COMM 320 Chapter Notes - Chapter 2: Digital Photography, Focus Group, Computer Industry
23 Oct 2016
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Benchprep case for the gmatapp: identifying and recognizing opportunities. Opportunity: a favourable set of circumstances that creates a need for a new produc, service, or business. A common mistake is trying to pick up an existing product or service and start a business around a slightly better version of it. And opportunity has four essential quality: attractive, durable, timely & anchored in a product, service, or business that creates or adds value for its buyer or end user. To capitalize on it, a entrepreneur has to open a window of opportunity; which is the time period a firm can enter a new market. It is important to understand the difference between idea and opportunity: An idea may or may not meet the criteria of an opportunity. Observing trends and study how they create opportunity: economic, social, political, technological, cultural changes must be observed.
