Start-up companies, result from a series of activities centered on the creation of value from a new commercial opportunity. The creation of these new ventures is contingent upon the efforts of an individual who first identifies the opportunity and then actively engages in the pursuit of the same; Shane and Venkatraman (2000) refer to these two essential activities as opportunity exploration and opportunity exploitation.
However, while we find that management scholars have focused extensively on the activities related to opportunity, our understanding of opportunity exploitation remains quite limited. To guide our research, we examine the following research questions:
1. How does prior experience/education/social background influence the mode of opportunity exploitation?
2. How does an individual’s personality influence the mode of opportunity exploitation?