The “Five Roots of Opportunity,” as defined by Mariotti and Glackin (2013), are considered as an essential business start-up performance objective used to help entrepreneurs like ourselves, identify and evaluate opportunities as we consider starting our own business. The “Five Roots of Opportunity” help the entrepreneur exploit the following five (5) business development attributes:
- Problems: Specific problems our business can solve, needs that our business can satisfy, and/or goals that our business can achieve.
- Changes: Shifts in trends, behaviors, situations, circumstance, and/or laws, statutes, policies, and/or mandates.
- Inventions: Innovative ideas and inventions of brand new products and/or services.
- Competition: Understanding and responding to competition. For instance, developing ways to underprice the competition, establish a more advantageous location, render better product and/or service quality, enhance reputation, perform more reliability, or provide product delivery expediency, can help us generate and sustain a competitive advantage over an existing product and/or service brand.
- Technological Advances: Advancements in technology. Engineers may likely be the ones who devise new technological breakthroughs, but it is the entrepreneur who decides how to use it and how to best sell it.
Additionally, the smart entrepreneur must consider certain forces relative to internal and external opportunities. According to Mariotti and Glackin (2013), opportunistic forces commonly those that internal and those that are external in nature and/or substance. That is, an internal opportunity is an attribute that is derived from within the entrepreneur. An internal opportunity could be that of a particular personal interest, hobby, passion, or even the business itself. Such an internal opportunity might arise in the form of a solution to a specific problem, such as developing a useful product from normally discarded cardboard boxes, or for the possibility of a creating entirely new product line. Divergently, an external opportunity is commonly produced by an apparent force from outside the borders of the circumstance, or the business itself. For example, in Richard Branson’s case, he identified air travel as being disorganized and lacking in customer service performance, so he decided to solve that “problem” by forming his own airline.
Be smart and be encouraged,
Mariotti, S. & Glackin, C. (2013). Entrepreneurship: Starting and operating a small business. (3rd ed.). Upper Saddle River, NJ: Prentice Hall.