Opportunity Recognition

Chapter 6 Section 2 - What Is a Business Opportunity

What is a Business Opportunity

Business Opportunity - is a consumer need or want that can potentially be met by a new business

Need - something that people must have to surviveExample: water, food, clothing, shelter

Want - a product or service that people desireExample: Brand name shoes

What is a Business Opportunity

IDEAS vs. OPPORTUNITIES Not every business idea is a good business opportunity

Example: Restaurant

Five questions to ask yourself1.) Does the idea fill a need or want that’s not currently being met?2.) Will the idea work in the location or in the way that you plan to sell it?3.) Can you put the idea into action within a reasonable amount of time?

Window of Opportunity - the period of time you have to act before the opp. is lost

4.) Do you have the resources and skills to create the business?5.) Can you provide the product or service at a price that will attract customers?

What is a Business Opportunity

Sources of OpportunityProblems - want to solve a problemChanges - change often produces needs or wants New Discoveries - inventions/hobbiesExisting Products and Services - get ideas from current products & services

Unique Knowledge - uncommon knowledge or one-of-a-kind experience

What is a Business Opportunity

Where to Look for OpportunitiesNewspaper and MagazinesBusiness and Governmental AgenciesTrade ResourcesTrade Show - a convention where related businesses come to promote their products or services

World Wide Web

What is a Business Opportunity

Thinking CreativelyCreative Thinking - thought process that involves looking at a

situation or object in new ways Lateral Thinking

“Think outside the box”

Critical Thinking - refers to a logical thought process that involves analyzing and evaluating a situation or object Vertical Thinking

What is a Business Opportunity

Creative Thinking TechniquesChallenge the UsualThink BackwardBe FlexibleJudge LaterDraw Idea Maps

In-Class ActivityThe Trade Show News Network, www.tsnn.com is a leading online resource for trade shows, with a database of over 15,000 events. To use it requires completing an online registration form, it’s free!

Select at least one trade show in which you would be interested. Create a short presentation using any presentation application/software like MS Powerpoint, Google Drive, Prezi etc. Make sure you include any cost, any requirements such as membership in an association or a particular type of work, the location, the number of exhibits, any type of workshop, and duration of the show etc.