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Chapter 1 8/7/19 Class (Business Opportunities # (what is a business…
Chapter 1 8/7/19 Class
Business Opportunities
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what is a business opportunity
Rate of Return
Elements of a Business Opportunity
Assured Market Scopw
An Attractive and acceptable rate of return on investment
Practicability of the Idea
Competence of the entrepreneur to encash it
Potential of future Growth
Good Market
Perceiving and Sensing Opportunities
Factors
Ability to perceive and preserve basic ideas which could be used commercially
Problems
Change
Inventions
Competitions
Innovations
Ability to Harness different sources of information
Vision and Creativity
Overcome The Adversity
Will be able to exercise control over the business
Will be capable of making significant difference
Environmental Scanning
Environment
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Importance of Environment
Formulation of stratefies and policies
Tapping useful resources
Money
Raw Material
Technology
Better Performance
Sensitization of entrepreneurs to cope with rapid changes
Image Building
Identification of Opportunities to get first mover advantage
Analysis of Environment
Data Collection
Information processing
Forecasting to provide a rational basis for developing goals and strategies
Sources
Verbal Instructions
Record of Companies
goverment publications
publications by various financial institutions
formal studies conducted by strategic planners
Business Environment
Macro Environment
Political
Economic
Social
Technological
Ecological
Legal
Micro Environment
Suppliers
Customers
Intermediaries
Competitors
General Public
Entrepreneur
Entrepreneurship
Enterprise
Environment
Opportunity Spotting
Creativity & Ideas
Innovation and Product
Project Business
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Problem
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Need
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