The process need:
What happens when technology doesn’t immediately come up with the big discovery that’s going to fundamentally change the nature of some product or services? What happens is that pockets of entrepreneurial opportunity can arise in the various stages of the process as researchers and technicians continue to work for the monumental breakthrough. Because the full leap hasn’t been possible, opportunities abound in the tiny steps. Take the medical products industry, for example. Although researchers haven’t yet discovered a cure for cancer, many successful entrepreneurial biotechnology ventures are created as knowledge about a possible cure continues to grow. The big breakthrough hasn’t happened but numerous entrepreneurial opportunities have grown throughout the process of discovery.
Industry and market structures:
When changes in technology change the structure of an industry and market, existing firms can become obsolete if they’re not attuned to the changes or are unwilling to change. Even changes in social and consumer tastes can shift the structures of industries and markets. These markets and industries become open targets for nimble and smart entrepreneurs. Internet experience provides several good examples of existing industries and markets being changed by upstart entrepreneurial ventures. For instance, Naukri.com is India’s first job portal and was launched in 1997. It has been registering an annual growth of about 300 per cent. The portal, which started with job listings, has diversified into response management and a resume database at prices ranging from Rs 500 to Rs 30 lakh. With 3.5 million registered users and 15,000 corporate clients, it has become the largest e-recruitment portal in India.
The characteristics of the world population are changing. These changes influence industries and markets by altering the types and quantity of products and services desired. For example, Ajay Bijli of the PVR Group pioneered the multiplex movement in urban India in the mid 1990s. At a time when theatres were boycotted by movie goers, Bijli opined that the audiences were ready to come back to the theatres if the experience was worth it
Changes in perception:
Perception is one’s reality. When changes in perception take place, facts do not vary, but their meaning does. For example, think about your perception of healthy foods. Our perception of whether certain groups are good or have changed, product and service opportunities evolve for entrepreneurs to recognize and capture. For example, Shahnaz Hussain popularized the concept of Ayurvedic beauty products in India in the 1970s. Hussain believed that herbal Ayurvedic products could be a commercially viable alternative to chemical cosmetics, apart from being more friendly to the environment, and with no harmful effects of long term use. In about 30 years time, the Shahanaz Husain Group, based in New Delhi , was worth Rs 500 crores, and employed about 4200 people in 650 salons spread across 104 countries.
New Knowledge is a significant source of entrepreneurial opportunity. For example, French scientists are using new knowledge about textiles to develop a wide array of innovative products that keep wearers healthy and smelling good. Neyret, the Parisian lingerie maker innovated lingerie products even with tiny perfume microcapsules that stay in the fabric through 10 laundry cycles. Another French company Franital, developed a fabric that is treated with chemicals to absorb perspiration and odors.