Selected Essays of Dean A. Shepherd
Chapter 7: Cognitive Processes of Opportunity Recognition: The Role of Structural Alignment
Organizations operate in complex and dynamic environments that are increasingly characterized by rapid, substantial, and discontinuous change (Brown and Eisenhardt 1997, Hitt 2000). To sustain a competitive advantage, managers must respond strategically to these changes (Ireland and Hitt 1999, Pérez-Nordtvedtetal. 2008). Indeed, significant gains in profit, growth, and/or competitive positioning can be made by those individuals and organizations adept at exploiting the opportunities that arise in such changing environments (Eisenhardt 1989, Eisenhardt and Martin 2000, Sirmonetal. 2007). From the perspective of individual actors, however, uncertainty about the origin, extent, and consequences of environmental changes makes the task of recognizing opportunities as challenging as it is relevant.
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