi ec u e, we nex desc ibe ou heo e ical sampling, hen discuss
how we conduc ed he ideog aphy and edi ing me hod du ing he da a ga he ing and analysing
phases, and, inally, we ocus on how we employed analy ical pa e n ma ching logic and analy ical
gene aliza ion in he case s udy.
Figu e 1. Me hodological amewo k
9
Modi ied om T ochim (2006)
4.2 Theo e ical sampling
Fo heo e ical sampling, we chose an in o ma ion-o ien ed selec ion o he cases in o de o ob ain
as ich and p o ound an a ay o in o ma ion as possible (Fly bje g 2006). En ep eneu s we e
chosen based on hei di e ences in o de o achie e a ange o di e si y wi hin hese mul iple cases
(Yin 1994, 2003). The main c i e ion was ha hey all had es ablished a business en u e based on a
unique business idea and had un hei espec i e businesses o e an ex ended pe iod o ime. The
en ep eneu s di e ed in hei business ideas, age, li e and p o essional expe iences, and
backg ounds. Thus, we ensu ed ha hey had expe ienced all phases o en u e c ea ion. As a esul ,
we in e iewed ou en ep eneu s and ideo ilmed he sessions.
Powe kiss is a company ha p oduces cha ging ings ha e-cha ge elec onic de ices wi hou any
cables. I was ounded in 2008 by i s cu en CEO, Maija I konen, oge he wi h he business
pa ne s. Powe Kiss echnology u ilizes p inciples o elec omagne ic induc ion o c ea e wi e- ee
cha ging solu ions o handheld de ices. The sys em ope a es so ha a de ice wi h a cha ging ing
is placed on a su ace wi h a ho -spo ins alled in i and begins o cha ge au oma ically. Powe kiss is
loca ed in Espoo, Finland and has app oxima ely 20 employees a he momen .
16
While wo king in Ge many, due o disappoin men wi h his business pa ne , Ilkka ealized and also
decided ha he did no wan o wo k o somebody else and came back o Finland. He was
wonde ing wha o do and began o go h ough his blue book e y ca e ully and picked-up an idea
ha was highligh ed in he book. He decided o combine low-p iced ca en al wi h mo ing media
in a new, inno a i e way. His obse a ions in Aus ia ega ding mo ing media we e e y in luen ial
and inspi ing. They enabled him o imp o e and adap his idea o i a new en i onmen (Finland).
In he B- o-C concep (cheap ca en al), he had o op imize he en al p ice pe day o he a ge
g oups, and wi h he mo ing media concep he imp o ed he aping sys em and imp o ed he
acking sys em in o de o be e con ince he ma ke ing agencies o he usabili y o his mo ing
media. The idea was ha cus ome s (ad e ise s) and cus ome s ( en e s) bo h pa icipa ed o he
ac ual p oduc ion p ocess. He aced a g ea deal o opposi ion om po en ial cus ome s and had o
wo k ha d and use his skills o pe suasion o ge cus ome s in e es ed. Cheap ca en al was no
di icul o pu in o p ac ice, bu mo e wo k and pe suasion was needed o con ince he ma ke ing
p o essionals and in es o s ha mo ing media is a p o i able business. Ilkka belie es ha despi e
he ac ha he copied his idea, he made i be e .
To exploi his idea, he ga he ed a eam whose membe s complemen ed one ano he and which
allowed him o wo k whe e he el he was bes . When wo king wi h he business in Finland began
o become ou ine o him, he hough ha he wan ed o do some hing om he e y beginning
again and began o sc een oppo uni ies o building a simila business in China. Now, wi h making
money as a goal, he wo ks on his global ision by adding di e se imp o emen s, o example
emission- ee elec ici y ca s o his business. He is much mo e g ow h o ien ed. He has plans o
s a he en u e om he beginning and conque he Chinese ma ke s. Despi e his en husiasm, he is
willing o sell he company when “ he p ice is igh ”, since he is con iden ha he will always ha e
ideas o s a ing a new business.
