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Chapter 2

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beth carroll

on 21 January 2016

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Transcript of Chapter 2

Due: Thursday February 18th

It’s time to start generating ideas for your teams CS
(business concept)!

No criticism
The more ideas the better
no matter how crazy or outlandish!

Move quickly

Use one idea to leapfrog to other idea

Brainstorm Ideas
Pre-chewed pencils?
Solves a Problem?
Political action and regulatory changes also provide the basis for opportunities.
Political Action and Regulatory Changes
Problem to be solved: misunderstood text messages.

Never again waste a good sarcastic line on someone who doesn’t get it!
New technology brings new opportunity?
Copyright ©2012 Pearson Education, Inc. publishing as Prentice Hall
Trends Suggesting Business or Product Opportunity Gaps
Trends create opportunities

Three Ways to Identify an Opportunity
Where do good ideas come from?
Let’s call an idea with the opportunity
to make money

a Good Idea!
Toe Socks
How much will the idea cost to complete?

How much revenue can it realistically generate?

Can the market support it?

What's the competition like?

How long in between startup and big bang?

To determine if an idea has opportunity ask:
is just an idea. Without a sound strategy to give it legs, it cannot go anywhere.
, on the other hand, is filled with promise and potential,
as long as there is a warm body willing to organize their ideas and march them to action.

(Adam Toren @thebizguy)
An Entrepreneur will have an
, recognize the
take on the risks
to try and create a profitable business out of it.

Good Opportunity
It all started when Jordan, 22, was sitting on a toilet in the library his senior year at the University of Michigan, playing on his cell phone to pass the time. "I thought to myself, the bathroom is the one place that hasn't been infiltrated by advertising."
Finding a Gap?
Opportunity Defined
What is An Opportunity?

any conception existing in the mind as a result of mental understanding, awareness, or activity.

a groundless supposition;

a fantasy.

Idea Defined
What is An Idea?
Ideas with opportunity are floating around
out there for any of us to realize.

Entrepreneurs recognize the opportunity and take action!
Ever have an idea and then it became a product?
I-Phone Apps
Once a technology is created, products often emerge to advance it.
Technological Advances


Use all three words
to come up with a business idea

If you can imagine it
and visualize it,
then you can create it!

Sixth Sense
Strong tie vs weak tie
But first you must imagine it!
How to come up with an idea
If you can imagine it
and visualize it,
then you can create it!

Timely ?
Adds Value?
Tuesday Quiz 3 due
Solves a Problem
Solves a problem?
Never let fear stand in the way of a good opportunity

a situation or condition
favorable for attainment
of a goal.

a chance or prospect
for success.
Full transcript