Ideas & Opportunity For Entrepreneur

When some first thinks of possible new ventures, but has not evaluated much at all, you would call it a "new Venture ___________________" (opportunity, Idea, Not clear)

Idea

96.0%

Opportunity

1.0%

Not clear either of these

3.0%

When someone has given a possible new venture some additional thought/ or evaluation , would you call it a "new Venture ___________“ (opportunity, Idea, Not clear)

Idea Opportunity Not clear either of these

2.0% 95.0% 3.0%

The Entrepreneurial Opportunity Entrepreneur •Background •Experience •Education

***Business Idea***

Environment •Industry •Economic conditions •Social Context •Regulatory Issues

Entrepreneurial opportunity

Possible Firm Founding

Do you agree that the steps in the model illustrated above Generally occur as shown?

Yes

86.1%

No

7.9%

Not sure

5.9%

Mean No. of Ideas and Opportunities Recognized Items

Mean

St. Dev

Ideas last month

2.4

2.3

Ideas last year

6.6

4.1

Opportunities last month

1.2

1.5

Opportunities last year

3.3

3.1

Where Entrepreneurs Get Their New Venture Ideas (N= 256 and multiple answers were allowed

Source Prior Experience Business Associates Saw a Similar Business Friends or Relatives Hobby/ Personal Interest Market Research It Just Came to Mind Magazine/ Newspaper Radio/ Television Others

% of Respondents 73.0 32.8 25.8 19.1 17.2 11.3 10.9 2.3 0.4 4.7

Opportunity Recognition Activities: How Entrepreneurs Turned Ideas into Opportunities Activity Sought out information/feedback from business associates Contacted potential customers/ clients Discussed idea with friends/family members Gathered information on competitors None, just knew idea was an opportunity

% of Respondents 52.0 5.0 46.5 33.6 33.2

Prepared financial statements

2.5

Others

3.5

Time Between New Venture idea Identification and Entrepreneurial Opportunity Recognition Time

% of Respondents

Cumulative

None

13.7

13.7

Hours

2.3

16.0

Days

14.5

30.5

Weeks

22.7

53.2

Months

35.9

89.1

Years

10.9

100

"Time Between New Venture idea Identification and Entrepreneurial Opportunity Recognition Time None Hours Days Weeks Months Years

Percentage of Entrepreneurs 13.70% 2.30% 14.50% 22.70% 35.90% 10.90%

Time Between Opportunity Recognition And Firm Founding Time Hours Days Weeks Months Years

Percentage of Entrepreneurs 1.60% 11.30% 26.20% 50.80% 10.20%

Amount of Modification to New Venture Idea Before it Became New Venture Opportunity

Change No Change Slight Change Moderate Change Major Change Complete Change

Percentage of Entrepreneur s 19.10% 42.60% 28.50% 9.00% 0.80%

Sources of new Ideas Consumers  Exiting Companies  Distribution Channels  Government  Patents Office  Regulations  Research and Development 

Method of Generating Ideas Focus Groups  Brainstorming  Problem Inventory Analysis A method of obtaining new ideas and solutions by focusing on problems. 