Entrepreneurial Opportunities

Spring 2013 Version

Identify and evaluate the opportunity

• Opportunity identification: the process by which an individual comes up with an opportunity for a new venture

• The opportunity can be identified by using input from consumers, business associates, channel members, or “technical people”

• Entrepreneur must understand the cause of the opportunity – is it technological change, market shift, government regulation, or competition?

Opportunity register

• A way to record, assess, and catalog your ideas for opportunities

• Contains:1. Opportunity type (new product or service)2. Opportunity description (Identify who has the

unmet need, why they would buy the product or service, what they are currently doing to meet the need.

3. Opportunity assessment (a quantitative and qualitative evaluation of the opportunity)

Example Opportunity RegisterTuscaloosa Karaoke!

Opportunity assessment

• What market need does it fill?• What personal observations have you experienced or

recorded with regard to that market need?• What social conditions underlie the market need?• What market research data can be marshaled to

describe this market need?• What patents might be available to fulfill this need?• What competition exists in this market?• What does the international market/competition look

like?• Where is the money to be made in this activity?

Window of opportunity

Brian MorganTourism entrepreneur

Brian Morgan

• Traveled to Ecuador after college and envisioned building a life consulting there

• Instead, returned to Missoula, but got idea to take a group of people there a few times a year

• Formed Adventure Travel to pursue this idea

Adventure travel

• Start-up year: 1998

• Employees: 16• 2008 revenues:

$11 M• Start-up costs: $3

K for two brochures and laptop

• Breakeven: $125,000 one year out on sales

• Biggest expense: $33,500 in advertising in 2000

• Relationships with trusted locals and longtime expats

January 2013

http://www.adventure-life.com/about_us/our_team.php

Entrepreneurial mind

Tourism entrepreneurship

easyCruise

Stelios Hadji-Ioannou

• 40 years old• Found easyCruise in 2005 with cheap cruises in Caribbean

• Expanded cruises to Netherlands and Mediterranean

• easyCruise aimed at younger travelers on a budget

• 20% increase in Greek cruises predicted