Entrepreneurship

Mr. Bernstein

Learning to Recognize Opportunity, pp 50-56

September 2015

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EntrepreneurshipMr. Bernstein

Describe a product you or your family wanted but could not find, or a product in which you were dissatisfied and felt your needs could have been better met.

Is this an opportunity for an entrepreneur to investigate?

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EntrepreneurshipMr. Bernstein

Creativity leads to Innovation• Finding new ways of doing things• Products which better meet customer needs• More efficient ways of producing products

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EntrepreneurshipMr. Bernstein

Finding Opportunities by Understanding Industries• Industry is a grouping of businesses with a common

purpose• Markets within an industry are always changing, due

to competition and innovation• Creative observers of an industry identify product and

efficiency innovations which may be opportunities• Innovation usually comes from within an industry

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EntrepreneurshipMr. Bernstein

Sources of Creative Ideas• Demographics – characteristics describing

segments of a population• Changing government regulations• Technological advances• Be an avid reader, even outside your field