Creating Business Opportunities

Business Opportunities

Creating, shaping, recognizing, seizing

What is an Opportunity?

Opportunity

Attractive

Timely

Anchored in a valuable product

Durable

”One of the big differences between the

growth- and equity-minded

entrepreneur and the traditional small

business owners is that the

entrepreneur thinks bigger.”

Timmons & Spinelli

Where do I look?

Some different approaches in searching for opportunities

Three approaches

• Look for changes

• Solve a problem

• Look for gaps in the market

First of all, you will need to know in which direction you want to look!

Look for changes

Change is the mother of opportunities

General changes

• Political changes

– Fx new regulations or priorities

• Economic changes

– Local, national og global economy

• Societal changes

– Changes in the way we live, learn and work etc.

• Techological changes

– New technologies and the way we use them

Political and Regulatory Changes

• Political and Regulatory Changes

– Political and regulatory changes provide the basis for new business opportunities.

• Protecting environment• Anti-terrorist laws• Privatising• Reducing fuel consumption (danish windmill industry)

Economic Forces

• Economic forces affect consumers’ level of disposable income.

• Who has money to spend and who is trying to cut costs.

Social Forces

• Family and work patterns.

• The aging of the population.

• The increasing diversity in the workplace.

• The globalization of industry.

• The increasing focus on health care and fitness.

• The proliferation of computers and the Internet.

• The increase in the number of cell phone users.

• New forms of entertainment.

Technological Advances

• Technological Advances

– Entire industries have emerged as the result of technological advances. • Examples include the computer industry, the internet,

biotechnology, and digital photography.

– Once a new technology is created, new businesses form to take the technology to a higher level.

Trendspotting – consumer trends

Decisive factors:

• Economy and demography

• Shortfalls – what we fall short of

• Backlash – counter reaction

• Style

Check this out…

Springwise.com: 8000 people spotting new business ideas globally – chasing ”the next big thing”

Trendwatching.com: 8000 users spotting trends globally.

Techreveiw.com:MIT Technology review.

What’s the problem?

If the problem is big enough, a solution will mean business

Your own problems

• Think about the biggest, most frustrating and painful task or situation you continually must take.

• Think about poor products, services and suppliers that deliver them.

• What would make your life easier, better, more fun and fulfilling etc.

Gaps in the market

• Arrogance – form market leader or industry in general

• Underserved or hidden segments

• Microsegments and niches

• Missing links – important problems, that we have learned to cope with

• Changes in the value chain

Window of Opportunity

• Window of Opportunity

– a metaphor describing the time period in which a firm can realistically enter a new market.

• Once the market for a new product is established, its window of opportunity opens, and new entrants flow in.

• At some point, the market matures, and the window of opportunity (for new entrants) closes.