Comm320-Section3-OpportunityRecognition

Comm320-Section3-Opp - OPPORTUNITY OPPORTUNITY RECOGNITION CoursePack Section3 Wake Wakeup:Wordassociation Quick Play Rebel Quick,,actionmovie

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PPORTUNITY OPPORTUNITY RECOGNITION Course Pack–Section 3
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ake up: Word association Wake up: Word association Quick Play Rebel Quick, James Dean car accident , action movie Play , Speed race (game), speed skating/hockey Rebel , Video Game Hells angels video game, pinball Play , Speed rush poker, ski racing, quick finger guitarist enager, Rabbit alloween costume, Alice, Teenager, Rabbit Æ Halloween costume, Alice, 2
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he Entrepreneurial Process The Entrepreneurial Process What process occurs in the brain of the ? entrepreneur? Entrepreneurs constantly scan the it lk i f environment looking for opportunities, they can “sense” these opportunities and then gather the resources needed to exploit this opportunity. Basically, entrepreneurs recognize or “sense” opportunities where others see nothing, this is the essence of their nature; 3
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he Entrepreneurial Process The Entrepreneurial Process In general, change in the marketplace is constant , entrepreneurs sense e gaps and develop innovative ways to fill them and exploit any the gaps, and develop innovative ways to fill them and exploit any opportunity. Think of this process in action: p 1. A market gap is created caused by change and an unmet consumer needs. 2. The entrepreneur “senses” a window of opportunity . 3. The entrepreneur develops an innovative idea to exploit this opportunity. e entrepreneur takes ction 4. The entrepreneur takes action . 4
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rces / Market Gap Forces / Market Gap Technology: Birth of a Major Technology Chaos & Confusion in the Industry Old Technology becomes degraded Customer Demand Shifts New Opportunities 5
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rces / Market Gap Forces / Market Gap Societal Trends : rge umbers of women have entered into many sectors of the workforce; Large numbers of women have entered into many sectors of the workforce; Immigration has brought many new cultural groups to Canada / Quebec / Montreal; Baby boomers are aging; Consumers buying power has increased; verage family income has doubled; Average family income has doubled; The number of working hours has decreased; Concern for the environment, personal health & wellness, and natural products is growing.
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This note was uploaded on 11/09/2011 for the course BUSS 320 taught by Professor Inna during the Spring '11 term at University of Arkansas – Fort Smith.

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Comm320-Section3-Opp - OPPORTUNITY OPPORTUNITY RECOGNITION CoursePack Section3 Wake Wakeup:Wordassociation Quick Play Rebel Quick,,actionmovie

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