Professional Documents
Culture Documents
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ENTREPRENEURSHIP
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Recognizing & Shaping Opportunities
YARUQ NADEEM
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Serial & Parallel Entrepreneurs
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ICRACKED
• In 2009, AJ Forsythe broke his
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iPhone twice within two days
• Used a small screwdriver and
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dental pick to replace screen
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• Realized a business opportunity
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when roommate broke his
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iPhone as well a few days later
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• Distributed flyers, set up social
media accounts for marketing
• Set up website and got repair
technicians called “iTechs” on
college campuses across country
ICRACKED
• Starting in 2013, iTechs now
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travel directly to the customer
• Repairs take between 10-30 mins
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and cost between $70-170
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• Firms makes money by selling
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parts to iTechs and connecting
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them to customers
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• Strict screening process for
becoming an iTech
• Sell DIY iPhone Screen Repair Kit
• Growing market (Android)
• Y Combinator
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and idea andN a d
What is the difference between
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Idea vs Opportunity
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An opportunity is a favorable set of circumstances that creates a need for a new
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product, service, or business
• Externally stimulated
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• Internally stimulated
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• The key to opportunity recognition is to identify a product or service that people
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need and are willing to buy, not one that an entrepreneur wants to make and
sell
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An idea is a thought, an impression, or a notion. An idea may or may not meet the
criteria of an opportunity
Essential qualities of an Opportunity
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Identifying Opportunities
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Observing Trends
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• Identifying opportunities is to observe trends and study how they create
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opportunities for entrepreneurs to pursue
• Important trends to follow are economic trends, social trends, technological
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advances, and political action and regulatory changes
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• When looking at environmental trends to discern new business ideas, there are
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two caveats to keep in mind:
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• Distinguish between trends and fads
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• Many trends are interconnected and should be considered simultaneously when
brainstorming new business ideas
Environmental Trends Suggesting Business or
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Product Opportunity gaps
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Some Social Trends
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Solving a Problem
• Recognize problems and find ways to solve them
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• Can be recognized by observing the challenges that people encounter in their
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daily lives and through more simple means, such as intuition, serendipity, or
chance
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• Examples:
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Spilling a cup of coffee (Java Jacket)
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Walking barefoot after wearing heels (CitySlips)
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Older people find cellphones hard to use (Great Call)
Solving a Problem
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Finding Gaps in the Marketplace
• Products consumer need or want aren’t
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available in a particular location or
aren’t available at all
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• People become frustrated because they
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can’t find a product or service that they
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need and recognize that other people
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feel the same way
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• Taking and existing product or service
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and create a new category by targeting
a completely different target market
Finding Gaps in the Marketplace
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Post-It Notes
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THE END
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