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Opportunities through change
Entrepreneurs tend to be strategic thinkers who
recognize changes and see opportunities where
others do not.
Entrepreneurship is therefore the result of inspired
strategy to exploit change , but first change has to
be recognized.
Therefore major sources of change are examined and
how entrepreneurs turned these changes into
opportunities is studied
Scientific knowledge
Process Innovation
Industrial Changes
Market Changes
Demographic Changes
Social and Cultural Changes
Scientific knowledge: has been the heart of many
enterprises
Charles Babbage created a mechanical computing
machine more than a century ago. Newton , Wright brothers are
other entrepreneurs
who used their scientific knowledge to do something
new
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Process innovationIndustrial changes : they can
occur through natural events , such as discovery of
oil , or as a result of human events.
For example the recent deregulation of the airlineindustry
forced dozens of major airlines to compete
with the regional upstarts and commuter low fare
players.
Examples of Industrial changes in the area of
letters , phones ,fuel(fossil to solar power ,
hydroelectric and geothermal power)
: closely associated with scientific knowledge is the
implementation processes, techniques and methods
essential to make knowledge useful.
Inventions would have little or no meaning if they
were not backed by process invention
Examples would be the growth of the food processingindustry as a
whole .
Market changes : changes that take place in the
way the markets behave or on what assumptions one
would make about buyer behaviour.
Dominos Pizza was built on a simple , important
observation that a lot of people ordered pizza to take
out,
It has had a tremendous effect on education.
Demographic changes: concerned with population
trends, age, sex, and ethnic characteristics,
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educational status and income of a nations
population.
As a nations demographics change, new
opportunities to serve human needs arise.
By tracking these changes, entrepreneurs can
identify opportunities and react to them.
Social changes occurred at a snails pace until
the late 18th century.
The pace quickened a bit during the 19th century,
But as we look back over the 20th century , social
changes reached an unprecedented quick pace.
Post the industrial revolution there were drastic
changes in the way people lived , worked , spent
their money , recreated and worshipped.
These changes brought new demands that inspired afaster rate of
change in innovation.
