Catching a Business Opportunity_V2

Catching a Business Opportunity_V2 - CATHOLIC UNIVERSITY...

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Catching a Business Opportunity Presented by: Jean Paul KENMOE CATHOLIC UNIVERSITY INSTITUTE OF BUEA O R E N T R E P R E N E U R R CUIB-CER C U I B - H N D CUIB-CS
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U R R E S E A R C H A N D I UIB-CERI We Make It Work! Chapter Objectives 1 of 2 1. Explain why it’s important to start a new firm when its “window of opportunity” is open. 2. Explain the difference between an opportunity and an idea. 3. Describe the three general approaches entrepreneurs use to identify opportunities. 4. Identify the four environmental trends that are most instrumental in creating business opportunities. 5. List the personal characteristics that make some people better at recognizing business opportunities than others. 2-2
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U R R E S E A R C H A N D I UIB-CERI We Make It Work! 2-3 Chapter Objectives 2 of 2 6. Identify the five steps in the creative process. 7. Describe the purpose of brainstorming and its use as an idea generator. 8. Describe how to use library and Internet research to generate new business ideas. 9. Explain the purpose of maintaining an idea bank. 10. Describe three steps for protecting ideas from being lost or stolen.
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U R R E S E A R C H A N D I UIB-CERI We Make It Work! 2-4 What is An Opportunity? 1 of 2 Opportunity Defined An opportunity is a favorable set of circumstances that creates a need for a new product, service, or business.
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U R R E S E A R C H A N D I UIB-CERI We Make It Work! 2-5 What is an Opportunity? 2 of 2 Four Essential Qualities of an Opportunity
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U R R E S E A R C H A N D I UIB-CERI We Make It Work! 2-6 Three Ways to Identify an Opportunity
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U R R E S E A R C H A N D I UIB-CERI We Make It Work! 2-7 First Approach: Observing Trends 1 of 2 Observing Trends Trends create opportunities for entrepreneurs to pursue. The most important trends are: Economic forces Social forces Technological advances Political action and regulatory change It’s important to be aware of changes in these areas.
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U R R E S E A R C H A N D I UIB-CERI We Make It Work! 2-8 First Approach: Observing Trends 2 of 2 Environmental Trends Suggesting Business or Product Opportunity Gaps
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U R R E S E A R C H A N D I UIB-CERI We Make It Work! 2-9 Trend 1: Economic Forces Economic trends help determine areas that are ripe for new start-ups and areas that start-ups should avoid. Example of Economic Trend Creating a Favorable Opportunity A weak economy favors start-ups that help consumers save money. An example is ????????
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U R R E S E A R C H A N D I UIB-CERI We Make It Work! 2-10 Trend 2: Social Forces Social trends alter how people and businesses behave and set their priorities. These trends provide opportunities for new businesses to accommodate the changes. Examples of Social Trends Aging of baby boomers The increasing diversity of the workplace Increasing interest in social networks such as Facebook and Twitter An increasing focus on health and wellness Increasing interest in “green” products
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U R R E S E A R C H A N D I UIB-CERI We Make It Work!
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