MVP‟s RSM Polytechnic, Information Technology

Nashik

MVPS’s
RAJASHRI SHAHU MAHARAJ
POLYTECHNIC, NASIK

INFORMATION TECHNOLOGY DEPARTMENT

ACADEMIC YEAR 2022-23

Entrepreneurship Development

(22032)

MICRO-PROJECT
ON

“IDENTIFY BUSSINESS OPPORTUNITY

SUITABLE FOR YOU”
GROUP MEMBERS

SR. NO Roll No Enrollment No Student Name

1 61 2010020381 RITUJA SAWALA

2 62 2110020382 RIYA WAJE

3 63 2110020383 DHAVAL DAYEE

4 64 2110020384 KUNAL SALUNKE

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INDEX

Sr. no. Chapter name Page no.

1 Introduction 5

2 7 Growth Strategies For Your Small Business 6

3 Strategies To Improve Business 8

4 Tools To Access Business‟s Situations 24

5 Strategies To Improve Product Quality 27

6 Conclusion 31

7 References 32

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List of Figures

Fig. No Figure Name Page No

1.1 Improve Business 5

2.1 Growth Business 7

3.1 Strategies 23

3.2 Start- Up Business 26

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ABSTRACT

This case study show that the basic traits, vision, courage, opportunity identification
and selection, initiative, hard work, creativity and innovation, effective managerial skill and
strategic planning of a young and dynamic edupreneur from India, an emerging economy.
Literate and skilled population is the foundation stone of a growing economy. This creates a
need for establishing and developing an education system that prepares our future generations
in a proficient manner.
Most of the schools and colleges, with socially driven mission statements, portray to
be nonprofit and social service ventures, but in realty have turned into educational factories
where no serious attention is given to quality, but only the numbers matters.
Today there is a great need for individuals with entrepreneurial minds and social
sensitivity to penetrate into this sector and bring about a change. The term `EduPreneur`
means Educational Entrepreneur, this is a person who ventures into the entrepreneurial
aspects of the educational domain.
It discusses in details the basic education acquired by the edupreneur, what inspired
him to become an entrepreneur, what was his vision, how did he settle on a particular
business idea, how did he develop his business, what is his business model, what hardship did
he faced, how did he overcome those obstacles and what are his plans for future expansion
and growth?

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Chapter 1
Introduction

Literate and skilled population is the foundation stone of a growing economy. This creates a
need for establishing and developing an education system that prepares our future generations in a
proficient manner. Most of the schools and colleges, with socially driven mission statements, portray
to be nonprofit and social service ventures, but in realty have turned into educational factories where
no serious attention is given to quality, but only the numbers matters. Today there is a great need for
individuals with entrepreneurial minds and social sensitivity to penetrate into this sector and bring
about a change.
The term `EduPreneur` means Educational Entrepreneur, this is a person who ventures into the
entrepreneurial aspects of the educational domain. This is a story of a young professional who did the
realty check of the course curriculum being offered by the MBA programs being offered under the
university system in his region and found to his surprise that contents that were being delivered was
obsolete and also no special efforts were being made either by the universities or by the institutes to
upgrade the syllabi.
He felt that in this fast changing world,it is necessary that institutes get the nerve of the
changing economic scenario and modify their course content in consultation with the industry
veterans, so that the would-be manager can aptly be equipped with the contemporary knowledge and
strategies to fight their way, when they enter into their careers.

Business opportunity, in general sense implies a good chance or a favourable situation to do

the business. Business opportunity identification is central to the domain of entrepreneurship.
Entrepreneurship revolves around answering various questions with regard to why, where, when and
how business opportunities arise.
Recognizing an opportunity often results from the knowledge and expertise of the individual
entrepreneur. The entrepreneur must always be ready to use his knowledge and experience and turn
his ideas into a powerful business opportunity and create a successful venture. Opportunity
identification and selection are like corner stones of a business enterprise. Better the former, better is
the latter. However, all the identified opportunities and the business ideas must be carefully screened
and analysed by the entrepreneur.
The first step for every entrepreneur is the identification of a business opportunity and generate
a new business idea. The generation of new business idea is not an easy task. Thus, let us now
examine various sources and techniques of idea generation for new products and services. You need to
understand that business opportunity, identification and selection involves a thorough research of the
dynamic market.

