Opportunity Sources
There are many opportunity sources for the entrepreneurial person. They occur almost everywhere, in daily life, in workplace, in industry, virtually anywhere. Essentially, seven categories define the sources for opportunity development:
1. Improvement on Existing Products and Services The application of innovation, whether in process or technology to current items in the industrial and consumer markets. (product modification, packaging)
2. Technology Transfer Whereby the knowledge, techniques and methodologies in other markets or countries can be imported and applied to existing systems. (licensing of new methods)
3. Demographic Shifts Trends that will emerge as some part of the population changes in age, wealth, location. (baby boom shift)
4. New Consumer Knowledge Breakthroughs in innovative applications of existing products and services, rebirth of old methods. (herbal medicine)
5. Inventions High technology, scientific findings that signal new potential trends in industry, commerce and consumer.