Table 4. Sequences, c i ical inciden s, and e en s – o2 Media
Sequences, c i ical inciden s, and e en s - o2 Media
P e-idea
Idea gene a ion
Oppo uni y
p ocess
Exploi a ion p ocess
C i ical inciden
C i ical e en s
C i ical inciden
C i ical
e en s
C i ical
e en s
C i ical
inciden
C i ical
e en s
Ilkka is
in luenced
by he
s ong
pe sonal-
i y o his
g and-
a he and
inds o he
ole
models as
well. He
ies
se ing up
a numbe
o busi-
nesses.
A he age o 14
o 15, Ilkka
ealises ha he
o ge s some o
his ideas and
s a s o w i e
down all his
ideas abou how
o make hings
be e in a blue
book.
While li ing
ab oad, Ilkka
comes ac oss he
idea o mo ing
media and he
w i es down his
idea in his blue
book. He gains
many
in e na ional
expe iences in
he ca indus y.
Due o
disappoin men
wi h his
business
pa ne , Ilkka
decides ha he
does no wan o
wo k o
somebody else
and come back
o Finland.
He picks up
he idea o
joining
media and
he ca en al
business
om his
blue book
and
imp o es
upon i
cons an ly.
He
ga he ed
a eam
whose
membe s
comple-
men one
ano he
and
which
allows
him o
wo k
whe e he
el he
was bes .
Ilkka wan s
o
in e na ion-
alise his
en u e and
o s a again
in he
Chinese
ma ke .
When he
business in
Finland
s a ed o
become
ou ine o
him, he
hough ha
he wan ed o
do
some hing
Ilka s a s o
scale up his
business. He
s ill makes
use o his
blue book.

17
om he
e y
beginning
again.
5.2.2 Pa e n ma ching logic
Ilkka alls in o he disco e y app oach. He belie es ha oppo uni ies eme ge independen o
his ac ions; all o hem a e easible, so, by esponding o hem, he can c ea e each en u e. He
combines di e en ideas and simul aneously e alua es hei easibili y wi h espec o ma ke s.
He wan s o be associa ed wi h some hing ha is success ul. He has a ision and wan s o be
like his g and a he o he en ep eneu s ha he admi es. In Ilkka‟s case, he idea gene a ion
phase and oppo uni y p ocess a e in e wined, so idea and oppo uni y hus in e ac wi h one
ano he . He iden i ies and e alua es oppo uni y a he same ime. The exploi a ion phase akes
place once again h ough a disco e y p ocess. Exploi a ion is a na u al pa o he oppo uni y
p ocess. I one business idea does no wo k, he exploi s he nex one, as he belie es ha he e
a e plen y o easible ideas. The e is no c i ical inciden ha akes place be ween he
oppo uni y p ocess and he exploi a ion p ocess.
Table 5. Resul s o pa e n ma ching − he case o o2 Media
C i e ia
Ilkka
Oppo uni y
In his iew, he business wo ld is ne e comple e, ideas a e wai ing, and con inuous
imp o emen s a e always possible. Oppo uni ies migh be ound e e y day, since such
oppo uni ies al eady exis .
Na u e o human
in ol emen
Ilka is a e y ale o new business ideas. He w i es down his ideas in a blue book. He
keeps his mind open o new ideas all he ime, e en when “walking on he s ee s”. Ideas
come om di e en sou ces and migh e en be combined.
Oppo uni y p ocess
He d aws ideas om e e yday li e, imp o es hem and pu s added alue o hem.
P ocess mode a o s
Famous and success ul ole models such as Ted Tu ne inspi e him. Fo him, he key
implici d i e is no he business pe se, bu ying o be like his idols. He cons an ly
w i es down ideas in his blue book and e lec s ideas bea ing in mind success ul ole
models.
Oppo uni y p ocess
phases
 Oppo uni y
Iden i ica ion
Oppo uni ies a e based on imp o emen s. Acco ding o Ilkka, he business idea is no
di icul o iden i y. I is only a ma e o choosing one idea (among many easible ones)
and u he de eloping i . He hinks ha he can sell wha e e he e is o sell.
