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Rutiri-Entrep. Chap4

Opportunity Recognition

QuestionAnswer
To become an ______________, you should be able to recognize business opportunities. entrepreneur
Many famous _____________ have been started because an entrepreneur wanted to solve a problem. companies
Who is the person who recognized a problem of confusing and complicated software for computers? He went on to create software that was fun and easy to use. Bill Gates - Microsoft
Who is the person that was tired of purchasing expensive fancy packaging when she bought makeup. Anita Roddick - The Body Shop
What company was predicted to dominate the be the leaders of technology but then proven to be too big and slow to adapt to new technology. Telephone companies
What companies quickly took the lead for technological advancement? Entrepreneur, Jerry Yang with Yahoo! and Steve Case, who founded AOL, quickly took over.
What small entrepreneur company beat the telephone company and signed up million of customers for Internet service. Earthlink
Businesses are also created when entrepreneurs imagine what? Products and services they wish existed.
What is an opportunity? It is based on what consumers want - not necessarily on what you want.
When should you get your business up and running? Window of Opportunity - This is the amount of time you have before someone else beats you to the customers.
A business idea is good when it doesn't meet the needs of customers. False! It must meet the needs of customers or it will fail...
What are the top 10 rules of building a successful business? Recognize an opportunity, evaluate it with critical thinking, write a business plan, gather resources, decide ownership, keep good financial records, stay aware, keep satisfying customer needs, and create wealth.
What are the six roots of opportunity? Problems, changes, inventions, competition, technological advances, unique knowledge.
To decide if you want to invest your time, energy, or money, you need to do what? Cost/benefit analysis
Before investing, look carefully at which factors? Costs - money and time you will have to invest. Benefits - the rate of return on your money or the advancement of your business.
It the ____________ outweigh the costs, the investment will probably be worthwhile. benefits
_____________ ______________ is the value of what must be given up in order to obtain something else. Opportunity cost
What is an opportunity cost of obtain a college degree? Lost wages/earnings from a job out of high school
What is SWOT analysis? Strengths, weaknesses, opportunities, threats
Explain why not every idea is an opportunity? The idea must match a consumer need.
An example of an opportunities are created by: changes in laws, new situation or trends
Opportunities are created by: Beating the competition on Price, Location, Quality, Reputation, Service
Created by: eva_rutiri
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