1.3.7 Summary of key points

When the circumstances are changing, we will gain significant advantage over our competitors if we consider the problem of the economic crises as an opportunity. We can profit better if we are the ones recreating the rules of the market by exploiting the upcoming new opportunities: During the economic crises customer needs and expectations are changing rapidly, there are quickly changing competitors while there is a slowly changing technology and external regulatory environment. There are emerging holes in the market.
An opportunity discovery strategy enables firms to find these best opportunities in the market by noticing future development tendencies. It enhances growth and increase in newness value that ventures show. It involves 5 aspects: proactive searching, competitive scanning, knowledge acquisition, collective action and innovative behaviour.
Corporate entrepreneurship is responsible for those activities by which we exploit the discovered opportunities. It involves the company's ability to innovate, take risk, and seize opportunities in its markets. It centres on creating new business by penetrating new markets, pursuing new business, or both.
In particular, in a crises we can try exploiting opportunities by using creative sources, sharing ideas, analysing our resources, saving money for the customer and within the business processes.  We can as well find new business fields and use the time for preparing a new service or product.

In this chapter you could already gain knowledge about the importance of considering all changes in the global or local environment as an opportunity – even at the times of an economic crisis. You could understand that the changing conditions in the crisis are valid for everyone, and by discovering opportunities among these changes your SME can find holes in the market. You learnt the importance and strategies for assessing your resources, which add value to finding the best opportunities which fits your competencies and possibilities. At the end of the chapter you could find tips and advices on creating new, innovative solutions for exploiting the opportunities within your local area.