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Discovering Opportunities for venture Creation

Discovering Opportunities for venture Creation. Entrepreneurship I 2.04. Outside-In Analysis. Look for needs in the marketplace then relate those opportunities to your capabilities. Understand what your competitors/the market is doing. Inside-Out Analysis.

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Discovering Opportunities for venture Creation

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  1. Discovering Opportunities for venture Creation Entrepreneurship I 2.04

  2. Outside-In Analysis • Look for needs in the marketplace then relate those opportunities to your capabilities. • Understand what your competitors/the market is doing.

  3. Inside-Out Analysis • Evaluate your capabilities then look at new products or services they might be able to offer in the marketplace.

  4. Work Experience to identify Opportunities • Develop skills and get some valuable experience. • Try before you buy. If you’re considering an industry, but your unsure. • It’s a great way to meet people who are in the industry you want to be in. • You could find a mentor. • Better and more detailed understanding of what customers want • Knowledge of competitors, pricing, suppliers etc.

  5. Education to identify Opportunities • Develops resourcefulness • Ensures skills needed to be successful • Continuing education for current trends

  6. Importance of Personal Interest for Entrepreneurs • Hobbies and interests are also a rich source of business ideas. • Don’t assume though, just because you like it doesn’t mean there is a market for it.

  7. Which experiences as a customer can help you identify opportunities? • Look for examples of poor customer service (complaints, product returns, etc).  examples suggest that there is an opportunity to do something better, quicker or cheaper than the existing products. • Examples of where the idea came from: http://www.tutor2u.net/business/gcse/enterprise_sources_business_ideas.html

  8. Methods to determine opportunities for product/venture creation • What frustrates customers or users of this industry? Looking at things that bug you, including not having enough options or selection, not getting the product or service quickly enough, and poor quality. • What should businesses be making, providing, selling in this industry that many are not yet doing? What will customers want in three – six months or a year from now? Source: Businessweek

  9. Methods to determine opportunities for product/venture creation (cont.) • What have you experienced as a consumer of this industry? • What does everybody think "won’t work" in this industry? • What demographic changes are you seeing? • Keep a journal with ideas and answers to the above questions.

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