”One of the big differences between the growth- and equity-mindedentrepreneur and the traditional small business owners is that the entrepreneurthinksbigger.”<br />Timmons & Spinelli<br />
Where do I look?<br />Somedifferentapproaches in searching for opportunities<br />
Threeapproaches<br />Look for changes<br />Solve a problem<br />Look for gaps in the market<br />
First of all, youwillneed to know in whichdirectionyouwant to look!<br />
Look for changes<br />Change is the mother of opportunities<br />
General changes<br />Politicalchanges<br />Fx new regulationsorpriorities<br />Economicchanges<br />Local, national og global economy<br />Societalchanges<br />Changes in the waywe live, learn and work etc.<br />Techologicalchanges<br />New technologies and the wayweusethem<br />
Political and Regulatory Changes<br />Political and Regulatory Changes<br />Political and regulatory changes provide the basis for new business opportunities.<br />Protecting environment<br />Anti-terrorist laws<br />Privatising<br />Reducing fuel consumption (danish windmill industry)<br />
Economic Forces<br />Economic forces affect consumers’ level of disposable income.<br />Who has money to spend and who is trying to cut costs.<br />
Social Forces<br /><ul><li> Family and work patterns.
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.</li></li></ul><li>Technological Advances<br />Technological Advances<br />Entire industries have emerged as the result of technological advances. <br />Examples include the computer industry, the internet, biotechnology, and digital photography.<br />Once a new technology is created, new businesses form to take the technology to a higher level.<br />
Trendspotting – consumer trends<br />Decisive factors:<br />Economy and demography<br />Shortfalls– whatwefall short of<br />Backlash – counterreaction<br />Style<br />
Check this out…<br />Springwise.com: 8000 people spotting new business ideas globally – chasing ”the next big thing”<br />Trendwatching.com: <br />8000 users <br />spotting trends globally.<br />Techreveiw.com:<br />MIT Technology review.<br />
What’s the problem?<br />If the problem is bigenough, a solution willmean business<br />
Yourown problems<br />Thinkabout the biggest, most frustrating and painfultaskor situation youcontinually must take.<br />Thinkaboutpoorproducts, services and suppliersthat deliver them.<br />Whatwouldmakeyourlifeeasier, better, more fun and fulfilling etc.<br />
Gaps in the market<br />Arrogance – form marketleaderorindustry in general<br />Underservedorhidden segments<br />Microsegments and niches<br />Missing links – important problems, thatwe have learned to copewith<br />Changes in the valuechain<br />
Window of Opportunity<br />Window of Opportunity<br />a metaphor describing the time period in which a firm can realistically enter a new market.<br />Once the market for a new product is established, its window of opportunity opens, and new entrants flow in.<br />At some point, the market matures, and the window of opportunity (for new entrants) closes.<br />