Chapter Objectives
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     1.  Explain why it’s important to start a new firm when its 
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         “window of opportunity” is open.
            –Second level
     2.  Explain the difference between an opportunity and an 
         idea.  • Third level
                   – Fourth level
     3.  Describe the three general approaches entrepreneurs 
                      » Fifth level
         use to identify opportunities.
     4.  Identify the four environmental trends that are most 
         instrumental in creating business opportunities. 
     5.  List the personal characteristics that make some people 
         better at recognizing business opportunities than others.
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                  Chapter Objectives
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     6.  Identify the five steps in the creative process.
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     7.  Describe the purpose of brainstorming and its use 
             –Second level
         as an idea generator.
                • Third level
     8.  Describe how to use library and Internet research to 
                   – Fourth level
                       »
         generate new business ideas.
                        Fifth level
     9.  Explain the purpose of maintaining an idea bank.
     10. Describe three steps for protecting ideas from being 
         lost or stolen.
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                     What is An Opportunity?
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             –Second level
                • Third level
                   – Fourth level
     Opportunity Defined            An opportunity is a favorable
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                                      set of circumstances that
                                      creates a need for a new
                                    product, service or business.
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                 What is an Opportunity?
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          An opportunity has four essential qualities
           –Second level
               • Third level
                  – Fourth level
                     » Fifth level
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           Three Ways to Identify an Opportunity
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           –Second level
               • Third level
                  – Fourth level
                     » Fifth level
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