Great ideas are right in front of us. Ideas give birth to success.
An opportunity is a favorable situation, circumstance, or result and idea for a positive outcome, that creates a need for a new product, service, or business. Opportunity gap creates a business to address the problem or fill the identified gap.
The term window of opportunity is a metaphor describing the period in which a firm can realistically enter a new market. Once the market for a new product is established, its window of opportunity opens.
Jeff Bezos quit his lucrative job at a New York City investment firm to find an attractive opportunity and launch an e-commerce company in 1994.
An opportunity has four essential qualities: attractive, timely, durable, and anchored (to be strongly connected with a particular system) in a product, service, or business that creates or adds value for its buyer or end-user.
This PDF Note Covers
- Identifying and Recognizing Opportunities (Observing Trends/Solving Problems/Finding Gaps in the Marketplace)
- Personal Characteristics of the Entrepreneur
- Concept of Creativity
- Techniques for Generating Ideas
- Encouraging and Protecting New Ideas
- Linking Creativity, Innovation, and Entrepreneurship