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Opportunities through change

Entrepreneurs tend to be strategic thinkers who recognize changes and see opportunities where others do not.

Entrepreneurship is therefore the result of inspired strategy to exploit change , but first change has to be recognized. Therefore major sources of change are examined and how entrepreneurs turned these changes into opportunities is studied Scientific knowledge Process Innovation Industrial Changes Market Changes Demographic Changes Social and Cultural Changes

Scientific knowledge: has been the heart of many enterprises Charles Babbage created a mechanical computing machine more than a century ago.

Newton , Wright brothers are other entrepreneurs who used their scientific knowledge to do something new

Process innovationIndustrial changes : they can occur through natural events , such as discovery of oil , or as a result of human events. For example the recent deregulation of the airline industry forced dozens of major airlines to compete with the regional upstarts and commuter low fare players. Examples of Industrial changes in the area of letters , phones ,fuel(fossil to solar power , hydroelectric and geothermal power) : closely associated with scientific knowledge is the implementation processes, techniques and methods essential to make knowledge useful. Inventions would have little or no meaning if they were not backed by process invention Examples would be the growth of the food processing industry as a whole .

Market changes : changes that take place in the way the markets behave or on what assumptions one would make about buyer behaviour.

Dominos Pizza was built on a simple , important observation that a lot of people ordered pizza to take out,

It has had a tremendous effect on education. Demographic changes: concerned with population trends, age, sex, and ethnic characteristics,

educational status and income of a nations population. As a nations demographics change, new opportunities to serve human needs arise. By tracking these changes, entrepreneurs can identify opportunities and react to them.

Social changes occurred at a snails pace until the late 18th century. The pace quickened a bit during the 19th century, But as we look back over the 20th century , social changes reached an unprecedented quick pace.

Post the industrial revolution there were drastic changes in the way people lived , worked , spent their money , recreated and worshipped.

These changes brought new demands that inspired a faster rate of change in innovation.