MGMT 340 Study Guide - Midterm Guide: Focus Group, Social Forces, Competitor Analysis
Document Summary
Process by which individuals pursue opportunities without. Position of a firm on the continuum of conservative to. Art of turning an idea into a business. Lifestyle firms lifestyle while making a living off of it. Create and seize opportunities regardless of resources they currently control. The entrepreneurial process: develop successful business idea, be entrepreneurial firm, manage and grow the firm. Opportunity favorable set of circumstances that creates a need for a new product/service/business. Anchored in a product, service, or business that creates or adds value for buyer. 3 ways to identify an opportunity - observing trends. Political action and regulatory change economic forces social forces - alter behavior and priorities. Provide owner with the opportunity to pursue a certain. Weak economy favors start ups that save money. Bring new products/services to the market: decide to become one. Provide owner with similar income to a conventional. Economic forces the process of generating a novel or useful idea.
