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Recognizing Opportunity. Looking at Trends. Entrepreneurial Process = recognizing opportunity and creating a business for profit Current trends: Home-based businesses Focus on technology Outsourcing Strategic Alliances. Learning to Recognize Opportunity.

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Recognizing Opportunity

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Presentation Transcript
looking at trends
Looking at Trends
  • Entrepreneurial Process = recognizing opportunity and creating a business for profit
  • Current trends:
    • Home-based businesses
    • Focus on technology
    • Outsourcing
    • Strategic Alliances
learning to recognize opportunity
Learning to Recognize Opportunity
  • Can you learn to be creative? YES!
  • Creativity is an activity that results in Innovation
  • Innovation is the key to Entrepreneurship
thinking creatively about opportunity
Thinking Creatively about Opportunity
  • Thinking Outside the Square – Look at an ordinary item in a new way
  • Go from Here to There – Find yourself perplexed? Find a solution
  • Work with Unrelated Items – Look at things in a new way
creative sources of ideas
Creative Sources of Ideas
  • Research has found that some of the greatest ideas come to people when they are brushing their teeth, driving or sleeping.
  • Start people watching
  • Watch for demographic changes
  • Become an insatiable reader
consider your own experiences
Consider Your Own Experiences
  • Hobbies
    • Many hobbies can be turned into successful ventures
      • Developing websites
      • Restoring cars
      • Playing a sport
      • Making music
  • Work
    • If you work, you have a source of ideas for business opportunities
      • Can you exploit the weaknesses of the business?
consult outside sources
Consult Outside Sources
  • Trade Magazines
    • Periodicals published for specific types of businesses or industries
  • Specialty Magazines
    • Target people with special interests in sports, camping, fishing and other ventures.
  • Newspapers
    • Business Section
      • Reports on trends and innovations
  • Trade Shows/Exhibitions
    • Vendors introduce new items
      • Great source of spin-off ideas
  • Internet
    • Sites offer ideas to entrepreneurs
  • Government Agencies
    • Federal agencies can provide information on opportunities and trends
starting vs buying
Starting vs. Buying
  • Family Businesses
    • Great potential for success
    • Only 1/3 of family businesses survive to the second generation
  • Not usually clear lines of
    • Responsibility
    • Qualifications
    • Decision making
    • Respect for individual needs
starting vs buying1
Starting vs. Buying

Buying a Business

  • Less Risky than starting one from scratch
  • Goodwill – loyalty
  • Franchise – legal agreement to begin a new business in the name of a recognized company
    • Pay percentage of profits annually to the owner
    • Buying a way of operating a business
      • And a product with name recognition
starting vs buying2
Starting vs. Buying
  • Where to Find a Business…
  • Simplest way…Look in a newspaper
  • Hire a Business Broker
    • Someone whose job it is to bring buyers and sellers together
    • Find them in the phone book
  • Ask yourself Questions..
    • Business interesting to me and others?
    • Why is the Owner selling?
    • Business’s potential for growth?
starting vs buying3
Starting vs. Buying
  • Starting your own business..
    • More time and effort
    • Prepare a business plan
    • Convince others
    • Find Accountants
    • Find Lawyers
    • Find other Advisors
    • Purchase equipment
    • Hire Employees
    • Establish name recognition
    • Relationships with Suppliers
    • Etc.