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Recognizing Opportunities
Mohammad Tawfik

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
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Not all good ideas are good opportunities for
entrepreneurs

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
The product, what, who, when, how, and for
whom?

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Creativity vs. Innovation

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Creativity – the ability to develop new ideas and to
discover new ways of looking at problems and
opportunities

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Innovation – the ability to apply creative solutions
to problems and opportunities to enhance or to
enrich people’s lives

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Timmons’ Business Opportunity = Idea + Four
Characteristics

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Attractive to customers

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Will work in the
business
environment

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Can be executed in an existing window of
opportunity

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Available resources and skills needed to create
the business

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Use SWOT analysis to recognize a good
opportunity

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
An opportunity may arise from:
Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
A problem

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
A change

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
An invention

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
A competition

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
A technological advancement

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Routes to Finding Opportunities

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Self- or group-developed business ideas through
brainstorming

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Researching “hot”
business ideas or growth
areas

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Starting with a product or
service idea, and then
searching for a market
Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
Assignment!
●
●

●

●

Come up with an idea for a business!
Identify the characteristics that would make it
viable
Describe the points of Strength, Weakness,
Opportunity, and Threats
Present it in writing and in the form of mind-map

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com
References
●

●

Entrepreneurship and Small Business
Management, 1/e, Steve Mariotti and Caroline
Glackin, 2012, Pearson Education
Effective Small Business Management, 10/e,
Norman M. Scarborough, Prentice Hall, 2011

Recognizing Opportunities
Mohammad Tawfik

#WikiCourses
http://WikiCourses.WikiSpaces.com

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Recognizing Opportunities for Entrepreneurs