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Chapter 2. Identifying Valuable Opportunities

Chapter 2. Identifying Valuable Opportunities

Most of the time, the world does not need new businesses because established firms are meeting customer needs effectively. As a result, there is no opportunity for entrepreneurs to create successful new companies. Sadly, many entrepreneurs do not realize this, and create new businesses in the absence of business opportunities. These new businesses fail in a short amount of time.

To be successful, you need to start your new business in response to an opportunity to create a new product or service that meets customer needs that have not been satisfied adequately, or that satisfies customer needs in a much better way than established companies satisfy them. So, where do these opportunities come from? What form do they take? How do successful entrepreneurs match opportunities to innovation? How do successful entrepreneurs identify these opportunities? This chapter answers these questions.


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