An entrepreneur is someone who perceives opportunities, organizes resources, and comes up with new ideas. Entrepreneurial startups bring innovative and value-creating products or services to the marketplace in a growth-oriented manner. The entrepreneurial process involves discovering opportunities, developing concepts, acquiring resources, implementing ideas, and harvesting results. Opportunities exist when there is an unmet market need that can be satisfied through a creative combination of resources. Identifying opportunities gives businesses a competitive advantage and enables innovation. Effective opportunity identification involves observing changes in the political, economic, social, technological, legal and environmental landscape to recognize customer needs and problems that can be addressed.
identification of businesss opportunity.pptxNketsiahEkow
Business Identification for Registration:
In a legal and administrative context, "identification of business" may refer to the process of registering a business entity with the appropriate authorities. This typically involves providing information such as the business name, type, location, ownership details, and other relevant identifiers. The purpose is to legally recognize and distinguish the business for regulatory and tax purposes.
Market Identification:
In a marketing context, "identification of business" may involve defining and identifying the target market for a business. This process includes understanding the demographics, psychographics, and behavioral traits of the potential customers a business aims to serve. Businesses often conduct market research to identify and analyze their target audience to tailor products, services, and marketing strategies accordingly.
Brand Identification:
Businesses also focus on creating a unique and recognizable brand identity. This includes elements such as a distinctive logo, color scheme, tagline, and other visual and verbal cues that help customers identify and differentiate the business from its competitors. Brand identification is crucial for building brand loyalty and attracting customers.
Business Process Identification:
Another interpretation could be the identification and documentation of various business processes within an organization. This involves mapping out the steps and activities involved in the production, delivery of services, or other key functions of the business. This can be part of business process optimization efforts to improve efficiency and effectiveness.
Risk Identification:
In the context of risk management, businesses engage in the identification of potential risks that could impact their operations. This involves assessing internal and external factors that may pose threats or opportunities to the business. By identifying risks, businesses can develop strategies to mitigate negative impacts and capitalize on opportunities.
2 . the relevance of entrepreneurship in pharmaceutical servicesabcde123321
The relevance of entrepreneurship in pharmaceutical services - series of health economics and entrepreneurship for pharmacy students part 2 Pharm Paul Malaba
identification of businesss opportunity.pptxNketsiahEkow
Business Identification for Registration:
In a legal and administrative context, "identification of business" may refer to the process of registering a business entity with the appropriate authorities. This typically involves providing information such as the business name, type, location, ownership details, and other relevant identifiers. The purpose is to legally recognize and distinguish the business for regulatory and tax purposes.
Market Identification:
In a marketing context, "identification of business" may involve defining and identifying the target market for a business. This process includes understanding the demographics, psychographics, and behavioral traits of the potential customers a business aims to serve. Businesses often conduct market research to identify and analyze their target audience to tailor products, services, and marketing strategies accordingly.
Brand Identification:
Businesses also focus on creating a unique and recognizable brand identity. This includes elements such as a distinctive logo, color scheme, tagline, and other visual and verbal cues that help customers identify and differentiate the business from its competitors. Brand identification is crucial for building brand loyalty and attracting customers.
Business Process Identification:
Another interpretation could be the identification and documentation of various business processes within an organization. This involves mapping out the steps and activities involved in the production, delivery of services, or other key functions of the business. This can be part of business process optimization efforts to improve efficiency and effectiveness.
Risk Identification:
In the context of risk management, businesses engage in the identification of potential risks that could impact their operations. This involves assessing internal and external factors that may pose threats or opportunities to the business. By identifying risks, businesses can develop strategies to mitigate negative impacts and capitalize on opportunities.
2 . the relevance of entrepreneurship in pharmaceutical servicesabcde123321
The relevance of entrepreneurship in pharmaceutical services - series of health economics and entrepreneurship for pharmacy students part 2 Pharm Paul Malaba
What is an Entrepreneur?
One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying and assembling the necessary resources to capitalize on them.
A presentation given to students Home Science department of RTM Nagpur University, Amravati road. The purpose of the presentation was to explain the concept of Entrepreneurship, Skills of entrepreneurs and ideas for food business.
What is an Entrepreneur?
One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying and assembling the necessary resources to capitalize on them.
