Abstract:
Entrepreneurship, characterised by small to medium enterprises, are considered fundamental contributors to employment in an economy. Two core constituents form the broader concept of entrepreneurship; the individual and the opportunity, and it is the action/s of the individual in response to or on the opportunity, for economic benefit, that is then defined as an entrepreneur.
Individuals have been the primary focus of academic enquiry into entrepreneurship, however more recently opportunities have been explored. It is broadly accepted that opportunities are either created or identified by the individual and that influential factors, both external (context-specific) and internal (agent-specific), impact the formation and/or evolution of these opportunities. Perhaps more importantly is the fit or nexus between the two constituents and also the narratives or temporal elements relevant to the induvial that play a vital role.
In a qualitative, exploratory study of nine entrepreneurs, and their respective businesses which operate in the South African energy industry, the formation of the businesses was considered in terms of the individual, the context and the fit. It became apparent that opportunities in this specific industry were discovered by individuals, created for the most part by an external factor (policy and regulation) a renewable energy programme called REIPPP.
It is suggested that opportunities are mostly industry specific and that they are always created by some factor (context or individual). The narrative or formative influences over time, of the individual, position the individual either to discover previously created opportunities or create them altogether. A theoretical model on opportunities is put forward which considers the results of the research and literature deliberated.
