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Chapter 3

Entrepreneurship Chapter 3.docx

8 Pages

Course Code
COMM 320

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SCANNING SENSING AND EVALUATING THE OPPORTUNITYTHE ENTREPRENEURIAL PROCESSSensing evaluating and exploiting are the most critical elements of the entrepreneurial processThey scan the environment for market gaps created by unmet customer needsTraits and skills allow them to recognize opportunities in these gaps and develop ideas to satisfy customers unmet needsThe entrepreneurial process in action see p 126 figure 61oA market gap is created caused by change and an unmet consumer needsoThe entrepreneur senses a window of opportunityoThe entrepreneur develops an innovative idea to exploit this opportunityoThe entrepreneur takes actionTHE MARKET GAPOpportunities are spawned because of market gaps created by unmet customers needsEnvironmental forces which influence the demand for products and services technological social economic and politicalOpportunities arise because of the chaos and confusion created in a particular industry by these forcesTechnological ForcesBirth of a Major TechnologyChaosConfusion in the IndustryOld Technology becomes degradedCustomer Demand ShiftsNew OpportunitiesSocial TrendsLarge numbers of women have entered into many sectors of the workforceImmigration has brought many new cultural groups to CanadaQuebecMontreal
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