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CH-1 Entreprenuership Bullet Point Notes Class 12

This document discusses entrepreneurial opportunities and the process of identifying them. It explains that opportunities come from sensing needs in the environment and exploring ideas. An entrepreneur must understand factors like trends, problems, and creativity to perceive opportunities. The document also outlines the elements of a good opportunity, including an assured market and attractive return. It provides tools for analyzing the business environment through scanning and SWOT analysis to find the best opportunities.

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110 views

CH-1 Entreprenuership Bullet Point Notes Class 12

This document discusses entrepreneurial opportunities and the process of identifying them. It explains that opportunities come from sensing needs in the environment and exploring ideas. An entrepreneur must understand factors like trends, problems, and creativity to perceive opportunities. The document also outlines the elements of a good opportunity, including an assured market and attractive return. It provides tools for analyzing the business environment through scanning and SWOT analysis to find the best opportunities.

Uploaded by

Raashi
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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UNIT–1: ENTREPRENEURIAL OPPORTUNITY

"The best way to predict the future is to create it." – Peter Drucker
Learning Objectives:
 Understand the concept and elements of business opportunity.
 Understand the factors involved in sensing opportunities.
 Understand the concept of environment scanning.
 Enlist the various factors affecting the business environment.
 Understand the meaning of idea fields.
 Enlist the various sources of idea fields.
 Understand the technique of transforming ideas into opportunities.
 Understand trend spotting.
 Elaborate on the creative and innovative processes.
Content:
 Sensing Entrepreneurial Opportunities
 Environment Scanning
 Problem Identification
 Spotting Trends
 Creativity and Innovation
 Selecting the Right Opportunity
Entrepreneurial Opportunity:
 Entrepreneurship defined by Peter F. Drucker as constant search for opportunity.
 Success hinges on identifying and capitalizing on business opportunity.
 Business opportunity: Economic idea implemented for profit.
 Criteria for success: Market demand and attractive ROI.
Elements of a Business Opportunity:
1. Assured market scope
2. Attractive return on investment
3. Practicality of the idea
4. Entrepreneurial competence
5. Potential for future growth
Exploring Opportunities in the Environment:
 Opportunity derived from societal needs and problems.
 Process involves spotting needs, evaluating ideas, innovating solutions, and launching
projects.
Perceiving and Sensing Opportunities:
 Entrepreneurs possess vision to spot opportunities.
 Synthesize information to identify emerging patterns.
 Persuade stakeholders to support the opportunity.
Factors Involved in Sensing Opportunities:
1. Ability to perceive and preserve basic ideas
2. Harnessing different sources of information
3. Vision and creativity
Environment Scanning:
 Monitoring internal and external factors influencing business.
 Crucial for adaptation and long-term viability.
Why Environment Scanning?
 Adaptation ensures survival.
 Right information enables necessary adjustments.
Importance of Environment:
 Opportunities for first mover advantage.
 Formulation of strategies and policies.
 Access to resources.
 Improvement in performance.
 Sensitization to rapid changes.
 Image building.
SWOT Analysis Framework:
 Tool for environment analysis.
 Evaluates strengths, weaknesses, opportunities, and threats.
Opportunity – Project Interface:
 Evaluation process based on environmental parameters.
Factors Affecting the Macro Environment:
 Political, Economic, Social, Technological, Ecological, Legal (PESTEL).
Problem Identification:
 Recognizing roadblocks and conflicts.
 Objectives: Clearly state problems, identify target groups, assess market acceptability.
Uses of Problem Identification:
 Launch new products.
 Understand market needs.
 Foster creativity.
 Generate employment and national income.
Idea Generation:
 Process of creating, developing, and communicating ideas.
 Ideas sourced from market trends, consumer needs, and serendipity.
Idea Fields:
 Framework for streamlining idea generation process.
Various Sources of Idea Fields:
1. Natural resources
2. Existing products or services
3. Market-driven ideas
4. Trading-related ideas
5. Service sector ideas
Creative Efforts, Idea Generation, and Innovation
1. Creative Efforts:
 Creativity is essential for entrepreneurs in identifying opportunities and developing
new products/services.
 Five ways to generate creative ideas:
1. Develop a new product or service.
2. Improve an existing product or service.
3. Find new manufacturing processes or resources.
4. Discover new markets for existing offerings.
5. Identify new uses for existing products or services.
2. Examples of Creative Solutions:
 Creativity often arises from problem-solving.
 Examples include self-adjusting screwdrivers and pharmaceutical implants for
controlled medication release.
 Entrepreneurs like Bill Gates and Sam Walton demonstrated creativity in their
ventures.
3. Product Identification:
 Idea should lead to a specific product/service.
 Steps include identifying the product, assessing its application and use, determining
the level of operation, analyzing costs, evaluating competition, assessing technical
complexity, and projecting turnover and profit margin.
4. Market Assessment:
 Factors considered in assessing the market:
1. Demand
2. Supply and competition
3. Cost and price analysis
4. Project innovation and market trends spotting.
5. Ways to Spot Trends:
 Read trends from various sources.
 Talk trends by engaging with industry associations, events, and social networks.
 Watch trends by observing consumer behavior and market activities.
 Think trends by analyzing gathered information to generate business insights.
6. Creative Process:
 Involves five steps: Idea germination, preparation, incubation, illumination, and
verification.
 Examples like Mansukhbhai Prajapati's clay refrigerator illustrate these stages.
7. Innovation Process:
 Analytical planning, resource organization, implementation, and commercial
application are essential steps.
 Innovation translates useful ideas into commercially viable applications.
8. Selecting the Right Opportunity:
 Entrepreneurs should consider market scope, return on investment, feasibility,
competence, and potential growth.

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