STRATEGIC ENTREPRENEURSHIP - Coggle Diagram
Product can be used to solve their problem.
Possibility of offering a new product or service in a particular market.
Profuct or service fulfills the demands and preferences of the customers.
Political and Legal
Because evvironment factor effect customers.
Preparing a Business Plan.
Selecting a business opportunity.
Identify the needs and wants of customers.
EVALUATING AN OPPORTUNITY
Process of adding up all the expected benefits of an opportunity.
Subtracting all the expected costs.
Benefits outqweight the costs, the opportunity maay be worthwhile.
Examines the potential benefits that you forfeit when you choose one course of action over others.
Business evaluation methot that for areas :
SOURCES OF OPPORTUNITY
Company were started because an entrepreneur wanted to solve a problem.
Change often produces needs or wants that no one is currently meeting.
The creation of tottaly new products and services can happen by accident.
EXISTING PRODUCT AND SERVICES
Get ideas from opportunities from businesses that already exist by looking for ways to improve a product significantly.
Entrepreneurs sometimes turn one of a kind experiences or uncommon knowledge into a product or service that benefits others.
INDUSTRY TYPES AND THE OPPORTUNITIES
Industries in which standard operating procedures have yet to be developed.
Opportunity : First-mover advantage.
Industries that are characterized by a large number of firms of approximately equal size.
Opportunity : Consolidation.
Industires that are experiencing slow or no increase in demand.
Opportunities : Process innovation and after-sale service innovation.
Industries that are experienceing a reduction in demand.
Opportunities : Leadership, establishing a niche market, and pursuing a cost reduction strategy.
Industries that are experiencing significant international sales.
Opportunities : Multidomestic and global strategies.