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Summary - The Opportunity Analysis Canvas - Second Edition
1 Introduction to The Opportunity Analysis Canvas
What is an opportunity within the context of the opportunity analysis canvas?Opportunity refers to the potential to create a new venture that creates value for both the customers and the operators of the venture
What is the business model approach?The business model is a precursor to the business plan and focuses on engaging students in early customer discovery and testing the major hypothesis of their business models.
While a viable and valuable approach, business models can only emerge after a new venture idea is formulated. "Customer discovery requires having a product or service concept to test."
The Opportunity Analysis Canvas was designed to teach aspiring entrepreneurs how to "see and think about problems and solutions differently than others" and hone their opportunity analysis skills by following a 9 step experience: a) thinking entrepreneurially with an entrepreneurial mindset, motivation and behavior; b) seeing entrepreneurially with industry condition, industry status, macroeconomic change, and competition; and c) acting entrepreneurially with value innovation and opportunity identification.
Without the idea for a product or service, neither the ________ _____ nor ________ _________ can begin.business model, customer discovery
Thinking entrepreneurially is influenced by individual ________, ___________, and _________mindsets, motivations, and behaviors
Seeing entrepreneurially requires you to have a "___ _______" perspective, which means that you recognize and understand the ________ ______ impacting your ideas as well as ________ and ___________ _______ that exist in the present and future."big picture"; economic forces; industry, competitive factors
Acting entrepreneurially requires attention to _____ __________ and ___________ ______________.value innovation, opportunity identification
2 Thinking Entrepreneurially
This chapter explores the roles of entrepreneurial thinking and opportunity identification by introducing entrepreneurial opportunities and strategic decision-making.
There are several definitions of entrepreneurial opportunities introduced in this section
According to Casson (1982), entrepreneurial opportunities are: "those situations in which new _____, ________, ___ _________, and __________ _______ can be introduced and sold at greater then their ____ __ __________."goods, services, raw materials, and organizing methods; cost of production
How many entrepreneurial opportunity categories does Drucker (1985) classify?3 categories
What is Drucker's (1985) first category of entrepreneurial opportunity and when does it occur?1) The creation of new information, as occurs in the invention of new technologies
What is Drucker's (1985) second category of entrepreneurial opportunity and when does it occur?2) The exploitations of market inefficiencies that result from asymmetry, as occurs across time and geography
What is Drucker's (1985) third category of entrepreneurial opportunity and when does it occur?3) The reaction to shifts in the relative costs and benefits of alternative uses for resources, as occurs with political, regulatory, or demographic changes
According to Baumol (1993) and Kirzner (1997), entrepreneurial opportunities differ from larger set of general business opportunities in that they "require the discovery of ___ _____________ and ____________ in the marketplace that are _________ and _______."new relationships, interactions; uncertain, dynamic
What sort of interaction between individuals may highlight entrepreneurial opportunities? (Hayek, 1945; Kirzner, 1973)Differences of opinion
Some may see opportunity "while others view the same situation with doubt or disinterest."
What is strategic decision-making, and what does it involve?It is a cognitive process which involves individual decision-making and selection of a specific course of action that is intended to bring a certain result.
What is a strategic decision?A decision that is significant in time and resources involved and/or in the consequences of their outcomes.
To better understand your decision-making style, go to this self-assessment website: www.opportunityanalysiscanvas.com/self-assessment .
Understanding your entrepreneurial decision-making is critically important if you are an aspiring entrepreneur.
Entrepreneurs must make quick, high-stakes decisions with incomplete information in a dynamic market.
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What can early customer feedback add to your business model?
affirmation or rejection of your model to create a dramatically better business plan
What can you do with a well-researched business plan?
raise financial capital and proceed with launching a venture
What is an essential key to to adapting a business model, or even the product/service, before creating a full business plan?
prospective customer feedback
What can a comprehensive business model define?
--how products or services can serve customer needs
--at what price they can serve those needs
--through what manufacturing and distribution channels
--at what financial costs to the business
What is the simplest definition of a business model?
How an organization will make money
As a preliminary step to writing the business plan, the ________ _____ describes the logic of how an organization creates, delivers, and captures value sustainably.
___________ have a strong tendency to track the discussions, decisions, and next steps.
__________ have a strong tendency to identify and promote the goals of the team, including ways to realize these goals.
A __________ has a strong tendency to settle conflicts among team members and reduce tensions within the group.
A _________ has a strong tendency to encourage all team members to participate in the discussions on the team.