BBA220 Lecture Notes - Lecture 2: Sara Blakely, Spanx, Social Forces
7 Jun 2018
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WEEK 2!
What is an Opportunity?
An Opportunity is a favorable set of circumstances that creates a need for a new product, service,
or business!
Don´t complain, look for opportunities!
Based on problems we have!
Opportunity (rather than just an idea) !
-Attractive!
-Timely!
-Durable!
-Anchored in a product, service or business that creates or adds value for its buyer or end user!
Ideas are a dime a dozen, Look for the opportunity !
Ways to Identify an Opportunity:"
1) Observing Trends!
-Economic Forces!
-Social Forces!
-Technological Advances!
-Political and Regulatory Changes "
"
2) solving a problem"
3) finding gaps in marketplaces !
Trend 1: Economic Trends ( Deregulation, a weak economy favors startups that help consumer to
save money!
Trend 2: Social Forces ( Babyboomers, aging of a population, increasing diversity of the
workplace, Growth in the uses of mobile devices, an increasing focus on health and wellness) !
Social trends alter how people or businesses behave and set their priorities!
—> Opportunities !
Trend 3: Technological Advances —> Once a technology is created, products often emerge to
advance it!
Trend 4: Political Action and Regelatory Changes"
- political action and regulatory changes also provide the basis for opportunities!
-Company created to help other companies comply with the law!
"
Solving a Problem:!
Sarah Blakely, worlds youngest self-made Billionaire, founder of SPANX!
A problem facing many countries to finding alternatives to fossil fuels!
A large number of entrepreneurial firms like this wind farm, are being launched to solve this
problem!
Third Approach: Finding Gaps in the Marketplace:"
- often just needed from a special group of people but doesn’t represent a large enough market to
be interest to the mainstream retailers or manufacturers!
EXAMPLE: Flipsters:"
FlipFlops, small, for handbag, comfortable, faltable, for girls who wear high heals, for their way
home for example!
Easy to use, with stripes for the high heals —> 40$!
Personal Characteristics of Entrepreneur:!
Prior Experience:"
- prior experience in an industry helps an entrepreneur recognize business opportunities!
-spot a market niche!
-Network with social contacts, who provide insights that lead to recognizing opportunities!
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
An opportunity is a favorable set of circumstances that creates a need for a new product, service, or business. Anchored in a product, service or business that creates or adds value for its buyer or end user. Ideas are a dime a dozen, look for the opportunity. Ways to identify an opportunity: observing trends. Political and regulatory changes: solving a problem, nding gaps in marketplaces. Trend 1: economic trends ( deregulation, a weak economy favors startups that help consumer to save money. Trend 2: social forces ( babyboomers, aging of a population, increasing diversity of the workplace, growth in the uses of mobile devices, an increasing focus on health and wellness) Social trends alter how people or businesses behave and set their priorities. Trend 3: technological advances > once a technology is created, products often emerge to advance it. Political action and regulatory changes also provide the basis for opportunities. Company created to help other companies comply with the law.
