This study seeks to establish the relationship of Entrepreneurial Opportunity Discovery and Creation of New Ventures in Uganda. The lack of a developed theory in extant literature that provides comprehensive explanation of how new ventures are created and, in the context of a developing country like Uganda, justifies the reliance on Kirznerian Perspective of Entrepreneurial Opportunities.
The characteristics for Kirznerian Perspective of Entrepreneurial Opportunities, which include Entrepreneurial Alertness and Information Asymmetry, shall constitute the measures of Entrepreneurial Opportunity Discovery. These measures will be examined as they account for Creation of New Ventures, which is to be assessed using measures suggested by Leibenstein (1968). The measures include: Seeking Startup Funding; Hiring Employees; Developing Products and Services; and, Setting up an Enterprise.
However, because McClelland (1962) asserts that Need of Achievement motivates an individual to succeed in competition and, to excel in activities important to him or her; instead, there seems to exist an indirect relationship between Entrepreneurial Opportunity Discovery and Creation of New Ventures.
This therefore implies that, the study on Entrepreneurial Opportunity Discovery and Creation of New Ventures in Uganda; also, would help to confirm whether Need of Achievement mediates the relationship between Entrepreneurial Alertness and Information Asymmetry the measures of Entrepreneurial Opportunity Discovery on the one hand and Creation of New Ventures on the other hand. Need of Achievement is to be operationalize by 4 constructs that were suggested by McClelland (1962). These include: Desire to Undertake Challenging Tasks; Desire to Pursue Excellence; Desire to Succeed in Competition; and Commitment to Overcoming Difficulties.
In Uganda, current policies that promote enterprise startups are based on business development service provider’s own understanding of what leads to creation of new entrepreneurial ventures. It is not clear though what is necessary to assist prospective entrepreneurs discover opportunities in which to invest start-up capital funds, which are easily accessible in the Uganda’s market, to create new ventures. Also, there is little evidence if Need of Achievement by prospective entrepreneurs mediates the relationship between Entrepreneurial Opportunity Discovery and Creation of New Ventures. Yet, this is the kind of information that is necessary to guide effective policy planning and development of new entrepreneurial ventures in Uganda and entire low income countries.