Professional Documents
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The entrepreneur must be able to recognize and seize external opportunities that relate to
innovation in a specific industry. Specifically, it is important to apply innovation when
sources of opportunity are presented through the entrepreneurial environment. Three
main sources of innovative opportunity are: incongruities, demographics, and perception
change.
Incongruities: Many times there are incongruities within industries. Go for the area in an
industry where there is an apparent lack, like filling in missing pieces in a puzzle to
make it whole. Make things as they ought to be instead of going along with how they
are assumed to be in an industry.
Demographics: In regards to demographics there is always an emerging niche through
changes in demographic make-up. Being able to recognize these ecological niches
provides innovative opportunity by catering to the unmet needs of an emerging group.
Changes in perception: When values and characteristics change in the masses an
innovative opportunity is present. Look for changes in social behavior and activity that
can be capitalized on and developed. Examine the trends that are emerging and focus on
the trends that will be emerging in the future.
Total Commitment and Determination