Opportunity Recognition Chapter 6 Section 2 - What Is a Business Opportunity

What is a Business Opportunity Business Opportunity - is a consumer need or want that can potentially be met by a new business Need - something that people must have to survive Example: water, food, clothing, shelter Want - a product or service that people desire Example: Brand name shoes

What is a Business Opportunity IDEAS vs. OPPORTUNITIES Not every business idea is a good business opportunity Example: Restaurant Five questions to ask yourself 1.) Does the idea fill a need or want that’s not currently being met? 2.) Will the idea work in the location or in the way that you plan to sell it? 3.) Can you put the idea into action within a reasonable amount of time? Window of Opportunity - the period of time you have to act before the opp. is lost 4.) Do you have the resources and skills to create the business? 5.) Can you provide the product or service at a price that will attract customers?

What is a Business Opportunity Sources of Opportunity Problems - want to solve a problem Changes - change often produces needs or wants New Discoveries - inventions/hobbies Existing Products and Services - get ideas from current products & services Unique Knowledge - uncommon knowledge or one-of-a-kind experience

What is a Business Opportunity Where to Look for Opportunities Newspaper and Magazines Business and Governmental Agencies Trade Resources Trade Show - a convention where related businesses come to promote their products or services World Wide Web

What is a Business Opportunity Thinking Creatively Creative Thinking - thought process that involves looking at a situation or object in new ways Lateral Thinking “Think outside the box” Critical Thinking - refers to a logical thought process that involves analyzing and evaluating a situation or object Vertical Thinking

What is a Business Opportunity Creative Thinking Techniques Challenge the Usual Think Backward Be Flexible Judge Later Draw Idea Maps

In-Class Activity The Trade Show News Network, is a leading online resource for trade shows, with a database of over 15,000 events. To use it requires completing an online registration form, it’s free! Select at least one trade show in which you would be interested. Create a short presentation using any presentation application/software like MS Powerpoint, Google Drive, Prezi etc. Make sure you include any cost, any requirements such as membership in an association or a particular type of work, the location, the number of exhibits, any type of workshop, and duration of the show etc.