GEB4113 Lecture Notes - Lecture 4: Social Forces
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Entrepreneurship Finding Opportunities
• What is an opportunity?
o Opportunity is a favorable set of circumstances that creates a need for a new product,
service, or business
• Ways to identify an opportunity
o Observing trends
o Solving a problem
o Finding gaps in the marketplace
• What is a Trend?
o Trend – a statistically significant change in performance of measured data which is
unlikely to be due to a random variation in the process
o Why track them?
▪ One way to gain inspiration
▪ Should lead to a profitable innovation
▪ Trends create opportunities for entrepreneurs to pursue
o Types of trends
▪ Economic Forces
• Economic trends help determine areas that are ripe for new startups
and areas that startups should avoid
▪ Social Forces
• Social trends alter how people and business behave and set their
• These trends provide opportunities for new businesses to accommodate
▪ Technological Advances
• Advances in technology frequently create business opportunities
• Once technology is created products often emerge to advance it.
▪ Political Action and regulatory Changes
• Company created to help other companies comply with a specific law
• Solving a Problem
o Sometimes identifying opportunities involves noticing a problem and finding a way to
• Finding Gaps in the Market Place
o Often created when a product or service is needed by a specific group of people but
doesn’t represent a large enough market to be of interest to mainstream retailer or
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