Opportunities
A need, want, or problem that can be solved by a venture.
Opportunity
Starts by identifying market problems, THEN develops solutions.
Market-Pulled Entrepreneurship
A prediction based on past/current data (not guessing).
Forecast
Collecting data directly (e.g., surveys, interviews).
Primary Research
List these for your product/service.
Benefits
The cost of choosing one action over another.
Opportunity Cost
Starts by creating a product/service, THEN seeks a market.
Product-Driven Entrepreneurship
Trend pattern: Consumption increases over time.
Growth Trend
Using existing data (e.g., books, journals).
Secondary Research
Analyze competitors' _______.
Prices
The limited timeframe to capitalize on an unmet market need.
Window of Opportunity
A short-lived craze (e.g., silly bands).
Fad
Trend pattern: No increase/decrease (flat line).
Stable Situation
An instrument to collect data (e.g., questionnaire).
Research tool
Identify these in your industry.
Trends
A statement describing an organization's purpose and goals.
Mission statments
A long-term shift (e.g., "going green").
Trend
Trend pattern: Consistent decreases (downward slope).
Declining Trend
Step 1 in marketing research.
Identify Objectives
How customers will discover your business.
Promotion/Advertising
Acting on ideas requires these 3 activities (e.g., planning, networking).
Preparation, Planning, Networking, Selling, Resource Acquisition
These people act on ideas systematically (e.g., tracking tech advances).
Entrepreneurs
Forecasting method: Plotting past → present → future trends.
Time Series Forecast
The 4 parts of a questionnaire (name 2).
Statement of Purpose, Personal Info, Questions, Demographic Info
List these needed to start the venture.
Resources