Prepared by:
Tan, Denise Margarette P.
Edu35-301E
Opportunities
can exist on paper or in the form of ideas.
usually related to the entrepreneur’s work
experiences, hobbies,...
Business idea is a business concept that
results in profits if it is turned into a tangible
product or service.
Opportunit...
Sources of business ideas and
opportunities
Primary sources
refer to first-hand data or
information gathered directly
thro...
Observation ~ data is gathered by observing and
recording the respondent’s actions in
Experiments - experiments or product...
Secondary sources
involved gathering data that have already
been compiled and are available.
it is initially conducted for...
Reliable existing data
- information obtained from annual report of companies.
Reference
- an entrepreneur can use referen...
PROCESSING OF REGONIZING, ANALYSING
AND CHOOSING A BUSINESS
OPPORTUNITY
To determine if the venture can make profits
and s...
Process in recognizing, analyzing and
choosing business opportunity
a) Recognizing customer
needs and wants
d) Screening o...
Recognizing Customer Needs And
Wants
An entrepreneur has to be sensitive in
identifying the needs and wants of customers.
...
Choosing a business opportunity
Criteria that must be choose by entrepreneur in
business opportunity is :-
Legality
Compet...
Competitors
Those who are in the same business
Have a potential to serve the entrepreneur ‘s
customers.
Entrepreneur can i...
Capital requirement
the amount invested in the company.
Three types of capital :
a) Fixed or permanent capital
Fixed capit...
c) Plantation or growth capital
Not related to current business situation.
Used to help small business change its primary
...
Risks face by entrepreneur based on the following
aspect :
The level of difficulties in entering the business
field
The si...
In creating or searching for business opportunities,
one must consider the following factors:
1. The needs of the communit...
5. Supplies or raw materials – Are materials
always available?
6. Manpower – Are expert workers available?
7. Technology –...
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Identifying Business Opportunity

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Transcript of "Identifying Business Opportunity"

  1. 1. Prepared by: Tan, Denise Margarette P. Edu35-301E
  2. 2. Opportunities can exist on paper or in the form of ideas. usually related to the entrepreneur’s work experiences, hobbies, or social environment. can be found in many ways and in many places. Many people see opportunities but only entrepreneur acts upon them.
  3. 3. Business idea is a business concept that results in profits if it is turned into a tangible product or service. Opportunity also defined as the potential to create something new that involves change in knowledge, technology, economy, politics, social, a nd demographic conditions.
  4. 4. Sources of business ideas and opportunities Primary sources refer to first-hand data or information gathered directly through : ~ observations. ~ experiments. ~ interviews. ~ surveys.
  5. 5. Observation ~ data is gathered by observing and recording the respondent’s actions in Experiments - experiments or product sampling is another option. activity. Interviews - field research covers interviews with customers, suppliers, competitors, and industry experts. Surveys - refers to the development of a short questionnaire with respect to the targeted product. - the questions should be very specific.
  6. 6. Secondary sources involved gathering data that have already been compiled and are available. it is initially conducted for one purpose using existing data which is :- ~ reliable ~ available references ~ mass media and electronic media
  7. 7. Reliable existing data - information obtained from annual report of companies. Reference - an entrepreneur can use reference such as publish information from then library, internet and so on. Mass media and electronic media - advertisement and information in the newspaper, magazines and internet. Information on raw materials can be a business opportunity for an entrepreneur.
  8. 8. PROCESSING OF REGONIZING, ANALYSING AND CHOOSING A BUSINESS OPPORTUNITY To determine if the venture can make profits and sustains its competitiveness. Each opportunity must be carefully screened and evaluated. Evaluation is the most critical element in the entrepreneurship process.
  9. 9. Process in recognizing, analyzing and choosing business opportunity a) Recognizing customer needs and wants d) Screening or choosing business opportunities c) Performing self-assessment b) Analysing or scanning the environment f) Preparing or constructing a business plan demographics, population structure, income, and taste e) Matching societal values, community’s response or people’s acceptance Study on local resouces Import and export data Technological breakthrough Industrial linkage Development projects by the public and private sectors New government policies and regulations Mass media and electronic media Experience Skills Knowledge Interest Networking Financial ability Competition Business risk, financial risk such as credit, cash liquidy, loan and currency exchange Fixed capital requirement, working, capital and growth opportunities Legality
  10. 10. Recognizing Customer Needs And Wants An entrepreneur has to be sensitive in identifying the needs and wants of customers. A need is something basic in life. Wants are something that is more than a basic need.
  11. 11. Choosing a business opportunity Criteria that must be choose by entrepreneur in business opportunity is :- Legality Competitors Capital requirement Risk Legality The sugestion of business ideas must be prove by the law.
  12. 12. Competitors Those who are in the same business Have a potential to serve the entrepreneur ‘s customers. Entrepreneur can identify competitors by asking customers from his existing business. Competitors are identify ~ the entrepreneur should identify the strengths and weaknesses of his competitors in term of organizational terms.
  13. 13. Capital requirement the amount invested in the company. Three types of capital : a) Fixed or permanent capital Fixed capital is the amount of the capital that been used to buy the asset of in the company. b) Working capital Referred to as operating capital Also known as assets of business that can be used to supports business operations. Often used to pay bills and salaries, to buy inventories and others.
  14. 14. c) Plantation or growth capital Not related to current business situation. Used to help small business change its primary direction. Risk Define as a period of uncertainly experienced by a business as a result of unforeseen events which lead to either poor earnings and resultant failure. Entrepreneur should be aware of the risks.
  15. 15. Risks face by entrepreneur based on the following aspect : The level of difficulties in entering the business field The size or amount of capital to be invested The amount of profit that can be gained from the revenue The ability and competency of existing workforce or human resources in managing the business Management of energy resources The product’s potential to penetrate the market
  16. 16. In creating or searching for business opportunities, one must consider the following factors: 1. The needs of the community – What products are in demand? 2. Available resources – Do you have money for capital? Do you have equipment and facilities? 3. Skills and interests – Does the particular business activity meet your interest? 4. Market - where will you sell your products? Who will buy your products?
  17. 17. 5. Supplies or raw materials – Are materials always available? 6. Manpower – Are expert workers available? 7. Technology – Is your product or service new or improved? Sources: retrieved from www.slideshare.com and Villanueva, C.A. et al. effective technology and home economics textbook.

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