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2-1Chapter2RecognizingOpportunitiesandGeneratingIdeasBruceR.BarringerR.DuaneIreland
3-2ChapterObjectives
1of3Explainwhyit’simportanttostartanewfirmwhenits“windowofopportunity”isopen.Explainthedifferencebetweenanopportunityandanidea.Describethethreegeneralapproachesentrepreneursusetoidentifyopportunities.Identifythefourenvironmentaltrendsthataremostinstrumentalincreatingbusinessopportunities.Listthepersonalcharacteristicsthatmakesomepeoplebetteratrecognizingbusinessopportunitiesthanothers.
2-3ChapterObjectives
2of2Identifythefivestepsinthecreativeprocess.Describethepurposeofbrainstorminganditsuseasanideagenerator.DescribehowtouselibraryandInternetresearchtogeneratenewbusinessideas.Explainthepurposeofmaintaininganideabank.Describethreestepsforprotectingideasfrombeinglostorstolen.
2-4WhatisAnOpportunity?
1of2OpportunityDefinedAnopportunityisafavorablesetofcircumstancesthatcreatesaneedforanewproduct,serviceorbusiness.
2-5WhatisanOpportunity?
2of2Anopportunityhasfouressentialqualities
2-6ThreeWaystoIdentifyanOpportunity
2-7FirstApproach:ObservingTrends
1of2ObservingTrendsTrendscreateopportunitiesforentrepreneurstopursue.Themostimportanttrendsare:Economicforces.Socialforces.Technologicaladvances.Politicalactionandregulatorychange.It’simportanttobeawareofchangesintheseareas.
2-8FirstApproach:ObservingTrends
2of2EnvironmentalTrendsSuggestingBusinessorProductOpportunityGaps
2-9Trend1:EconomicForcesEconomictrendshelpdetermineareasthatareripefornewstartupsandareasthatstartupsshouldavoid.ExampleofEconomicTrendCreatingaFavorableOpportunityAweakeconomyfavorsstartupsthathelpconsumerssavemoney.Anexampleis,acompanystartedtohelpconsumerssavemoneyongas.
2-10Trend2:SocialForcesSocialtrendsalterhowpeopleandbusinessesbehave
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