ABSTRACT
SOLVING PROBLEMS CREATES OPPORTUNITIES 80
Problem-Solving and Decision-Making 81
The Problem-Solving and Decision-Making Model 82
DEVELOPING YOUR BUSINESS MODEL 84
What Product and Service Value do You Offer? 85
Who are Your Customers and Consumers? 88
How Do You Make a Profit? 89
This chapter discusses two major concepts: opportunities and business models. Our first two sections focus on being creative in order to find opportunities for starting a new venture. We show how you can use your own entrepreneurial characteristics to recognize and exploit opportunities. Finally, you will discover how to keep your eyes open to opportunities in new or current trends, as well as in creating a new business to solve problems. You will learn how to develop a business model by answering four questions, which can become an elevator pitch to help you sell your new business. We end by comparing the entrepreneurial opportunity in starting your own new business with making use of the five other options for starting a new business venture.
