The document outlines seven types of business opportunities: knowledge, technology, product, service, lifestyle, physical resource, and trading/commodity. It provides examples and descriptions of each type. Knowledge opportunities apply specialist information to create value. Technology opportunities apply a technology to solve problems. Product opportunities use existing products to meet demand. Service opportunities are intangible and have low barriers to entry. Lifestyle opportunities provide experiences to make life easier. Physical resource opportunities exploit land and natural resources. Trading opportunities involve buying and selling based on supply and demand. The document also lists factors to assess for any opportunity, such as economic, environmental, political, social/cultural, and technological considerations.
BUSINESS OPPORTUNITY
WHAT IS OPPORTUNITY ?
TYPES OF SITUATIONAL FACTORS
EMERGENCE OF OPPORTUNITY
OPPORTUNITY IDENTIFICATION
OBSERVING CHANGES IN THE ENVIRONMENT
RECOGNIZE PROBLEM AND FIND SOLUTION
BUSINESS OPPORTUNITY AND SELECTION
THINKING MODES
BUSINESS OPPORTUNITY
WHAT IS OPPORTUNITY ?
TYPES OF SITUATIONAL FACTORS
EMERGENCE OF OPPORTUNITY
OPPORTUNITY IDENTIFICATION
OBSERVING CHANGES IN THE ENVIRONMENT
RECOGNIZE PROBLEM AND FIND SOLUTION
BUSINESS OPPORTUNITY AND SELECTION
THINKING MODES
OPPORTUNITY IDENTIFICATION AND SELECTION
Opportunity to Start a Business
Steps in Arriving at Business Opportunity
Generating Ideas
Ways of Scanning the Environment
Collecting Information
Means of Collecting Information
Screening Process
Formulating the Concept of the Business
components of a business concept/ business model
,
identifying and learning about the customer
,
conducting research
,
reaching the market
,
five areas to research
,
primary research
,
business concepts
A consumer is a person or an organization that consumes whether he buys or not. That is, consumer is known for actual use or employment of a product or service; he or she does not worry about paying for the same. On the contrary, customer is definitely a buyer or who purchases and may or may not actually consume a given product or service.
The feasibility analysis is an internationally accepted process used to evaluate various project dimensions important for achieving the desired project benefits.
An effective tool for appraising the project from standpoints of all project stakeholders
It is not a waste of time. It significantly reduces the risks in project implementation
The business plan provides a planning function and outlines the actions needed to take the proposal from โideaโ to โrealityโ
The feasibility study outlines and analyzes several alternatives and identifies the best business scenario(s).
The business plan deals with only one alternative or scenario.
Feasibility Analysis
Feasibility analysis is the process of determining whether a business idea is viable.
It is the preliminary evaluation of a business idea, conducted for the purpose of determining whether the idea is worth pursuing.
Feasibility analysis takes the guesswork (to a certain degree) out of a business launch, and provides an entrepreneur with a more secure notion that a business idea is feasible or viable.
Comprehensive Feasibility Analysis, Product/Service Desirability
OPPORTUNITY IDENTIFICATION AND SELECTION
Opportunity to Start a Business
Steps in Arriving at Business Opportunity
Generating Ideas
Ways of Scanning the Environment
Collecting Information
Means of Collecting Information
Screening Process
Formulating the Concept of the Business
components of a business concept/ business model
,
identifying and learning about the customer
,
conducting research
,
reaching the market
,
five areas to research
,
primary research
,
business concepts
A consumer is a person or an organization that consumes whether he buys or not. That is, consumer is known for actual use or employment of a product or service; he or she does not worry about paying for the same. On the contrary, customer is definitely a buyer or who purchases and may or may not actually consume a given product or service.
The feasibility analysis is an internationally accepted process used to evaluate various project dimensions important for achieving the desired project benefits.
An effective tool for appraising the project from standpoints of all project stakeholders
It is not a waste of time. It significantly reduces the risks in project implementation
The business plan provides a planning function and outlines the actions needed to take the proposal from โideaโ to โrealityโ
The feasibility study outlines and analyzes several alternatives and identifies the best business scenario(s).
The business plan deals with only one alternative or scenario.
Feasibility Analysis
Feasibility analysis is the process of determining whether a business idea is viable.
It is the preliminary evaluation of a business idea, conducted for the purpose of determining whether the idea is worth pursuing.
Feasibility analysis takes the guesswork (to a certain degree) out of a business launch, and provides an entrepreneur with a more secure notion that a business idea is feasible or viable.
Comprehensive Feasibility Analysis, Product/Service Desirability
Entrepreneurs plays an important role in developing countries as well as developed countries.
