Opportunity Recognition. Journal #7 What really annoys you? What products or services might help? Or...
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Transcript of Opportunity Recognition. Journal #7 What really annoys you? What products or services might help? Or...
![Page 1: Opportunity Recognition. Journal #7 What really annoys you? What products or services might help? Or What business are you thinking of starting?](https://reader035.fdocuments.us/reader035/viewer/2022070323/56649dc65503460f94abb09b/html5/thumbnails/1.jpg)
Opportunity Recognition
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Journal #7
What really annoys you? What products or services might
help?
Or What business are you thinking of
starting?
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Ch. 4 Opportunity Recognition
Read Page 42-44 and answer these questions.
Entrepreneurs recognize problems as ______?
What did Georgette Klinger start and why?
Entrepreneurs hate change. True or False?
Entrepreneurs are leaner and faster. Explain this statement.
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What is the difference between an idea and opportunity?
What does “window of opportunity mean? What simple principle did Russell Simmons
apply?
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Opportunity Recognition
The identification of unfulfilled desires in the market place
The creation of ideas for services or products that satisfy those market needs
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Market:
a group of people potentially
interested in buying a product or
service.
Opportunity Recognition
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Product vs. Service
Product: something tangible that exists or is made, usually to be sold
Service: Intangible work providing time, skills or expertise in exchange for money
Opportunity Recognition
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The Internal Entrepreneur
– Turns hobbies, skills, interests into business opportunities
Ex: Ben Cohen & Jerry Greenfield, Ben & Jerry’s Homemade, Inc.
Ex: Jasmine Jordan, Tools for Living Magazine
Opportunity Recognition
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Six Roots of Opportunity
1. Problems that your business could solve2. Changes in laws, situations and trends3. Inventions of totally new products or
services4. Competition5. Technological advances6. Unique Knowledge
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1. Problems that your business could solve2. Changes in laws, situations and trends3. Inventions of totally new products or services
4. Competition– Beat competition based on quality, reputation,
reliability, location, hours of operation, price.
5. Technological advances6. Unique Knowledge
Six Roots of Opportunity
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1. Problems that your business could solve2. Changes in laws, situations and trends3. Inventions of totally new products or services4. Competition
5. Technological advances– Scientists may invent technology, entrepreneurs
figure out how to sell the technology
6. Unique Knowledge
Six Roots of Opportunity
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1. Problems that your business could solve2. Changes in laws, situations and trends3. Inventions of totally new products or
services4. Competition
5. Technological advances6. Unique Knowledge of one’s
neighborhood, friends and community
Six Roots of Opportunity
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External Opportunity Recognition Ex:
Opportunity Business Idea
Problem: pollution Private Recycling Companies
Change: 9/11 Airport Security Training Services
Invention: busy people who need to clean their homes
roomba
Competition: cell phone nighttime minutes
AT&T’s nighttime minutes start at 9pm while Sprint’s start at 7pm.
Technological Advances: mp3 and digital music players
Apple iPod
Unique Knowledge: BMX bike racing culture in Santa Fe Bike Store
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Opportunity recognition game
Your group will decide where each business opportunity goes on the 6 six roots of opportunity game board.
Good luck
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Business- Formation Opportunities
Russel Simmons started Def Jam with a friend. – Money was needed from both partners– Different contacts
Everyone you know may have skills, equipment, or contacts.
Biz Tip: When putting team together, organize it so that everyone shares ownership.
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Cost/Benefit Analysis Every opportunity will require an investment. Investment is money, time, or energy on your
part to make a profit. Cost- Money and time you will have to invest Benefit-The rate of return on your money or
advancement of career.
If the Benefits outweigh the cost, the investment will probably be worthwhile.
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Opportunity cost Opportunity Cost is the value of what must be
given up in order to obtain something else. EX. Army Benefits
– Training and work experience– Travel– Money for college
Cost– College immediately– Start a business – Start working
Pg. 49 of your book.
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Opportunity Recognition Game
Students will be split into groups of 3-5 and will be given the board and cut outs.
Students will be given time to post the cut outs on the correct opportunity box.
Once I say it’s correct you will need to cut out pictures from a magazine that represents each root of opportunity.
Good luck!
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The Good
Business Idea
Vs.
The Good Business Opportunity
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Idea vs. Opportunity
Idea Business solution that
has yet to be researched and analyzed
Opportunity A carefully researched
business idea that can earn a profit
Think feasibility
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Business Idea Brainstorm
In groups of 3, brainstorm a business idea– Think feasibility– Think from a student perspective
– What can you do tomorrow with the resources you have today?
