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Recognizing opportunities and generating
ideas
Opportunity
• Favorable set of circumstances that creates a need for new product,
service of business
Four essential qualities of an opportunity
Attractive Timely
Durable
Anchored in a product, service,
or business that creates or adds
value for its buyer or end user
Opportunity
Three ways to identify opportunity
Observing
trends
Solving a
Problem
Finding the
gap in
marketplace
Observing trends
Economic
forces
Social forces
Technological
advances
Political and
regulatory
change
Observing trends
Environmental
Trends
Opportunity
Gap
New product or
service ideas
Solving a problem
• Noticing a problem and finding a way to solve it
Examples:
• K&N’s
• Shan Masala
• Ready made clothes
Finding the gap in marketplace
• A product or service is needed by a specific group of people but does
not represent a large enough market to be of interest to mainstream
retailers or manufacturers
Personal characteristic of entrepreneur
Prior
experience
Cognitive
factors
Social
networks
Creativity

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Recognizing opportunities and generating ideas.pptx