recognizing opportunities for entrepreneurs
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Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Recognizing Opportunities
Mohammad Tawfik
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Not all good ideas are good opportunities for entrepreneurs
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
The product, what, who, when, how, and for whom?
Recognizing OpportunitiesMohammad Tawfik
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Creativity vs. Innovation
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Creativity – the ability to develop new ideas and to discover new ways of looking at problems and
opportunities
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Innovation – the ability to apply creative solutions to problems and opportunities to enhance or to
enrich people’s lives
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Timmons’ Business Opportunity = Idea + Four Characteristics
Recognizing OpportunitiesMohammad Tawfik
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Attractive to customers
Recognizing OpportunitiesMohammad Tawfik
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Will work in the business
environment
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Can be executed in an existing window of opportunity
Recognizing OpportunitiesMohammad Tawfik
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Available resources and skills needed to create the business
Recognizing OpportunitiesMohammad Tawfik
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Use SWOT analysis to recognize a good opportunity
Recognizing OpportunitiesMohammad Tawfik
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An opportunity may arise from:
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
A problem
Recognizing OpportunitiesMohammad Tawfik
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A change
Recognizing OpportunitiesMohammad Tawfik
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An invention
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
A competition
Recognizing OpportunitiesMohammad Tawfik
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A technological advancement
Recognizing OpportunitiesMohammad Tawfik
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Routes to Finding Opportunities
Recognizing OpportunitiesMohammad Tawfik
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Self- or group-developed business ideas through brainstorming
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
Researching “hot” business ideas or growth
areas
Recognizing OpportunitiesMohammad Tawfik
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Starting with a product or service idea, and then searching for a market
Recognizing OpportunitiesMohammad Tawfik
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Assignment!
● Come up with an idea for a business!● Identify the characteristics that would make it
viable● Describe the points of Strength, Weakness,
Opportunity, and Threats● Present it in writing and in the form of mind-map
Recognizing OpportunitiesMohammad Tawfik
#WikiCourseshttp://WikiCourses.WikiSpaces.com
References
● Entrepreneurship and Small Business Management, 1/e, Steve Mariotti and Caroline Glackin, 2012, Pearson Education
● Effective Small Business Management, 10/e, Norman M. Scarborough, Prentice Hall, 2011
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