1. CHAPTER 3 Recognizing Opportunity

2. Current Entrepreneurial Trends l more home-based businesses (from 6 to 41 million) fitness and health indulgence goods ethnic products l focus on technology l outsourcing l strategic alliances

3. Thinking Creatively l think outside the square l go from here to there l work with unrelated items

4. Creative Sources of Ideas l start watching people l watch for demographic changes l become an insatiable reader

5. Consider Your Own Experiences l hobbies l work

6. Consult Outside Sources l trade magazines l specialty magazines l newspapers l trade shows and exhibitions l internet l government agencies

7. Family Businesses l advantage--the family shares trust and togetherness l disadvantage--owner never gets away from the business l only about one-third of family- run businesses survive to the second generation

8. Buying a Business l existing business l franchise l business broker-brings the buyer and seller together

9. Starting From Scratch l Disadvantages takes more time and effort convincing others your idea will work finding support personnel l Advantages do things your own way avoid bad organization, poor marketing and weak management