a. We
can differentiate between opportunites and ideas.
What
is opportunity?
Opportunity is a set of favourable circumstances that can create
a need for new product, service, or business.
An
entrepreneur can recognize a problem or a opportunity
gap snd creates a business to solve the problem or fill the gap.
There
are 4 essential qualities of opportunity:
1.
Attractive.
2.
Timely.
3.
Durable.
4.
Anchored
in a product, services, or business that can creates or adds value for
customer.
To capitalize on an opportunity, its window of opportunity must be open. What is window of opportunity? It’s a metaphor used to describe the ime period which a firm can realistically enter a new market. Once the market matures, he window of opportunites closes.
The
most important part is ,what is the difference between opportunity and ideas?
An
idea is a though, an impression, or a notion. Ideas may or not may meet the
criteria of an opportunity.
b. Learn
about 3 general approaches entrepreneurs use to identify opportunities.
3
ways to identify opportunities:
1.
Observing
trends
Ø
To
learn how they create opportunities.
Ø
Most
important trends to follow:
·
Economic trends.
·
Social trends.
·
Technological advances.
·
Political action.
·
Regulatory changes.
Ø
2
reminder:
·
Distinguish
between trends and modes.
·
Consider
trends that are connected one another when we brainstorming a new business
idea.
2.
Solving
a problem
Ø
Recognize
problems and find ways.
3.
Finding
gaps in the market place
Ø
Figure
out what customers need and want that aren’t available in large retails.
c. Personal
characteristics of entrepreneurs to recognize business opportunities.
4
characteristics:
1.
Prior
experience
Ø
Help
entrepreneur to recognize opportunities.
2.
Cognitive
factors
Ø
Entrepreneurial alertness is the ability to notice things without enganging in
deliberate search.
3.
Social
networks
Ø
Affects
opportunity recognition.
Ø
Help
to expose to more opportunity.
Ø
2
types of entrepreneurs:
-
Solo entrepreneur.
-
Network entrepreneur.
Ø
2
types of relationships:
-
Strong-tie relationships (frequent interaction).
-
Weak-tie relationships (infrequent interaction).
4.
Creativity
Ø
Process
of generating a novel or useful idea.
Ø
5
stages of the creative process:
1.
Preparation: the background, experience, and knowledge.
2.
Incubation: considers the idea.
3.
Insight: flash of recognition when the idea is born.
4.
Evaluation: to scruntiny and analysed for its viability.
5.
Elaboration: the final form of idea.
d. Techniques
entrepreneurs use to generate ideas.
1.
Brainstorming
Ø
Process
of generating idea about specific topic.
2.
Focus
groups
Ø
A
gathering of 5 to 10 people who are familiar with the topic.
Ø
Conducted
by trained moderators to keep the
group “focused”.
3.
Library
and internet research
Ø
Libraries
are often an underutilised source of information for generation business idea.
Ø
Internet
research helps entrepreneurs to get to know the hottest and latest new business
ideas.
4.
Other
techniques:
Ø
Customer advisory boards: to discuss needs, wants, and problems that may lead
to ideas.
Ø
Day- in-the- life research
No comments:
Post a Comment