Sources of Business Opportunity PDF

SOURCES OF BUSINESS OPPORTUNITY  WHAT IS A “BUSINESS ENTREPRENEUR OPPORTUNITY”? INNOVATION SHIP Innovation generally Entrepreneurs are refers to the process of individuals who are creating a new or...

SOURCES OF BUSINESS OPPORTUNITY  WHAT IS A “BUSINESS ENTREPRENEUR OPPORTUNITY”? INNOVATION SHIP Innovation generally Entrepreneurs are refers to the process of individuals who are creating a new or willing to take the risk of improved good, service or process starting, running and Invention is development building a business of something totally new. Both result in the creation of something unique  WHAT IS A “BUSINESS OPPORTUNITY”? CHANGING MARKET CUSTOMER OPPORTUNITIES NEEDS Markets – places where Customer needs also change due buyers and sellers to; interact to trade goods Income and services Tastes and fashions Changes, inefficiencies, or Prices of complementary and a ‘gap’ in a market are all substitute goods and services opportunities that can be Population potential business Expectations (future prices and incomes) opportunities Number of potential customers  WHAT IS A “BUSINESS OPPORTUNITY”? RESEARCH & TECHNOLOGICAL DEVELOPMENT DEVELOPMENT Individuals and businesses Development of new undertake R&D to expand products and processes their knowledge or products create opportunities for and processes people with business This information helps ideas develop new products or Applying technological improve existing products, or development knowledge lead to technological changes the way developments businesses operate  WHAT IS A “BUSINESS OPPORTUNITY”? GLOBAL MARKETS Today’s marketplace is global; meaning goods and services can be exchanged across the world Advantages include Opportunity to grow or expand business Reduced dependence on local markets Extended life cycle of products Reduced fluctuations in markets  PERSONAL MOTIVATION BEHIND STARTING A BUSINESS  Success and failure of a business largely depends on the PERSONAL owner’s abilities, resources, MOTIVATI enthusiasm, initiative, level of ONS management expertise, decision-making skills, and motivation  POSSIBLE MOTIVATIONS DESIRE FOR INDEPENDENCE MAKE A PROFIT FULFIL A MARKET NEED FULFIL A SOCIAL NEED ENTREPRENEUR PRESENTATION Choose an entrepreneur (be creative!) and research the following: What is their business idea? What business opportunity did they take advantage of? Why do you think they are an entrepreneur? How did they get started? What was their personal motivation? Explain how/what made them successful?