 Oppo uni y
E alua ion
He combines all elemen s o he business idea in o de o make i easible. He had done
ca e ul analysis o , o example, he cos -s uc u e, inancing, cus ome expec a ions,
ma ke , and compe i ion be o e he launched his concep .
 Oppo uni y
Exploi a ion
I is no a ma e o whe he ideas a e good o bad, bu wo se ideas equi e mo e wo k,
since e e y hing o him has al eady been in en ed in some o m, bu could always be
imp o ed upon. To exploi oppo uni ies, he inds ha , based on his pas
ailu es/expe iences, i is be e ha cus ome s al eady a e in some o m amilia wi h he
18
idea.
An impo an ole a his phase is played by a eam o co-wo ke s, who ha e
complemen a y compe ences, which allows him o be himsel .
Ilkka has a e y business-like app oach o oppo uni y exploi a ion; he is eady o cash in
on he inno a ion as soon as he p ice is igh , as he eeling o success is he mos
impo an hing o him.
5.3 Case no 3: Kaipaus
5.3.1 Iden i ied sequences, c i ical inciden s, and e en s
Tuula An ola g ew up a coun y gi l and she eels ha he in e es s in inno a i eness and
en ep eneu ship come om ha pe iod. She emembe s climbing ees and he a he encou aging
he o climb highe , bu no o e ing suppo when she wan ed o ge down, which she belie es was
a aluable expe ience. A e g adua ion, Tuula wo ked as a ec ui ing consul an o in e na ional
clien s and ealized ha people a e he co e o e e y business. A e he s udies a Helsinki
Uni e si y o Technology, she wo ked as a pa ne in a consul ing company and was in ol ed in
de eloping and conduc ing a new su ey ool on inno a i eness. Inspi ed by ha su ey, she s a ed
up a spino company, called Innoba , in 2006. She was also guiding o he companies in hei
jou neys owa ds inno a i eness. Toge he wi h a pa ne , she w o e he book Leade ship o
inno a i eness.
One day, Tuula a ended a con e ence on inno a ion in New Yo k. On he way back she ead an
a icle abou Wunde baums (ca oons wi h scen ), which was a g ea idea om he 1970s ha no
one had expanded upon u he , as p oduc s we e s ill being p oduced on a ga age-like scale. A he
ai po , Tuula also bough a bo le o pe ume o he sel and a oy bunny o he li le daugh e
Hanna. When she came home, she ga e he oy o he daugh e . Hanna was deligh ed and said:
“Hey mom, i ca ies you scen .” Tuula was ouched and ealized ha scen is a wonde ul pla o m
o memo ies and powe ul momen s. She combined he idea o Wunde baum wi h pe umes and
he oy bunny. She began o hink abou adding he scen o consume goods. Discussing his idea
wi h he business iend, she go suppo and inspi a ion abou he idea ha scen indeed con ains
huge ma ke po en ial. Tha was he beginning o Kaipaus. She said ha she needed “ex e nal
signals o ac i a e he b ain” o se up he i m. They came om business, echnology, and he
design ield. A e a ew consul a ions, Tuula disco e ed ha he idea was easible om a business
pe spec i e. To ind he echnology ha would enable an i em o ca y he scen one lo es and, hus,
igge powe ul eelings, she began o alk wi h he iends who held PhDs in chemis y. She ound
an in en o who u ilized a ce amic ma e ial called nano ago. The ma e ial abso bs any added scen
and eleases he molecules one by one. Then, she looked a ound o he designe s. A eam o well-
known Finnish designe s was inspi ed o help he and hey decided o s a wi h a collec ion o
jewelle y in 2008. Howe e , e en hough people lo ed he idea o goods ca ying a scen , i was no
easy o sell he p oduc s. Acco ding o Tuula, he eason was he unusual combina ion o jewelle y,
scen , and nano echnology. Thus, she and he eam had o each dis ibu o s and end-use s abou he
p oduc s. She ealized ha i is oo much o wo k o a ew companies and s ill ha e ime o
amily. She decided o esign om he o he jobs and de o e he ime mainly o Kaipaus. I enabled
he o hink abou he in e na ionaliza ion o he business. She plans o en e he Eu opean Union
ma ke . She has al eady begun o explo e he I alian ma ke . Howe e , she has no iced ha
expansion depends on people who inspi e and enable o he s o sha e hei ideas. She migh become
19
a business angel in he u u e. Fo Tuula, i is impo an o p ac ice he idea o Doing Good as
Business S a egy, which means dona ing a leas one eu o om each p oduc o cha i y. She wan s
o build a sus ainable business s o y and help o he s.
