- Occurs at any time
- To anybody
- Randomly
- Seldom materialise
{ have to be able to back up ideas
OPPORTUNITY
- Environmental factors merge
- The right conditions
- The right place , right time
1.You are aware of what
is going on around you and the time is right to take advantage of it
2. You are in an
enabling environment
3. You have the
resources to make it happen
Wrong time ... Leonardo Da Vinci
Leonardo da
Vinci had many ideas and inventions but they had no commercial application or
need that would enable them to succeed.
P - Politicians could not see any benefit.
E - Economics were fragmented
S - Society had no need
T - Technology was too primitive
Right time ... Concorde
Fibre optic cabling/the internet etc reduced the need for services like the concorde
It was superseded by the internet.
P - Helped cement Anglo - French relations after WW2
E - Economic development with USA
S - Social demand to travel more frequently > luxury travel > scarcity value
T - Very advanced - Engines from Vulcan bomber > carbon braking system > pressurised cabins
pest analysis (often know as Step > pestle > steep)
P - Political
E - Economic
S - Social
T - Technological
Economies were growing. More people were making more
trade between more countries and their need to travel more often was making
travel cheaper. This is known as economies of scale.
Where do opportunities come from?
•Trends
•Technical
developments
•Political
change
•Economic
boom and slump
•Human
need
•Problems
•Research
Sony Walkman - Developed as an experiment in which new technologies were combined with existing ones to create something entirely new.
Nike - Developed by a runner whose university running track was resurfaced, meaning he had less grip, experimented with potential soles that would grip it better // Technological PUSH
Innocent - Starting as a stall at a music festival with only £500 worth of fruit... // Market PULL
Post it - Developed by a combination of two scientists. one that couldn't create glue sticky enough and the other having trouble making bookmarks do their job...
-Technology PUSH means that new products that have
emerged through the development of new technology are presented to the market
without necessarily knowing how successful they may be
-Market PULL means that products are developed in respnse to market demand for
change
The creative come in...
•Project
management
•Know
how to find the right people
•Know
where to source stuff
•Can
work with a team
•Gets
along with all kinds of people
•Optimistic
•Communicates
well
After spotting an opportunity
Skills > technical > processes
Aptitudes > teamworking > Entrepreneurs don't work alone.
Predisposition > risk/caution > evolution/revolution > manager/opportunist
Good opportunity or not?
Look at competitors.
-How many are there?
-How well are they doing?
-What do they do well?
-What could you improve upon
How many customers
are there – are there enough. How many competitors are there. This known as
Supply and Demand.
Where are you
customers and who are your competitors. Can you choose a location that would
give
you a competitive edge in relation to a target market.
Is anybody else doing
this thing differently from you and if so, is their way better or worse than
yours?
Assessing competitors
SWOT analysis
S - Strengths
W - Weaknesses
O - Opportunities
T - Threats
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