Opportunity Discovery

Opportunity Discovery - Ryan Amann October 6, 2011...

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Ryan Amann October 6, 2011 Opportunity Discovery Everyone sees the world differently. There’s hardly a time where two people analyze a situation in exactly the same way. This, in essence, is why opportunity recognition, information processing, and entrepreneurial risk propensity are so important in an entrepreneur’s everyday life. Successful entrepreneurs are able to think creatively about a particular instance and can determine if said instance is opportunistic or not. This is the difference between a successful entrepreneur and an unsuccessful entrepreneur. A successful entrepreneur is able to look at an inefficient way of, say watering trees on a city sidewalk, and is able to brainstorm a more efficient way while an uninspired person may simply dismiss the current way as dumb and leave it at that. In this way it is important to be properly educated insofar as it becomes more natural to process complex information and determine if an opportunity exists or not. Also, entrepreneurial risk propensity is used to decide if a venture is too risky or if it may have a payoff worth the risk. Entrepreneurs must seamlessly use these three classifying qualifications in order to make informed decisions. Personally, I find that my opportunity recognition has been enhanced since I’ve been here at the University of Maryland. I find this to be especially true after attending one of Professor Green’s lectures. After his lecture I find myself analyzing everyday things within eyesight and considering their efficiency. I feel that this is how successful venture capitalists live, constantly examining the quality of the world and searching for potential business opportunities. Since I have been doing this more I’ve come up with some (of what I believe are) valid business ideas, which greatly excites me. UMD has me thinking creatively and I think my new mindset is definitely going to contribute to future success. Tied into my newfound sense of opportunity recognition is my entrepreneurial risk propensity, which is going to be a huge part of my future and potential business ideas. Determining the risk of a certain business venture is monumental and could be the sole contributor to the success or failure of a company. I tend to be less of a risk-taker than many of my friends or peers and I often opt for more assured decisions. Although this is uncommon of entrepreneurs, I maintain that it is a positive trait. In the long run I may not experience the high-risk high reward that competitors potentially could, but I’m okay with that. All I strive for is a dependable amount of money so that I don’t feel pressure to pay bills or anything and so I can provide important memories for my family. I don’t have a need for achievement, just a need to provide for my future family. And I
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Opportunity Discovery - Ryan Amann October 6, 2011...

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