Entrepreneurial opportunities Attractive, timely, durable, provide value

Defined Situations in which new goods, services, raw materials, and organizing methods can be introduced and sold at a price that is greater than their cost of production (Casson, 1982) An opportunity that is attractive, durable, timely, and grounded in a product or service that delivers value to a customer (Armstrong)

Run a prison! Timely? Durable? Attractive? Grounded in a product or service that delivers value to a customer?

Pet rocks! Timely? Durable? Attractive? Grounded in a product or service that delivers value to a customer?

Type writer repair! Timely? Durable? Attractive? Grounded in a product or service that delivers value to a customer?

“Handheld electronic device” Timely? Durable? Attractive? Grounded in a product or service that delivers value to a customer? Apple Newton Message Pad,

Apple Newton’s Message Pad

Newton MessagePad Newton MessagePad, a tablet-PDA hybrid with handwriting recognition. There was nothing else like it, but its ungainly size,, and hard-to-read screen relegated it to technology-cult status.technology-cult status But its innovations lived on, with its handwriting recognition still used in the Mac OS X's Ink control panel that appears when a pen tablet is connected and that helped form the gesture technology used in the iPhone. The Newton also inspired 1996's Palm Pilot, which used many of the Newton's ideas in a size that made it easy to carry around.

Takeaways You must meet all criteria (attractive, timely, durable, provides value) to ensure quality of opportunity Experiment, prototype, and protect intellectual property (see Apple Newton example) Prepare for imitators – what is unique about your offering?