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Recognizing Opportunity

Recognizing Opportunity. Looking at Trends. Entrepreneurial Process = recognizing opportunity and creating a business for profit Current trends: Home-based businesses Focus on technology Outsourcing Strategic Alliances. Learning to Recognize Opportunity.

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Recognizing Opportunity

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  1. Recognizing Opportunity

  2. Looking at Trends • Entrepreneurial Process = recognizing opportunity and creating a business for profit • Current trends: • Home-based businesses • Focus on technology • Outsourcing • Strategic Alliances

  3. Learning to Recognize Opportunity • Can you learn to be creative? YES! • Creativity is an activity that results in Innovation • Innovation is the key to Entrepreneurship

  4. Thinking Creatively about Opportunity • Thinking Outside the Square – Look at an ordinary item in a new way • Go from Here to There – Find yourself perplexed? Find a solution • Work with Unrelated Items – Look at things in a new way

  5. Creative Sources of Ideas • Research has found that some of the greatest ideas come to people when they are brushing their teeth, driving or sleeping. • Start people watching • Watch for demographic changes • Become an insatiable reader

  6. Consider Your Own Experiences • Hobbies • Many hobbies can be turned into successful ventures • Developing websites • Restoring cars • Playing a sport • Making music • Work • If you work, you have a source of ideas for business opportunities • Can you exploit the weaknesses of the business?

  7. Consult Outside Sources • Trade Magazines • Periodicals published for specific types of businesses or industries • Specialty Magazines • Target people with special interests in sports, camping, fishing and other ventures. • Newspapers • Business Section • Reports on trends and innovations

  8. Continued • Trade Shows/Exhibitions • Vendors introduce new items • Great source of spin-off ideas • Internet • Sites offer ideas to entrepreneurs • Government Agencies • Federal agencies can provide information on opportunities and trends

  9. Starting vs. Buying • Family Businesses • Great potential for success • Only 1/3 of family businesses survive to the second generation • Not usually clear lines of • Responsibility • Qualifications • Decision making • Respect for individual needs

  10. Starting vs. Buying Buying a Business • Less Risky than starting one from scratch • Goodwill – loyalty • Franchise – legal agreement to begin a new business in the name of a recognized company • Pay percentage of profits annually to the owner • Buying a way of operating a business • And a product with name recognition

  11. Starting vs. Buying • Where to Find a Business… • Simplest way…Look in a newspaper • Hire a Business Broker • Someone whose job it is to bring buyers and sellers together • Find them in the phone book • Ask yourself Questions.. • Business interesting to me and others? • Why is the Owner selling? • Business’s potential for growth?

  12. Starting vs. Buying • Starting your own business.. • More time and effort • Prepare a business plan • Convince others • Find Accountants • Find Lawyers • Find other Advisors • Purchase equipment • Hire Employees • Establish name recognition • Relationships with Suppliers • Etc.

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