Table 6. Sequences, c i ical inciden s, and e en s – Kaipaus
Sequences, c i ical inciden s, and e en s – Kaipaus
P e-idea
Idea
gene a ion
Oppo uni y
p ocess
Exploi a ion p ocess
C i ical
inciden
C i ical e en s
C i ical
e en s
C i ical
inciden
C i ical
e en s
C i ical
inciden
C i ical
e en s
Enginee ing
backg ound and
en ep eneu ial
expe iences.
Due o he
in e na ional
expe iences,
Tuula ealised
ha people a e
an impo an
pa o en u e
c ea ion
Du ing a
ligh om
New Yo k,
Tuula
ealises ha
scen is no
commonly
used in
consume
goods
She ma ches
idea o
Wunde baum
wi h pe ume
and a oy
bunny and
begins o
hink abou
combining
hese ideas
in o one
p oduc
Tuula asks
a ound o
help and
looks o he
echnology
ha would
enable i ems
o ca y
scen s and
looks a he
idea om a
ma ke ing
pe spec i e
Famous
designe s
a e
inspi ed by
Tuula o
design
p oduc s
She
eaches
dis ibu-
o s and
end-
use s
abou
he
p oduc
Tuula
decides o
only wo k
o Kaipaus
She has
he
ambi ion
o upscale
he
business
and go
in e -
na ional
5.3.2 Pa e n ma ching logic
Like Ilka, Tuula also alls in o he disco e y app oach. She combines di e en ideas om
echnology, business, and design and simul aneously e alua es hei easibili y. In e ms o p ocess
mode a o s, Tuula bases he success on p e ious cogni i e pa e ns. She is inspi ed by people bu ,
in his case, hese people a e no ole models o en ep eneu ial he oes; a he , hey a e people
a ound he who gi e he suppo . A he same ime, she inspi es people o engage in hei en u es.
She was p o oked o en e in o he oppo uni y p ocess due o ex e nal signals coming om
di e en ields and pe spec i es. Du ing he exploi a ion phase, he disco e y p ocess akes place
again. Tuula is d i en by a mission.
Table 7. Resul s o pa e n ma ching − he case o Kaipaus
C i e ia
Tuula
Oppo uni y
Oppo uni ies a e gene a ed by combing he su ounding en i onmen - Tuula disco e ed
ha scen migh be a pla o m o emo ions and combined i wi h nano echnology in o de o
c ea e jewelle y wi h a scen dispense .
Na u e o human
in ol emen
Tuula combines memo ies, emo ions, design, and echnology.
Oppo uni y p ocess
Tuula connec ed he h ee seemingly un ela ed concep s o wunde baum, pe ume and a oy
bunny o o m he concep o p oduc s ha ca y scen s.
P ocess mode a o s
Tuula is signi ican ly inspi ed by o he s, like expe s in pa icula ields. She is also able o
inspi e hem o join he p ojec s.
Oppo uni y p ocess
phases
20
 Oppo uni y
Iden i ica ion
Tuula disco e ed ha oys (like he oy bunny gi en o daugh e ) could ca y he scen o
mo he s.
 Oppo uni y
E alua ion
She ma ched he need o goods o keep scen wi h nano echnology and design. She decided
o s a wi h a collec ion o jewelle y.
 Oppo uni y
Exploi a ion
Tuula wo ked ha d o con ince dis ibu o s and end-use s o buy Kaipaus p oduc s. She is
g ea ly in ol ed in he company, bu she is also eady o sell i . She pays a en ion o
dona ing o cha i y when selling he p oduc s.
