a eship l2 opportunity

8/8/2019 A Eship L2 Opportunity

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ENTREPRENEURSHIP ANDNEW VENTURE CREATION

Recognizing Opportunities and Generating Ideas



What is an Opportunity

Opportunity

(rather than just an

idea)

ATTRACTIVE

DURABLE

TIMELY

Anchored in a product,

service, or business that

creates or adds value for

its buyer or end user



Opportunity recognition process

Decision to

start

Opportunities

recognized

Opportunity

chosen

Need

recognized

Need

Fulfilled

Business opportunity

recognized

Commitment to

physical creation

Business conceptidentified

Opportunity

filtration

Externally stimulated

opportunity recognition

Internally stimulated

opportunity recognition

Meta opportunity

stage



Window of Opportunity

Window of Opportunity

The term ³window of opportunity´ is a metaphor describing

the time period in which a firm can r ealistically enter a new

mark et. Once the mark et for a new product is established, its window of

opportunity opens, and new entrants flow in.

At some point, the mark et matur es, and the window of opportunity

(for new entrants) closes.



Thr ee Ways to Identify An Opportunity



First Approach: Observing Trends

Technological Advances

New technologiesEmerging technologies

New uses of old technologies

Political and

Regulatory Changes

New changes in political arena

New laws and regulations

Social Forces

Social and cultural trends

Demographic changes

What people think is ³in´

Economic Forces

State of the economy

Level of disposable income

Consumer spending patterns

Business, Product

or Service

Opportunity Gap

Difference between

what¶s available and

what¶s possible

New business,

Product and

Services

Ideas



Tr end 2: Social Forces

Examples of Social Forces That Allow For New

Business Opportunities

Family and work patterns.

The aging of the population.

The increasing diversity in the workplace.

The globalization of industry.

The increasing focus on health care and fitness.

The proliferation of computers and the Internet.

The increase in the number of cell phone users.

New forms of entertainment.



First Approach: Observing Trends


New technologiesEmerging technologies

New uses of old technologies

Political and

Regulatory Changes

New changes in political arena

New laws and regulations

Social Forces

Social and cultural trends

Demographic changes

What people think is ³in´

Economic Forces

State of the economy

Level of disposable income

Consumer spending patterns

Business, Product

or Service

Opportunity Gap

Difference between


what¶s possible

New business,

Product and

Services

Ideas



Thr ee Ways to Identify An Opportunity

Observingtrends

Economicforces

Social forces Technological

advances

Political andregulatorychanges

Solving aproblem

Observingtrends

Serendipity Intuition

Chance

Finding Gaps inthe Marketplace

When aproduct or

service isneeded by agroup ofpeople butdoesn·trepresent alarge enoughmarket to beof interest ofmainstreamretailers ormanufacturers



Personal Characteristics of the Entr e pr eneur

Prior Experience

Spot underserved market niches

Network of social contacts

Cognitive Factors

Innate skill or cognitive process

Entrepreneurial alertness

Social Networks

Higher level of exposure Strong-tie vs. weak-tie relationships

Creativity

Process of generating a novel or useful idea

Five stages



Cr eativity

Five Steps to Generating Creative Ideas



Full View of the opportunity

recognition process

Business, Product

or Service

Opportunity GapDifference between


what¶s possible

New business,

Product and

Services

Ideas

Environmental TrendsEconomic Factors

Social Factors


Political and Regulatory Changes

Personal Characteristicsof an Entrepreneur

Prior Experiences

Cognitive Factors

Social Network

Creativity



Techniques For Generating Ideas

Brainstorming

Generate a large number of ideas quickly on a specific topic

Focus Groups 5-10 people expressing opinions about a particular issue

Group members selected based on their commoncharacteristics relative to the issues being discussed

Survey

Gathering information from a sample of individuals

Other techniques

Customer advisory boards

Day-in-Life Research



Encouraging New Ideas

Establishing a Focal Point for Ideas

Some firms meet the challenge of encouraging, collecting,and evaluating ideas by designating a specific person toscr een and track them²for if its everybody¶s job, it may be no one¶s r esponsibility.

Another approach is to establish an idea bank (or vault),which is a physical or digital r e pository for storing ideas.

Encouraging Cr eativity at the Firm Level

Cr eativity is the raw material that goes into innovation andshould be encouraged at the organizational and individualsupervisory level.



Protecting Ideas From Being Lost or Stolen

Ste p 1

The idea should be put in a tangible form such as enter edinto a physical idea logbook or saved on a computer disk,and the date the idea was first thought of should be enter ed.

Ste p 2

The idea should be secur ed. This may seem lik e an obviousste p, but is one that is often overlook ed.

Ste p 3

Avoid making an inadvertent or voluntary disclosur e of anidea, in a manner that forf eits the right to claim exclusive rights to it.

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