Creating Business Opportunities
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22-Oct-2014 -
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Transcript of Creating Business Opportunities
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Business Opportunities
Creating, shaping, recognizing, seizing
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What is an Opportunity?
Opportunity
Attractive
Timely
Anchored in a valuable product
Durable
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”One of the big differences between the
growth- and equity-minded
entrepreneur and the traditional small
business owners is that the
entrepreneur thinks bigger.”
Timmons & Spinelli
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Where do I look?
Some different approaches in searching for opportunities
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Three approaches
• Look for changes
• Solve a problem
• Look for gaps in the market
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First of all, you will need to know in which direction you want to look!
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Look for changes
Change is the mother of opportunities
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General changes
• Political changes
– Fx new regulations or priorities
• Economic changes
– Local, national og global economy
• Societal changes
– Changes in the way we live, learn and work etc.
• Techological changes
– New technologies and the way we use them
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Political and Regulatory Changes
• Political and Regulatory Changes
– Political and regulatory changes provide the basis for new business opportunities.
• Protecting environment• Anti-terrorist laws• Privatising• Reducing fuel consumption (danish windmill industry)
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Economic Forces
• Economic forces affect consumers’ level of disposable income.
• Who has money to spend and who is trying to cut costs.
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Social Forces
• Family and work patterns.
• The aging of the population.
• The increasing diversity in the workplace.
• The globalization of industry.
• The increasing focus on health care and fitness.
• The proliferation of computers and the Internet.
• The increase in the number of cell phone users.
• New forms of entertainment.
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Technological Advances
• Technological Advances
– Entire industries have emerged as the result of technological advances. • Examples include the computer industry, the internet,
biotechnology, and digital photography.
– Once a new technology is created, new businesses form to take the technology to a higher level.
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Trendspotting – consumer trends
Decisive factors:
• Economy and demography
• Shortfalls – what we fall short of
• Backlash – counter reaction
• Style
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Check this out…
Springwise.com: 8000 people spotting new business ideas globally – chasing ”the next big thing”
Trendwatching.com: 8000 users spotting trends globally.
Techreveiw.com:MIT Technology review.
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What’s the problem?
If the problem is big enough, a solution will mean business
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Your own problems
• Think about the biggest, most frustrating and painful task or situation you continually must take.
• Think about poor products, services and suppliers that deliver them.
• What would make your life easier, better, more fun and fulfilling etc.
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Gaps in the market
• Arrogance – form market leader or industry in general
• Underserved or hidden segments
• Microsegments and niches
• Missing links – important problems, that we have learned to cope with
• Changes in the value chain
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Window of Opportunity
• Window of Opportunity
– a metaphor describing the time period in which a firm can realistically enter a new market.
• Once the market for a new product is established, its window of opportunity opens, and new entrants flow in.
• At some point, the market matures, and the window of opportunity (for new entrants) closes.