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AB_Class2_Recognizing opportunities_IIa

AB_Class2_Recognizing opportunities_IIa - Recognizing...

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Copyright © Florida International University, Miami, FL 33199 www.entrepreneurship.fiu.edu Recognizing opportunities and generating ideas II ENT 4113 Armando Borda R. [email protected]
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Copyright © Florida International University, Miami, FL 33199 www.entrepreneurship.fiu.edu Definition of entrepreneurship “It is the process of recognizing, seizing, pursuing and exploiting opportunities without regard of the resources you currently control”
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Copyright © Florida International University, Miami, FL 33199 www.entrepreneurship.fiu.edu What is an opportunity? First of all, what is an idea?: An idea is a thought, impression, or notion. It may or may not meet the criteria of an opportunity. Opportunity: is a favorable set of circumstances that creates a need for a new product, service, or business. Compared to ideas, opportunities have additional qualities: Attractive. Durable. Timely. Anchored in a product or service. In summary: an opportunity is a need to be fulfilled, a want to be addressed, a problem to be solved, a fear to be relieved. Window of opportunity
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Copyright © Florida International University, Miami, FL 33199 www.entrepreneurship.fiu.edu What is an opportunity? Is the idea feasible in the marketplace? Some of the most technologically advanced ideas may be too much for (today’s) market. Example. Does this business solve a problem? If it is so, which one?. Is there demand? Ski store in Miami? Can it be done? At a reasonable cost? Charter travel to moon may be technologically possible, but the cost of the tours would be more than customers can pay not a feasible business opportunity Is the business a potential moneymaker? Are customers willing to pay? Are your costs lower than what customers are willing to pay?
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Copyright © Florida International University, Miami, FL 33199 www.entrepreneurship.fiu.edu How to identify an opportunity? Observing trends: Economic, Social, Technological, Political forces. Solving a Problem Personal characteristics of the entrepreneur Business, Product or Service opportunity GAP New Business, Product and service Ideas. Prior Experience. Cognitive factors. Social Networks Creativity
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Copyright © Florida International University, Miami, FL 33199 www.entrepreneurship.fiu.edu How to identify an opportunity? Observing trends: Trend 1 - Economic Forces Economic Forces Economic forces affect consumers’ level of disposable income. When studying how economic forces affect opportunities, it is important to evaluate who has money to spend and who is trying to cut costs.
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Copyright © Florida International University, Miami, FL 33199 www.entrepreneurship.fiu.edu How to identify an opportunity? Observing trends: Trend 2 – Social Forces (1 of 2) Social Forces Changes in social trends provide openings for new businesses on Economic Forces People are busy and have disposable income.
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