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Business Opportunity Identification and Selection

The document discusses business opportunities and entrepreneurship. It defines an entrepreneur as someone who organizes and manages a business while taking on financial risk. The major aspects of entrepreneurship are identified as recognizing market opportunities, gathering resources to pursue opportunities despite risks, and creating an operating business. Successful entrepreneurs are said to have thinking abilities, human relations skills, communication skills, and technical ability. The document then discusses identifying business opportunities by observing changes in the environment, recognizing unmet customer needs or problems, and finding solutions.

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240 views15 pages

Business Opportunity Identification and Selection

The document discusses business opportunities and entrepreneurship. It defines an entrepreneur as someone who organizes and manages a business while taking on financial risk. The major aspects of entrepreneurship are identified as recognizing market opportunities, gathering resources to pursue opportunities despite risks, and creating an operating business. Successful entrepreneurs are said to have thinking abilities, human relations skills, communication skills, and technical ability. The document then discusses identifying business opportunities by observing changes in the environment, recognizing unmet customer needs or problems, and finding solutions.

Uploaded by

Anonymous 3H6fFBm
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Business Opportunity

SUBMITTED TO:- SUBMITTED BY:-


Dr. SIMMI VASHISHTHA ABHISHEK YADAV
ROLL NO. :- 89
Who is an Entrepreneur ?

An Entrepreneur is a person who organizes


and manages a business undertaking,
assuming the risk for the sake of profit.
Major Aspects of Entrepreneurship

1.The identification of market opportunity and


the generation of a business idea to address
the opportunity.
Major Aspects of Entrepreneurship

2. The gathering and commitment of


resources in the face of risk to pursue the
opportunity
Major Aspects of Entrepreneurship

3. The creation of an operating business


organization to implement the opportunity-
motivated business idea
Successful Entrepreneurs

 Thinking Ability that encompasses


creativity, critical thinking, analytical
abilities and originality

 Aptitude for Human Relations

 Communication Skills

 Technical Ability
BUSINESS OPPORTUNITY

Business opportunity also defined as the


potential to create something new that
involves change in knowledge, technology,
economy, politics, social, and demographic
conditions.
OPPORTUNITY IDENTIFICATION

Opportunity identification is a process that


involved the search for and discovery of
businessopportunities
APPROACH TO OPPORTUNITY
IDENTIFICATION

1. Observe changes in the environment


2. Recognize a need that customers have
that is not being satisfied
3. Recognize problems and find ways to
solve it
OBSERVING CHANGES IN THE
ENVIRONMENT

Changes in the environment give rise to


needs and wantsand/or problems, and an
opportunity emerges
Important environment forces to observe
include:
1. Economic forces
2. Social forces
3. Technological advances
How to Select the Right Opportunity

Step 1:Identify Your Business and Personal


Goals
Step 2:Research Your Favourite Industries
Step 3:Identify Promising Industry Segments
Step 4: Identify Problem Areas and Brainstorm
Solutions
Step 5:Compare Possible Solutions with Your
Objectives and Opportunities in the
Marketplace
Step 6:Focus on the Most Promising
Opportunities
Characteristics of the “IDEAL” Business

 Requires no investment
 Has a recognized, measurable market
 A perceived need for the product or service
 A dependable source of supply for the required
inputs
 Requires no labour force
 Provides 100% gross margin
 Buyers purchase frequently
Market Issues
 What products or services are you selling?
 To whom do you sell?
 Does someone represent you or distribute your
products or services?
 How do you promote sales?
 What do customers expect?
Advantages of Successful Entrepreneurship

 You are your own boss

 Enjoy the profits from you efforts

 Sense of pride in your business

 Flexibility in your work schedule


Thank you

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