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Published byDorcas Cunningham Modified over 8 years ago
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CHAPTER 3 Recognizing Opportunity
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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
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Thinking Creatively l think outside the square l go from here to there l work with unrelated items
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Creative Sources of Ideas l start watching people l watch for demographic changes l become an insatiable reader
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Consider Your Own Experiences l hobbies l work
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Consult Outside Sources l trade magazines l specialty magazines l newspapers l trade shows and exhibitions l internet l government agencies
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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
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Buying a Business l existing business l franchise l business broker-brings the buyer and seller together
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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
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