2. Not all good ideas are good opportunities for
entrepreneurs
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7. Creativity â the ability to develop new ideas and to
discover new ways of looking at problems and
opportunities
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11. Innovation â the ability to apply creative solutions
to problems and opportunities to enhance or to
enrich peopleâs lives
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14. Timmonsâ Business Opportunity = Idea + Four
Characteristics
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16. Will work in the
business
environment
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17. Can be executed in an existing window of
opportunity
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18. Available resources and skills needed to create
the business
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19. Use SWOT analysis to recognize a good
opportunity
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20. An opportunity may arise from:
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26. Routes to Finding Opportunities
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27. Self- or group-developed business ideas through
brainstorming
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31. Starting with a product or
service idea, and then
searching for a market
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32. Assignment!
â
â
â
â
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
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33. References
â
â
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
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