Category: Identifying Entrepreneurial Opportunity

5.1 Entrepreneurial Opportunity Entrepreneurial opportunity exists when consumer demand meets the feasibility of bringing the product or service to market. Joseph Schumpeter, an early scholar of entrepreneurship, identified creative destruction—when innovation is disruptive and creates potential entrepreneurial opportunities. Schumpeter’s focus on economics led him to categorize potential opportunities based on supply, demand, or changes in how…

Learning Objectives By the end of this section, you will be able to: Conducting a competitive analysis helps you focus your idea and identify your unique selling proposition and competitive advantage. Competitive Analysis A competitive analysis should provide the entrepreneur with information about how competitors market their business and ways to penetrate the market by entry through…

Learning Objectives By the end of this section, you will be able to: In order to discover how reasonable your business idea is, you need to research many aspects of the concept. Opportunity screening is the process by which entrepreneurs evaluate innovative product ideas, strategies, and marketing trends. Focusing on the viability of financial resources, the skills…

Learning Objectives By the end of this section, you will be able to: Aspiring entrepreneurs can come up with ideas all day long, but not every idea is necessarily a good idea. For an idea to be worth pursuing, we must first determine whether the idea translates into an entrepreneurial opportunity. Entrepreneurial opportunity is the point at which…

Figure 5.1 Chris Johnson, CEO and founder of California-based company Rapid Brands, invented the Rapid Ramen Cooker and has since grown his offerings to a line of successful products. (credit: photo provided by Rapid Brands Inc.) Chapter Outline 5.1 Entrepreneurial Opportunity 5.2 Researching Potential Business Opportunities 5.3 Competitive Analysis Like many college students, Chris Johnson ate a lot of ramen noodles, and…