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Chapter 2
TRENDS
Trends mean something which is trending in your target market. Trends often provide great
opportunities for starting a new venture, particularly when the entrepreneur can be at the start of a
trend that lasts for a considerable period of time. Seven trends that provide business opportunities are
discussed below:

1) Wearable Trend: As the cost and size of microprocessors continue to shrink; the ability to carry
the computers with monitors to display relevant information is now a reality. The wearable tech
industry includes categories such as body monitoring (Fitbit) which has brought smart watches into
the market. Consumer’s interest in smart watches is expected to boost the industry further as new
companies come forward to service the industry with applications and accessories.
2) Green Trend: The green sector continues to brimming opportunities around the world. The Green
sector is filled with opportunities for entrepreneurs around the world. Today consumers are willing to
pay more for green products. Going green is not going away, but the various trends within the green
business movement will change direction, creating opportunities for new products and new
businesses. For example: a movement towards hybrid cars, eco-friendly products and packaging etc.
3) Payments: The dynamic payments industry continues to expand and evolve, with digital payment
vehicles and transaction volumes growing across the globe. This industry includes services for lending
money (lendingtree.com) to products that allow anyone to accept credit/debit cards (billdesk) as well
as billing and accounting services (Paytm).
4) Maker Trend: The maker movement is a trend in which individuals or groups of individuals
create and market products that are recreated and assembled. The recreation and assembly are done by
using unused, discarded or broken electronic, plastic, silicon or virtually any raw material and/or
products from a computer-related device. The maker movement has led to the creation of a number of
technology products and solutions by typical individuals working without supportive infrastructure.
For example, MintyBoost, a popular DIY USB charger kit built uses an Altoids tin, batteries and a few
connectors which can easily be created using instructions online, or purchased from other makers who
sell their devices.
5) Mobile Trend: The mobile phones continue to revolutionise the way of purchases and interaction
with consumers. The consumers are short of time so the activities once done on desktops are now
done on mobile phones or tablets. There is no point in drawing a distinction between future of
technology and future of mobile. Both have been moving towards consumers friendly operations.

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Fig. 1 TRENDS

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CHAPTER 3
SOURCES OF BUSSINESS IDEAS
3.1 A GOOD BUSSINESS IDEA
A business idea is a starting point for any current or future entrepreneurs. It is essential because it is
the beginning of a new life for a business and an entrepreneur. An idea is important in the initial
stage of a start-ups as well as their development. The results from good business ideas will feel in
all phases of the development of a firm, but will also depend on other entrepreneurial activities.
Any good business ideas could be an invention, a new product or service, or an original idea or
solution to an everyday problem. A good business idea does not necessarily have to be an unique
product or service. Majority of the entrepreneurs becomes successful with the accomplishment as a
result of the exceptional execution of ordinary ideas. The chances of success therefore will be far
greater if you can market a product that is similar to existing offerings, while providing greater
value to customers. In entrepreneurship ‘ideas’ is used as an acronym. IDEAS stand for:
I- Identification of opportunities
D- Designing into prototype to show to segment of society
E- Exclusive or Unique that is different from competitors A- Acceptable to
segment of society
S- Satisfying to the segment of the society for which made.

In other words, ideas are referred to as problems expressed by the people in the society. Any
problem stated by the consumers becomes a business opportunity to be fulfilled by providing
necessary goods or services as a solution to their problems. For example, if a person is looking for
keeping his/her body fit then this problem can be solved by offering gym facility to him/her.

