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					Entrepreneurship
      110
  Ideas and Opportunities
Ideas vs. Opportunities
   There is a difference between ideas and
    opportunities.
      Idea – a thought or concept for a product or
      service.; the “light bulb moment.”
      Opportunity – a need, want, problem or
      challenge that might be satisfied by an
      Entrepreneurial venture.
What comes first, an idea or
opportunity?
Sometimes an Entrepreneur will identify a
problem, see an opportunity, and then come up
with an idea to take advantage of the situation.
When the opportunity arrives first and you think of
an idea to fill it, it is called market-pulled
entrepreneurship.
Market Pulled Entrepreneurship
Example:
You notice that more and more
people are locking their keys in their
car.
You are pretty sure that if there was
some way to keep a spare car key
close to the car people would invest in
the it...this is a problem with a market.
You think about it for months, and one
day as you attach a note to your fridge
you think, “I’ve got it!” and create a
magnetic key holder for the underbelly
of automobiles.
When an Entrepreneur comes up with an idea first
and then attempts to find an opportunity for it, it is
referred to as product or service driven
entrepreneurship.
Product/Service Driven
Entrepreneurship
Example
You have the best recipe for
bread in
the world!
You search the city trying to find
the best market (opportunity) for
your bread and decide on local
cafes and coffee shops.
Read the handout
carefully.
Determine if the
inventions are examples
of “Market Pulled
Entrepreneurship” or
“Product/Service Driven
Entrepreneurship.”
Be able to explain your
answer to the class.
Video
   Ice Hotel - Canada
Change
   Successful Entrepreneurs are aware of
    change.
   From change comes both ideas and
    opportunities.
   There are two main types of change that an
    Entrepreneur focuses upon: fads and
    trends.
Fads
   Short lived products or services.
   Arrive out of nowhere, experience a
    BOOM in sales and then disappear.
   Some fads may reappear years later.
Trends
   A trend is longer lasting than a fad.
   Furthermore, a trend impacts society and
    our lives, where a fad does not. A trend
    changes the way that we live.
   Entrepreneurs will encounter more long
    term success with trends than fads.
Poker – Virtual and Physical
   An unknown poker player who
    went by the name of Chris
    Moneymaker taught himself
    how to play poker online. He
    would then go on to win the
    World Series of Poker. Ever
    since then, many tv networks
    broadcast poker now,
    including ESPN. Some reality
    shows have even broadcast
    celebrities playing the popular
    table game.
Livestrong Bracelets
   Started by champion cyclist
    Lance Armstrong as a way to
    raise money for cancer, these
    yellow wristbands have been
    sold across the world and
    worn as a fashion statement.
    The best part is the proceeds
    that go to help people around
    the world who are living with
    cancer. To this day, tens of
    millions have already been
    raised selling them online.
Wide Skate Shoes with Fat Laces
   The sneaker trend in
    the 2000's seemed
    to be wide skate
    shoes such as
    Etnies or Adidas with
    big fat laces.
Facebook (and other social networks)
   Facebook is a social networking
    website launched on February 4,
    2004.[The free-access website is
    privately owned and operated by
    Facebook, Inc. Users can join
    networks organized by city,
    workplace, school, and region to
    connect and interact with other
    people. People can also add friends
    and send them messages, and
    update their personal profile to
    notify friends about themselves
   The website currently has more
    than 100 million active users
    worldwide
Reality TV
   A reality show is basically
    unscripted television. It all
    started with Survivor, Big
    Brother, and The Amazing
    Race. Now due to
    popularity, many channels
    have decided to create their
    own reality shows, such
    Simple Life on FOX, The
    Apprentice on NBC, and
    The Bachelor on ABC.
Organic Food
   Organic agriculture is an example of a
    worldwide growth industry that
    agricultural producers are responding
    to. It can be a profitable, sustainable
    business for those producers
    interested in going through the
    certification process necessary to enter
    this market. Organics have grown at a
    rate of nearly 20 percent per year for
    the last seven years, and industry
    experts are forecasting continued
    growth. One study, undertaken by the
    Organic Trade Association, surveyed
    industry leaders about the trends in
    organics and where they saw the next
    20 years taking them. They forecasted
    that overall, the everyday use of
    organic products of all kinds will be
    both accepted and routine by the year
    2025
Space Exploration
   As of 2007, space tourism
    opportunities are limited and
    expensive, with only the
    Russian Space Agency
    providing transport. The
    price for a flight brokered by
    Space Adventures to the
    International Space Station
    aboard a Soyuz spacecraft
    is now $30 million. Flights
    are fully booked until 2009.
    Alternative Fuels
   In the year 2000, there were
    about eight million vehicles
    around the world that ran on
    alternative fuels, indicating an
    sustainability.
   The major environmental
    concern is that “most of the
    observed increase in globally
    averaged temperatures since
    the mid-20th century is very
    likely due to the observed
    increase in greenhouse gas
    concentrations.“
Environmental Concerns
   In response to this environmental
    concern, most paper and pulp factories
    plant new trees to replace the ones
    they cut down for their paper making
    business. Of course, it takes several
    years for these newly planted trees to
    reach the same size as the trees they
    are replacing. Paper recycling has also
    helped reduce the number of trees
    needing to be harvested for paper, as a
    typical piece of paper made from wood
    pulp can be recycled four to seven
    times before the fibers become too
    short to reuse. To maintain the quality
    of recycled paper, it is usually mixed
    with virgin pulp wood.
Forecasting Trends
   Entrepreneurs do not just wait for trends to
    happen, but instead attempt to forecast them.
    Why? So that they might create ventures that take
    advantage of them.
    Accurate forecasting depends on your ability to
    organize data in a way that will help you see
    patterns.
   One of the easiest ways to forecast trends is
    through “Time Series Forecasting.”
Time Series Forecasting
   With this method, you plot data from the past and
    present on a graph.
   Next, you analyze the trend that you see and
    make predictions about the future.
   With each set of data a trend will emerge (growth
    trend, stable situation or declining trend) as well
    as lines for each (linear, curved, irregular, or
    cyclical).
   See Overheads
Assignment
   For this assignment you will need:
       Graph paper
       A ruler
       A pencil
       Information from Statistics Canada

				
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