Individual Assignment Integrative

I secern to capitalize on an opportunity the window of opportunity must be open, which refers to a period of m during which it is ealistically possible to enter a certain market. There are 3 approaches that potentiometer be used to identify opportunities observing trends, solving a problem, purpose gaps in the food market. When observing trends it is essential to be able to mark between trends and fads. A pretend is especially booming when it benefits from several trends converging. such(prenominal) trends are economic forces, social forces, technological advances and political and regulatory changes.The minute approach to identifying opportunities is to solve problems. Many people have see to itd problems in their wn lives and turned the solution into a blood opportunity. Finding gaps in the marketplace are the third source of short letter vagarys. Often products are not in stock(predicate) to consumers in a particular location or arent available at all. Chapter 2 of the text editionbook Entrepreneurship successfully launching new adventures in addition outlines the personal characteristics that tend to make some people more(prenominal) successful at recognizing opportunities. Prior experience in an industry armed services entrepreneurs tremendously.By croaking in an industry an individual may spot a market respite that is underserved. Once an entrepreneur starts a firm, new venture opportunities require apparent. This is the questionable corridor principle, which states that once a venture is started new corridors that lead to new in stateections become apparent. Additionally, most entrepreneurs possess cognitive factors similarly called entrepreneurial alertness, which is defined as the ability to notice things without engaging in deliberate search. Social ne cardinalrks also affect opportunity recognition. The extent and depth of an individuals social net fail is of superior importance.Ne devilrk entrepreneurs tend to be more su ccessful than solo entrepreneurs. What is more, eak-tie relationships, characterized by incomparable interaction between casual acquaintances, are more likely to block up to lead to new business predilections than strong-tie relationships. what is more creativity plays a economic consumption in generating a novel or useful nous In the reference with Mike Ramsay, the Cofounder of TiVo, he talks closely how he came up with the imagination of the digital video recorder. Many of the recommendations from our textbook earth-closet be directly related to the process Mike Ramsay went through before go outing his final business model.First of all Ramsay possesses the previously mentioned characteristics that an ntrepreneur needs in order to be successful. He has prior experience in the industry, as he had been working for different technology companies before starting his own venture. not only did he work for HP a very wholesome established technology order, but also for a sta rtup company called Convergent Technologies. During these years he veritable a network of weak-tie relationships with intelligent qualified people in the technology industry. We never worked very virtually together, but we always kept in touch socially (p. 93). Their type of relationship if further underlined y the statement It would be kind of fun to work together on some ideas, because we come at it from different angles. maybe well come up with something. (p. 193) According to research in this area it is more likely that an entrepreneur will get a new business idea from a weak-tie relationship. Furthermore, the founding of TiVo is large example for the corridor principle. The original idea on which the company was founded was not a DVR but a fireside server network that brought computing technology into home entertainment.However while looking into the technology a new opportunity came apparent. Look, you cant do everything, so lets purpose a simple server based on very inexpensive technology. Lets decide on one app that we think is the killer app to run on it, and lets do that. If thats successful, then well branch out. Forget the network thing and forget the massive amounts of storage and high cost and hardware models and all that (p. 194) principally you could say that Mike Ramsay was able to analyze and understand technological advances mend than most people, as he was part of an innovative community. We were definitely at the center of the universe, and that was fun. You felt like whatever you did, you had the best opportunity and you could go to the best places and work with the brightest people. They had energy and enthusiasm and they couldnt fail. There was nothing that was unfeasible (p. 192) The microcomputer revolution was a trend of his time that created his opportunity. It was very former(a) on. There were no PCs. The microprocessor idea had skilful gotten going, and they were 4-bit microprocessorsthat was state of the art.Designs were all basically custom hardware designs, so it was very different. I was traind in chip design at that point. That felt like rocket science. That was the leaders edge, and therefore it was the most exciting thing to work on. (p. 192) Stephen Kaufer, cofounder of TripAdvisor, explains in his interview how he came