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Chapter 2. Identifying Valuable Opportun... > Recognizing a Valuable Opportunity

Recognizing a Valuable Opportunity

A next step in the process of identifying a valuable opportunity lies in recognizing that an opportunity exists. Often people realize with hindsight that they missed a very valuable opportunity for a new technology business that someone else has exploited. So, why do some people and not others discover valuable opportunities? To answer this question, it is important to remember that entrepreneurial opportunities exist because of changes in information about such things as technological change, industry structure, social and demographic trends, and political and regulatory changes. It stands to reason that access to information or the ability to process it are the key to what make opportunity recognition possible.[11] For instance, some people are the first to learn about a technological discovery, perhaps because they are working in a research laboratory where an invention is made. The access to this information before others can learn about it allows people to make better decisions than others about creating and selling new products.


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