A single screen replacing all the dashboard gauges, knobs and switches. But behind that screen is an increasing level of automation that hides a ton of complexity.
The market opportunity must fit with the product concept in that there must be demand in the market for the product or service, and of course, early customers those willing to purchase have to be identified.
Finally, sufficient resources, including financial resources e. Each piece is discussed in more detail in the sections that follow. The Opportunity The opportunity is a chance to engage in trades with customers that satisfy their desires while generating returns that enable you to continue to operate and to build your business over time.
Many different conditions in society can create opportunities for new goods and services. As a prospective entrepreneur, the key questions are as follows: What are the conditions that have created a marketplace opportunity for my idea?
Why do people want and need something new at this point in time?
What are the factors that have opened up the opportunity? Will the opportunity be enduring, or is it a window that is open today but likely to close tomorrow? If you perceive an unmet need, can you deliver what the customer wants while generating durable margins and profits?
Sustainability considerations push this analysis further, asking how you can meet the market need with the smallest ecological footprint possible. Ideally, this need is met through material and energy choices that enhance natural systems; such systems include healthy human bodies and communities as well as environmental systems.
Sustainability considerations include reducing negative impact as well as working to improve the larger system outcomes whenever and wherever financially possible.
Let us examine the different pieces separately before we try to put them all together.
Opportunity conditions arise from a variety of sources. At a broad societal level, they are present as the result of forces such as shifting demographics, changes in knowledge and understanding due to scientific advances, a rebalancing or imbalance of political winds, or changing attitudes and norms that give rise to new needs.
These macroforces constantly open up new opportunities for entrepreneurs. Demographic changes will dictate the expansion or contraction of market segments. For example, aging populations in industrialized countries need different products and services to meet their daily requirements, particularly if the trend to stay in their homes continues.
Younger populations in emerging economies want products to meet a very different set of material needs and interests. Features for cell phones, advanced laptop computer designs, gaming software, and other entertainment delivery technologies are higher priorities to this demographic group.
Related to sustainability concerns, certain demographic shifts and pollution challenges create opportunities. Furthermore, toxicological science tells us that industrial chemicals ingested by breathing polluted air, drinking unclean water, and eating microscopically contaminated food pass through the placenta into growing fetuses.
We did not have this information ten years ago, but monitoring and detection technologies have improved significantly over a short time frame and such new information creates opportunities. When we speak of an opportunity, we mean the chance to satisfy a specific need for a customer.
The customer has a problem that needs an answer or a solution. The opportunity first presents itself when the entrepreneur sees a way to innovatively solve that problem better than existing choices do and at a comparable price.
Assuming there are many buyers who have the same problem and would purchase the solution offered, the opportunity becomes a true business and market opportunity. When opportunities are of a sufficient scale in other words, enough customers can be attracted quicklyand revenues will cover your costs and promise in the near term to offer excess revenue after initial start-up investment expenditures are repaid, then you have a legitimate economic opportunity in the marketplace.
It is important to understand that ideas for businesses are not always actual opportunities; unless suppliers are available and customers can be identified and tapped, the ideas may not develop into opportunities. Furthermore, an opportunity has multiple dimensions that must be considered including its duration, the size of the targeted market segment, pricing options that enable you to cover expenses, and so forth.
These dimensions must be explored and analyzed as rigorously as possible. While business plans can serve multiple purposes, the first and most important reason for writing a business plan is to test whether an idea is truly an economically promising market opportunity.
The Entrepreneur The opportunity and the entrepreneur must be intertwined in a way that optimizes the probability for success. People often become entrepreneurs when they see an opportunity. They are compelled to start a venture to find out whether they can convert that opportunity into an ongoing business.
However, before we talk about alignment, which is our ultimate destination, we look at the entrepreneur. Consider the individual entrepreneur as a distinct analytic category by considering the following questions:The TOMODACHI Initiative promotes programs that help the next generation of young leaders gain the skills and expertise necessary to guide them towards success and help them make a positive difference in their communities, for their countries, and for the entire world.
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There are many links that bring together a relationship between entrepreneurship, innovation and economic development, and both creativity and problem solving play a large role within this relationship.
Jul 02, · The exploration of the interaction between regulation and entrepreneurship got a boost over a decade and a half ago, in the article “The Regulation of Entry” by Simeon Djankov, Rafael la.
This is “Entrepreneurship and Sustainability Innovation Analysis”, chapter 4 from the book Entrepreneurship and Sustainability (v. ). For details on it (including licensing), click here.
The European Social Innovation Competition awards outstanding projects that develop and showcase social innovations and entrepreneurial ideas across Europe. The European Commission is now accepting applications for its first-ever Young Leaders of Industry Forum that will take place alongside EU.