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Identifying and Recognizing Opportunities

There are four qualities of an opportunity: it must be attractive, timely, durable, and anchored in creating value for customers. Opportunities can be identified by observing trends in the economy, society, technology or regulations, solving problems, or finding gaps in the market. Entrepreneurs are more likely to recognize opportunities if they have relevant experience, strong and weak social networks, and creativity gained through preparation, incubation, and evaluation of ideas. Firms can encourage new ideas through techniques like brainstorming, focus groups, research, and customer feedback.

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Bob Bin
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416 views9 pages

Identifying and Recognizing Opportunities

There are four qualities of an opportunity: it must be attractive, timely, durable, and anchored in creating value for customers. Opportunities can be identified by observing trends in the economy, society, technology or regulations, solving problems, or finding gaps in the market. Entrepreneurs are more likely to recognize opportunities if they have relevant experience, strong and weak social networks, and creativity gained through preparation, incubation, and evaluation of ideas. Firms can encourage new ideas through techniques like brainstorming, focus groups, research, and customer feedback.

Uploaded by

Bob Bin
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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Opportunity

Opportunity gap

Four essential Qualities of an Opportunity


Attractive Timely

opportunity

Durable

Anchored in a product, service or business that creates or adds value for its buyer or end user

Window of opportunity
Idea Three ways to identify an opportunity 1.

Observing Trends

Economic Forces

Social Forces

Business, product or service opportunity Gap

Technological Advances New business product and service ideas Political and Regulatory Changes

2.Solving a Problem 3.Finding Gaps in the Marketplace Personal characteristics of the entrepreneur Opportunity recognition 1. Prior Experience a. Corridor principle b. Entrepreneurial alertness 2. Social Networks a. Solo entrepreneurs b. Network entrpreneurs

Strong tie relationships


Weak tie relationships

3. Creativity a. Preparation b. Incubation c. Insight d. Evaluation e. Elaboration

Techniques for generating ideas 1. 2.

3.
4. a.

b.

Brainstorming Focus group Library and Internet Research Other Techniques Customer advisory boards Day-in the life research

Encouraging and Protecting new Ideas

Establishing a focal point for ideas Idea bank 2.Encouraging Creativity at the firm level 3.Protecting ideas from Being Lost or Stolen
1.

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