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Lecture 4

GEB4113 Lecture Notes - Lecture 4: Social Forces

General Business
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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
the changes
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
solve it
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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