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This 2 page Class Notes was uploaded by odette antabi on Saturday September 10, 2016. The Class Notes belongs to mgt253 at University of Miami taught by Dr. Vincent Daniels in Fall 2016. Since its upload, it has received 2 views. For similar materials see Intro to Entrepreneurship in Management at University of Miami.
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Date Created: 09/10/16
Chapter 2 Opportunity: is a favorable circumstance that leads to a creation of a product qualities of an opportunity: Timely Attractive Durable: its going to last Anchored in a product, service, or business that cerates or adds value for its buyer or end user Ways to identify an opportunity 1. Observing trends: trends create opportunities for entrepreneurs a. Economic forces: what us going on in the economy that could start a company. Ex. When gas was expensive they started an app to see the lowest price b. Social forces: alter how people and business behave and set their priorities. Ex. Aging of the population, growth in cellphone use c. Technological advances advances in technology frequently create business opportunities. Ex. Internet, Uber, digital photography d. Political actions and regulatory changes: ex. Laws to protect environment 2. Solving problems: a. Identifying opportunities simply involves noticing a problem and finding a way to solve it. problems in you life 3. Gaps in the market place: a. created when a product or services is needed by a specific group of people but doesn’t represent a large enough market to be of interest personal characteristics of the entrepreneur: that helps them recognize opportunities prior experiences cognitive factors: way you think. Innate skills, cognitive process social networks: substantial social networks. Strong tie (frequent interaction) vs. weak tie (infrequent relations) creativity: steps: preparation, incubation, insight, evaluate, elaboration technique for generating ideas: brain storming: technique used to generate a large number of ideas and solutions to problems quickly Focus Groups: gathering 5-10 people who have been selected based on their common characteristics relative to the issue being discussed. Led by a trained negotiator who uses internal dynamics of the group environment to gain insight Library research: often underutilized source of info Internet research Advisory board
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