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in Starting a Startup by Wooden (2,160 points)
How do entrepreneurs identify problems and/or opportunities?

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by Wooden (2,160 points)
Identifying a problem, or an opportunity, is crucial to the entrepreneurial process. Your entire Business Model Canvas revolves around how you create, deliver, and capture value for individuals who have problems and needs.

Before you can dive into the Business Model Canvas, you must determine what problem you currently are solving or will solve. Once you’ve identified the problem, you’ll be able to determine who has this problem (Customer Segments) and generate unique solutions to the problem (Value Proposition).

Alexander Osterwalder and Yves Pigneur (2010) assert that business model innovation is rooted in creating new models that meet “unsatisfied, new, or hidden customer needs” (p. 136).

As entrepreneurship scholar Donald Kuratko contends, entrepreneurs are “individuals who recognize opportunities where others see chaos, contradiction and confusion” (p. 3). Learning how to recognize entrepreneurial opportunities amongst the chaos and confusion may seem daunting at first, but it is a skill that can be learned and, if mastered, will position you for success.

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