Recognizing Opportunities for Entrepreneurs

Recognizing OpportunitiesMohammad Tawfik

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Recognizing Opportunities

Mohammad Tawfik



Not all good ideas are good opportunities for entrepreneurs





The product, what, who, when, how, and for whom?



Creativity vs. Innovation





Creativity – the ability to develop new ideas and to discover new ways of looking at problems and

opportunities









Innovation – the ability to apply creative solutions to problems and opportunities to enhance or to

enrich people’s lives







Timmons’ Business Opportunity = Idea + Four Characteristics



Attractive to customers



Will work in the business

environment



Can be executed in an existing window of opportunity



Available resources and skills needed to create the business



Use SWOT analysis to recognize a good opportunity



An opportunity may arise from:



A problem



A change



An invention



A competition



A technological advancement



Routes to Finding Opportunities



Self- or group-developed business ideas through brainstorming







Researching “hot” business ideas or growth

areas



Starting with a product or service idea, and then searching for a market



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



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