Chapter 2 Flashcards
a favorable set of circumstances that creates a need for a new product, service, or business
opportunity
an entrepreneur recognizes a problem and creates a business to address the problem to fill the identified problem
opportunity gap
the time period in which a firm can realistically enter a new market
window of opportunity
attractive; timely; durable; anchored in a product, service, or business that creates or adds value for its buyer or end user
opportunity (rather than just an idea)
a thought, an impression, or a notion
an idea
observing trends, solving a problem, finding gaps in the marketplace
three ways to identify opportunities
state of the economy
level of disposable income
consumer spending patterns
economic forces
social and cultural trends
demographic changes
what people think is “in”
social forces
new technologies
emerging technologies
new uses of old technologies
technological advances
new changes in political arena
new laws and regulations
political and regulatory changes
the process of perceiving the possibility of a profitable new business or a new product or service
opportunity recognition
some think that entrepreneurs have a sixth sense that allows them to see opportunities that others miss
entrepreneurial alertness
those who identified their business ideas on their own
solo entrepreneurs
those who identified their ideas through social contacts
network entrepreneurs
characterized by frequent interaction such as ties between coworkers, friends, and spouses
strong-tie relationships
