1. Discovering Opportunities

2. Opportunities Entrepreneurs form our communities Brantford wouldn’t be what it is today without the entrepreneurs of the past

3. Opportunities Must be able to spot trends – Those who invest in fads are destined to fail The more successful entrepreneurs are first to their market – People are less likely to buy things from “copycats” There are so many businesses now – Must find a niche

4. Opportunity Examples Opportunity: People hate to fly. It is boring and magazines can only be read for so long – Solutions: Travel Kits – allow user to research all their is to know about their destination Westjet – the first airline in Canada to adapt screen in the seats for all users New Airlines

5. Opportunities Often the best ideas come from people within that business Example: The fox 40 whistle Many entrepreneurs end up doing something they love doing – They have a passion for their business That being said..... – Because Frank loves model trains – should he open up a model train store?

6. Entrepreneurs Success Most franchises started in their local community Once they find a business model that succeeds in one market – entrepreneurs will find similar markets to launch the same store or product

7. Ideas vs. Opportunities What came first? The chicken or the egg?

8. Ideas vs Opportunities Both are vital to the creation of a successful business The idea needs to be unique & creative – Differentiation – distinguishing the product/service from what is already being offered in the market place....On the other hand, you need customers to buy your product

9. Ideas vs. Opportunities Opportunities are driven by customer needs – Many entrepreneurs have the AH-HA! Moment – Life would be easier if there was a way to...... – I bet if I could find a way to..... This is why the best entrepreneurs have a prior knowledge/skill set/passion for their area – They directly see the need – Pool Slide Cover.....On the other hand you need to have an idea to take advantage of the opportunity

10. Connecting Ideas and Opportunities The toughest part of being an entrepreneur If the idea comes up first – Need to evaluate the needs or wants that can be satisfied If the opportunity comes first – Find a unique way to satisfy those needs

11. Research Opportunities can not be decided on a hunch Entrepreneurs will research their community and estimate how successful their business idea would be – Mould the idea to fit the opportunities that present themselves Mustang Market

12. Research Networking – process of meeting people in a semi-formal or informal environment and telling them what you need in a conversational way Surveys/Questionaires – Asking your potential customer base various questions that will help you make business decisions – Example: What to sell at a school store Information Interviews – Formal way of asking people for information that will help you with your decisions – Starbucks – European tour

13. Today’s Assignment Get into groups of 4 Your group will be given a business that is in existance Your job is to do some research on that company and determine a)Where the business started b)For what reason did it start? c)Did the opportunity form an idea or see an opportunity