5.4 Case no 4: Globe Hope
5.4.1 Iden i ied sequences, c i ical inciden s, and e en s
Seija Lukkala was aised in a amily wi h a cul u e o doing hings. In he childhood, he mo he did
many hings, including making clo hes, wi h he own hands and used a lo o c ea i i y in e e yday
li e o make ends mee . This is how Seija lea ned o see hings h ough ` ecycle lenses`, and i was
also how she was in oduced o economic hinking. He challenge was o ind an al e na i e usage
o hings and be c ea i e and do hings by hand. When she was a school, she was ques ioned by
o he s abou he clo hes, which we e home-made and ecycled. A i s she did no like o be
di e en , bu hen ealized ha being di e en is a good hing and became awa e o he alue o
uniqueness. Hence, she began o see he di e en clo hes as an asse . She began o de elop he own
ideas based on ecology and ecycling, and she la e combined hem wi h aes he ics and a . She
ne e liked school because, as she says, she was always mo e o an ac i e ype. In he ea ly
p o essional li e, Seija was mos ly engaged in he ex ile and clo hing indus y. A e inishing
school, she wo ked o a company ha made cos umes o di e en hea es, and, a he same ime,
she made seasonal design p o o ypes o manu ac u es on a pa - ime basis. Howe e , in he 1990s
he compe i ion o making cheap clo hes inc eased and Seija was becoming i ed o he consume
ends wi hin he clo hing indus y in gene al. She began o conside how she could use he
expe ise o ac in a mo e ecological and sus ainable way. She es ablished he i s company and
ook pa in he yea ly Va e a Fai Exhibi ion o big manu ac u ing companies du ing a Helsinki
Fashion Week. Al hough she did no ha e any manu ac u ing companies as cus ome s ye , she
decided o p esen he collec ion a he ai . The posi i e esponse ha she ecei ed o he
collec ion ga e he he idea ha she was on he igh ack. A b eak h ough poin came when she
a ended a longe g ow h-o ien ed cou se o design companies. Du ing ha ime, she inally had
mo e ime o e lec on he ideas and business concep . Du ing he cou se, one o he asks was o
imagine how i would look i you we e able o conque he wo ld. Now she unde s ood ha she had
o pu he ull e o in o he business and wo k 100 pe cen o he goals. She began o implemen
social esponsibili y and sus ainable de elopmen alues wi hin he company and combine hese
alues wi h good design and quali y, as well as b anding. She s esses ha she wan ed o ha e an
impac on people‟s hinking and o ensu e ha he company is anspa en in e e y hing i does. As
she says, i was impo an o he o send a message o socie y by doing and no only by alking.
Seija admi s ha i ook he i e yea s o s uggle wi h e e y hing, as “e e y hing had o be
in en ed”. Fo example, she ound i di icul o ind an in es o a he beginning, as he design
ep esen ed a new segmen in he ma ke a ha ime. The new p oduc ion p ocess was di icul o
handle, oo. He con idence in he sel and wha she is doing came wi h expe ience. She began o
in es in R & D o ha e new ma e ials and o e ed new p oduc s o new ma ke s. She b oadened
he scale o he ope a ions and now has 64 e ail ou le s in Finland and expo s o nine coun ies.
He d eam is o open a sus ainable shopping cen e and o expand e en mo e in he u u e.
21
Table 8. Sequences, c i ical inciden s, and e en s – Globe Hope
Sequences, c i ical inciden s, and e en s – Globe Hope
P e-idea
Idea gene a ion
Oppo uni y
p ocess
Exploi a ion p ocess
C i ical inciden
C i ical e en s
C i ical e en s
C i ical inciden
C i ical e en s
C ea i e
childhood
wi h a
cul u e o
doing,
causing
he o
alue
ecycling
and
economic
hinking
Seija ealises ha
he clo hes she
wea s a e
di e en han
o he child en‟s
clo hes and
g adually begins
o likes ha idea
Seija de elops
he ideas and
alues and
combines hem
wi h aes he ics
and a . She has
he own
company,
which p oduces
a i icial u
coa s.
