RA

ENTR405 CH2: Recognizing Opportunities & Generating Ideas:

Opportunity: a favourable set of circumstances that creates a need for a new product, service, or business.

  • don’t pick an available product and then try to build a slightly better version of it

  • 4 Qualities of Opportunity:

    • Attractive

    • timely

    • durable

    • give value

Idea: a thought, an impression, or a notion.

  • May or may not meet the criteria of an opportunity

  • The idea fills a need

Three Ways to Identify Opportunities:

  • Observing trends

    • Environmental trends/changes include:

      • economic forces

      • Social forces

      • technological advances

      • political changes

  • solving a problem

    • Problems can be recognized by:

      • observing the challenges that people face in their daily lives.

      • intuition (الحدس)

      • chance (الصدفة)

  • find gaps in the marketplace.

    • Products that consumers need or want that:

      • not available in a location

      • not available at all

Characteristics of Entrepreneur:

  • Prior Industry Experience

  • Cognitive Factors (entrepreneurial alertness)

  • Social Networks

  • Creativity

5 steps to generate creative idea:

  1. Preparation (التحضير)

  2. Incubation (الحضانة)

  3. Insight (البصيرة)

  4. Evaluation (التقييم)

  5. Elaboration (الإعداد)

How to strengthen the team:

  • Enables new team members to contribute talents, insights, and perspectives to business planning.

  • Viewing investors as part of the team to build trust and reduce Risk.

  • Get the team right first, then pitch.