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Opportunity Analysis, Market Demand, Competition, Risks and Uncertainty,…

- - - - Example: CCTV in China.
    - - Producing more than competitors to reduce costs.
    - - Unique, valuable, and better products or services.
      - Rare capabilities (e.g., cost efficiency, safety, software prowess).
  - - - Start with the need → Explore multiple solutions → Select the best solution at an attractive cost
    - - Start with a solution → Look for a need that it can address
- - - - easy for business to fill out the opportunities
    - - Idea
        
        Unique of a business
      - Innovation
        
        Never been made before
      - Market need
        
        Globalization, future etc
  - - - Planning
        
        Gather Information
        
        Identify and Categorize
        
        Embrace the Pivot
        
        Reduce uncertainty to something we know and would plan for the future
        
        Real world example
      - Can't Eliminate
    - - Unknown risk
        
        Market changes, technologies, law, etc
      - Facts
        
        Bank loan, products accepted, customers, etc
      - Worse
        
        Employers in the future, inflation, etc
- - - - winners received cash and royalties
  - - - identify opportunities and invest it
    - - identify new products opportunitues
  - - - Dell has a website called Ideastorm
        
        suggestion new products and serviceimprovements
    - - designers improving skills
    - - Threadless
        
        prize money
- - - - Gathering different ideas from various people.
    - - Checking many ideas to helps avoid failure.
    - - Helps organizations invest in the most promising innovations.
    - - Encourages improvement and supports creative thinking.
  - - - structured competition designed to generate, evaluate, and refine innovative ideas.
        
        The best ideas emerge as winners
        
        Receive Funding
        
        Support
        
        Development Opportunities
- - - - revolutionary idea is the most important factor in achieving success.
    - - execution and the team are more important than the idea itself.
    - - both perspectives have merit (points)
      - An amazing idea could set a business on the right path
        
        but without the right team to develop and execute. the idea might never reach its full potential
      - on the other hand
        
        a strong team with the right skills and resources
        
        can often turn a seemingly ordinary idea into a massive success
      - VIDE Model
        
        I (Idea)
        
        initial idea behind the business
        
        D (Development)
        
        how the idea is developed and executed
        
        V (Value)
        
        final value or success of the venture
        
        E (External Factors)
        
        factors outside entrepreneur's control that have a significant impact on success
        
        it suggests that V is determined by how well you combine
        
        how you develop it (D)
        
        external factors (E)
        
        the idea (I)