Quantifying “gut feeling” in the opportunity recognition process

Date of this Version


Document Type

Book Chapter

Publication Details

Published Version.

Craig, J. B., & Lindsay, N. J. (2001). Quantifying “gut feeling” in the opportunity recognition process. In W. Bygrave, E. Autio, C.G. Brush, P. Davidsson, P.G. Green, P.D. Reynolds & H.J. Sapienza (Eds.), Frontiers of entrepreneurship research: Proceedings of the twenty-first annual entrepreneurship research conference (pp.124-137). Wellesley, MA: Babson College.

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© Copyright Babson College, 2001


This research used a questionnaire and psychophysiological responses to an investment opportunity proposal to provide insights into the opportunity recognition process. A group of 262 entrepreneurs and financiers responded to the main questionnaire study and six respondents (with an additional three respondents in a control group) were involved in the psychophysiological response pilot study. Based on previous research, it was proposed that opportunity recognition could be divided into two phases. The results provide tentative support for the notion that there are similarities between experienced entrepreneurs and financiers in terms of the first phase of the opportunity recognition process.