lecture 2

lecture 2 - Spanx (www.spanx.com) Sara Blakely knew that...

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1 2-1 R ec ognizing Opportuniti e s and G e n e rating Id e a s Bruce R. Barringer R. Duane Ireland Spanx ( www.spanx.com ) Sara Blakely knew that she loved to wear pantyhose under her fitted Capri pants and slim skirts because it gave her such a smooth profile. But she hated the look of footed KRVLHU\ ZLWK WKH VWUDSS\ VDQGDOV VKH¶G ZHDU ZLWK WKHVH WLJK - fitting outfits. So she did what many women would do-she cut the feet off her pantyhose. The result was constricting, hot pantyhose that tended to creep up her legs. And, needless to say, the frayed edges quickly unraveled. Sara VDLG± ³, ORRNHG DOO RYHU WKH SODFH IRU IRRWOHVV SDQW\KRVH± DQG WKH\ GLGQ¶W H[LVW² &OHUNV ZRXOG DOZD\V VD\ ZKDW D JUHDW LGHD LW LV± EXW WKDW ZDV DV IDU DV LW ZHQW´ Spanx ( www.spanx.com ) %ODNHO\¶V IUXVWUDWLRQ OHG KHU WR GR ZKDW PDQ\ ³DFFLGHQWDO´ HQWUHSUHQHXUV GR -solve the problem herself. Unfortunately, she had no experience in the panty-hose industry. However, working around her two jobs as a sales/motivational speaker and stand-up comedienne, Blakely started sketching designs and researching patents. Spanx ( www.spanx.com ) She saved up enough money to hire a patent attorney, but most laughed when she presented them with her idea. The attorney who ultimately agreed to work with her actually thought his friends were playing a joke on him or that Blakely was working for Candid Camera. But that was only one of many challenges. Finding a manufacturer, picking a name, designing packaging, and getting the product into stores were all part of the process. Spanx ( www.spanx.com ) Blakely persisted and Spanx was launched. The product was an instant hit! Even Oprah Winfrey picked Spanx as one of her favorite new products in 2001. Today, Spanx can be found at high-end department stores, in specialty boutiques, and of course, on the FRPSDQ\¶V ZHE VLWH² Do I want to make meaning? µ Goal · Make the world a better place · Increase the quality of life · Right a terrible wrong · Prevent the end of something good 2-6
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2 Exercise ± Complete this sentence: ,I \RXU SODQQHG RUJDQL]DWLRQ ZRQ¶W H[LVW² WKH world would be worse off because_________ 2-7 2-8 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. 2-9 What is an Opportunity? 2 of 2 An opportunity has four essential qualities 2-10 Three Ways to Identify an Opportunity 2-11 First Approach: Observing Trends 1 of 2 ± Trends create opportunities for entrepreneurs to pursue. ± The most important trends are: ² Economic forces. ² Social forces. ² Technological advances. ² Political action and regulatory change. ± ,W¶V LPSRUWDQW WR EH DZDUH RI FKDQJHV LQ WKHVH DUHDV³ 2-12 First Approach: Observing Trends 2 of 2 Environmental Trends Suggesting Business or Product Opportunity Gaps
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3 2-13 Trend 1: Economic Forces Economic trends help determine areas that are ripe for new startups and areas that startups should avoid.
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lecture 2 - Spanx (www.spanx.com) Sara Blakely knew that...

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