Seija is asked
o design a
collec ion o
Finnish ai s.
She ecei es a
s a -up g an
o a
company.
Seija a ends he
cou se o design
companies and
has ime o e lec
on he ideas and
alues and
business.
She de elops he ideas by
ying di e en ma e ials
and implemen ing di e en
p oduc s. She con inues o
expand he business in o
new ma ke s.
5.4.2 Pa e n ma ching logic
Seija alls in o he ac ion app oach. She was de eloping he business idea h ough he own ac ions
and a p ocess o ying. She did no ecognize oppo uni y un il she became engaged in c ea ing i .
She s esses he need o doing and p ac ical expe ience. In he case, oppo uni ies a e c ea ed
h ough cons an engagemen in he i e a i e p ocess o de eloping and implemen ing oppo uni ies
om ideas. Fo he , expe iencing a eal ac ion means iden i ying, e alua ing, and exploi ing an
oppo uni y – hus, he c ea ion o a en u e. She d aws sa is ac ion om doing hings. The o ces
d i ing he a e ecological ideas, c ea i i y, and passion.
Table 9. Resul s o pa e n ma ching − he case o Globe Hope.
C i e ia
Seija
Oppo uni y
Is a consequence o ge ing unexpec edly engaged in p epa ing collec ion o ashion ai s.
Na u e o human
in ol emen
Seija c ea es oppo uni ies by engaging in de eloping he business and wo king on he
ideas.
Oppo uni y p ocess
Iden i ying, e alua ing, and exploi ing he in e play o oppo uni ies.
P ocess mode a o s
Seija bases he success on he expe ience and he c ea i i y she lea ned a home. She is
also d i en by he passion o c ea ing a sus ainable wo ld.
Oppo uni y p ocess
phases
 Oppo uni y
Iden i ica ion
She p epa ed a collec ion o ai s and, when saw i was a success, she u he de eloped
he idea o ecological and ecycled clo hes.
She c ea es new ma e ials and new p oduc s and en e s in o new ma ke s. When hey a e
eady, she begins o wo k on new ones.
 Oppo uni y
E alua ion
 Oppo uni y
Exploi a ion

22
5.5 Analy ical gene alisa ion
Acco ding o Yin (1994), he pu pose o a case s udy lies in i s analy ical gene aliza ion. As
Pauwels and Ma hyssens (2004) w i e: “ h ough analy ical gene aliza ion an in es iga o aims a
es ing he alidi y o he esea ch ou come ( ha is, a heo y) agains he heo e ical ne wo k ha
su ounds he phenomena and esea ch ques ion”. Thus, he case esul s need o be compa ed wi h a
heo e ical p oposi ion. In ou s udy, we made use o h ee app oaches o oppo uni ies heo y as a
empla e o compa ing he empi ical esul s o he case s udy. In an e o o alida e ou concep ,
we used jux aposi ion and i e a ion.
Acco ding o ou indings, oppo uni ies e ol e du ing he p ocess o becoming an en ep eneu .
They eme ge om ideas, and hei an eceden s migh be ound in he childhood o you h o he
en ep eneu . We called his pe iod he p e-idea phase. The way in which he oppo uni y p ocess
akes place di e s wi h each pe son. The pa icula phases o he oppo uni y p ocess in e wine and
he e is no one uni e sal oppo uni y p ocess pa h. I depends on human in ol emen , which may
conce n e alua ing al e na i es and making choices, using cogni i e abili ies o „connec he do s‟,
o in e p e ing he consequences as a esul o ac ion-based expe ience.
We canno discuss oppo uni y iden i ica ion o he ecogni ion o oppo uni ies wi hou also
including he exploi a ion phase, as he di e en phases o he oppo uni y p ocess happen o be
in e wined and di icul o sepa a e om one ano he o i an abs ac model. Fo example, in he
case o Maija he phases o he oppo uni y p ocess p oceeded one by one, whe eas in he case o
Illka he iden i ica ion and e alua ion phases in e played wi h one ano he and in case o Seija hey
all ook place a he same ime. Mo eo e , in each case each o he phases had i s own meaning.
