• Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint
Share this Page URL
Help

Chapter 2. Identifying Valuable Opportun... > Forms of Opportunity: Beyond New Pro...

Forms of Opportunity: Beyond New Products or Services

The next step in the process of identifying valuable entrepreneurial opportunities is to understand the form that those opportunities take. While it is common to think of technological, political/regulatory, social/demographic, and industrial structure changes as opening up entrepreneurial opportunities by making it possible to introduce new products and services that had not previously existed, these changes also create opportunities by allowing older products and services to be produced with new production methods, using new raw materials, organized in new ways, or for sale in new markets.[5]

The invention of the laser and the creation of the compact disk is an example of a change making a new product or service possible. Jeff Bezos’s founding of Amazon.com to sell books, a very old product, on the Internet, is an example of a change making possible new methods of organizing a firm. The business of freezing and canning meat and selling it in other countries is an example of a way to take an old product and find a new market for that product. The substitution of ceramic composites for metals in the production of vehicles is an example of the use of new materials to create an existing product in new ways. Finally, continuous strip production is an example of a new production process used by steel minimills to make an existing product, steel, through a different production process from the traditional continuous casting approach.


PREVIEW

                                                                          

Not a subscriber?

Start A Free Trial


  
  • Creative Edge
  • Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint