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Entrep Week 2.1

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10 views

Entrep Week 2.1

Uploaded by

abrigoaliyah5
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Entrep

Recognize a
Potential Market
Entrepreneurial Ideas
The creation of an entrepreneurial idea leads to the identification of
entrepreneurial opportunities, which in turn results in the opening of an
entrepreneurial venture.
The basic foundation that the entrepreneur must
have in seeking opportunities:
This allows the entrepreneur to see
Entrepreneurial Mind things in a very positive and optimistic
Frame way in the midst of difficult situation.
Being a risk - taker, an entrepreneur
can find solutions when problems
arise.
This refers to the ability of the
Entrepreneurial Gut entrepreneur of being intuitive. This
also known as intuition. The gut game
Game also means confidence in one’s self
and the firm belief that everything you
aspire can be reached.
Entrepreneurial Heart Entrepreneurs are driven by passion;
they are attracted to discover
Flame satisfaction in the act and process of
discovery. Passion is the great desire
of an entrepreneur to achieve his/her
goals.
Sources of Opportunities
• Changes in the environment
1.1 The Physical environment includes:
a. Climate – the weather conditions.
b. Natural resources – such as minerals,
forests, water, and fertile land that occur in
nature and can be used for economic gain.
c. Wildlife – includes all mammals, birds,
reptiles, fish, etc., that live in the wild.
• 1.2 The Societal environment includes the various forces
like
a. Political forces – includes all the laws, rules, and
regulations that govern business practices as well as the
permits, approvals, and licenses necessary to operate the
business.
b. Economic forces – such as income level and
employment rate.
c. Sociocultural forces – customs, lifestyles and
values that characterize a society.

d. Technological environment – new inventions and


technology innovations.
• 1.3 The Industry environment of the business includes:
a. Competitors
b. Customers
c. Creditors
d. Employees
e. Government
f. Suppliers
2. Technological discovery and advancement -
A person with entrepreneurial interest sees possibility
of business opportunities in any new discovery or because of
the use of latest technology.
3. Government’s thrust, programs, and policies-
The priorities, projects, programs, and
policies of the government are also good sources of ideas.
4. People’s interest
The interest, hobbies, and preferences
of people are rich sources of entrepreneurial ideas, like the
increasing number of Internet Cafés at present could lead to
the strong attachment of young people to computers.

5. Past experiences
The expertise and skills developed by a
person who has worked in a particular field may lead to the
opening of a related business enterprise.
Forces of Competition Model
Competition – it is the act or process of trying to get or
win something.
For example, the prices are lower when there is a
competition among the stores.
These are the five forces competing within the
industry:
 Buyers
 Potential new entrants
 Rivalry among existing firms
 Substitute products
 Supplier
Forces of Competition Model
Forces of Competition Model
Forces of Competition Model
Forces of Competition Model
Forces of Competition Model
Conclusions

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