ENTP 3301 Chapter Notes - Chapter 2: Entp, Social Forces, Brainstorming
9 Sep 2016
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Opportunity favorable set of circumstances that creates a need for a new product, service or business. Externally stimulated: launch a firm and searches for and recognizes an opportunity. Internally stimulated: recognizes a problem and fills it. Key for opportunity recognition is to identify a product or service that people need and are willing to buy. Opportunity (rather than just an idea: attractive, timely, durable, anchored in a product service or business that creates or adds value for its buyer or end user. Observing trends: economic forces, social forces, technological advances, political and regulatory changes. Finding gaps in marketplace: finding a need in an existing market. Opportunity recognition process of perceiving the possibility of a profitable new business or a new product or service. Prior experience: corridor principle opportunities become more apparent if in the industry already. Cognitive factors innate skill: entrepreneurial alertness sixth sense for recognizing opportunities.
