Opportunity Recognition

Brain Teaser Could you connect the 9 dots with 4 connecting lines ? Don’t lift your writing instrument off the paper!

Brain Teaser People often assume that you must stay within the “box” created by the dots. Think outside the box…literally.

Brain Teaser #2 Finally: Is it possible to do with 1 straight line without cutting the page?

Brain Teaser #2 Had you made any assumptions about what the definition of a “line” is? Every part of the problem/question can present a possible solution. Nothing is impossible. Consider every solution before deciding on the best solution.

Opportunity Recognition The identification of unfulfilled desires in the market place The creation of ideas for services or products that satisfy those market needs

Opportunity Recognition Market: a group of people potentially interested in buying a product or service.

Opportunity Recognition Product vs. Service Product: something tangible that exists or is made, usually to be sold Service: Intangible work providing time, skills or expertise in exchange for money

Opportunity Recognition The Internal Entrepreneur Turns hobbies, skills, interests into business opportunities Ex: Ben Cohen & Jerry Greenfield, Ben & Jerry’s Homemade, Inc. Ex: Jasmine Jordan, Tools for Living Magazine

Six Roots of Opportunity Problems that your business could solve Changes in laws, situations and trends Inventions of totally new products or services Competition Technological advances Unique Knowledge

Six Roots of Opportunity Problems that your business could solve Changes in laws, situations and trends Inventions of totally new products or services Competition Beat competition based on quality, reputation, reliability, location, hours of operation, price. Technological advances Unique Knowledge

Six Roots of Opportunity Problems that your business could solve Changes in laws, situations and trends Inventions of totally new products or services Competition Technological advances Scientists may invent technology, entrepreneurs figure out how to sell the technology Unique Knowledge

Six Roots of Opportunity Problems that your business could solve Changes in laws, situations and trends Inventions of totally new products or services Competition Technological advances Unique Knowledge of one’s neighborhood, friends and community

External Opportunity Recognition Business Idea Problem: pollution Private Recycling Companies Change: 9/11 Airport Security Training Services Invention: busy people who need to clean their homes roomba Competition: cell phone nighttime minutes AT&T’s nighttime minutes start at 9pm while Sprint’s start at 7pm. Technological Advances: mp3 and digital music players Apple iPod Unique Knowledge: BMX bike racing culture in Santa Fe Bike Store

Opportunity Recognition Game Students will be split into groups of 3-5 and will be given the board and cut outs. Students will be given 2 minutes to post the cut outs on the correct opportunity box. The first group to say “NFTE” and that has the most number of correct answers wins.

The Good Business Opportunity Business Idea Vs. The Good Business Opportunity

Idea vs. Opportunity Opportunity Idea A carefully researched business idea that can earn a profit Think feasibility Idea Business solution that has yet to be researched and analyzed

Business Idea Brainstorm In groups of 3, brainstorm a business idea Think feasibility Think from a student perspective What can you do tomorrow with the resources you have today?

Opportunity Screen 1. Is it attractive to customers? Will it work in your business environment? Is there a window of opportunity? Do you have the resources and skills to create the business or do you know someone who does? Can you supply the product or service at a price that will be attractive to customers yet will be high enough to earn you a profit?

Opportunity Screen Is it attractive to customers? 2. Will it work in your business environment? Is there a window of opportunity? Do you have the resources and skills to create the business or do you know someone who does? Can you supply the product or service at a price that will be attractive to customers yet will be high enough to earn you a profit?

Opportunity Screen Is it attractive to customers? Will it work in your business environment? 3. Is there a window of opportunity? Do you have the resources and skills to create the business or do you know someone who does? Can you supply the product or service at a price that will be attractive to customers yet will be high enough to earn you a profit?

Opportunity Screen Is it attractive to customers? Will it work in your business environment? Is there a window of opportunity? 4. Do you have the resources and skills to create the business or do you know someone who does? Can you supply the product or service at a price that will be attractive to customers yet will be high enough to earn you a profit?

Opportunity Screen Is it attractive to customers? Will it work in your business environment? Is there a window of opportunity? Do you have the resources and skills to create the business or do you know someone who does? 5. Can you supply the product or service at a price that will be attractive to customers yet will be high enough to earn you a profit?

Opportunity Screen Is it attractive to customers? Will it work in your business environment? Is there a window of opportunity? Do you have the resources and skills to create the business or do you know someone who does? Can you supply the product or service at a price that will be attractive to customers yet will be high enough to earn you a profit? If you answer no to even one question, refine the business idea!

Idea vs. Opportunity “Choose a business idea you can start tomorrow with the skills and resources you have today.” Katerina Zacharia Youth Entrepreneurship Educator and Advocate NFTE Certified Entrepreneurship Teacher

Perform a S.W.O.T. Analysis During Concept Development Perform a S.W.O.T. Analysis

During Concept Development Perform a S.W.O.T. Analysis Determine the Strengths and Weaknesses of your resources, knowledge, team. Determine the Opportunities for your business idea, and the Threats to its potential success.

S.W.O.T. Analysis The Marketplace The Entrepreneur, Team Strengths Weaknesses 1. 2. Opportunities Threats 1. 2. The Entrepreneur, Team The Marketplace

Building S.W.O.T. into the business plan Strengths Qualifications & Competitive Adv. Opportunities Opportunity for your bus. in market Weaknesses & Strategy for Threats minimizing risk & risk management

Why Develop a Business Plan? Forces the entrepreneur to think, critically and unemotionally, about every aspect of a business idea. Serves as a guide for the owner as he or she manages the business towards its success. Shows potential investors that the business is thoughtfully planned. Expresses specifically how the business and its investors can potentially make a profit.

Business Plan Work Groups Brainstorm business ideas, choose 1 Evaluate the opportunity SWOT Analysis Opportunity Screen Develop business idea in 3 clear sentences Complete PowerPoint Slides 1, 2 in PowerPoint Business Plan Template, plus “Qualifications” slide