COMM 320 Lecture Notes - Lecture 2: Brainstorming
7 Dec 2018
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Chapter 2 recognizing opportunities and generating ideas. Opportunity: favourable set of circumstances that creates a need for a new product/ service/business. Recognize problem/opportunity gap and creates a business to solve/fill: common mistake is to pick an existing product/service and build a business around a slightly better version of it. Timely: durable, anchored in product/service that creates or adds value to the end user. Observing trends important to distinguish from fads. Social trends: demographic changes, what people think is in , cultural trends. Economic trends: state of economy, level of disposable income, spending patterns. Technological trends: new technologies, emerging technologies, new uses of old technologies. Solving a problem recognize problem and find ways to solve it. Finding gaps in the marketplace potentially viable business opportunities. Cognitive factors entrepreneurial alertness: ability to notice things without engaging in deliberate search. Social networks network entrepreneurs identified significantly more opportunities than solo entrepreneurs.
