An Entrepreneural decision process model describing oppurtunity recognition.

This paper is about how an entrepreneur took a decision. And what are the traits by which he differs from others. And what are the unique capabilities that helps him to grab oppurtunity. This will expand our knowledge towards information processing framework of entrepreneur (I-Pe) that maps out entrepreneural oppurtunity recognition process. This information processing framework of entrepreneur explains that hoe various entrepreneural needs and attitudesas well as entrepreneural motivatore. How an entrepreneur process oppurtynity related information in order to reach accept or reject of potential oppurtunity. An enterpreneur Bill Day (winner of 2000 ernst and young entrepreneur of the year award in newzealand). he is owner of seaworks a newzaland based marine contractor firm. Once he interviewed about his failures. He explains many with humor. But he also declear himself a role model in succes side. This interview tells the ability to bounce back from failures and Bill day's psycological characteristics play important role in bussiness success. Entrepreneural cognitive process and culture: A research demonstrated that entrepreneur compared to non-entrepreneur have distinct cognition. This research by "mitchell et al" finding suggest that => There are similarites in venture creation decision process across cultures. =>Enterpreneurs seek and diagnose oppurtunities and then access required resources to exploit it. Another research of "wright et al" describe ebtrepreneural cognition as more extensive use of heuristics(ways of enhancing the discovery of information) and individual belief that impact on decision making. this contrast with more systematic and structurally coordinated mangerial decision making. Mitchell attempts to isolate psycographic or demographic characteristics that are common or unique to all entrepreneurs have generally met with failures. Information processing: In order to understand behaviour and how poeple structure their decision , psycologists have numder of frameworks. in I-P framework it is believed that cognition involves aonly a few basic sognitive processes such as recognition, cetagorization, and association and the information flows can be modelled. One particuler group terms "young connectionist upstarts". searle relates following points. =>Humans have variety of ways of accessing features of world to themselves. thes includes perception, thought, language, beleif etc. =>poeple hold such beleifs that how things in reality. To extent they succed or fail. They are said o be true or false. =>true representation of realityare influenced by number of cultural, economical and psycological factors. An entrepreneurial cognitive and decision process model: "Wright et al" argue that entrepreneural cognition refers to more extensive use of entrepreneurs of heuristics and individual beleifs that impact on decision making.and contast with managerial sysytematic decision making and also

entrepreneur decisions are influenced by thier individual beliefs ans values. Heuristics are time saving and mental shortcuts that reduce complex judgment to simple rule of thumb. Condition for which people choose heuristics are (1) when there is no time for legthy analysis. (2) when there is information overload. (3)when there is little information available. And also some other factors like emotions and biases. For example in the case of Bill day fun element considered to be more important, and issue of overcomung a challenge is driving factor. The need of innovation is also a recurring element. Decisions are often filter through attitudes, beliefe and values. Filtering of information taht conflicts with preconceptions may result in poor assessment of risk. Intrinsic motivation is crucial elelment for creative behaviour suh as exited, interesetd and challenged by work task. And in contast extrinsic motivation such as reward and competition. And some psycological factors are also include like intelligent cognition requires activation of perception, memory, attention, motivation and learning, none of which can be studied in isolation. conclusion: This paper has identified cognitive elements, filters, amplifiers. need, and psycological mechanism driving successful entrepreneur decison behaviour. And give a clear understanding of oppurtunity seeking and recognition process. motivators both intrinsic, extrinsic and psycological factors. It expalins how manager differs from others. The entrepreneur is free to act consisitently with the need of information. The attitudes , the hunger for generating oppurtunity related information cues, and the manner in which they process and act upon such information tahe stimulates their intrincis motivational triggers.