ENTR 20000 Chapter 2: Recognizing opportunities and generating ideas
17 Jan 2019
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Document Summary
Opportunity-a favorable set of circumstances that creates a need for a new product, service, or business. An entrepreneur recognized a problem or an opportunity gap and creates a business to address the problem or fill the identified gap. Identifying a product, service, or business opportunity that isn"t merely a different version of something already available is difficult. Anchored in a product, service or business that creates or adds value for its buyer or end user. Window opportunity-a metaphor describing the time period in which a firm can realistically enter a new market. First approach is to observe trends and study how they create opportunities for entrepreneurs to pursue. Most important tends to follow are economic trend, social trends, technological advances, and political action and regulatory changes. Need to be aware of changes in the area. State of the economy, level of disposable income, consumer spending patterns. Social and cultural trends, demographic changes, what a people think is in .