Area, Production and Productivity of different crops in Hisar (2018-2019)
Area under different kharif crops according to irrigation source in Hisar (2018-2019)
Percentage distribution of principal crops : 2017-18 (p)
F consumption in tonn(18-19)
Pesticide consumption in tonn
umber of tractors(2018-19)
What is an Entrepreneur?
One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying and assembling the necessary resources to capitalize on them.
A presentation given to students Home Science department of RTM Nagpur University, Amravati road. The purpose of the presentation was to explain the concept of Entrepreneurship, Skills of entrepreneurs and ideas for food business.
What is an Entrepreneur?
One who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying and assembling the necessary resources to capitalize on them.
Area, Production and Productivity of different crops in Hisar (2018-2019)
Area under different kharif crops according to irrigation source in Hisar (2018-2019)
Percentage distribution of principal crops : 2017-18 (p)
F consumption in tonn(18-19)
Pesticide consumption in tonn
umber of tractors(2018-19)
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
2. Who is an Entrepreneur ?
An entrepreneur is characterized as “someone who
demonstrates initiative and creative thinking, is able to
organize social and economic mechanisms to turn resources
and situations to practical account, and accepts risk and
failure” - Hisrich (1990)
3. An entrepreneur is someone who…
Perceives opportunity
Organizes resources
Come up with new ideas for products,
markets or techniques( Innovators)
4. The Nature of Entrepreneurial Start-ups
An entrepreneurial venture brings something to the
marketplace.
Three primary characteristics are :
1. Innovative
2. Value-creating
3. Growth-oriented
5. New Business Formation
Entrepreneurs use identifiable milestones to measure their
progress:
Steps in the Entrepreneurial Process
1. Discovery
2. Concept Development
3. Resourcing
4. Actualization
5. Harvesting
We are
here
Identify
Business
Opportunity
6. What is Opportunity?
“Opportunity is defined as a situation that enables an
entrepreneur to offer marketable products or services to
interested buyers or end users”
An opportunity may be the chance to meet a market need
(or interest or want) through a creative combination of
resources to deliver superior value
7.
8. TYPES OF SITUATIONAL FACTORS
Product or service is still not in existence
Product or service is already in the market but
failed to satisfy the customers – so need to be
improved
9. Opportunity Identification
Opportunity identification is a process that
involved the search for and discovery of
business opportunities.
Opportunity identification in business refers to
the process of identifying potential market
opportunities that a business can pursue to
grow and expand its operations.
10. Opportunity Identification Know How to
Identify and Exploit Opportunities
Ray Kroc, who is affiliated with the McDonald’s chain,
began his career as an entrepreneur when he invented a
machine to make milkshakes. To sell the machines, he went
from store to store throughout the United States and offered
them to the shop owners.
The moment when he saw an opportunity for another
initiative was when he entered to sell his wares at the
McDonald’s Brothers' burger restaurant. After attending the
restaurant several times, he realized that the fast-food concept
had great potential.
He made the move to the hamburger venture gradually. At
first, he acquired a franchise for a single branch, and then
expanded until he bought the entire chain from the founders
and turned it into an international fast-food chain.
The restaurant was
owned by two
brothers, Maurice and Ric
hard McDonald
11. Importance of Opportunity Identification
1. Gain a Competitive Advantage
2. Identify and address Important but Unmet Customer
Needs
3. Enabler for Innovation
4. Improve Decision Making
12. Gain a Competitive Advantage
1. Gain a Competitive Advantage
2. Identify and address Important but Unmet Customer
Needs
3. Enabler for Innovation
4. Improve Decision Making
13. Approach to Opportunity Identification
1. Observe changes in the environment
2. Recognize a need that customers have that is not being
satisfied
3. Recognize problems and find ways to solve it
14. Observing Changes in the Environment
Changes in the environment give rise to needs and wants
and/or problems, and an opportunity emerges
Important environment forces to observe include:
Economic forces
Social forces
Technological advances
Political and regulatory statues
15. PESTLE Analysis
Political, economic, social, technological, legal, and
environmental (PESTLE) structure of the Indian Business
Environment.
Each of the PESTLE factors is explored in terms of four
parameters: current strengths, current challenges, future
prospects, and future risks.
