Professional Documents
Culture Documents
Opportunity
Opportunity
Retrospective Determinism
Idea……..
Is a thought, impression, or notion.
Screening Ideas: Are they
Opportunities?
5 Questions
1. What important customer problem can you
solve?
2. How are you going to do it?
3. How many customers are there that are
willing to buy from you?
4. Why can only you provide the solution?
5. How can you defend against others?
Screening an Opportunity:
5 Questions
1. What important customer problem can you
solve?
How valuable?
How painful?
Remember, you need to change somebody’s
behavior to buy your product.
Screening an Opportunity:
5 Questions
2. How are you going to do it?
Business model:
Product
Distribution
Location
Technology/Innovation
Service
Brand
Screening an Opportunity:
5 Questions
3. How many customers are there that are
willing to buy from you?
Environmental
Trends
Economic Factors
Social factors
Technological
advances
Political & regulatory New
changes Business, Product Business
or Service Product &
Personal
opportunity gap service ideas
characteristics
of entrepreneurs
Prior experience
Cognitive factors
Social networks
Creativity
Environmental trends suggesting business or product
opportunity gaps
Economic Forces
State of the economy
Level of disposable income
Consumer spending patterns
Social Forces
Social & cultural trends
New
Demographic changes Business,
Business,
What people think is “in” Product or
Product &
Service
Service
Technological advances Opportunity
Ideas
New technologies Gap
Emerging technologies
New uses of old technologies
• Cognitive factors
- entrepreneurial alertness: the ability to notice
things without engaging in deliberate search.
Social Networks
- the extent and depth of an individual’s social
network affects opportunity recognition.
solo entrepreneurs (those who identified
their business idea on their own.)
network entrepreneurs (those who identified
their ideas through social contacts.)
strong tie relationships
weak tie relationships
Contd…………
• Creativity
- is the process of generating a novel or
useful idea.
- steps to generating creative ideas are
• Rest 96%
– Enhancement -- improvement / refinement of
features – cheaper, better, faster, more user-friendly
– Extension to features
– Specialization -- niche’ creation
Enhancement, Extensions and
Specializations
Enhancements Extensions
Specialization
Examples of Enhancement
• DOS to Windows
• Mechanical watch to quartz watch
• Modem to ADSL modem
• Ordinary TV to a flat screen TV
• Desktop PC to a laptop PC to a tablet PC
• Propeller engine to a jet engine
Most industrial innovations
Examples of Extensions
• Toothbrush with a built in toothpaste
• Pen with a torchlight
• Mobile handset with camera, FM radio,MP3
player ….
• Memory sticks with MP3 players
• Wristwatch with a calculator
• Cinema Multiplexes
• Day care centers (crèche) with tuitions
• Swiss army knife
Examples of Specialization
• Low cost airlines (Ryanair, Easyjet, Air Deccan)
• Super-specialty hospitals
• Finishing schools
Retrospective Determinism
• It is the informal fallacy that because
something happened under some
circumstances, it was therefore bound to
happen due to those circumstances.
Thank You