Recognizing Opportunities (Lec 02)

Question 1

What is an opportunity and it’s qualities?

Answer 1

Definition:
A favorable set of circumstances that creates a need for a new product, service, or business.

It is:
- Durable
- Attractive
- Timely
- Anchored in a product that
adds value to the end user

DATA

Question 2

How do you identify an opportunity?

Answer 2

Solve a Problem:
- Referring to a problem with the product or process.

Observing Trends:
- Trends create opportunities.

Filling a Gap in the Marketplace
- When a group of people are
neglected by a marketplace
because of their size.

Question 3

The four type of trends/forces:

Answer 3

• Social Forces
• Economic Forces
• Technological Advances
• Political and Regulatory
  Changes

Question 4

What are the personal characteristics of an entrepreneur?

Answer 4

Creativity
Cognitive Factors
Social Networks
Prior Experience

CCSE

Question 5

Strong Tie Relationship vs. Weak Tie Relationship

Answer 5

Strong Tie:
- Typically between like-minded
individuals.
- Tends to reinforce insights.
- Frequent interaction

Weak-Tie:
- Less likely to me like-minded.
- Tends to reveal new insights.
- Infrequent interaction
- Typically between
acquaintances.

Question 6

What are the five stages of creativity?

Answer 6

Preparation:
The background and
experience to recognize
opportunity in an area.

Incubation:
The idea first appears into
mind/consideration.

Insight:
“Eureka” moment. An
opportunity is fully realized.

Evaluation:
The viability of the idea is
subjected to scrutiny.

Elaboration:
This is the point a business
plan is written. The idea is
transformed into something
of value.

PIIEE

Question 7

Some Techniques for Generating Ideas
Hint: (Think of Data Collection Techniques)

Answer 7

• Brainstorming ( “No Rules”)
• Focus Groups (Moderator,
  Small Group)
• Library and Internet Research (Secondary Research)

Question 8

What are the rules for a brainstorming session?

Answer 8

No criticism.

The session should move quickly.

Freewheeling is encouraged:
The carefree expression of
ideas.

Leap-frogging is encouraged:
Using a previous ideas to
create others.

Question 9

What are some other techniques for generating ideas?

Answer 9

Day-In-The-Life Research (Observation)
Anthropological research
where the employees spend a
day with the customer.

Customer Advisory Boards