BUSINESS OPPORTUNITIES Entrepreneurship 4/21/2017 BUSINESS OPPORTUNITIES Recognizing Opportunities Chapter 2

UNDERSTANDING ENTREPRENEURIAL TRENDS Understand current trends that provide opportunity for entrepreneurs. Explain ways to recognize opportunity. Think creatively about business opportunities. Discuss ways to overcome challenges. GOALS Glencoe Page 44

ENTREPRENEURIAL TRENDS Entrepreneurship 4/21/2017 ENTREPRENEURIAL TRENDS Internet Businesses Service Businesses Home-Based Businesses More info Glencoe Page 47 Chapter 2

ENTREPRENEURIAL TRENDS Entrepreneurship 4/21/2017 ENTREPRENEURIAL TRENDS Socially Responsible Nonprofit Businesses Focus on Technology Outsourcing Strategic Alliances Corporate Ventures Glencoe Pages 48 - 49 Chapter 2

RECOGNIZING OPPORTUNITY Entrepreneurship 4/21/2017 RECOGNIZING OPPORTUNITY Creativity and Innovation Innovation is finding new ways of doing things. Idea versus Opportunity Niche – a small specialize market. Finding Opportunities by Understanding Industries Glencoe Page 50 Chapter 2

THINKING CREATIVELY ABOUT OPPORTUNITY Entrepreneurship 4/21/2017 THINKING CREATIVELY ABOUT OPPORTUNITY Practice brainstorming Thinking freely to generate ideas Look at ordinary items in new ways. Find creative solutions to common problems Connect unrelated items. Glencoe Page 51 Chapter 2

CHALLENGES TO CREATIVITY Entrepreneurship 4/21/2017 CHALLENGES TO CREATIVITY Believe in yourself. Positive self-encouragement works. Use nonlogical thinking. Not everything has to make sense right away. Free your mind! Don’t think of everything in practice terms. View problems as challenges hat offer the opportunity to innovate. Entertain all ideas. There is no such thing as a frivolous idea. http://www.sba.gov/sites/default/files/FAQ_Sept_2012.pdf Glencoe Page 51 Chapter 2

CHALLENGES TO CREATIVITY Entrepreneurship 4/21/2017 CHALLENGES TO CREATIVITY Relax! Relaxation is a key part of the creative process. Have a playful attitude. Don’t worry about looking foolish. First Follower: Leadership Lessons from the Dancing Guy Look at failure as a learning experience that will lead to success. Model creative behavior. Anyone can learn to think creatively. Develop listening skills. You can learn a lot by listening to other people talk about their wants and needs. Glencoe Page 51 Chapter 2

CREATIVE SOURCES OF IDEAS Entrepreneurship 4/21/2017 CREATIVE SOURCES OF IDEAS Observe the world around you. Watch for demographic changes. Personal characteristics such as age, gender, race, education background, socioeconomic status, occupation, etc. Read!!! Consider your own experiences. Interests, hobbies, work experiences. Glencoe Page 52 - 56 Chapter 2

CREATIVE SOURCES OF IDEAS Entrepreneurship 4/21/2017 CREATIVE SOURCES OF IDEAS Consult outside sources. Trade and specialty magazines Trade shows and exhibitions Professional organizations and government agencies Newspapers The Internet Glencoe Page 52 - 56 Chapter 2