This is the penultimate week for the class, and I can feel it winding down. This week, there were two articles we read that really intrigued me. They both dealt with some of the practical matters of embarking on an entrepreneurial career, whereas most of the class to date has reflected on the spiritual and emotional aspects of entrepreneurship.
The first article, Identifying and Exploiting the Right Entrepreneurial Opportunity…for You, dealt with the practical matter of finding an entrepreneurial opportunity. As with other readings and videos this semester, it identified that opportunity as the intersection of three circles; in this case: Personal Satisfaction, Economic Feasibilities, and Societal Needs. In other contexts, opportunities have been shown to exist at the intersection of Skills, Aspirations, and Market Realities/Needs. I think that these two views align nicely: Personal Satisfaction = Aspirations, Societal Needs = Market Realities, and Economic Feasibilities = Skills. Basically, an entrepreneurial opportunity exists where what you can do overlaps with what you want to do and what the market needs.
What was more useful to me, though, was the article’s definition of and approach toward ideas, possibilities, and opportunities. I’ve struggled until now feeling like I couldn’t come up with good ideas. Really, though, coming up with ideas is the easy part; we do it all the time. Any time we run into a problem and say, “Wouldn’t it be great if…” or “I sure wish that…,” we’ve come up with an idea. The challenge is filtering those ideas to see if there really is an entrepreneurial possibility there, and then filtering those possibilities further to see if they are really opportunities. Ideas become possibilities when there is a Societal Need for an idea/solution and it is Economically Feasible. Possibilities become opportunities when they give us Personal Satisfaction. The article gives advice on business questions to ask about your ideas, and personal questions to ask about your possibilities. This approach is something I can apply not just to entrepreneurship, but to my traditional career as well.
The second article, Recognizing and Shaping Opportunities, continues the theme of finding entrepreneurial opportunities. It provided concrete examples of the approaches a few entrepreneurs used to turn ideas into real opportunities. It showed that ideas can come from many different places and the process of turning an idea into an opportunity can differ from one idea to the next. In some cases, ideas come from adapting an existing business; in others, they come from transplanting a business from one market to another; in yet others, they come from transforming an existing or failed idea into something better. The process of turning an idea into a business might be deliberate, but it can also be organic. In any case, it is not common for an opportunity to come into being; there is a transformative process that must go on.
With this in mind, I realize that ideas are not the challenge; they are abundant. The challenge is working with them and shaping them into something that can work, and then having the guts to give it a shot.