Opportunity

Question 1

Schumpeter’s Sources of Opportunity

Answer 1

• Use a new technology to produce a new product. ( use AI to create nanochips)
• Use existing technology to produce a new product. ( use VR in surgery)
• Use existing technology to produce an old product in a new way. ( use E-car rether O-car )
• Find a new source of resources to produce more efficiently. (Robotic Process Automation )
• Develop a new market for an existing product. (use marketspace rather than a marketplace for product)

Question 2

Roots of Opportunity sharpened by further researchers

Answer 2

• Problems: find problems that could business solve it .ex/ creat app that alert passenger before missed plane
• Changes: changing according to situation .ex/ move work online in corona.
• Inventions: create new products or services.ex/ inventive scanner that identify what’s wrong on baby or peats
• Competition: find a way to beat the competition on price and quality.
• Technological advances: using new technology to run business. ex/use AI

Question 3

Timmon’s Business Opportunity=Idea + 4 Characteristics

Answer 3

• Attractive to customers
• Will work in the business environment
• Can be executed in and existing window of opportunity
• Resources and skills to create the business available to the entrepreneur