The Role of Business Opportunity Mediators in the Entrepreneurial Process

The dynamics of economic development in society stems from the actions of entrepreneurs starting new firms or make existing firms grow. Entrepreneurs are often depicted as strong individualists with an exceptional vision for profitable ventures or business opportunities (Baron, 1998; Stewart et al., 1998). As omnipotent observers, entrepreneurs are seen as choosing wisely from amongst various business proposals and proceeding to exploit clearly defined business opportunities from the most promising ventures. Even when the entrepreneur deviates from the original plan, they adjust to changes in the environment (Das and Teng, 1997). The classic idea of the entrepreneur is that of the self-made man, who started doing business at a young age and, by taking calculated risks, is able to turn almost any venture deemed worth pursuing into a winner (Smilor, 1997). However, this image is a myth, in stark contrast with how business opportunities are identified and exploited in real life.