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.

1. Business Opportunity Identification

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
1. Innovative
2. Value-creating
3. Growth-oriented

5. Entrepreneurs use identifiable milestones to
measure their progress:
Steps in the Entrepreneurial Process
1. Discovery
2. Concept Development
3. Resourcing
4. Actualization
5. Harvesting
New Business Formation
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

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. EMERGENCE OF OPPORTUNITY
• when people decide they have certain needs and want to be
satisfied, or when people discovered a problem of some kind
that can be helped by a product or service.
• The presence of unfulfilled needs and want and/or problems
alerts the entrepreneur to the potential opportunity.
• The entrepreneur later creates a business that is able to fulfill
the needs or want and/or solve the problem.

10. OPPORTUNITY IDENTIFICATION
Opportunity identification is a process that involved the search for
and discovery of business opportunities

11. 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

12. 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:
1.Economic forces
2.Social forces
3.Technological advances
4.Political and regulatory statues

13. Organizational environment?
External and the internal environment
Environment is also a source of:
 constraints,
contingencies,
problems, and
opportunities
that effect the terms on which an organization transacts
business.
Three environmental latent variables
• Munificence/Bountifulness
• Competitive intensity and
• Environmental efficiency

14. PESTLE ANALYSIS
• Political, economic, social, technological, legal, and environmental
(PESTLE) structure of the Ghana Business Environment.
• Each of the PESTLE factors is explored in terms of four parameters:
current strengths, current challenges, future prospects, and future risks.

15. Political analysis

16. Economic analysis
ing
One of the fastest growing economy in
Africa

17. Social analysis

18. Technological analysis
Government digitalization agenda

19. Legal analysis

20. Environmental analysis

21. RECOGNIZE NEEDS AND WANTS
• Opportunity occurs whenever there is a need and want to fulfill. The
term “needs” refer to basic needs that the consumer must have in
order to live while the term “wants” refers to a personal desire for
something that is more than a basic need.

22. Examples of How Changes in the Environment Provides Openings for
New Product and Service Opportunities
Structure of
Population and
Income
Number of teenagers higher than number
of elderly and children
Cyber cafes, Cineplex's, recording studios
People have higher purchasing power Passenger cars, household furniture, DVD
Social Increase incident of housebreaking Grills, alarm, sensor, security systems
Increase interest in fitness Fitness center, dancing class, in-house
exercise equipment, health food store
Increase mobility of population Hand phone, laptop computers
Increasing predominance of dual-income
families leaves less time to cook at home
Restaurants, food delivery services
Technological
Advances
Advances in biotechnology Biotech-related pharmaceutical products,
food products, veterinary products
Development of the internet E-commerce, improved communication
Increase pressure to improve economic
performance
Online marketing, cost control services
Government
Policies and
Regulations
Increased driving standards Smoke emission control, helmet, seatbelt

23. RECOGNIZE PROBLEM AND FIND SOLUTION
• Problems can be recognized by observing the challenges that people
encounter in their daily lives. Solution to the problem represented a
business opportunity

24. OPPORTUNITY IDENTIFICATION PROCESS
Search for
Changes in
the
environment
Recognize
needs and
wants, and
solutions
Discovery of
Opportunity

25. ABILITY TO SEARCH AND DISCOVER BUSINESS OPPORTUNITIES
• Experience and exposure
• Knowledge and skills
• “Special alertness”
• Social network
• Creativity
• Vigilant

26. MECHANISM TO IDENTIFY OPPORTUNITIES
• Customers
• Retailers and distributors
• Business associates
• Bankers
• Consultants
• Employees
• Others

27. Factors that influence the way Opportunities are
identified and developed by entrepreneurs
1. entrepreneurial alertness;
2. information asymmetry and prior knowledge;
3. discovery versus purposeful search;
4. social networks;
5. personality traits, including risk-taking, optimism
and self efficacy, and creativity.

28. TYPES OF OPPORTUNITY

30. Factors Contributing to Successful Growth of a Start-up
Enterprise
• Proof and clarity of innovative concept
• Leadership
• Significant investment in infrastructure –the basic systems,
technologies and resources
• Business planning and marketing
• Triple bottom line planning ( economic, social and
environmental benefits)
• Long term success
• Risk management
• Value creation as a outcome

31. Factors which Lead to Start-up Business Failure
1. Inadequate planning of the business
2. Insufficient initial capital for start-up period and
development stages due to inadequate planning
3. Mistaken estimate of market demand for product or service
4. Lack of management ability
5. Failure to select and use appropriate outside professional
advisors

32. 6. Inability to market product or services effectively
7. Over dependence on a single individual or on a predicted specific event
8. Failure to understand capital requirements of a growing business
9. Poor timing of expenditures due to poor planning
10. Expedient rather than reasoned decision-making