Business Opportunities PDF
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This document discusses various business opportunities, types of entrepreneurship, key characteristics, and the importance of business ethics. It also covers business startups and resources required, including money, skills, and knowledge of competitors.
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Business Opportunities types of entrepreneurship 4 1. sma busess Entrepreneurship focus sma ventures Ability and readiness to organise, take self vesment, lited employees risks, manage and start/run a...
Business Opportunities types of entrepreneurship 4 1. sma busess Entrepreneurship focus sma ventures Ability and readiness to organise, take self vesment, lited employees risks, manage and start/run a business (fily/friends) with the end-goal either to make profits, solve problems within the exple: sma restaurts, retail shops society or even both 2. scalable startup entrepreneurship Entrepreneur The one who has the ability and novati-driven, unique products/services desire to start/run a business along requires large capital d vestors with its risks in order to make profits. as for ctuous growth 3. large cpy entrepreneurship expdg existg cpies due to new technologies, markets or cpetiti 4. Social entrepreneurship focuses solvg social or envirmental issues profit is not the ma goal, but social pact is types of entrepreneurs 4 1. builder as to scale busess rapidly (eg. reachg $100 mii a few years often temperental, seeks the best talents d vestors 2. opportunist fds the right te to capitalize fcial opportunities focused profit d wealth 3. Innovator idea driven, with unique ccepts (eg. mark zuckerberg) focuses more the pact th mey, often hds over operatis 4. Specialist specializes specific skis, grow busesses slowly through networkg risk-averse d alytical key characteristics of entrepreneurship novati: ability to brg new ideas risk takg: wigness to hdle uncertaty visiary: focus future opportunities leadership & open mdedness: leadg tes d adaptg to chge product knowledge: deep understdg of the product or service beg offered. flexible portce of entrepreneurship Job creati Positive social pact generates employment opportunities Ctributes to society d cmunity Improved livg stdards entrepreneurship leads to novati d higher livg stdards busess opportunties fr current issues (eg. Covid 19) zo for virtual cmunicati Bersih soluti (cleg services for busy schedules) smart he systems az/shopee (le shoppg when travel is restricted) autatic gates/le check s (solvg lg migrati queues Business Startup is it enough with just idea? A great idea is just the start of entrepreneurship. To build d grow a busess, you also need the right skis, market knowledge, cpetitor research, good marketg, d enough resources. what you need to start a busess? 6 1. busess idea the itial ccept which serves as the foundati of the busess 2. Persal Aributes 6 Sta: the cmitment to endure lg hours d rigorous work, epitized by the noti that success requires 90% perspirati d 10% spirati Cmitment & Dedicati: entreprenuers need to exhibbit disciple d readess for persal sacrifices, understdg that this journey c stra persal relatiships Ability to bounce back: persistence is crucial, showcasg a positive mdset even the face of setbacks. Motivati to excel: it volves beg result oriented with the ability to set high yet realistic goals. the entrepreneurial path c often feel isolatg, makg self motivati vital. opportunity eyes: real entrepreneurs possess nate ability to identify opportunities before others do d rema cscious of future possibilities. - Tolerce of risk & uncertaty: entrepreneurship herently volves risk. a wise entrepreneur learns to mage rather th elate risk. 3. Knowledge of Custers Understdg market demd is essential as custers buy products or services that solve their problems, meet their needs, or add value to their lives. entrepreneurs should ask critical questis, such as who the custers are, why they would buy the product, the specific needs ot product fulfis, d wether the target market is reachable d growg. 4. Knowledge of Cpetitors cductg cpariss between products, understdg cpetitive advtages, d alyzg locatis (whether rural or urb) c significtly affect a busess’s positi the market. recognizg barriers to entry is vital - determg if it is easy or difficult to enter the market, as this fluences capital requirements d overa feasibility 5. Marketg Strategies HOW YOU COMMUNICATE TO CUSTOMERS = MARKETING HOW YOU MAKE IT HAPPEN = MARKETING STRATEGIES effective strategies may clude: matag a low price pots, ensurg high product differentiati, d focusg custer needs d experiences. 6. resources What resources do you need: Mey For capital Not necessarily large ounts Skis Learn new skis Hire new skis Marketing Strategies Defiti of Marketg accordg to the Americ Marketg Associati (AMA), marketg is defed as “the activity, set of stitutis, d processes for creatg,cmunicatg, deliverg, d exchgg offergs that have value for custers, clients, partners, d society at large.” csumers vs custers it is crucial to distguish between csumers d custers: csumers custers those who csume the benefits of custers are those who buys products/services them understdg marketg strategy a marketg strategy represents a cprehensive pl d developed by a busess to aract prospective csumers d cvert them to custers. this strategy is aed at achievg broader busess objectives, which ofter cludes: establishg authority: positig the brd as a leader the market creasg custer engagement: fosterg two-way cmunicati with csumers to build loyalty. generatg leads: aractg potential custers through various outreach efforts the marketg mix ntegral to the marketg strategy is the marketg mix, cmly known as the 4Ps: Product the core item or service designed to meet custer needs. it is essential to differentiate the product fr cpetitors. categories of products Tgebile Products: physical items such as cars, electrics, d