3.2 SOURCES OF BUSINESS IDEAS

Business ideas are thoughts that when implemented can lead to income generation.
Coming up with new and feasible business ideas is a crucial initial step to become a great
entrepreneur. Business ideas are all around us in the environment. Some of these business
ideas emerge from market analysis and consumer needs, while others emerge from a long
research process. Sources of new product ideas include: company employees, customers,
competitors, outside inventors, acquisitions, and channel members. However, there is no
conventional technique for sensing and selecting a right business opportunity, these are some
of the fruitful sources of business ideas adopted by successful entrepreneurs which can be
classified as internal and external sources of idea generation. Let us learn them in detail.
3.2.1 Internal sources
Internal sources facilitate the generation of business idea from within the
organization. When people think about creativity in a business, they are often referring to
ideas for new products and services that come from the employees. Using internal sources,
the company can find new ideas through formal Research and Development (R&D) or
through formal and informal employee’s suggestions. Rewards and recognition can be
provided in order to obtain maximum participation from the employees.
1) Research and Development: R&D can be carried out in-house or outside the
organization. R&D activity suggests what and how a new or modified product can be

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produced to meet the customers’ requirements. R&D involves researching the market and
the customer needs and developing new and improved products and services to fit these
needs. Businesses that have an R&D strategy have a greater chance of success than
businesses that not have R&D strategy can lead to innovation and increased productivity
and can boost competitive advantage of the business. However, research and development
can be expensive and time-consuming process but its benefits outweigh its costs.This is
the first growth strategy that most small business look to first. In this strategy we look at
the current product and the current market and how we can increase our market hare. It is
a very competitive strategy as you going head-to-head with your competition. One way
you can increase your market share is by lowering your selling price. The second option
is to offer promotions. You can offer trade and sales discounts. This will not only attract
current customers but it may encourage new customers to try your product.
2)Intrapreneurship: An intrapreneur is a person who takes on the responsibility to
innovate new ideas, products and processes or any new invention within the organization.
Beyond its internal R&D process, companies can use the brains of its employees—from
executives to scientists, engineers, and manufacturing staff to sales people. Many
companies have developed successful “intrapreneurial” programs that encourage
employees to envision and develop new-product ideas.
3)Hobbies and Interests: Hobbies are the activities that one enjoys doing during leisure
time and can prove to be a major source of business ideas which is generated from within
an entrepreneur. In fact, many successful entrepreneurs have established great successful
business ventures while pursuing their interests or hobbies. Virat Kohli, one of the
greatest sportsmen of the 21st century has started its own fitness centre chain named
‘Chisel’ and turned his interests into venture.

Hobbies and Interests

INTERNAL SOURCES Intrapreneurship

Research and Development

Need Recognition of
SOURCES OF IDEA customers
GENERATION

Existing Products and Services

Distribution Network

EXTERNAL SOURCES
Trade Journals, Business
Magazines and

Trade Fairs and Exhibitions

Government Schemes

Fig.2

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3.2.1 External Sources

Business can also obtain brilliant new-product ideas from any of a number of external sources.

