Opportunity identification and exploitation among established entrepreneurs : habitual heuristics or cognizant creativity?

Abstract

This study investigated the role of heuristics and biases amongst successful established entrepreneurs in Malta, and explored whether these entrepreneurs are creative and innovative in their opportunity identification and exploitation process. This research made use of the qualitative method of data collection, with semi-structured behavioural interviews conducted amongst 15 entrepreneurs who have owned and managed one or more businesses in Malta for over ten years. This study has demonstrated that the majority of the entrepreneurs who participated in this study do not rely on the heuristics and biases investigated herein when identifying and exploiting opportunities. Instead they process thoughts effectively and conduct ample research before agreeing to start a new venture. It has also indicated that the entrepreneurs in this study are creative in their way of thinking, and the creative processes employed are both deliberate and unconscious. However the creativity and innovation revealed in this study is somewhat limited in that little evidence was found that these entrepreneurs generate their own ideas - most refer to foreign markets to try and bring new concepts to adapt to Malta. This study suggests that entrepreneurs in Malta may gradually lose some of their creative edge as they become entrenched in routine on their journey down the entrepreneurial path.