The Opportunity Analysis Canvas - Second Edition

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Samenvatting - The Opportunity Analysis Canvas - Second Edition

  • 1 Introduction to The Opportunity Analysis Canvas

  • What is an opportunity within the context of the opportunity analysis canvas?
    Opportunity refers to the potential to create a new venture that creates value for both the customers and the operators of the venture
  • What is the business model approach?
    The business model is a precursor to the business plan and focuses on engaging students in early customer discovery and testing the major hypothesis of their business models.
  • While a viable  and valuable approach, business models can only emerge after a new venture idea is formulated. "Customer discovery requires having a product or service concept to test."
  • The Opportunity Analysis Canvas was designed to teach aspiring entrepreneurs how to "see and think about problems and solutions differently than others" and hone their opportunity analysis skills by following a 9 step experience: a) thinking entrepreneurially with an entrepreneurial mindset, motivation and behavior; b) seeing entrepreneurially with industry condition, industry status, macroeconomic change, and competition; and c) acting entrepreneurially with value innovation and opportunity identification.  
  • Without the idea for a product or service, neither the ________  _____ nor ________  _________ can begin.
    business model, customer discovery
  • Thinking entrepreneurially is influenced by individual ________, ___________, and _________
    mindsets, motivations, and behaviors
  • Seeing entrepreneurially requires you to have a "___  _______" perspective, which means that you recognize and understand the ________  ______ impacting your ideas as well as ________ and ___________  _______ that exist in the present and future.
    "big picture"; economic forces; industry, competitive factors
  • Acting entrepreneurially requires attention to _____  __________ and ___________  ______________.
    value innovation, opportunity identification
  • 2 Thinking Entrepreneurially

  • This chapter explores the roles of entrepreneurial thinking and opportunity identification by introducing entrepreneurial opportunities and strategic decision-making.
  • There are several definitions of entrepreneurial opportunities introduced in this section

  • According to Casson (1982), entrepreneurial opportunities are: "those situations in which new _____, ________, ___  _________, and __________  _______ can be introduced and sold at greater then their ____  __  __________."
    goods, services, raw materials, and organizing methods; cost of production
  • How many entrepreneurial opportunity categories does Drucker (1985) classify?
    3 categories

  • What is Drucker's (1985) first category of entrepreneurial opportunity and when does it occur?
    1) The creation of new information, as occurs in the invention of new technologies
  • What is Drucker's (1985) second category of entrepreneurial opportunity and when does it occur?
    2) The exploitations of market inefficiencies that result from asymmetry, as occurs across time and geography
  • What is Drucker's (1985) third category of entrepreneurial opportunity and when does it occur?
    3) The reaction to shifts in the relative costs and benefits of alternative uses for resources, as occurs with political, regulatory, or demographic changes
  • According to Baumol (1993) and Kirzner (1997),  entrepreneurial opportunities differ from larger set of general business opportunities in that they "require the discovery of ___  _____________ and ____________ in the marketplace that are _________ and _______."
    new relationships, interactions; uncertain, dynamic
  • What sort of interaction between individuals may highlight entrepreneurial opportunities? (Hayek, 1945; Kirzner, 1973)
    Differences of opinion
    Some may see opportunity "while others view the same situation with doubt or disinterest."
  • What is strategic decision-making, and what does it involve?
    It is a cognitive process which involves individual decision-making and selection of a specific course of action that is intended to bring a certain result.
  • What is a strategic decision?
    A decision that is significant in time and resources involved and/or in the consequences of their outcomes.
  • To better understand your decision-making style, go to this self-assessment website: www.opportunityanalysiscanvas.com/self-assessment .

    Understanding your entrepreneurial decision-making is critically important if you are an aspiring entrepreneur.

    Entrepreneurs must make quick, high-stakes decisions with incomplete information in a dynamic market. 
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Example questions in this summary

Features, functions, and technologies are simply vehicles for _____  ________.
2
What is an opportunity within the context of the opportunity analysis canvas?
1
What is the business model approach?
1
Without the idea for a product or service, neither the ________  _____ nor ________  _________ can begin.
1
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