CHAPTER 3: Recognizing Opportunities Flashcards
it is a favorable set of circumstances that creates a need for a new product, service of business
opportunity
four essential qualities of an opportunity
- attractive
- timely
- durable
- anchored that creates or adds value
3 wats to identify an opportunity
- observing trends
- solving a problem
- finding gaps in the marketplace
most important trends (3)
• economic trends
• social forces
• technological advances
• political action and regulatory changes
state of economy, help determine the areas that are ripe for new start ups and to avoid
economic trends
alter how people and business behave and set their priorities
provide opportunities for new businesses to accommodate the changes
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
trends create opportunities for entrepreneurs to pursue
observing trends
sometimes identifying opportunities simply involved noticing a problem and finding a way to solve it
solving a problem
_____ is often created when a product or service is needed by a specific group of people but doesnt represent a large enough market to be of interest to mainstream retailers or manufacturers
finding gaps in the marketplace
4 technique for generating ideas
- brainstorming
- focus group
- library and internet research
technique used to generate a large number of ideas and solutions to problems quickly
brainstorming
gathering of 5-10 people who have been selected based on their common characteristic relative to the issues discussed
focus group
underutilized source of information
library research
