ENTREP MODULE 2

• An opportunity is a

  favorable set of

  circumstances that

  creates a need for a

  new product, service,

  or business.
• An opportunity has four essential qualities

  1. attractive
  2. timely
  3. durable
  4. anchored in a product, service or business that creates value for its buyer or end user
• The term "window of opportunity" is a metaphor for the time frame in

  which a company can realistically enter a new market.
• An idea is a thought, impression, or notion.
• Steps in tapping opportunities

  • Observing Trends
  • Solving a Problem
  • Filling the Gaps in the marketplace
• The term trend refers to the dominant directions or patterns of change in various aspects of the commercial landscape.
• Observing Trends

  1. Economic Forces
  2. Social Factors
  3. Technological Advances
  4. Political Action and Regulatory Changes
• Characteristics that tend to make some people better at

  recognizing opportunities than others

  1. Prior Experience
  2. Cognitive Factors
  3. Social Networks
  4. Creativity
• CREATIVITY STAGES

  1. PREPARATION
  2. INCUBATION
  3. INSIGHT
  4. EVALUATION
  5. ELABORATION
• Preparation – Is the background, experience, and knowledge that an entrepreneur brings to the opportunity recognition process.
• Incubation ‐ stage during which a person considers an idea thinks about a problem; it is the “mulling things over” phase.
• Insight – is the flash of recognition – when the solution to a problem is seen or an idea is born.
• Evaluation –stage of the creative process during which an idea is subjected to scrutiny and analyzed for its viability.
• Elaboration –stage during which the creative idea is put into a final form; details are worked out and idea is transformed into

  valuable
• Techniques for generating ideas

  • SCAMPER
  • Brainstorming
  • Mindmapping
  • Synectics
  • Storyboarding
  • Attribute listing
  • Forced relationships
• It is an easy technique involving the joining of totally different ideas to

  produce a fresh idea.


  Forced relationships
• an analytical technique for recognizing new forms of a system or

  product by identifying/recognizing areas for improvement.

  Attribute listing
• entails developing a visual

  story to explain or explore. And can

  help creative people represent information

  they gained during research.

  Storyboarding
• comes from the Greek word "synectikos," which means "bringing different things into unified connection." 


  Synectics
• graphical technique

  for visualizing the relationships between

  various pieces of information or ideas.

  Mindmapping
• This process entails generating a large

  number of solutions to a specific problem

  (idea), with the emphasis on the quantity of

  ideas.

  Brainstorming
• idea generation technique that utilizes action verbs as stimuli. It is a well-known kind of checklist developed by Bob Eberie that assists the person in producing ideas


  SCAMPER
• S – Substitute

  C – Combine

  A – Adapt

  M – Modify

  P – Put to another use

  E – Eliminate

  R – Reverse