1) Need Recognition of Customers: Potential entrepreneurs should always pay close attention to
the needs of the people in the society. A business opportunity arises from the need which is
strongly felt by a vast majority of people. When a need is strongly felt and people are unable
to satisfy it themselves, they tend to find its solution from the outside world. Entrepreneurs
should try to recognise this need as and make sincere efforts to turn this need into a successful
business venture. Needs can be recognized by conducting surveys, whether formally or
informally, through questionnaires, interviews or observation.
2) Existing Products and Services: Improving upon the already existing goods and services is
yet another successful source of business idea generation. This improvement might result into
a completely new product or service having more market appeal and sales potential. Thus, an
entrepreneur should carefully analyse and evaluate existing products and services of itself and
competitors and should bring out ways to improve these offerings. That is why it is said that
entrepreneurs need to be creative and innovative. To understand it clearly let us take an
example. Data storage was never as easy as it is now via cloud storages which were once a
floppy disk. This got improved to a completely new product as CD, and then turned into a pen
drive and various other small chip sized memory cards. Now data is stored on the virtual
clouds like iCloud, google drive etc.
3) Distribution Network: Members of distribution partner like dealers, wholesalers, retailers
and agents have proved to be one of the brilliant sources of new idea generation. The
distribution networks have proximity with the customers and they can recognise the
unsatisfied needs of the customers. No one knows more than them, what do the consumer
wants and what are they getting at the moment. These channel partners can provide with a
wide variety of suggestions regarding improvements in the existing products and services as
well as new product ideas according to the needs of the market as they deal in number of
products and services and thus might be having a maximum experience across industry.
4) Trade Journals, Business Magazines and Newspapers: Statistical information and other
reports are being published by various trade journals, business magazines and newspapers
which can be used in generating new business ideas. They write on current trends in industry,
best practices, legal issues, and general business environment which can provide gainful
insights while generating new business ideas for a successful new venture and its growth. For
example: Laghu Udyog Samachar Magazine is a magazine published by MSME in India for
identification of business ideas.
5) Trade Fairs and Exhibitions:Trade fairs and exhibitions have proved to be one of the
excellent sources of idea generation since decades as they are usually advertised on the
Internet, radio, and newspapers. People from all around the world come and participate in
these fairs and exhibition displaying their new products and services.

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CHAPTER 4
SCANNING AND SCREENING OF BUSINESS IDEAS
So far you have seen different sources of business ideas and techniques for generating business
ideas. Ideas may be many but as an individual you may not want to make use of all the possible
business ideas and to convert them into business venture. Therefore, you need to screen the ideas,
evaluate each of them and select one or few that is viable. Idea screening is a process used to
evaluate innovative product ideas, strategies and marketing trends. Screening is essentially an
elimination technique. The purpose of idea generation is to generate large number of ideas whereas
the purpose of idea screening is to reduce these numbers to some profitable business ideas. Idea
screening criteria are used to determine compatibility with overall business objectives and evaluate
whether the idea would offer a viable return on investment. Whatever does not meet these criteria
is typically discarded. In simple words, idea screening refers to evaluating the business ideas on
the ideas can be screened based on eight criteria’s and the entrepreneur must aim to answer
following questions while screening ideas:
1) Attractiveness of Idea: Would you enjoy doing it? For an idea to become a successful
business venture, it should be attractive to the entrepreneur as well the market. No enterprise
can become successful if the idea is not attractive enough to be translated into a business.
2) Ability to undertake: Do you have the skills needed to do it? One can generate any number
of ideas but the ideas for which the entrepreneurs have skills and abilities are considered to be
the best ones. Even if the skills are not sufficient, then the entrepreneur must consider
whether these skills can be developed by undertaking some training and development
programmes or not.
3) Practicality: Is it something that really can be done? A workable idea is one which is feasible
and practical. Before committing funding to a proposed venture, one must decide whether it
is viable or not.
4) Potential Market Demand: Will the customers be willing to buy it? Before selecting an
idea, its market demand must be carefully analysed. There is no point investing in something
that cannot stimulate its demand,
5) Ability to Combat Competition: Is there competition in the market and can you combat it in
some way? A careful analysis of competition present in the market is necessary before
resorting to an idea. One must ensure the intensity of available competition in the market.
They should enter only that market where they can manage the competition and differentiate
their product.
6) Ability to Differentiate: Can you differentiate it in some way that can be sustained over a
long period? The good idea is the one which has the ability to be sustained for over a long
period of time. It has to be differentiated from those of competitors.
7) Price Potential: Can you avoid competing simply on price? The competition should not be
based only on price as that can lead to a price war. The price war is not appropriate for long
term survival of the business.
8) Resource Availability: Do you think you have, or can get the resources you need to start up
the business? For conducting any business, sufficient amount of resources is required. One
must ensure that they have or can gather sufficient amount of resources required for business.
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