|
Post by David Wyld on May 25, 2013 18:56:29 GMT -6
|
|
|
Post by kayminix on Jun 8, 2013 23:25:07 GMT -6
INSTANT MBA: Pandora Founder Says You Should Know The Difference Between An Idea And An Opportunity
I have mixed thoughts when reading about what Westergren views as an opportunity and idea. I agree with him that the idea is the thought and the opportunity is the execution of the idea. However, I also think that the opportunity is something that presents itself, just because you have an idea does not mean you should make an opportunity out of it. You need to view the market to see if there is a need for your idea, or if you should wait for a better time to present your idea. Opportunity is all about the right timing, more so than just having the courage to try your idea out.
|
|
|
Post by jalesianelson on Jun 9, 2013 9:51:26 GMT -6
Instant MBA: Pandora Founder Says You Should Know The Difference Between and Idea and an Opportunity
After reading this article I had a lot of mixed feelings. I understand what is being said, but I feel like there is also a flip side. I feel like even though creating an opportunity is an option, sometimes waiting for opportunity to present itself is a better choice. I do agree that entrepreneurs should be able to differentiate the difference between an idea and an opportunity, but I don’t think that is the number one quality that defines them. What if an entrepreneur creates an opportunity instead of letting it present itself, and it doesn’t go as planned because of timing, then what? Does that make them less of an entrepreneur because they made an executive decision to execute an idea before really considering the outcome? To me the number one quality of entrepreneurship is to be able to step back and analyze all angles before deciding to follow through with an idea. Be rational about the idea before going all in, because your vision may not have a successful outcome at all, especially if the timing isn’t right.
|
|
|
Post by maryhilse12 on Jun 9, 2013 11:55:33 GMT -6
INSTANT MBA: If You Want Your Business To Grow, You Have To Travel
Being involved in your business does mean get out in the business. Go to the job site, meet employees, colleagues, competitors, travel and know the business inside and out. This will give one more in depth knowledge that will be of more value that just reading a financial report. Being able to touch, feel, and see the business world brings more insight to you. Being able to live the business will allow you to be more proactive in growing the business. So go get in the business the more ways you do this, the more successful your business will be.
|
|
|
Post by franklinvazquez on Jun 9, 2013 17:11:31 GMT -6
INSTANT MBA: Pandora Founder Says You Should Know The Difference Between An Idea And An Opportunity
Basically, the article explains that an opportunity comes after an idea, which means that ideas can only transform into opportunities if they produce a positive result after considering different outcomes. When we generate ideas, we have to analyze them in order to keep the good ones and rule out the ones that do not have the chance of becoming an opportunity. For example, we might have several ideas to invest our money; however, some cases might not be good enough to ensure our financial growth, so we have to narrow down our options. The same applies to companies; if an employee comes up with an idea to improve sales, a careful analysis would be required to make sure the idea will indeed be beneficial for the firm, which will be an opportunity.
|
|
|
Post by elvia on Jun 10, 2013 17:05:10 GMT -6
INSTANT MBA: Pandora Founder Says You Should Know The Difference Between An Idea And An Opportunity I do believe that an idea may often be an opportunity waiting to be acted on. Though not all ideas are great ones, but it doesn't hurt to look into it, not necessarily putting major resources and time into an idea that may not become an opportunity, but there is no reason not to look into this idea and see if there could possibly be an opportunity there. As an entrepreneur you have to be able to make things happen for yourself. Most likely you won't be getting any great opportunities handed to you just like that. If you happen to come up with an idea, see what positive things could possible come from acting on it, if it turns out that this idea wouldn't be such great idea,oh well! At least you didn't miss out on what could have been a great opportunity for you and your business.
|
|
|
Post by neilthompson on Jun 10, 2013 18:51:02 GMT -6
INSTANT MBA: Pandora Founder Says You Should Know The Difference Between An Idea And An Opportunity
I agree with this article that opportunities were once good ideas. There are many ideas that never develop into opportunities. It takes someone that can evaluate ideas and identify where the real opportunities exist to decide what ideas hold the real opportunity and then act on them. Opportunity requires action for the opportunity to be realized.