clothg. Intgible Products: n-physical goods that provide value, such as surce or software applicatis Services: tgible offergs that are enjoyed rather th owned, such as csultg or hospitality services Price the ount a csumer is wig to pay for a product. price not ly affects profitability but also fluences custer percepti d demd there are two prary pricg strategies: Cost-Based Pricg: pricg determed prarily by the cost of producti plus a mark up. Value-Based Pricg: pricg based the perceived. value to the custer rather th solely the cost. umbrella that cost $300 - > buying youre not buying the umbrella , youre quality/value the Case Study: the evoluti of Mart Penny & Good Hair Day iustrates how effectve marketg d positig c cvert a strugglg busess to renowned brd, growg fr 50k lo rejecti to achievg 115 mii sales by 2007 Place refers to distributi chnels utilized to make products available to csumers. product placement should ensure easy accessibility for target custers. Distributi Strategies: for tce, everyday csumer goods may be widely available, while premium products may be lited to select high-end stores. Proti encpasses advertisg, sales protis, persal seg, d public relatis. this cpent is crucial for aractg csumer aenti d persuadg them to make purchases Features versus Benefits Features: the characteristics of a product (eg. heated seats car) Benefits: the practical advtages or value those features provide to the csumer (eg. warmth d cfort durg wter) Business Ethics what is busess? busess, essence, refers to the orgized effort to produce goods d provide services to meet the needs of csumers while generatg profits. it volves various cpents, cludg: Goods: Physical products sold to custers Services: Intgible offergs that provide value to csumers the most profitable busesses typicay capitalize csumer demds, market trends, d operatial efficiencies while matag ethical stdards Busess Ethics - What is ethics? ethics encpasses the prciples of right d wrg that guide dividuals’ actis society. it c be observed two prary das: 1. Individual ethics: persal moral stdards fluencg behavior. 2. Ctextual ethics: how dividuals teract d uphold stdards various ctexts, such as busess practices. isl, the ccept of akhlaq defes good character, whereby dividuals strive to act justly d horably dealgs with others. Importce of Busess Ethics busess ethics applies ethical csideratis to busess actis d decisis. high ethical stdards do not ly fluence the reputati of orgizati but also dictate its operatial success. se critical aspects of busess ethics clude: workplace cduct: how employees teract with each other d with external stakeholders corporate respsibility: orgizatis are expected to act the best terests of society d envirment trsparency: ethical busesses openly cmunicate their practices to csumers d stakeholders Exple of Unethical Practices unethical behaviour busess c mifest various forms, cludg but not lited to: nepotism Harassment d Sexual Harassment fraud Misleadg Custer discrati bribg sider tradg no respect for custers data misapprpriati of assets understdg these unethical practices is crucial for preventg their occurrence d fosterg a culture of tegrity case studies: nestle vs lush ctrastg Nestle d Lush, we see two divergent approaches to busess ethics: Nestle: A case of unethical practices nestle has faced criticism for misleadg marketg, particularly regardg ft formula. aegatis clude: protg formulas through free sples that led to dependency g mothers. lack of trsparency resulted a loss of csumer trust d boyco, dagg the brd’s reputati. Lush: An ethical approach lush emphasizes ethical sourcg d sustaability, pursug a cpetitive advtage through: fair labor practices d supply cha trsparency cmitment to cruelty-free products strg brd identity d custer loyalty due to ethical brdg the ctrastg practices of these two cpies highlight that ethucal approaches c result lg-term profitability d custer loyalty despite possibly higher itial costs. the employee perspective orgizati’s ethical stce pacts employee satisfacti d turnover rates significtly: Negative Envirment: (eg. Nestle) low job security d poor employee benefits lead to low morale d high turnover, unhappy employees who are less productive Positive Envirment (eg. Lush) fair wages d opportunities for career growth: creased morale d productivity, high employee retenti, resultg a more stable workforce Integrity and Intellectual Property sight to local entrepreneurship exg local entreprenuers as case studies, we a to make theoretical aspects learned class practical. the local busess ldscape cludes various sectors such as: food d beverages (F&B) apparels producti d mufacturg agriculture farmg entertament fishery farmg securg your IP no e are free fr hurdles d tests life cludg startg up a busess. what is IP d why do we need to safeguard it. IP is your tgible property generated fr IDEAS d have been developed to busess or ventis. How to protect: havg license d payg for legal measures: trademark, copyright & patent Infrgement c happens - passg of (seg se products without csent) portce of legal protecti 1. patents protects new ventis, processes or scientific copyrights 2. trademark protects brds, logos d slogs 3. copyright protects origal work of authorship real life exples khairul g: a prent ctent creator who has established a persal brd through cookg d related products. his brd, KA Sbal Nyet, exemplifies effective product development d IP protecti venti of oil filter: iustrative exple of cmercializati underpned by proper IP protecti iustrates the portce of legal freworks busess novati navigatg IP protecti brunei to secure IP rights Brunei, entrepreneurs c approach the teectual property office (IPO), which operates under the aorney general’s chber. distcti between novatiors d mitators novators itators novaters create origal itators may replicate products/services successful ideas but arent necessarily detrental. good itati c lead to proved offergs, provided it doesn’t frge IP rights