What are the role played by them is mentioned in this presentation.
Presentation Created and Managed by Naveen Minj.
Opportunity evaluation template for business ideas. This presentation was delivered by Prof. Prema Basargekar during a crash course organized for e30, riidl - Somaiya Vidyavihar's first business plan competition.
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2. SEVEN TYPES OF OPPORTUNITY
โข KNOWLEDGE
โข TECHNOLOGY
โข PRODUCT
โข SERVICE OR EXPERIENCE
โข LIFESTYLE
โข PHYSICAL RESOURCE
โข TRADING AND COMMODITY
3. KNOWLEDGE
โข Knowledge opportunities exist where specialist information, know-
how or expertise can be applied to create value
โข Knowledge resources can have major new markets, and knowledge
opportunities are continually expanding.
โข Universities, research institutes, consultancy practices, publishers
and many others are players in the knowledge economy.
4. TECHNOLOGY-BASED
โข Technology-based opportunities apply a technology to solve a
problem, meet a need or create a new product or process.
โข The technology may be physical, such as an engineering or
manufacturing process, or a chemical, biological, or information-
based technology.
โข Biotechnology, physical, material and earth science, organic and
inorganic chemistry and computer programming are all examples
of technology-based opportunity.
โข It is usually highly skill and resource intensive, requiring
significant research and development support and budgets.
5. PRODUCT OPPORTUNITIES
โข Product opportunities are where existing products can be used to
meet market demand as they are, or can be adapted by
incremental innovation where new markets can be found.
โข It is advantageous if a product has intellectual property that can
be protected through patents or design rights.
โข Otherwise, it would become a commodity, and can be easily
copied and sold at a lower price.
6. SERVICE OPPORTUNITIES
โข A service is intangible; there is no physical product, and whilst
knowledge and technology are likely to be used in providing the
service, they are generally not significant outputs from it.
โข Barriers to entry are often low as is the level of investment
required.
โข Services can include health, child and social care, office services,
personal and social, telecommunications and computing,
education and training, and financial, legal and property services.
โข There is little intellectual property to protect other than the
brand name.
7. LIFESTYLE OPPORTUNITIES
โข Lifestyle opportunity is a sub-set of the service sector.
โข It is where customers are provided with an experience which
makes their life easier or more pleasant.
โข These include leisure, tourism, hospitality, culture and
entertainment.
โข These are all areas of discretionary expenditure, where people
wish to consume or experience sports, food and drink, films,
music, drama, dance and other pleasures.
8. PHYSICAL RESOURCE
โข These include the exploitation of land, water or naturally
occurring resources. This includes extracting basic resources, such
as oil, gas, and minerals. It also includes land use such as
agricultural production and land, property and real estate
development.
โข Advantages include the increasing demand and pressure for access
to and consumption of resources as the world population, energy
needs and economic development increase.
โข Physical resources tend to involve long-term investment, with
significant capital employed for long periods in land ownership,
resource extraction or renewable power generation.
9. TRADING AND COMMODITY
โข These are based on buying and selling in relation to market
conditions of supply and demand.
โข These include wholesale and retail, energy (oil, gas, electricity),
chemicals, raw materials, semi-manufactured items, food and
agricultural produce, and any commodity which can be bought,
traded, or sold, including securities, currency, stocks and purchase
options.
โข Trading requires the ability to predict and act on market trends,
with exposure to risks of changing market demand and pricing.
10. ASSESSING THE FACTORS FOR YOUR
OPPORTUNITY
โข Economic
โข How could economic changes affect the opportunity โ e.g.;
โข Currency/exchange rate fluctuations
โข Economic growth or decline in demand; boom or recession
โข Strength of demand for key resources (people, land, materials, fuel)
โข Taxation
11. ASSESSING THE FACTORS FOR YOUR
OPPORTUNITY
โข Environmental
โข Restriction and cost of resources (fuel, waste disposal)
โข Transport, planning, environmental compliance
12. ASSESSING THE FACTORS FOR YOUR
OPPORTUNITY
โข Political
โข Stability or volatility
โข Political support for entrepreneurship
โข Legal framework, impact of future legislation, and its effect on business
โข Harmonization of laws or standards
13. ASSESSING THE FACTORS FOR YOUR
OPPORTUNITY
โข Social and cultural
โข What are the relevant demographic trends?
โข What cultural influences affect it? (fashion, lifestyle, media)
โข Acceptability of entrepreneurial activity
14. ASSESSING THE FACTORS FOR YOUR
OPPORTUNITY
โข Technological
โข How is new technology affecting the industry?
โข What are the key innovations now and in the near future?
โข How is the internet affecting the market?