Howe e , analysis o he cases alida es ou h ee di e en app oaches o he oppo uni y p ocess.
The ma ch be ween he heo e ical ealm and he ou cases on becoming an en ep eneu indica es
ha i is possible o iden i y h ee di e en app oaches o oppo uni ies and he oppo uni y p ocess,
hus alida ing hei basic di e ences; ha is o say, i is possible o unde s and oppo uni ies, hei
p ocesses, he p ocess mode a o s and hei phases, and he na u e o human in ol emen . And,
mos impo an ly, he cases show ha he di e ences in he iden i ied app oaches lie in he a ie y
o human in ol emen .
6. Conclusions and implica ions
Ou aim was o be e unde s and how en ep eneu s expe ience he oppo uni y p ocess by s udying
hei di e en en u e c ea ion p ocesses. The s a ing poin was an assump ion ha en u e
c ea ion is a pa h o sequences, including c i ical e en s and c i ical inciden s. To achie e ou
esea ch aim, we de eloped h ee app oaches o he oppo uni y p ocess. We did his i s by
iden i ying he di e ences in he unde s anding o oppo uni y and i s p ocess as well as he
di e ences in he na u e o human in ol emen . Then, o ack en u e c ea ion o e ime, we
ollowed ou cases o how oppo uni ies e ol e in he p ocess o becoming an en ep eneu and
applied a c i ical inciden and e en s echnique, which is based on momen s and episodes. Bo h
c i ical inciden s and e en s ha e an impac on en u e c ea ion. We used ideog aphy as a esea ch
me hod as a means o p o iding s o ies. Fo each case, we iden i ied c i ical inciden s and ied o
dis inguish he c i ical e en s o en u e c ea ion. Each ime we ecognized di e en phases o he
en u e c ea ion p ocess and unco e ed he ela ions be ween hem. Then, by adop ing pa e n
ma ching logic, we in es iga ed how ou ou cases migh suppo ou heo e ical cons uc . The
esul o ha p ocess is a alida ed h ee-app oach cons uc o he oppo uni y p ocess and some
sugges ions o how pa icula phases o ha p ocess a e in e ela ed. Ou claim ega ding he
di e si y a he han he uni o mi y o oppo uni y iden i ica ion p ocesses has p o en o be qui e
alid. The e is no uni e sal oppo uni y p ocess pa h, no uni e sal phases o he oppo uni y
23
p ocess, and no uni e sal p ocess mode a o s, ei he . A di e en unde s anding o oppo uni ies
implies a di e en unde s anding o oppo uni y iden i ica ion, e alua ion, and exploi a ion.
We also disco e ed ha success ul en u es con ain a e lec i e p ac ice. Th ough hese e lec i e
p ac ices, enabled by ec ea ing he en u e c ea ion p ocess, i was possible o iden i y c i ical
inciden s and e en s.
The s udy has i s limi a ions, especially in i s me hodological aspec s. In ou me hodology, we
decided on pa e n-ma ching logic, and, o ec ea e en ep eneu s‟ s o ies, we used ideog aphy.
Bo h concep s a e no el in en ep eneu ship esea ch. Howe e , gi en i s use ulness in o he
esea ch domains, we adop ed pa e n ma ching wi hou knowing he ull ex en o which
me hodological p oblems migh be associa ed wi h i in en ep eneu ship esea ch. Hence, u u e
esea ch on en ep eneu ship should make use o his s a egy o p o e i s applicabili y. Also, he
use o ideog aphy is s ill a e o e en nonexis en in en ep eneu ship esea ch.
Fo u u e esea ch p ojec s, we will conside c ea ing new ideos and including ou cu en
esea ch indings, and, hus, highligh ing he c i ical inciden s and e en s in en ep eneu s‟ li es
which migh be u he used o educa ional pu poses.
24
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