Opportunity Recognition

Image source: Semanticscholar.org

What

A key module in MGT 386, MGT 387, MGT 388, and MGT X82 for understanding how entrepreneurs recognize promising opportunities.

Learning Objectives

Upon completion of this module you should be able to:

  • explain how differences of opinion in the value and use of resources can lead to opportunities

  • describe and differentiate the roles that prior knowledge, prior experience, social networks, and alertness play in opportunity recognition

  • explain why trends, changes, and events can be interpreted differently in different people's cognitive frameworks

  • relate how the windows of opportunity framework explains the opportunity-based attributes of timeliness and durability

  • describe how differences in the breadth or depth of knowledge dissemination related to an opportunity affect how soon a window of opportunity will open and close

Instructions

  • Watch the assigned videos and presentations;

  • Read the assigned readings;

  • Complete the practice quiz or other assigned practice activity

  • Complete the assessment;

  • Complete the "Mark as Complete" checklist.

View

Opportunity Recognition.mp4

Lecture on Opportunity Recognition

How do entrepreneurs identify promising opportunities? You'll learn about the origins of thinking about opportunities, different models that seek to explain it, how to "connect the dots," what "alertness" means in the context of opportunities, and some practical take-aways to develop your ability to recognize opportunities.

Link to un-narrated slides

Windows of Opportunity.mp4

Windows of Opportunity

  • Opportunities are created in real time and are characterized by a window of opportunity; the opening and closing of windows of opportunity highlights the importance of timeliness

  • For an entrepreneur to seize an opportunity requires that the window be opening, not closing, and that it remains open long enough to satisfy the attribute of durability

Read

Timmons, J. 1994. Opportunity Recognition (first 10 pages of Timmons' New Venture Creation)

Armstrong, C.E. 2015. Opportunity Recognition (a summary of frameworks with some references to heuristics and biases; google doc)

Armstrong, C.E. 2015. A Simple Checklist for Evaluating Business Ideas (google doc)

Practice

Assessment - Graded Activity - Connect the Dots

Please browse to "Connect the Dots Assessment" to complete your graded activity for this module. This assignment is worth 10 points toward your final grade.

Further Reading

Mark as Complete

After you have completed the Videos, readings, practice quiz, and assessment, please return to your course homepage for the next module

Talking Points - 9/8/2020 Lecture

More thoughts on how to get ideas for business offerings

Armstrong Talking Points on Creativity (9/8/2020)

Thoughts on Fluent Thinking, followed by Random Input Creativity Technique and Random Word Activity

If you are participating in the 9/8/2020 Zoom lecture, you'll be expected to have pen, paper, and a "camera" to take an image of your attribute lists and send it to MGTX82BAMA@gmail.com.

Random Input Creativity Technique
Random Word Activity