The document outlines chapter 2 of a business planning textbook. It covers topics like opportunity identification and evaluation, developing a business idea, and creating a business plan. It provides descriptions of the opportunity identification process, evaluating business opportunities, generating business ideas, and the components of a business plan. Tables and examples are included to illustrate concepts like evaluating business opportunities and assessing an entrepreneurial team.

1. Ahmed.adem2@ju.edu.et; +251910736422
CHAPTER 2: BUSINESS PLANNING
Ahmed Mohammed
Lecturer/Facilitator

2. CHAPTER 2: BUSINESS PLANNING
2.1 INTRODUCTION
2.2 Opportunity Identification and Evaluation
2.3 Business Idea Development
2.4 Business Idea Identification
2.5 Methods for Generating Business Ideas
2.6 Business Idea Screening
2.7 Concept of Business Plan
2.8 Developing a Business Plan
2.8.1 Business Planning Process

3. 01 Identify and Evaluate opportunity in the environment,
02 Generate business idea,
03 Explain the concept of business planning,
04
Identify components of business plan and Develop business plan,
Chapter Objectives
After completing this chapter, students will be able to:

4. Opportunity Recognition
Some entrepreneurs need the ability to recognize a business opportunity; this is
fundamental to the entrepreneurial process as well as growing a business.
.
A business opportunity represents a possibility for the
entrepreneur to successfully fill a large enough unsatisfied need
that enough sales and profits result.

5. Opportunity recognition corresponds to the principal activities that take place
before a business is formed or structured. The opportunity identification and
evaluation stage can be divided into five main steps namely;
Opportunity Identification and Evaluation
1. getting the idea/scanning the environment,
2. identifying the opportunity,
3. developing the opportunity,
4. evaluating the opportunity and
5. evaluating the team.

6. 01
02
03
04
05
Scanning the
Environment/
Getting the Idea
Opportunity
Development
Assessment of the
Entrepreneurial
Team
Opportunity
Identification
Opportunity
Evaluation
Any thought, intention,
scheme, suggestion,
Brainwave
Idea is all about opinion about anything we can have. Successful venturing may well rest
upon the ability of an individual to recognize or distinguish an opportunity from an idea.
It includes scanning the
informational
environment, being able to
capture, recognize and
make effective use of
abstract, implicit and
changing information
Having recognized the
opportunity, timely
adaptation of that
opportunity to suit actual
market
need
Involves looking at
the creation and
length of the
opportunity, its
real and perceived
value, its risks and
returns,
Its fit with the personal
skills and goals of the
entrepreneur, and its
differential advantage in its
competitive environment.
Regardless of how right
the opportunity may seem
to be, it will not make a
successful business
unless it is developed by a
team with strong skills.

7. Business factors and questions for opportunity evaluation
Opportunity screening and
evaluation is perhaps the
most critical element of the
entrepreneurial process, as
it allows the entrepreneur
to assess whether the
specific product or service
has the returns needed for
the resources required.
According to experts,
evaluating the opportunity
must answer the questions
listed in table 2.1 :

8. Gartner et al (1999:230) advices that once the opportunity has been evaluated, the next step is to ask pertinent
questions about the people who would run the company. Such questions are illustrated in table 2.2:

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