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Some stats on obesity
inhabitants have gained 360 million pounds (163 million kgs) over the last decade
obesity costs the state billions of dollars in health care, lost productivity and workers' compensation.
Portion sizes
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Opportunity Screen
1. Is it attractive to customers?
Will it work in your business environment?
Is there a window of opportunity?
Do you have the resources and skills to create the business or do you know someone who does?
Can you supply the product or service at a price that will be attractive to customers yet will be high enough to earn you a profit?
![Page 24: Opportunity Recognition. Journal #7 What really annoys you? What products or services might help? Or What business are you thinking of starting?](https://reader035.fdocuments.us/reader035/viewer/2022070323/56649dc65503460f94abb09b/html5/thumbnails/24.jpg)
Is it attractive to customers?
2. Will it work in your business environment?
Is there a window of opportunity?
Do you have the resources and skills to create the business or do you know someone who does?
Can you supply the product or service at a price that will be attractive to customers yet will be high enough to earn you a profit?
Opportunity Screen
![Page 25: Opportunity Recognition. Journal #7 What really annoys you? What products or services might help? Or What business are you thinking of starting?](https://reader035.fdocuments.us/reader035/viewer/2022070323/56649dc65503460f94abb09b/html5/thumbnails/25.jpg)
Is it attractive to customers?
Will it work in your business environment?
3. Is there a window of opportunity?
Do you have the resources and skills to create the business or do you know someone who does?
Can you supply the product or service at a price that will be attractive to customers yet will be high enough to earn you a profit?
Opportunity Screen
![Page 26: Opportunity Recognition. Journal #7 What really annoys you? What products or services might help? Or What business are you thinking of starting?](https://reader035.fdocuments.us/reader035/viewer/2022070323/56649dc65503460f94abb09b/html5/thumbnails/26.jpg)
Is it attractive to customers?
Will it work in your business environment?
Is there a window of opportunity?
4. Do you have the resources and skills to create the business or do you know someone who does?
Can you supply the product or service at a price that will be attractive to customers yet will be high enough to earn you a profit?
Opportunity Screen
![Page 27: Opportunity Recognition. Journal #7 What really annoys you? What products or services might help? Or What business are you thinking of starting?](https://reader035.fdocuments.us/reader035/viewer/2022070323/56649dc65503460f94abb09b/html5/thumbnails/27.jpg)
Is it attractive to customers?
Will it work in your business environment?
Is there a window of opportunity?
Do you have the resources and skills to create the business or do you know someone who does?
5. Can you supply the product or service at a price that will be attractive to customers yet will be high enough to earn you a profit?
Opportunity Screen
![Page 28: Opportunity Recognition. Journal #7 What really annoys you? What products or services might help? Or What business are you thinking of starting?](https://reader035.fdocuments.us/reader035/viewer/2022070323/56649dc65503460f94abb09b/html5/thumbnails/28.jpg)
1. Is it attractive to customers?
2. Will it work in your business environment?
3. Is there a window of opportunity?
4. Do you have the resources and skills to create the business or do you know someone who does?
5. Can you supply the product or service at a price that will be attractive to customers yet will be high enough to earn you a profit?
If you answer no to even one question, refine the business idea!
Opportunity Screen
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“Choose a business idea you can start tomorrow with the skills and resources you have today.”
Katerina ZachariaYouth Entrepreneurship Educator and AdvocateNFTE Certified Entrepreneurship Teacher
Idea vs. Opportunity
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Perform a S.W.O.T. Analysis
During Concept Development
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Perform a S.W.O.T. Analysis
– Determine the Strengths and Weaknesses of your resources, knowledge, team.
– Determine the Opportunities for your business idea, and the Threats to its potential success.
During Concept Development
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S.W.O.T. Analysis
Strengths Weaknesses
1.
2.
Opportunities Threats
1.
2.
The Entrepreneur, Team The Marketplace
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Building S.W.O.T. into the business plan
Strengths Qualifications &
Competitive Adv.
Opportunities Opportunity for your bus. in market
Weaknesses & Strategy for
Threats minimizing risk &
risk management
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Why Develop a Business Plan?
1. Forces the entrepreneur to think, critically and unemotionally, about every aspect of a business idea.
2. Serves as a guide for the owner as he or she manages the business towards its success.
3. Shows potential investors that the business is thoughtfully planned.
4. Expresses specifically how the business and its investors can potentially make a profit.
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Business Plan Work Groups Brainstorm business ideas, choose 1 Evaluate the opportunity
– SWOT Analysis– Opportunity Screen
Develop business idea in 3 clear sentences Complete Pg. 586 Your business idea
– 1-5
Pg. 588 Opportunity Recognition– 1-2
Pg. 589 Core Beliefs – 1-2