entrepreneurial opportunities new venture development

13
Entrepreneurial Opportunities New Venture Development

Upload: mae-holt

Post on 04-Jan-2016

224 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: Entrepreneurial Opportunities New Venture Development

Entrepreneurial Opportunities

New Venture Development

Page 2: Entrepreneurial Opportunities New Venture Development

Identify and evaluate the opportunity

• Opportunity identification: the process by which an individual comes up with an opportunity for a new venture

• The opportunity can be identified by using input from consumers, business associates, channel members, or “technical people”

• Entrepreneur must understand the cause of the opportunity – is it technological change, market shift, government regulation, or competition?

Page 3: Entrepreneurial Opportunities New Venture Development

Opportunity register

• A way to record, assess, and catalog your ideas for opportunities

• Contains:1. Opportunity type (new product or service)2. Opportunity description (Identify who has the

unmet need, why they would buy the product or service, what they are currently doing to meet the need.

3. Opportunity assessment (a quantitative and qualitative evaluation of the opportunity)

Page 4: Entrepreneurial Opportunities New Venture Development

Example Opportunity RegisterTuscaloosa Karaoke!

Page 5: Entrepreneurial Opportunities New Venture Development

Opportunity assessment

• What market need does it fill?• What personal observations have you experienced or

recorded with regard to that market need?• What social conditions underlie the market need?• What market research data can be marshaled to

describe this market need?• What patents might be available to fulfill this need?• What competition exists in this market?• What does the international market/competition look

like?• Where is the money to be made in this activity?

Page 6: Entrepreneurial Opportunities New Venture Development

Window of opportunity

Page 7: Entrepreneurial Opportunities New Venture Development

Tourism entrepreneurship

Page 8: Entrepreneurial Opportunities New Venture Development

Brian MorganTourism entrepreneur

Page 9: Entrepreneurial Opportunities New Venture Development

Brian Morgan

• Traveled to Ecuador after college and envisioned building a life consulting there

• Instead, returned to Missoula, but got idea to take a group of people there a few times a year

• Formed Adventure Travel to pursue this idea

Page 10: Entrepreneurial Opportunities New Venture Development

Adventure travel

• Start-up year: 1998

• Employees: 16• 2008 revenues:

$11 M• Start-up costs: $3

K for two brochures and laptop

• Breakeven: $125,000 one year out on sales

• Biggest expense: $33,500 in advertising in 2000

• Relationships with trusted locals and longtime expats

Page 11: Entrepreneurial Opportunities New Venture Development

Entrepreneurial mind

Page 12: Entrepreneurial Opportunities New Venture Development

easyCruise

Page 13: Entrepreneurial Opportunities New Venture Development

Stelios Hadji-Ioannou

• 40 years old• Found easyCruise in 2005 with cheap cruises in Caribbean

• Expanded cruises to Netherlands and Mediterranean

• easyCruise aimed at younger travelers on a budget

• 20% increase in Greek cruises predicted