Recognizing Opportunity Glencoe Entrepreneurship: Building a Business Understanding Entrepreneurial...

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Transcript of Recognizing Opportunity Glencoe Entrepreneurship: Building a Business Understanding Entrepreneurial...

  • Slide 1
  • Recognizing Opportunity Glencoe Entrepreneurship: Building a Business Understanding Entrepreneurial Trends Starting Versus Buying a Business 3.1 Section 3.2 Section 3 3 Chapter 3 Recognizing Opportunity
  • Slide 2
  • Glencoe Entrepreneurship: Building a Business Understanding Entrepreneurial Trends SECTION SECTION 3.1 Chapter 3 Recognizing Opportunity The ability to recognize new opportunities and to think creatively is essential for success in todays global market. The Main Idea
  • Slide 3
  • Glencoe Entrepreneurship: Building a Business Understanding Entrepreneurial Trends SECTION SECTION 3.1 Chapter 3 Recognizing Opportunity One way to identify business opportunities is to study current trends that provide opportunities for entrepreneurs. Current Entrepreneurial Trends
  • Slide 4
  • 4 Internet businesses service businesses home-based businesses green businesses social entrepreneurship focus on technology outsourcing and strategic alliances corporate ventures
  • Slide 5
  • Glencoe Entrepreneurship: Building a Business Understanding Entrepreneurial Trends SECTION SECTION 3.1 Chapter 3 Recognizing Opportunity Internet Businesses The Internet has transformed the way business is conducted. An online business can reach customers around the world. online business a company that conducts business by means of the Internet
  • Slide 6
  • Glencoe Entrepreneurship: Building a Business Understanding Entrepreneurial Trends SECTION SECTION 3.1 Chapter 3 Recognizing Opportunity Service Businesses Service businesses dominate the American economy. Business services account for the largest part of U.S. economic growth. services intangible things that businesses do for consumers that enhance their lives
  • Slide 7
  • Glencoe Entrepreneurship: Building a Business Understanding Entrepreneurial Trends SECTION SECTION 3.1 Chapter 3 Recognizing Opportunity Outsourcing Outsourcing is hiring people and other companies to handle tasks that a business cannot do or chooses not to do itself. outsourcing contracting with other companies for services
  • Slide 8
  • Outsourcing 8 Benefits of Outsourcing more efficient saves time saves money lowers regulatory burden speeds up projects attracts investors
  • Slide 9
  • Glencoe Entrepreneurship: Building a Business Understanding Entrepreneurial Trends SECTION SECTION 3.1 Chapter 3 Recognizing Opportunity Strategic Alliances A strategic alliance is a partnership among companies. strategic alliance a partnership formed with another company for the purpose of supplying a product or service
  • Slide 10
  • Glencoe Entrepreneurship: Building a Business Understanding Entrepreneurial Trends SECTION SECTION 3.1 Chapter 3 Recognizing Opportunity Corporate Ventures A corporate venture is formed within a company. corporate venture a new venture started inside a larger company
  • Slide 11
  • Glencoe Entrepreneurship: Building a Business Understanding Entrepreneurial Trends SECTION SECTION 3.1 Chapter 3 Recognizing Opportunity Creativity and Innovation Creativity is the activity that results in innovation. innovation a new way of doing things
  • Slide 12
  • Glencoe Entrepreneurship: Building a Business Understanding Entrepreneurial Trends SECTION SECTION 3.1 Chapter 3 Recognizing Opportunity You generate ideas by thinking creatively. Opportunities are ideas that have commercial potential. You can find a good business opportunity by recognizing an unfilled market niche. Section 3.1 Understanding Entrepreneurial Trends Idea vs. Opportunity niche a small specialized market
  • Slide 13
  • Glencoe Entrepreneurship: Building a Business Understanding Entrepreneurial Trends SECTION SECTION 3.1 Chapter 3 Recognizing Opportunity Thinking Creatively About Opportunity During brainstorming, ideas are not judged as good or bad. brainstorming to think freely in order to generate ideas
  • Slide 14
