Professional Documents
Culture Documents
Opportunity Identification
Opportunity Identification
E-O-B- LINKAGE
Entrepreneurs
Opportunity Business
Who are entrepreneurs What is opportunity
What is business
• A person who create a job not a job-seeker
• A person who creates and develops a
Entrepreneur business idea and then turn it into business
• Make something out of nothing
1. Perceiving an opportunity
5. Acceptance of risk
Opportunity identification is the first and
primal function of entrepreneurs
8
A business idea is worth nothing if customers are not
willing to pay for it
Idea Opportunity
It lasts for ever
• It is perishable
It is free
• It requires work
Everybody has ideas
• Must create customer
Do not need customers to
value
survive
9
Essential Qualities of Opportunity
Timely
Anchored in
Opportunity product, service or
business that
Attractive (rather than just
creates or adds
an idea )
value for its
customers
Durable
Opportunity Identification
Out-of-the-box thinking
Thinking that moves away in diverging directions so as to involve a variety of
aspects and which sometimes lead to novel ideas and solutions; associated with
creativity.
Finding
Observing Solving a
gaps in a
trends problem
market
First Approach: Observing Trends
Economic forces.
Social forces.
Technological advances.
Political action and regulatory change.
15
Second Approach: Solving a Problem
Solving a Problem
Sometimes identifying opportunities simply
involves noticing a problem and finding a way to
solve it.
16
• Ideas Start With Solving Problems
• Any Problems are Big Opportunities.
18
Third Approach: Finding Gaps in the
Marketplace
19
Process of Identifying, Evaluating and
Selecting Business Opportunity
A. Environmental Scanning
Help identify business opportunities and challenges
B. Self Evaluation
To see what is available in oneself:
Experience
Knowledge & Skill
Financial situation
Interest
Networking
C. Values/Norms of the Community
5. Other factors
Has competitive advantage
Workable and efficient
4. Selecting a business opportunity and
preparing a business plan
Real-Win-Worth-it (RWW) method – 3M
Is the opportunity real?
• Market size?
• Is technology available?
• Likelihood product can be delivered at the right
time and price.
Can you win with the opportunity?
• Establish a sustainable competitive advantage?
• Can you patent or protect it?
• More capable of executing it then your
competitors?
Is the opportunity worth it?
• Do you have the resources?
4. preparing a business plan
Creativity
Innovation
Thinking New
Entrepreneurship
Things
Doing New
Things
Creating
value in the
marketplace
What is CREATIVITY??
• Creating wealth
Entrepreneurship • Autonomy
FOR YOUR
PRECIOUS
ATTENTION