Ability to discover new opportunities

Leonardo da Vinci Transfer of Innovation VITA - Virtual learning for the

management of successful SMEs in Europe Ref. nr. 2008-1-PT1-LEO05-00411

Ability to discover new opportunities



Entrepreneur

• “a person who makes money by starting or running businesses; especially when this involves taking financial risks”Oxford Wordpower – Oxford University Press, 2000



Key motivators

• Need for achievement

• Need to influence

• AutonomyProfessor Yvon Gasse – Laval University

Motivation factors determine behavior.

They are underlying reasons that induce someone to act.



Key aptitudes

• Perseverance• Self-assurance• Creativity• Tolerance for ambiguity• Attitude towards failure• Action-oriented

Aptitudes are natural inclinations, competencies, abilities.

Some of them predispose someone to be an entrepreneur



Key attitudes• Have passion for your business;

• Set an example of trustworthiness;

• Be flexible, except with core values;

• Don’t let fear of failure hold your back;

• Make timely decisions;

• The major company asset is you;

• Keep your ego under control;

• Believe

• Encourage and accept criticism graciously. Admit your mistakes;

• Maintain a strong work ethic;

• Rebound quickly from setbacks;

• Periodically get out of your comfort to pursue sth important (Bob Reiss – Bootstrapping strategies)

Attitudes are made up of perceptions, our feelings about sth.

They are judgments we make, ways we look at things.



NICHE• “an opportunity to sell a particular product to a particular

group of people” Oxford Wordpower – Oxford University Press, 2000

• quality, innovative products • possess a genuine regard for the well-being of their

employees• focus on meeting the needs of a smaller group of

customers without compromising their chance to increase the appeal to a broader market

http://www.entrepreneur.com/marketing/marketingideas/article203958.html



A situation of business opportunity

• The entrepreneur can develop an idea;

• The idea has a potential to generate profit

EXAMPLES:

- New technology - new products/services;

- New methods of production/new ways of organizing processes;

- New raw materials;

- Tapping new markets;

- Political and regulatory shifts;

- Social and demographic change.



OPPORTUNITY - QUALITIES

• ATTRACTIVE

• DURABLE

• TIMELY

• CREATES/ADDS VALUE FOR BUYER/USER



New opportunities

Recognizing new opportunities by analyzing TRENDS:• Political action• Changes in social factors• Key economic factors• Technology



POLITICAL ACTION

• New regulations: roads, assurance;

• Impact of the fight against terrorism: need of protection



CHANGES IN SOCIAL FACTORS

• Both parents working/ family and work patterns – style of eating: restaurants, fast-food, bio

• Busy people: digitalization of products• Increasing preoccupation for health: gym, spa, wellness

facilities• Aging of population• New forms of music and entertainment



Key economic factors

• Interest rates

• Income of consumers

• Labor market: women/men

• Globalization of industries

• The effects of crisis



Technology

• New services on mobile phones

• E-commerce





Solving a problem

Observe people’s challenges

Look for problems

Listen to people’s complaints

Think of your own challenges



Brainstorming• Process for generating CREATIVE IDEAS and

SOLUTIONS through intensive and freewheeling group discussion

• Every participant is encouraged to think aloud and suggest as many ideas as possible, no matter seemingly how outlandish or bizarre

• Analysis, discussion or criticism of aired ideas is allowed only when the brainstorming session is over and evaluation session begins

BusinessDictionary.com



SWOT analysis

• STRENGTHS

• WEKNESSES

• OPPORTUNITIES

• THREATS



SWOT analysis

• A useful tool for understanding and decision-making for all sorts of situations in business and organisations



Online resourceshttp://businesstown.com/entrepreneur/article1.asp

http://smithfam.com/news/ma9.html

http://www.entrepreneur.com/startingabusiness/startupbasics/article84134.html

http://www.docstoc.com/docs/3570811/Entrepreneur-Questionnaire

http://www.toolkit.com/small_business_guide/sbg.aspx?nid=P01_0000

http://www.businesstown.com/businessopps/newbiz.asp

http://www.mindtools.com/index.html

http://humanext.com/index.html

http://leadership-international.org

http://mbatoolbox.org/stories/storyreader$26

http://www.articlesbase.com/business-opportunities-articles

http://www.articlesbase.com/business-ideas-articles

Documents

Ability to discover new opportunities