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    Noor Soomro Chapter 2 Recognizing Opportunities and Generating Ideas

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    Salman
    This document discusses identifying and recognizing opportunities for new businesses or products. It defines opportunities as favorable circumstances that create needs. Key qualities of opportunities mentioned are being attractive, durable, timely, and anchored. The document also discusses identifying opportunities by observing trends in the economy, society, technology, and politics/regulations. Additional approaches mentioned include solving problems, finding gaps in the marketplace, and leveraging personal characteristics like experience, networks, and creativity. Techniques for generating new ideas discussed include brainstorming, focus groups, and research.

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    Noor Soomro Chapter 2 Recognizing Opportunities and Generating Ideas

    Uploaded by

    Salman
    32 views16 pages
    This document discusses identifying and recognizing opportunities for new businesses or products. It defines opportunities as favorable circumstances that create needs. Key qualities of opportunities mentioned are being attractive, durable, timely, and anchored. The document also discusses identifying opportunities by observing trends in the economy, society, technology, and politics/regulations. Additional approaches mentioned include solving problems, finding gaps in the marketplace, and leveraging personal characteristics like experience, networks, and creativity. Techniques for generating new ideas discussed include brainstorming, focus groups, and research.

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    noor soomro Chapter 2 Recognizing Opportunities and generating ideas

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    This document discusses identifying and recognizing opportunities for new businesses or products. It defines opportunities as favorable circumstances that create needs. Key qualities of opportunities mentioned are being attractive, durable, timely, and anchored. The document also discusses identifying opportunities by observing trends in the economy, society, technology, and politics/regulations. Additional approaches mentioned include solving problems, finding gaps in the marketplace, and leveraging personal characteristics like experience, networks, and creativity. Techniques for generating new ideas discussed include brainstorming, focus groups, and research.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    32 views16 pages

    Noor Soomro Chapter 2 Recognizing Opportunities and Generating Ideas

    Uploaded by

    Salman
    This document discusses identifying and recognizing opportunities for new businesses or products. It defines opportunities as favorable circumstances that create needs. Key qualities of opportunities mentioned are being attractive, durable, timely, and anchored. The document also discusses identifying opportunities by observing trends in the economy, society, technology, and politics/regulations. Additional approaches mentioned include solving problems, finding gaps in the marketplace, and leveraging personal characteristics like experience, networks, and creativity. Techniques for generating new ideas discussed include brainstorming, focus groups, and research.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 16

    Recognizing Opportunities

    and Generating Ideas


    Chapter 2: (Bruce)

    Session 3
    Chapter Objectives
    Identifying and Recognizing Opportunities
    Opportunities: favorable set of circumstances that create a need
    for product, service or business.
    • Opportunity gap
    • Qualities of Opportunity:
    1. Attractive
    2. Durable
    3. Timely
    4. Anchored
    Identifying and Recognizing Opportunities
    Window of Opportunity: time period in which
    a firm can realistically enter a new market.
    • Window opens as new product is
    established
    • Window closes as product reaches maturity.
    Identifying and Recognizing Opportunities
    • Ideas: a thought, an impression, or notion.
    • Idea may or may not meat criteria of opportunities.
    • Approaches to identify opportunities

    Finding Gaps
    Observing Solving
    in
    Trends Problems
    Marketplace
    Observing Trends
    • Economic Trends:
    • Strong economy
    • Weak economy
    • Consumer Behavior During weak economy: education, discounts
    availing,
    Observing Trends
    • Social Forces:
    • Satisfying social needs
    • Proliferation of fast food
    • Increasing diversity of workforce.
    • Increasing interest in social networking
    • Proliferation of mobile phones and apps
    • Increasing focus on health and fitness.
    • Alternative forms of energy
    • Interest in organic foods.
    Observing Trends
    • Technological Advances:
    • Overlap of technology and social forces or economic
    forces.
    • Technology and health
    • Technology in day to day life: food panda, trip
    reservations,
    •
    Observing Trends
    • Political and Regulatory Change:
    • Policies supporting export and establishing in particular
    zones.
    • change in politics and security products.
    Solving Problem
    • Recognize problem and find ways to solve it.
    • Observe challenges that people encounter on day to day basis or
    occasionally
    • Solve previously solved problem differently.
    Finding Gaps in Marketplace
    • The products/services that consumers want are not available in the
    particular location.
    Personal Characteristics of Entrepreneurs
    • Prior Experience
    • Cognitive Factors
    • Entrepreneurial alertness
    • Social Network: social and professional network.
    • Find more opportunities than sole entrepreneurs.
    • Creativity
    Techniques for Generating Ideas
    • Brainstorming
    • Focus Groups
    • Library and internet research

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