Submitted: Elena S.

Butiu MBA 504

CREATING OPPURTUNITIES

Entrepreneurship is an activity that involves the discovery, evaluation, and

exploitation of opportunities to introduce new goods and services, ways of organizing,
markets, process, and raw materials through organizing efforts that previously had not
existed.
Opportunity, refers to “a situation in which a person can exploit a new business idea
that has the potential to generate profit”, in other words an opportunity occurs when idea or
product is sold to a market. The concept of that idea or product having newness and
economic potential is outlined again by Baron who states “an opportunity involves the
potential to create something new that has the potential to generate economic value”.
The most important exception is the literature in management and organization theory
on opportunity discovery or opportunity identification. Opportunity identification involves not
only technical skills like financial analysis and market research, but also less tangible forms of
creativity, team building, problem solving, and leadership. While value can, of course, be
created not only by starting new activities but also by improving the operation of existing
activities, research in opportunity identification tends to emphasize new activities. These
could include creating a new firm or starting a new business arrangement, introducing a new
product or service, or developing a new method of production.
For as an entrepreneur the most important is creating opportunities. I will be
opening a business in Sta Cruz, Laguna due to opportunity that the T.K Engineering Services
will be closing next year.
The entrepreneurial opportunity that became the architect of Netscape consisted of a
new idea, belief and action. The idea was of a user-friendly web browser. The belief was that
even though the supply of, and especially the demand for the idea that was Netscape was
unknown, a market would be created and the idea could be commercialized. Finally the
entrepreneurial action of Marc Anderson and Jim Clark that occurred brought the idea and
belief to life. Anderson and Clark’s belief, that while the market situation for Netscape was of
true uncertainty; that a demand for the commercialized product could be built meant that this
opportunity was not recognized, nor discovered, but in fact it was created. Due to this
example being an actual event rather that theoretical occurrence, it proves that opportunities
are created.
These are an example of company who created business opportunities:

1. SONY: Mr. Ken Kutaragi, a relatively junior Sony Employee, spent hours
tinkering with his daughters Nintendo to make it more powerful and user friendly.
What came from his work is one of the most recognizable brands in the world
today, The Sony Playstation. But Many Sony bosses were outraged at his work,
thinking that gaming is a complete waste of time. Luckily someone in a senior
position saw the value in the product and thankfully so, because now Sony is
one of the world leaders in the prosperous gaming industry. This shows that
company leaders should always be open to innovation—no matter how
farfetched and pointless it may seem
2. Sun Microsystems: Patrick Naughton, a developer, almost left Sun in 1995
because he believed they were missing out on the fast-growing PC consumer
market. He was convinced to stay and help Sun set up a group dedicated to the
 consumer market. This is where group member, James Gosling, created an
elegant object-oriented programming language called Oak, which was later
renamed Java. This was initially created to help set up Time Warner cable
boxes. When that deal fell through, Bill Joy, co-founder of Sun, recognized the
value of Java and that it could be implemented across all different platforms. As
you know, Sun has since merged into Oracle and Java now runs the world with
930 million Java Runtime Environment downloads each year and 3 billion
mobile phones run on Java.
3. 3M: Sometimes, creating opportunity happens by accident. Dr. Spencer Silver,
a scientist at 3M, was attempting to create an extremely strong adhesive to use
in aerospace technology. Instead, he accidentally created a light adhesive that
stuck to surfaces well but did not leave a nasty residue. Instead of throwing
away this idea because it did not solve the problem at hand, he stuck with it until
he found a use for it. After many years of persistence and spreading the word it
finally clicked with someone else, Art Fry, another 3M scientist. He thought back
to one of Silvers seminars and they began to develop a product together. Post-It
notes were born and if you are the vast majority of desk workers you are
probably looking at a pad of them right now.