Please enable JavaScript.
Coggle requires JavaScript to display documents.
CHAPTER 3: ENTREPRENEURIAL OPPORTUNITY ANALYSIS, AINI SOFIA BINTI MOHD…
CHAPTER 3: ENTREPRENEURIAL OPPORTUNITY ANALYSIS
:no_entry:
Entrepreneurial Opportunities
A future situation that is both desirable and feasible
:no_entry:
Window of Opportunity
Used for opportunities that only come in a short period of time.
:bug:
Open
The timing for a business is irght as it offers great value and potentials for wealth creation.
:bug:
Close
The opportunity to make profit diminishes due to competition or that it has become irrelevant to the market.
:bug:
Example
:
initial storage data for computing system it will using diskette. As pass time, pen drive or thumb drives fulfill the needs of the growing user since it is more stable and more compact design. Today, customers demand to have bigger space which led to the introduction of portable hard disk.
:no_entry:
Characteristics of an attractive opportunity
:bug:
Timely
An opportunity is said to be attractive if it is able to address the current need, an unmet demand or a problem that needs to be solved immediately.
-Examples:
Current need for a truly preventive vaccine for serious life threatening disease such as Human Immunodeficiency Virus (HIV) and cancer.
:bug:
Solvable
A problem that can be solved in the near future with accessible resources is considered an attractive opportunity.
-Example:
Medicine that can treat or cure cancerous diseases and a more efficient public transport system to reduce congestion and traffic jams.
:bug:
Important
If the customers deem their problem/needs important to them, then they become attractive opportunities.
-Example:
An energy-saving air conditioner and a fuel saving device.
:bug:
Profitable
The customers will pay for the solution and allow the enterprises to profit and consequently sustain themselves.
Example:
Opportunities in security, health and anti-aging products.
:bug:
Context
Attractive if a favorable regulatory and industry situation is in place such as laws governing online business transaction and genuine investment schemes that promises high returns.
:no_entry:
Technology-based Business Ideas
:bug:
Patent Registration Office
Intellectual Property Corporation of Malaysia (MyIPO) can be good source of technology-based business ideas.
These information cam be retrieved easily from the Office's online patent search and patent gazette hosted on its website.
:bug:
University Research & Development Units
Universities provide an endless stream of research findings that can be commercialized.
-Local universities play an important role in providing knowledge that will help business grow into new market segments and develop new products.
:bug:
Research Institutes
The most reliable sources for business ideas.
Example: Malaysian Agriculture Research & Development Institute (MARDI) and Standards and Industrial Research Institute of Malaysia (SIRIM)
:no_entry:
Opportunity Pull (market driven)
There is a need or there is a problem that requires a solution such as the need for a pharmaceutical product that can mitigate or cure the effects of AIDS.
The size of the opportunity draws opportunity seekers to attempt to exploit it.
:no_entry:
Capability Push (technology driven)
From the discovery of a capability or resource that can be applied to a problem or need.
Example: The discovery of a new technology such as touchscreen technology that is used to develop product that can be pushed to the market.
:no_entry:
Internal Factors
:bug:
Segment 1: Thinking Entrepreneurially
Step 1: Entrepreneurial mindset
Step 2: Entrepreneurial motivation
Step 3: Entrepreneurial behavior
:bug:
Segment 2: Seeing Entrepreneurially
Step 4: Industry condition
Step 5: Industry status
Step 6: Macroeconomic change
Step 7: Competition
:bug:
Segment 3: Acting Entrepreneurially
Step 8: Value innovation
Step 9: Opportunity identification
:no_entry:
External Factors
:bug:
Entrepreneurial Mindset
Achievement
Individualism
Control
Focus
Optimism
:bug:
Entrepreneurial Motivation
Self-efficiency
Cognitive motivation
Tolerance for ambiguity
:bug:
Entrepreneurial Behavior
Confidence
Risk tolerance
Interpersonal relations
Social capital
:bug:
Industry Condition
Knowledge
Demand
:bug:
Industry Status
Industry lifecycle
Industry structure
:bug:
Macroeconomic Change
Demographic
Psychographic
Technology
Society
Politics
Regulations
:bug:
Competition
Learning curve
Complimentary assets
Reputation
:no_entry:
Factors in making decision
The product will give significant value to the customer.
The entrepreneur can attract the necessary financial, physical and human resources required by the venture opportunity
The expected return of the venture is consistent with the risk of the venture.
AINI SOFIA BINTI MOHD ZOPRI (2017302875) EH2207C