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7/25/2019 Ch 2 Opportunity Recognition and New Idea Generation
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7/25/2019 Ch 2 Opportunity Recognition and New Idea Generation
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2008 Prentice Hall
Chapter Objectives(1 of 2)
1. Explain why its important to start a new firm whenits winow of opport!nity" is open.
2. Explain the ifference between an opport!nity anan iea.
#. $escribe the three %eneral approaches entreprene!rs!se to ientify opport!nities.
&. 'entify the fo!r environmental trens that are mostinstr!mental in creatin% b!siness opport!nities.
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Opening Case: Entrepreneur Got Success
ony /sieh
Comin% o!t of /arvar 0a!nche his first internet
company 0inExchan%e". ol it to 3ahoo in 4256 mill. tarte 7appos.com ol it to ma7on in 2889 for
41.2 ,ill.
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inow of Opport!nity
+ inow of Opport!nity
he term winow of opport!nity"
is a metaphor escribin% the time
perio in which a firm can
realistically enter a new maret.
+t some point- the maret mat!res- an the winow ofopport!nity (for new entrants) closes.
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hat is an Opport!nity*(2 of 2)
n opport!nity has fo!r essential :!alities
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hree ays to 'entify n Opport!nity
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;irst pproach< Observin% rens(2 of 2)
Environmental rens !%%estin% ,!siness or=ro!ct Opport!nity >aps
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ren 1< Economic ;orces
+ Economic ;orces? Economic forces affect cons!mers level of isposable
income.
? hen st!yin% how economic forces affect opport!nities-it is important to eval!ate who has money to spen anwho is tryin% to c!t costs.
+ n increase in the n!mber of women in the worforce an theirrelate increase in isposable income is lar%ely responsible for then!mber of bo!ti:!e clothin% stores tar%etin% professional womenthat have opene in the past several years.
+ @any lar%e firms are tryin% to c!t costs. Entreprene!rs have taenavanta%e of this tren by startin% firms that help other firmscontrol costs.
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ren 2< ocial ;orces(1 of 2)
+ ocial ;orces
? Chan%es in social trens provie openin%s for new
b!sinesses on an on%oin% basis.
? he contin!al proliferation of fastAfoo resta!rants- forexample- isnt happenin% beca!se people love fast foo. 't
is happenin% beca!se people are b!sy- an have isposable
income.
? imilarly- the ony alman was evelope not beca!secons!mers wante smaller raios b!t beca!se people
wante to listen to m!sic while on the %o.
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ren 2< ocial ;orces(2 of 2)
Examples of ocial ;orces hat llow ;or Bew,!siness Opport!nities
+;amily an wor patterns.
+he a%in% of the pop!lation.+he increasin% iversity in the worplace.
+he %lobali7ation of in!stry.
+he increasin% foc!s on health care an fitness.
+he proliferation of comp!ters an the
'nternet.
+he increase in the n!mber of cell phone !sers.
+Bew forms of entertainment.
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ren #< echnolo%ical vances
+ echnolo%ical vances
? >iven the rapi pace of technolo%ical chan%e- it is vital that
entreprene!rs eep on top of how new technolo%ies affect
c!rrent an f!t!re b!siness opport!nities.
? Entire in!stries have emer%e as the res!lt of technolo%ical
avances.
+ Examples incl!e the comp!ter in!stry- the 'nternet- biotechnolo%y-
an i%ital photo%raphy.
? Once a new technolo%y is create- new b!sinesses form totae the technolo%y to a hi%her level.
+ ;or example- ealBetwors was starte to a a!io capability to the
'nternet.
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ren &< =olitical an
e%!latory Chan%es
+ =olitical an e%!latory Chan%es
? =olitical an re%!latory chan%es provie the basis for new
b!siness opport!nities.
+ ;or example- laws that protect the environment have createopport!nities for entreprene!rs to start firms that help other firms
comply with environmental laws an re%!lations.
+ imilarly- many entreprene!rial firms have been starte to help
companies comply with the arbanesAOxley ct of 2882. he act
re:!ires certain companies to eep all their recors- incl!in%eAmail messa%es an electronic oc!ments- for at least five years.
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econ pproach< olvin% a =roblem(1 of 2)
econ pproach< olvin% a =roblem
ometimes ientifyin%
opport!nities simply
involves noticin% a problem
an finin% a way tosolve it.
hese problems can be
pinpointe thro!%h observin%
trens an thro!%h more simple
means- s!ch as int!itionor chance.
ome b!siness ieas are clearly
initiate to solve a problem.
;or example- ymantec Corp.create Borton antivir!s
software to %!ar comp!ters
a%ainst vir!ses.
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econ pproach< olvin% a =roblem(2 of 2)
,!sinesses Create to olve a =roblem
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hir pproach< ;inin% >aps in the
@aretplace
+ >aps in the @aretplace? thir approach to ientifyin% opport!nities is to fin a
%ap in the maretplace.
? %ap in the maretplace is often create when a pro!ct orservice is neee by a specific %ro!p of people b!t oesntrepresent a lar%e eno!%h maret to be of interest tomainstream retailers or man!fact!rers.
+ his is the reason that small clothin% bo!ti:!es an specialtyshops exist.
+ he small bo!ti:!es- which often sell esi%ner clothes or clothin%for harAtoAfit people- are willin% to carry merchanise that oesntsell in lar%e eno!%h :!antities for alA@art- >=- or DC =enney tocarry.
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;!ll iew of the Opport!nity
eco%nition =rocess
$epicts the connection between an awareness of emer%in% trens anthe personal characteristics of the entreprene!r
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echni:!es ;or >eneratin% 'eas
,rainstormin% ;oc!s >ro!ps
!rveys Other echni:!es
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,rainstormin%(1 of 2)
+ ,rainstormin%
? 's a techni:!e !se to %enerate a lar%e n!mber of ieas an
sol!tions to problems :!icly.
? brainstormin% session" typically involves a %ro!p ofpeople- an sho!l be tar%ete to a specific topic.
? !les for a brainstormin% sessionro!ps
+ ;oc!s >ro!p
? foc!s %ro!p is a %atherin% of five to ten people- who
have been selecte base on their common characteristics
relative to the iss!es bein% isc!sse.? hese %ro!ps are le by a traine moerator- who !ses the
internal ynamics of the %ro!p environment to %ain insi%ht
into why people feel they way they o abo!t a partic!lar
iss!e.
? ltho!%h foc!s %ro!ps are !se for a variety of p!rposes-
they can be !se to help %enerate new b!siness ieas.
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!rveys(1 of 2)
+ !rvey
? s!rvey is a metho of %atherin% information from a
sample of inivi!als. he sample is !s!ally j!st a fraction
of the pop!lation bein% s!rveye.
+ he most effective s!rveys sample a ranom" portion of the
pop!lation- meanin% that the sample is not selecte hapha7arly or
only from people who vol!nteer to participate.
+ he :!ality of s!rvey ata is etermine lar%ely by the p!rpose of
the s!rvey an how it is con!cte.? !rveys %enerate new pro!ct- service- an b!siness ieas
beca!se they as specific :!estions an %et specific
answers.