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Deliberate Opportunity-Based Entrepreneurship

Deliberate opportunity-based entrepreneurship describes the process where individuals or teams intentionally seek out, evaluate, and exploit identified market opportunities to create new ventures. The entrepreneurs are motivated by the desire for growth, innovation, and the pursuit of profitable ventures. It involves a proactive and strategic approach to identifying gaps in the market, unmet customer needs, or emerging trends. Saying, "let's stop what we are doing and go ahead with this particular opportunity"

Key Characteristics of Deliberate Opportunity-Based Entrepreneurship:

  • Proactive Search: Entrepreneurs actively seek opportunities, using market research, trend analysis, and networking.
  • Strategic Evaluation: Opportunities are rigorously evaluated based on factors like market size, profitability, competitive landscape, and feasibility.
  • Innovation Focus: A strong emphasis on developing innovative products, services, or business models that offer unique value to customers.
  • Growth Orientation: The primary goal is to build scalable and sustainable businesses with significant growth potential.
  • Resource Mobilization: Entrepreneurs actively seek and secure necessary resources, including funding, talent, technology, and partnerships.
  • Calculated Risk-Taking: Decisions are based on careful analysis and assessment of risks and rewards.

The Process of Deliberate Opportunity-Based Entrepreneurship:

Neutral Design Thinking Template

  1. Opportunity Recognition: Identifying a potential market gap, unmet need, or emerging trend. This can stem from various sources, including:

    • Market research
    • Technological advancements
    • Changes in consumer behavior
    • Personal experience

  2. Opportunity Evaluation: Assessing the attractiveness and feasibility of the identified opportunity. Key factors include:

    • Market size and growth potential
    • Profitability
    • Competitive landscape
    • Resource requirements
    • Risk assessment

  3. Opportunity Exploitation: Developing a business plan, securing resources, and launching the new venture. This involves:

    • Developing a business model
    • Securing funding
    • Building a team
    • Developing and launching the product or service

  4. Growth and Scaling: Implementing strategies to expand the business, increase market share, and achieve profitability.

Examples of Deliberate Opportunity-Based Entrepreneurship:

  • Mango Technologies: Where founders decided to pursue an idea after a chance conversation.
  • Developing a new mobile app: Identifying a need for a specific type of app and creating a user-friendly solution.
  • Launching an e-commerce platform: Recognizing the growth of online shopping and creating a platform for selling products online.
  • Creating a sustainable energy company: Identifying the growing demand for renewable energy and developing innovative solutions.
  • Other examples include Amagi, Zoojobee, GoDesi
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