Identifying Venture Opportunities

of your familiarity with the idea (after all, it is your idea), you will have to consciously avoid giving it short shrift in your plan. Don't

Having a great idea, and building a team to bring that perception to life is the first step in creating a successful business enterprise. While finding a different and exceptional idea is rare enough; the capability to magnificently achieve this idea is what separates the dreamers from the entrepreneurs.

Since the early days of its inception, Nike, Inc has stood out as one of the most dominant competitors in the athletic apparel and fashion industries. With a net worth of over $15.9 billion dollars and the title of most valuable brand in the sporting world, the brand has proven that it has no intention of slowing down in terms of success and innovation (Ozanian, 2018). This research paper will explore the brand, Nike’s, creation, evolution and growth and deduce why it has found such tremendous achievement within the last fifty four years (O'Reilly, 2018).

Like all sellers of consumer products, Nike´s success is grounded in acquiring and maintaining high level of customer acceptance of its

In order to successfully target the consumer base, the businesses like Nike are required to focus their marketing campaigns onto individualized groups, where the requirements of a consumer base are defined to extreme detail. Once

“Having a good idea isn’t enough. You have to present those ideas in a way your listeners will understand and appreciate” (Adler, Elmhorst, & Lucas, 2013). This is where I will need to focus on how to use my words and have my presentation in chronological order so that the listener can understand. I will need to practice my presentation with others and thoroughly ask them questions to ensure they understand my goal and outcome of this new business. “Getting outside perspective is the mark of a learning entrepreneur--someone who considers other possibilities and wants more information rather than less. You still need to be decisive and not freeze in the face of information overload, but if you can get someone to check your thinking on something without it being a big production, there can be a lot of benefit--even if it just reconfirms your thinking, giving you confidence to move forward or simply sharpens up the details a little bit.” (O

[…] For me, seen from the outside, many business ideas, I think are just…. They wanted it to work but most of the ideas that fail in the first year I wouldn’t invest in them... It takes quite a long time until you find an idea in you can really, honestly, believe in and not just, you know have your mom telling you that you are a great singer

The brand name “Nike” is one of the most recognized around the globe. The name is synonymous with high-quality athletic shoes, apparel, and accessories in the minds of many people worldwide. Perhaps it is the compelling marketing that commands attention. Or maybe it is the association between the brand name and its famous endorsers, such as Tiger Woods and

Being an entrepreneur is the dream of many, but as most people who try it, know it is not an easy task. “The simplest explanation for the failure of business is that it ran out of money” (Kurowski, 1997, Para 2). Whether it be understanding the market, preparing a full plan for business, or knowing how you will advertise, you must be knowledgeable in your field of work. Most people attempting to start their own business fail to realize this and will fail within their first year of work and shut down as a result.

Once we have defined our business idea we should think of a place for our

Prior to the establishment phase, an entrepreneur must have a concept that has the possibility of establishing a profitable business. This is known as the business idea, and includes ideas related to products that are existing, have been improved or are unique. The key to establishing a lucrative business is identifying the gap in the

Entrepreneurial opportunities can be found through many sources, but the entrepreneurs own observations are often the most valuable. This includes market knowledge generated as a consumer, such as the authors consumer knowledge of the marijuana industry (Hisrich, Peters, & Shepherd, 2013). With this knowledge, the author has been able to identify a need for a heated tool for use with concentrates, both at the manufacturing and consumer levels. Below, this opportunity will be detailed further. This will be followed by a brief look into the strategies used to both generate and exploit this opportunity.

The main targeted market of Nike are people who lives in developed city, aged 12-40. The specific target consumers within this range that has a desire to

Channel your excitement into a positive, calculated direction, and intelligently test your way into assumptions about your potential new business before jumping aboard and setting sail.

According to Hisrich, sources for new business ideas come from five different thing; Customers, existing products and services, distribution channels, the federal government, and research and development (Hisrich, 2013). Hisrich lays out these five different channels but there are many other things that can produce a business idea, such as something as simple as an entrepreneur having an issue in his/her life and creates something to make that issue disappear. “By far the most popular source of ideas among respondents was a frustration that the founder experienced in his or her personal life. Ever wonder how much your own problems might be worth? Ask Kent Plunkett, who founded Salary.com when hiring a secretary and finding himself unsure of what to pay. After building the world’s largest compensation information database, Kent eventually took the company public in 2007 at a valuation of $175M” (Gulati, 2013). New business ideas are imperative for many companies’ survive within their particular market due to the innovative nature of most markets in this era.