Discovering Venture Opportunities

 Essay regarding Identifying Endeavor Opportunities

CASE: E-323

DATE: 11/18/08

IDENTIFYING OPPORTUNITY OPPORTUNITIES

I actually never enhanced an invention that I did not consider in terms of the service it could give other folks... I discover what the world requirements, then I check out invent. —Thomas Edison

INTRO

One of the biggest queries on every optimistic entrepreneur's mind is, ―how do I think of a compelling thought for a new venture? ‖ While there is no right or wrong solution to this problem, there are several things be aware of and thinking about as one heads throughout the entrepreneurial route. Even if a great idea has already spring to mind, it is essential to cover the basics – the market, product/service offering, competitive, economic, and team mechanics to determine if the idea has the potential to turn into a viable opportunity opportunity. The objective of this note is to assist students thinking about becoming entrepreneurs. Specifically, this note will cover the common sources of inspiration for finding potential suggestions and setting up a vision, highlight the importance of capitalizing on trends, and assessment the basic components of what makes an idea an opportunity worth pursuing. THE DISCOVERY STAGE – TRYING TO FIND INSPIRATION

Where to start looking for a concept? Successful entrepreneurs have found inspiration via many different sources, but generally putting a basic stake inside the ground can be difficult. An excellent and rational starting point pertaining to an entrepreneur is usually to think about what s/he knows best, especially with regards to job history; after all, there is certainly great benefit in learning before doing. According to a recent Inc. five-hundred study, the ―dominant way to obtain venture tips is previous employment. ‖1 Work experience is advantageous because of the human relationships and networks one develops and the know-how and skill-set that is piled up around a particular industry/field. Even more, the workplace is usually where the ―greatest opportunity for need observation occurs. ‖2 Since a majority of suggestions come out of a former career one particular

Anne Marie Knott, Opportunity Design (Thousand Oaks: SAGE Publications, Inc. ), s. 45. Ibid., p. 46

Jocelyn Hornblower prepared this case under the direction of Lecturer Dr . Dennis Rohan while the basis to get class discussion instead of to illustrate either successful or useless handling associated with an administrative scenario. 2

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Identifying Venture Chances E-323

s. 2

or perhaps consulting work, the entrepreneur should think about what s/he learned about industry, products/services, production, marketing, competition, etc . through job experience. There may be tangential for you to consider, such as to contend with a more progressive product/service offering or to introduce a novel business model. Before work experience can be not always essential when checking out entrepreneurial tips. Educational history can be extremely beneficial and can give you the entrepreneur with skills and learnings that could be applied artistically, as well as give you the entrepreneur with an established network of students and faculty. No matter the area of analyze, having an informed appreciation for a particular subject matter can be quite beneficial in identifying opportunity opportunities. Occasionally overlooked options for inspiration for locating new way of doing something is travel and private hobbies. Existence experience can be just as applicable because work and education in thinking about problems and...