DEFINITION Opportunities are an integral component of the entrepreneurial process Entrepreneurial opportunities are defined as situations in which new

products, services and processes can be introduced and sold at greater than the cost of production

CHARACTERISTICS
OPPORTUNITY ANALYSIS

1. Timely 2. Solvable 3. Important 4. Profitable 5. Context

1)OPPORTUNITY DISCOVERY 4a)TECHNOLOGY (Accepted) Sources Patent University Research Types 1. Opportunity pull 2. Capability push 3)DECISION Factors to be considered: Product give significant value the entrepreneur can attract the necessary financial, physical, and human resources required by the venture opportunity the expected return of the venture is consistent with the risk of the venture This document summarizes the entrepreneurs proposal of a business venture 4b)LOOK ELSEWHERE (Rejected) Go back to opportunity discovery 2)EVALUATE External Internal Capabilities Resources Interest Market Financial Technical Economic forces Social & culture trends Technological advances Political & regulatory changes

5)EXPLOIT Exploitation of opportunity for technological-based product can be done through commercialization.