Entrep Opportunity

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It is the favorable circumstance that creates product, service and business

Opportunities

It is the perceiving possibilities for new businesses or products

Opportunity recognition

Community based opportunity recognition. Step1: is to find a problem

Internally stimulated

Business based opportunity recognition

Externally stimulated

A metaphor or time period whenre firm can enter new market

Window of opportunity

4 essential qualities of opportunity

Apple Dates Twin Apples. Attractive. Durable. Timely. Anchored in product,service or business

3 Economic trends

State of economy. Level of disposable income. Consumer spending patterns

Social trends

Social and cultural trends. Demographic changes. What people think

Technological trends

New tech. Emerging tech. New uses of old tech

Political trends

New changes in political arena. New laws. Regulations

Approaches to identify opportunities

Observe trends. Solve problem. Find gap in marketplace

Entrepreneur starts firm and journeys to new ventures and opportunities

Corridor principle

4 Characteristics of Entrepreneur

1.Prior experience 2. Cognitive factor 3. Social Networks 4. Creativity

Personal Chara- work from same industry that makes social contacts provide insights and opportunities

Prior experience

Personal chara- cognitive skill

Cognitive factor

subcategory of cognitive skill- 'sixth sense' no need for deliberate search

Entrepreneurial alertness

extent and depth affects opportunity recognition

Social networks

Subcategory: Social networks- own identification of business idea

Solo entrepreneurs

Subcategory: social networks- business idea indentified through social networks

Network entrepreneurs

Subcategory: social networks- Interaction that is frequent between co-workers, family members, friends

Strong-tie relationships

Subcategory: social networks- Interaction infrequent between casual acquaintance

Weak-tie relationships

Personal chara Process of generating novel and useful ideas

Creativity

5 stages of creative process

PIIEE- Preperation, Incubation, Insight, Evaluation, Elaboration

Creative process- Background experience

Preparation

Creative process- 'mulling things over' thinking about a problem

Incubation

Creative process- 'eureka' solution to a problem

Insight

Creative process- scrutiny and analysis

Evaluation

Creative process- not put into a final form

Elaboration

3 Techniques for Generating ideas

1. Brainstorming 2. Focus group 3. Library and Internet Research

Techniques for generating idea- common way for specific topics

Brainstorming

Techniques for generating idea- 5-10 people because they are related to topic

Focus group

Techniques for generating idea- reference librarian for mags and lits

Library and Internet research

Techniques for generating idea- regular meetings by board

Customer advisory board

Techniques for generating idea- Anthropological research

Day-in-the-life research

3 steps in Encouraging & Protecting New Ideas

Step 1. Establishing a focal point for ideas Step 2 Encouraging creativity at the firm level Step 3 Protecting ideas from being lost or stol

What does Establishing a focal point for ideas mean?

Idea bank and person assigment

Physical or digital repository for storing ideas

Idea bank

Intangible product of human intellect

Intellectual property

Exclusive owner rights with monopoly that encourages market. Protection against infringement

Patent

rights for artistic and literary creations

Distinct mark of company registered at Intellectual Property Office

Trademark

Makes copany unique and with value

Trade secrets