CHAPTER 3 Flashcards
favorable set of circumstances that creates a need for new product, service, or business
opportunity
four essential qualities of an opportunity
attractive
timely
durable
anchored in a product, service, or business that creates or adds value for its buyer or end user
3 ways to identify an opportunity
observing trends
solving a problem
finding gaps in the marketplace
it determine areas that are ripe for new startups and areas that startups should avoid
economic forces
alter how people and businesses behave and set their priorities.
social forces
once a technology is created, products often emerge to advance it
technological advances
provides the basis for opportunities by helping other companies to comply with a specific law
political action and regulatory changes
it is often created when a product or service is needed by a specific group of people but doesn’t represent a large enough market to be of interest to mainstream retailers or manufacturers
gap in the marketplace
technique used to generate a large number of ideas and solutions to problems quickly
brainstorming
gathering of five to ten people, who have been selected based on their common characteristics relative to the issues being discussed
focus groups
these are often underutilized source of information for generating new business ideas
library research
if you are starting from scratch you can use this and simply type new business ideas into a search engine
internet research
this discuss needs, wants, problems that may lead to new ideas
customer advisory boards
a type of anthropological research where the employees of a company spend a day with a customer
day-in-the-life research
identifying opportunities that involves noticing a problem and finding a way to solve it
solving a problem