up with the idea of collecting information for buy the farmers and how he developed his identifying a problem and by solving it, creating a business opportunity. The idea came when my wife, Caroline, and I were trying to find a vacation for ourselves.We started with a locomote agent, who recommended an island and some resort. This was 98 or 99, and I thought Id use the Internet to find out more. I found a whole lot of websites that would help me book a reservation at this hotel, but nothing that would tell me whether the hotel was any good or not for what I was looking for. (p. 361) Just like in the case of Mike Ramsays startup, Stephen Kaufers initial business ide a was different from what the company turned out to be in the end. When we started TripAdvisor, the judgement was TripAdvisor. om was actually Just going to be our demo site, because we never aforethought(ip) to appeal directly to end users. We were going to be selling this exuberant database to travel portals, online travel sites. They would be querying ur database to find the best information and go up it to their users, and there would be a little ,Powered by TripAdvisor. (p. 364) Again this can be related to the corridor principle as described in the text book. Stephen Kaufer had no experience in the traveling industry or creating a search engine. However he could contribute his knowledge about starting up a company. Because I had started a few companies before (p. 362) Furthermore although he came up with the basic idea by himself he can be considered a network entrepreneur, as he assembled a team up of founders to start his company. and started to assemble friends tha t I had worked with before who might be elicit in starting an Internet company to build the best travel search engine out there (p. 362) What I found particularly interesting about these interviews is that in both cases the original business idea was very different from the business the startup ended up act into.It is very surprising to me that they were able to get funding without a polish off revenue stream and business model. Even though they had gotten funding for something else they changed their idea and business model to adjust to the newly ound insights. Both entrepreneurs, Mike Ramsay and Stephen Kaufers, showed great flexibility and the ability to evolve from the original idea to a carrying out business model. Kaufer even points this out in his interview mfou cant get overly attached to your vision in a startup, because things may change.Its not a sign of failure to change your vision (p. 372) Creating a new venture team poses a challenge to every startup. The entrep reneurs who launch and start the venture have an authorized role to play in shaping the firms business concept. The way a new venture is build sends an eventful put across to nvestors. Some founders like the feeling of control and are reluctant to involve themselves with partners or hire manager who are more experienced than they are. (Rich vs King) unseasoned ventures have a high propensity to fail, which is partly due to the indebtedness of new roles.The size of the founding team and the quality of the founders are the two most important issues in this matter. Teams have an advantage over restore entrepreneurs and bring more talent, resources, ideas and professional contacts to a new venture. However work habits, tolerances for risk, levels of passion for the usiness, ideas on how the business should be run can greatly differ among partners. Ideally the founding team is heterogeneous rather than homogeneous, content that their area of expertise and their abilities are divers e rather than similar or overlapping.Different points of view about technology, hiring decisions, competitive tactics and other important activities generates get by and constructive conflict, reducing the likelihood of making a decision without dissemination alternative points of view. Founding teams larger than 4 people is typically alike large and therefore ausing communication problems. Three common pitfalls include team members not getting along, a lack of hierarchy or the aforementioned(prenominal) area of expertise of the founders.Three important qualities founders should have are prior entrepreneurial experience, relevant industry experience and a network. It is essential that every team member makes a valuable contribution to the team. Kaufer and Ramsay both talk about their founding team and the hiring process they went trough with their startup. Kaufer, as an engineer, recognized that he needed a cofounder with a business background. l was introduced by a friend to an other cofounder, Langley Steinert, on the business, marketing, business development, financing side of things.So the two of us kind of took up the project as, ( ) Langley had the business development experience and connections to sell and market it. Because I had started a few companies before, I knew it was important to have the right combination of skills and interests amongst the founders. We assembled four initial founders of the company and got our root round of funding in February of 2000. (p. 362) He also tates that this aspect is important from an investors perspective We never would have succeeded without Langley on the team.