|
|
|
Post by mparrish on Jun 10, 2013 23:13:45 GMT -6
I'm going to use my previous example again here. I recently opened a new course, a SIRT laser pistol training class (at considerable capital investment)as a product that I offer. Literally every one of my peers that I talk to thinks it's a terrible idea. I think it's a golden opportunity to increase revenue and market share. They think it's a bad idea because there's no live fire, recoil, or noise from a real gunshot. I think that's the perfect thing for teaching; there are no distractions to learning, and everyone gets to go through the motions in a perfect learning environment. More than one instructor has had this idea, and dismissed it. To date, I'm the only one in LA that is using it as an opportunity.
|
|
|
Post by mda1287 on Jun 11, 2013 14:59:35 GMT -6
INSTANT MBA: Pandora Founder Says You Should Know The Difference Between An Idea And An Opportunity
Ideas and opportunities go hand and hand, it all depends on the person that is involved in the idea. Ideas can lead to tremendous opportunities, such as an offer from another business firm wanting to join. Or the trust from a bank to lend the person a loan to begin what the person is dreaming about. There are always ways to make ideas into opportunities, it all just depends on how passionate and hardworking the person is to get to where the opportunities become available.
|
|
|
Post by kylekling on Jun 11, 2013 15:35:46 GMT -6
INSTANT MBA: Pandora Founder Says You Should Know The Difference Between An Idea And An Opportunity
You will never get anywhere in life unless you take chances. Just because someone has a good idea doesn't mean anything will come of it. You have to be able to act on those ideas and give yourself the opportunity to make it in to something. There is no telling how many people have thought of ideas but didn't act on that idea, and then someone else came behind and made it a reality. The saying "the early bird gets the worm" is absolutely right in this case.
|
|
|
Post by scotthunt13 on Jun 11, 2013 17:07:19 GMT -6
INSTANT MBA: Pandora Founder Says You Should Know The Difference Between An Idea And An Opportunity
Anybody can come up with an amazing idea but it's whether or not you want to make that idea become an opportunity that is important. I'm not the most creative person but it bothers me when I see someone who has a really good idea for something and they do nothing about it, or when someone has the opportunity to take a job that they really want and don't take it. You're not gonna do yourself any favors by regretting decisions you've made in the past. If you have an opportunity to take a chance on something you feel very good about then go for it.
|
|
|
Post by lakeishabrooks on Jun 12, 2013 10:06:20 GMT -6
INSTANT MBA: Pandora Founder Says You Should Know The Difference Between An Idea And An Opportunity In this article I don't know wheather to agree or disagree with the statement that one should know the difference between an idea and an opportunity. My opinion is you can have an idea but it takes available opportunities to put and idea to work. For example have this idea to start this non profit organization where I can help young children create and achieve dreams and goals. This can not happen if I do not have the opportunity to do so. Now I have the opportunity and I am about to put my idea to work.
|
|
|
Post by jacobthompson on Jun 12, 2013 12:10:23 GMT -6
INSTANT MBA: Pandora Founder Says You Should Know The Difference Between An Idea And An Opportunity
With entrepreneurship there’s always a risk. I think what separates a success and a failure is the people who know when to take that risk or who are smart enough to see an opportunity when no one else does. Then the person must be brave/stupid enough to actually follow through with the idea.
|
|
|
Post by melissacantrell on Jun 12, 2013 12:13:06 GMT -6
INSTANT MBA: Pandora Founder Says You Should Know The Difference Between An Idea And An Opportunity
I believe that a good entrepreneur who is really dedicated to an idea can turn that idea into an opportunity. Of course there are some ideas that could just never be feasible opportunities, but I also believe that a good entrepreneur knows the difference. If someone is dedicated to an idea, a dream, or a vision and they work to turn that into reality, then opportunities will present themselves. Todd Graves, the founder of Raising Canes, was told his idea of a restaurant that only sold chicken fingers would never work, and his business plan even received a failing grade. But here we are less than twenty years later and nearly 200 stores later, and the opportunities are only growing.
|
|
|
Post by kcarson7 on Jun 12, 2013 14:10:41 GMT -6
INSTANT MBA: Pandora Founder Says You Should Know The Difference Between An Idea And An Opportunity
According to Westergren, the difference between an idea and an oppurtunity is how it is executed. Anyone can have a great idea, but it takes a great entrepeneur to take action on the idea. Take a risk, make a change, make a mere idea into a successful product or business. Going along with what I read in one of the previous articles, though, not all good ideas can turn into something big. It takes tweeking them, and being able to be flexible, and maybe even failing a few times.
|
|