042 ENTREPRENEURSHIP
Brunswick High School
Study Guide (Chapter 2), Definition, and Notes
Topic : Recognizing the opportunities of being an entrepreneur and how to generate ideas.
Unit 2 Recognizing Opportunities and Generating Ideas
What is an Opportunity? An opportunity is a chance to do something. An opportunity is a
favorable set of circumstances that creates a need for a new product, service, or business.
Four Essential Qualities of an Opportunity - rather than just an idea
●Attractive (Do people want it?)
●Timely (People need)
●Durable (last over time)
●Anchored is a product, service, or business that creates or adds value for its
buyer or end user (value).
Three Ways to Identify an Opportunity
●Observing Trends - Trends create opportunities for entrepreneurs to
pursue.
- Economic Forces
Ex : Financial
- Social Forces
Ex : Trends, Fashion, Tech, Music, Fads, etc.
- Technology Advances
Ex : Computer industry, Internet, Biotechnology, Digital
photography
- Political and Regulatory Changes Company created to help other
companies comply with the law.
Ex : laws
●Solving Problems
- identifying opportunities simply involves noticing a problem and
finding a way to solve it.
- Observing trends and through more simple means.
Ex : Intuition, Serendipity, or change.
