The UK post-recession economy Research Paper Example | Topics and Well Written Essays - 4000 words

The UK post-recession economy - Research Paper Example This essay explores the characteristics and attributes of an entrepreneur, examining different theoretical positions about what constitutes entrepreneurial activity and behavior. Once identifying these characteristics, the essay utilizes various examples of how such activities relate to the UK emerging from a recession environment. Opportunity spotting, as an aspect of theoretical entrepreneurial behavior, is known as a type of alertness, schemata giving an entrepreneur the unique ability to create meaning to various market changes that are not achievable with other managers in the business world (Valliere 2013). Such inherent alertness theoretically gives a real entrepreneur that ability to recognize new opportunities where others in society and the business world do not (Valliere). For instance, an entrepreneur may gain access to important statistics about new trends in consumer behaviour and then determine that their business can be adjusted to better service these trends in a fas hion that is innovative and creative, whilst also being designed to satisfy consumer needs in a way not considered by competing companies in an established market. Opportunity spotting, in general, is related to the ability of a theoretical entrepreneur to recognize new market openings or chances to develop a superior business model that can bring a firm greater profitability and competitive advantages by making small-scale or large changes to an existing entrepreneurial venture’s business model.