  • Glencoe Entrepreneurship: Building a Business Understanding Entrepreneurial Trends SECTION SECTION 3.1 Chapter 3 Recognizing Opportunity Watch for Demographic Changes It is important for entrepreneurs to understand demographics and demographic trends. demographics personal characteristics that describe a population by age, gender, income, ethnic background, education, and occupation, among others
  • Slide 15
  • 15 Sources of Information trade magazines specialty magazines trade shows exhibitions newspapers The Internet government agencies Sources of Information
  • Slide 16
  • Glencoe Entrepreneurship: Building a Business Understanding Entrepreneurial Trends SECTION SECTION 3.1 Chapter 3 Recognizing Opportunity Consult Outside Sources A trade magazine offers current, industry-specific news. trade magazine a periodical published for a specific type of business or industry A specialty magazine offers information about specific topics. You can use specialty magazines to identify the interests and needs of potential consumers. specialty magazine a periodical published for people with special interests, such as sports, camping, or fashion
  • Slide 17
  • Glencoe Entrepreneurship: Building a Business Understanding Entrepreneurial Trends SECTION SECTION 3.1 Chapter 3 Recognizing Opportunity Consult Outside Sources At a trade show, you can learn about new goods and services in a field. trade show a gathering or exhibition where vendors and manufacturers introduce new items and promote established products and services
  • Slide 18
  • Starting Versus Buying a Business Glencoe Entrepreneurship: Building a Business SECTION 3.2 Chapter 3 Recognizing Opportunity Whether you start a business or buy an existing one, make sure it is compatible with your personal values and goals. The Main Idea
  • Slide 19
  • Starting Versus Buying a Business Glencoe Entrepreneurship: Building a Business SECTION 3.2 Chapter 3 Recognizing Opportunity Personal Values and Goals Personal values and goals should be used as a guide when choosing entrepreneurial pursuits. values the beliefs and principles by which you choose to live that define who you are, shape your attitudes and choices, and help you identify your priorities
  • Slide 20
  • Starting Versus Buying a Business Glencoe Entrepreneurship: Building a Business SECTION 3.2 Chapter 3 Recognizing Opportunity The greatest advantage of a family business is the trust and togetherness that family members often share. Families that work well together have great potential for success in a family business. Entering the Family Business
  • Slide 21
  • Starting Versus Buying a Business Glencoe Entrepreneurship: Building a Business SECTION 3.2 Chapter 3 Recognizing Opportunity In many ways, buying an existing business is less risky than starting one from scratch. Buying an Existing Business When you buy an existing business, you often gain the goodwill of loyal customers. goodwill the favor and loyalty a business acquires by its good reputation
  • Slide 22
  • Starting Versus Buying a Business Glencoe Entrepreneurship: Building a Business SECTION 3.2 Chapter 3 Recognizing Opportunity Buying a Franchise When you buy a franchise, you buy the right to set up a new business patterned on an existing model. franchise a legal agreement to begin a new business in the name of a recognized company The franchisee is the buyer of a franchise. franchisee the buyer of a franchise who is given the right to the franchisors product, process, or service franchisor the seller of a franchise who is giving the buyer planning and management expertise The franchisor is the seller of a franchise.
  • Slide 23
  • Starting Versus Buying a Business Glencoe Entrepreneurship: Building a Business SECTION 3.2 Chapter 3 Recognizing Opportunity To evaluate a business opportunity: Investigate the company. Investigate the industry. Talk to customers, employees, and suppliers. Hire an accountant to advise you. Hire an attorney to advise you. Evaluating a Business Opportunity
  • Slide 24
  • Where to Find a Business 24 Finding Business Opportunities newspapers business publications networking business brokers
  • Slide 25
  • Starting Versus Buying a Business Glencoe Entrepreneurship: Building a Business SECTION 3.2 Chapter 3 Recognizing Opportunity When you start your own business from scratch, you can do things your own way. You can build the company with fresh ideas and enthusiasm. Starting Your Own Business