BUS131D_Lecture4_Handout

BUS131D_Lecture4_Handout - Opportunity Recognition and Idea...

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Opportunity Recognition and Idea Generation Dr. Michael Merz Department of Marketing & Decision Sciences College of Business San Jose State University
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2 Dr. Michael Merz Department of Marketing & Decision Sciences College of Business, San Jose State University Today’s Agenda Opportunities vs. Ideas Window of Opportunity Approaches to Identify Opportunities Personal Characteristics that help People Recognize Opportunities Techniques for Generating Ideas Protecting Ideas Intellectual Property Patents, Trademarks, Copyrights, Trade Secrets
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3 Dr. Michael Merz Department of Marketing & Decision Sciences College of Business, San Jose State University What is an Opportunity? An opportunity is a favorable set of circumstances that creates the need for a new product, service, or business idea. Opportunity recognition refers to the process of perceiving the possibility of a profitable new idea. Most entrepreneurial firms are started in one of two ways: Internally stimulated Externally stimulated
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4 Dr. Michael Merz Department of Marketing & Decision Sciences College of Business, San Jose State University What is an Opportunity? An opportunity has four essential qualities Attractive Timely Opportunity (rather than just an idea) Durable Anchored in a product, service, or business that creates or adds value for its buyers or end users
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5 Dr. Michael Merz Department of Marketing & Decision Sciences College of Business, San Jose State University Key to Opportunity Recognition Understand the difference between opportunity and idea: Idea: a thought, impression, notion Opportunity: favorable set of circumstances that create a need for a new idea. Identify a product or service that people need and are willing to buy, not one that an entrepreneur wants to sell!
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6 Dr. Michael Merz Department of Marketing & Decision Sciences College of Business, San Jose State University Window of Opportunity Time Market Size t(0) t(1) Window of Opportunity t(0) – t(1) Window of opportunity ” is a metaphor describing the time period in which a firm can realistically enter a new market.
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7 Dr. Michael Merz Department of Marketing & Decision Sciences College of Business, San Jose State University Ways to Identify an Opportunity Observing Trends Solving a Problem Findings Gaps in the Marketplace • What opportunities do existing trends reveal? Two ways to get a handle on changing environmental trends: observe and study trends purchase customized forecasts and market analyses • What problems do we encounter and how can we solve them? • What problems arise through changing environmental trends? What existing needs do customers have and are not being satisfied by existing businesses?
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8 Dr. Michael Merz Department of Marketing & Decision Sciences College of Business, San Jose State University Observing Trends Environmental Trends Suggesting Business or Product Opportunity Gaps Barringer and Ireland (2008): Entrepreneurship, Pearson.
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9 Dr. Michael Merz
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