2.01 Part 2 EMPLOY ENTREPRENEURIAL DISCOVERY STRATEGIES TO GENERATE FEASIBLE IDEAS FOR BUSINESS VENTURES/PRODUCTS

 Some characteristics associated with entrepreneurs: 1.Commitments and determination 2.Leadership 3.Opportunity obsession 4.Tolerance of risk, ambiguity and uncertainty 5.Creativity, self-reliance and ability to adapt 6.Motivation to excel 7.Social nature DIFFERENCES BETWEEN ENTREPRENEURS AND NON-ENTREPRENEURS

 Life experiences  Person’s position in a social network  Nature of the search process a person uses  Ability to focus on the opportunities  Intelligence  Entrepreneurs tend to be “entrepreneurially alert” ENTREPRENEURS ALSO CAPITALIZE ON:

Scientific Discovery  Occurs when a physical or technological observation is made Circumstantial Discovery  Occurs when an observation is made based on specific knowledge of time, place, or circumstance DISTINGUISH BETWEEN

 The introduction of a new good or a new quality of a good  The introduction of a new method of production  The opening of a new market  The conquest of a new source of supply of raw materials or components  The reorganization of any industry AREAS OF ENTREPRENEURIAL DISCOVERY

 Analogies – comparing an unfamiliar abstract idea with an already known mental image  Pattern recognition – many problems can be diagnosed and remedied this way  Prototype – a 3-dimensional version of your vision  Reverse engineering – examining a completed product with the intent of understanding the technology and process used in it design, manufacture, or operation TECHNIQUES ENTREPRENEURS CAN USE TO RECOGNIZE OPPORTUNITIES

 Determine your product/ideas major selling advantage: what will make a customer buy yours and not a competitors? What makes your product different from the competition? This may be a product feature, type of service provided, etc. WAYS ENTREPRENEURS TRY TO DISTINGUISH THEMSELVES FROM THEIR COMPETITORS

 Discovery  Evaluation  Exploitation See also: and STAGES OF ENTREPRENEURIAL PROCESSES