1. Understanding Entrepreneurial Trends
Chapter 3, Section 1

2. Current Entrepreneurial Trends
Internet Businesses
Has transformed the way business is conducted
Service Businesses
Dominate the modern American economy
Services are intangible activities that are consumed at the same time they are produced
Home-Based Businesses
Homesourcing refers to the transfer of service industry employment from offices to home-based employees.

3. Current Entrepreneurial Trends
Green Businesses
Promote sustainability
Sustainability: venture seeks to achieve economic, environmental, and social goals without compromising the ability of future generations to meet their own needs.
Social Entrepreneurship
Interested in improving society
Examples: finding employment for wounded veterans, combating pollutions, providing shoes for poor children.

4. Current Entrepreneurial Trends
Focus on Technology
Outsourcing
Contracting with other companies for services
Benefits
Allows for greater efficiency; saves time & money
Decreases overhead investment & debt
Lowers regulatory compliance burdens
Allows companies to start new projects quicker
Make companies more attractive to investors

5. Current Entrepreneurial Trends
Strategic Alliances
Partnership formed among two or more companies
Corporate Ventures
New venture started inside a large corporation

6. Learning to Recognize Opportunity
Creativity is the activity that results in innovation, which is finding new ways of doing things.
Involves: connection, discovery, and application
Idea are generated by thinking creatively
Opportunity are ideas that have commercial potential
Niche: a small specialized market

7. Learning to Recognize Opportunity
Understanding Industries
An industry is a grouping of businesses with a common purpose

8. Strategies for Thinking Creatively
Practice Brainstorming
Look at ordinary items in new ways
Find creative solutions to common problems
Connect unrelated items

9. Creative Sources of Ideas
Observe the world around you
Watch for demographic changes
Be an avid reader
Consider your own experiences
Interests
Hobbies
work
Consult outside sources
Trade magazines
Specialty Magazines
Trade shows and exhibitions
Newspapers
The internet
Government agencies