Chapter 3 Opportunity recognition, shaping, and reshaping. The topics discussed in this chapter are: Describe the proprietorship, partnership, and corporate forms of business; identify the differentiating characteristics of a limited liability company (LLC); describe the benefits, risks, and basic tax aspects of various organizational forms; discuss the use of patents and trade secrets to protect intellectual property;. | Entrepreneurship Canadian Edition William D. Bygrave, Andrew Zacharakis, Sean Wise 1 OPPORTUNITY RECOGNITION, SHAPING, & RESHAPING Chapter 3 2 2 3 Learning Objectives From Glimmer to Action: How Do I Come Up with a Good Idea? Learning Objective Describe how to come up with a good entrepreneurship idea. Is Your Idea an Opportunity? Learning Objective Discuss the five major areas that determine if an idea is a viable entrepreneurship opportunity. ‘‘I Don’t Have an Opportunity’’ Learning Objective Explain how entrepreneurs can strengthen their idea opportunity. 3 4 Key Concepts Def’n of Opportunity Difference between an Idea and an Opportunity 4 Characteristics of an opportunity Where can you look for great Opportunities How can you turn an Idea into an Opportunity? How can you make an Opportunity better? Lean Startup Customer Development Market Testing Pivots Idea multiplication TAM S curve and the Window of Opportunity Rogers Adoption Curve ARPU > COCA 10x Rule Unique Value Proposition Defensible Competitive Advantage 4 5 Finding Success In entrepreneurship, as in any other profession, luck is where preparation and opportunity meet The crucial ingredients for entrepreneurial success are a superb entrepreneur with a first-rate management team and an excellent market opportunity 5 6 Where does Opportunity fit? 6 7 What Is an Opportunity? “The very best startup ideas tend to have three things in common: theyre something the founders themselves want, that they themselves can build, and that few others realize are worth doing. Microsoft, Apple, Yahoo, Google, and Facebook all began this way.” Paul Graham Y Combinator 7 8 4 Key Characteristics of an Opportunity Timely (the market is ready) Durable (will last long enough to generate ROI) Attractive (Huge Profit Potential Customer Centric (solves a real pain) 8 9 Other Things to Look For ARPU > COCA 10x Rule Unique Value Proposition Defensible Competitive Advantage Larger and Growing Market (CAGR) Access to . | Entrepreneurship Canadian Edition William D. Bygrave, Andrew Zacharakis, Sean Wise 1 OPPORTUNITY RECOGNITION, SHAPING, & RESHAPING Chapter 3 2 2 3 Learning Objectives From Glimmer to Action: How Do I Come Up with a Good Idea? Learning Objective Describe how to come up with a good entrepreneurship idea. Is Your Idea an Opportunity? Learning Objective Discuss the five major areas that determine if an idea is a viable entrepreneurship opportunity. ‘‘I Don’t Have an Opportunity’’ Learning Objective Explain how entrepreneurs can strengthen their idea opportunity. 3 4 Key Concepts Def’n of Opportunity Difference between an Idea and an Opportunity 4 Characteristics of an opportunity Where can you look for great Opportunities How can you turn an Idea into an Opportunity? How can you make an Opportunity better? Lean Startup Customer Development Market Testing Pivots Idea multiplication TAM S curve and the Window of Opportunity Rogers Adoption Curve ARPU > COCA 10x Rule Unique .
