ENT 3315 Lecture Notes - Lecture 3: Target Market
11 Feb 2020
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Opportunity recognition : identification of potential new products or services that may lead to promising businesses. Entrepreneurial alertness : readiness to act on existing, but previously unnoticed, business opportunities. Startups : new business ventures created from scratch". Page 44-45 the following diagram shows the results of one such study by the national federation of independent. Business (nfib), which found that prior work experience accounts for 45 percent of new ideas. Page 46 accidental discoveries may also provide ideas for startups. Serendipity : a facility for making desirable discoveries by accident. Business ideas can be spurred by : borrowing ideas from existing products and services or other industries. Outside-in analysis considers the external environment, including the general, industry, and competitive environments: general environment : the broad environment, encompassing factors that influence most businesses in a society. Page 57 focus strategies : a plan of action that isolates an enterprise from competitors and other market forces by targeting a restricted market segment.
