What is entrepreneurial opportunity recognition?

Involves three interdependent elements: 1. Environment trends and marketplace gaps – Building on macro trends and possible marketplace gaps; observing economic, technological, social and political trends. (PESTEL) 2. Resources and capabilities – Having access to or being able to obtain resources and capabilities. (Value chain and SWOT) 3. Entrepreneur or entrepreneurial team – Drives and integrates various parts of an entrepreneurial process including scanning and spotting trends in the environment. A combination of all 3 shows a product/service (or other) business opportunity