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From Idea to Opportunities in Entrepreneurship

In: Business and Management

Submitted By cleo89
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2012 Entrepreneurship Homework Format (Should be typed)
Common for Ch. 3 TEXT APU ID# | Class ID # | Name | 12409252 | 98 | HOANG Phuong Linh | Three Major Points of Contents | 1.Every opportunity starts with an idea and the ideas that most often lead to successful business first must be something the entrepreneur is truly passionate about. Idea multiplication and its exemplification of IDEO is one of the most useful processes that helps entrepreneur moving from the seed of an idea to something that is robust, exciting and powerful. There are four basic steps in this process: (1) gather stimuli, (2) multiply stimuli, (3) create customer concept and (4) optimize practicality2. Second, the idea is a strong opportunity as measured on the opportunity checklist. To be sure of having strong opportunity, entrepreneurs need a deep understanding of their customer, preferably knowing the customer by name. Better opportunities will have bigger market size and potentially growth in the future. Furthermore, these customers will buy the product frequently and pay a premium price for it (strong margins). Thus entrepreneurs need to be students of the marketplace, learning what trends are converging, and how do these shape customer demand today and into the future3.In order to prevent customers from shifting their attention to competitors, entrepreneurs need understanding competitive dynamics so that entrepreneurs can shape their opportunities to each the customer better than the competition can. This trend results in the attributes of holistic and fluid for entrepreneurial environment. Besides, it is necessary for entrepreneurs to know the way they source their raw materials and what government regulations mean to their business. If all factors of customers, competitors, suppliers and government are favorable, the entrepreneur has identified a strong opportunity | Answer to…...

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