e e m

a d
q N
a r u
ENTREPRENEURSHIP

Y
Recognizing & Shaping Opportunities

YARUQ NADEEM
 e e m
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q N
a r u
Y
 e e m
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a r u
Y
Serial & Parallel Entrepreneurs

e e m
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q N
a r u
Y
ICRACKED
• In 2009, AJ Forsythe broke his

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a d
iPhone twice within two days
• Used a small screwdriver and

N
dental pick to replace screen

q
• Realized a business opportunity

r u
when roommate broke his

a
iPhone as well a few days later

Y
• Distributed flyers, set up social
media accounts for marketing
• Set up website and got repair
technicians called “iTechs” on
college campuses across country
ICRACKED
• Starting in 2013, iTechs now

e e m
a d
travel directly to the customer
• Repairs take between 10-30 mins

N
and cost between $70-170

q
• Firms makes money by selling

r u
parts to iTechs and connecting

a
them to customers

Y
• Strict screening process for
becoming an iTech
• Sell DIY iPhone Screen Repair Kit
• Growing market (Android)
• Y Combinator
 e e m
and idea andN a d
What is the difference between

r u q opportunity?

Y a
Idea vs Opportunity

e e m
d
An opportunity is a favorable set of circumstances that creates a need for a new

a
product, service, or business
• Externally stimulated

N
• Internally stimulated

r u q
• The key to opportunity recognition is to identify a product or service that people

a
need and are willing to buy, not one that an entrepreneur wants to make and
sell

Y
An idea is a thought, an impression, or a notion. An idea may or may not meet the
criteria of an opportunity
Essential qualities of an Opportunity

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q N
a r u
Y
Identifying Opportunities

e e m
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q N
a r u
Y
Observing Trends

e e m
• Identifying opportunities is to observe trends and study how they create

a d
opportunities for entrepreneurs to pursue
• Important trends to follow are economic trends, social trends, technological

N
advances, and political action and regulatory changes

q
• When looking at environmental trends to discern new business ideas, there are

r u
two caveats to keep in mind:

a
• Distinguish between trends and fads

Y
• Many trends are interconnected and should be considered simultaneously when
brainstorming new business ideas
Environmental Trends Suggesting Business or

m
Product Opportunity gaps

de e
N a
r u q
Y a
Some Social Trends

e e m
a d
q N
a r u
Y
 e e m
a d
q N
a r u
Y
Solving a Problem
• Recognize problems and find ways to solve them

e e m
a d
• Can be recognized by observing the challenges that people encounter in their

N
daily lives and through more simple means, such as intuition, serendipity, or
chance

q
• Examples:

r u
 Spilling a cup of coffee (Java Jacket)

a
 Walking barefoot after wearing heels (CitySlips)

Y
 Older people find cellphones hard to use (Great Call)
Solving a Problem

e e m
a d
q N
a r u
Y
Finding Gaps in the Marketplace
• Products consumer need or want aren’t

e e m
a d
available in a particular location or
aren’t available at all

N
• People become frustrated because they

q
can’t find a product or service that they

u
need and recognize that other people

r
feel the same way

a
• Taking and existing product or service

Y
and create a new category by targeting
a completely different target market
Finding Gaps in the Marketplace

e e m
a d
q N
a r u
Y
 e e m
a d
q N
a r u
Y
Post-It Notes

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q N
a r u
Y
 e e m
a d
N
THE END
q
a r u
Y