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.