View the video, The Single Biggest Reason Why Startups Succeed (Links to an exte

Question

View the video, The Single Biggest Reason Why Startups Succeed (Links to an external site.)Links to an external site., and provide your perspective on it in this session's forum, "Opportunity Recognition and Assessment."

The video is a March 2015 Ted Talk by Bill Gross, Founder and now Chair and CEO of Idealab, an incubator for start-up businesses with new ideas

Read the online article, The Three Pieces of Entrepreneurship:  Opportunity Recognition, Opportunity Assessment, and Opportunity Realization (Links to an external site.)Links to an external site., from the "Berkeley Science Review," by Piper Klemm, and make references to the article in the forum, "Opportunity Recognition and Assessment," below in the session. 

The article is a few years old, but still provides interesting perspective on the subject.

Discuss the importance of opportunity recognition and assessment, and

-  Give specific examples.

-  Make specific reference to the online article

-  How do you think Bill Gross' presentation relates to the topic of opportunity recognition and assessment?

Explanation / Answer

Opportunity recognition and assessment is pivotal for success of any startup. When the person has the ability to see beyond what a normal person can see and thinks out of the box then only the great things happen to the world. Take examples of Uber, Air BnB the they are successful because they recognied and assessed the opportunity at the right time. things which were unthinkable at first, they made them happen becasue they realized there is latent need and customers are ready.

Example from the articles are how steve job recognied and assessed the opportunity and gave the world the samrtest devices. Facebook chnaged the way social interaction happen in the modern world.

Bill Gross article talks about the key ingredient for the start up success -

1. Idea, 2. Team, 3. Business Mode, 4. funding, 5. Timing

but when he evaluated all the successful and not successful start ups the list reshuffled.

Timing got the fist spot - timing is when you and your customers are ready, it can only be achieved when startups are spot on, on recognizing and assesing the opportunity and execute it with all the resources (funds, teams etc.)

Related Questions

Navigate

• Browse (All)
• Browse V
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.