Entrepreneurial Opportunities

Dr Noor Muhammad

What is an Opportunity?

Opportunity: The chance to do something in a way which is both different from and better than the way it is done at the moment. It offers the possibility of delivering new value to the customer.

(Wickham, 2006).

A favourable set of circumstances that creates a need for new product, service or business.

(Barringer and Ireland, 2010).

What is an Opportunity?

An opportunity is a situation in which

something can be improved, usually when

value can be created for a constituency and

captured by the creator

Composite Definitions of Opportunity

An opportunity is the possibility of introducing a

new product to the market at a profit.

Dominant & Identifying Common Elements:

New/Novelty

Products

Feasibility/Possibility

Internal value/Profit

Market Need/Demand

Composite Definitions of Opportunity

An opportunity is an idea that has developed into

a business form.

Dominant & Identifying Common Elements:

• Business form;

• Idea/business idea;

• Progression of development.

Composite Definitions of Opportunity

An opportunity is an entrepreneur’s perception of a feasible means to obtain/achieve benefits.

Dominant & Identifying Common Elements:

Perception

Internal value

Profit

Composite Definitions of Opportunity

An opportunity is an entrepreneur’s ability to

create a solution to a problem.

Dominant & Identifying Common Elements:

Market need/ Demand

Problem/solution

Creative process/creativity.

Types and Some Examples of Opportunities

1. New products/services e.g. Dyson vacuum cleaners

2. New markets e.g. McDonalds

3. New sources of supply of raw materials or other inputs

4. New forms of business organisation e.g. franchising

5. New ways of distribution/delivery e.g. Amazon, Dell, FedEx

6. New means of communicating with customers and suppliers

e.g. e-Bay

The Timmons Model for Entrepreneurial Success:

Opportunity Entrepreneur

Resources

Fits & Gaps

Business plan

Uncertainty Uncertainty

Uncertainty