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Window of opportunity is defined as that too often short period of time during which an opportunity must be acted on or it will be missed
It also describes the time period in which a firm can realistically enter a new market
Entrepreneurship Dept/FBM (2009) ENT600/Unit 3 Opportunity Analysis 3
Concept of Window of Opportunity The window of opportunity is deemed to be open or close to denote the degree of attractiveness or exploitation possibilities at a particular time The term open refers to the opportunity lending itself to be exploited at that time because it has value and potential for wealth creation The term close refers to the opportunity potential diminishes due to it being exploited by another entrepreneur or at that period of time has become out-of-date or obsolete
Entrepreneurship Dept/FBM (2009) ENT600/Unit 3 Opportunity Analysis 4
Solvable
a problem that can be solved in the near future with accessible resources (e.g. a cure for cancerous diseases, a more efficient public transport to reduce congestion and traffic jams)
Profitable
the customer will pay for the solution and allow the enterprise to profit (e.g. security products, multi function printers)
Context
a favorable regulatory and industry situation (e.g. online business transaction , genuine investment schemes that promise high returns)
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Opportunity Discovery
Sources of business ideas include:
Patent office
The Intellectual Property Corporation of Malaysia is an agency under the Ministry of Domestic Trade, Cooperative and Consumerism. This agency can be a good source of business ideas that can be retrieved easily from their online patent search and patent gazette hosted on its website
Opportunity Discovery
Research Institutes Considered as reliable sources of business ideas on various fields. Examples of research institutes in Malaysia include the Malaysian Agricultural Research & Development Institute (MARDI), Standards and Industrial Research Institute of Malaysia (SIRIM)
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Resources
Interest
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Financial
involves determining the costs to be incurred in developing the business venture
Technical
involves determining the requirements to proceed with the idea that include machineries, raw materials, the processes and infrastructure
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For example, the persistent proliferation of fast-food restaurants is not due primarily to peoples love of fast food but rather to the fact that people are busy the increasing predominance of two-income households leaves less time to cook at home. Similarly, the Sony Walkman was developed not because consumers wanted smaller radios, but because people wanted to listen to music while on the move and while exercising.
ENT600/Unit 3 Opportunity Analysis 16
Technological advances
provide opportunities to help people satisfy basic needs and desires in a better or more convenient way.
For e.g. the cell phone provides the mobile population the ability to communicate with its co-workers, customers, friends, and families from anywhere and everywhere. Similarly, people who shave have always wanted to minimize the number of nicks and shaving time and get as close a shave as possible. These and other shaving-related desires will probably never change. What does change is the degree to which new technologies can better satisfy these needs and desires.
Entrepreneurship Dept/FBM (2009) ENT600/Unit 3 Opportunity Analysis 17
Feasibility Study
The outcome of the evaluation of opportunity is a feasibility study; which is a tool to identify whether the business idea is feasible or not.
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Making decision
Once the opportunity is evaluated, a decision has to be made whether to proceed to the preparation of a technology-based idea blueprint or to explore other possibilities by looking elsewhere The entrepreneur must make a difficult decision whether to act or not on a good potential opportunity The factors to be considered in making the decision include whether: - the product will give significant value to the customer - the entrepreneur can attract the necessary financial, physical, and human resources required by the venture opportunity - the expected return of the venture is consistent with the risk of the venture
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Exploitation of Opportunity Exploitation of opportunity for technologicalbased product can be done through commercialization.
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