The document discusses how to identify the right business opportunity. It provides several tips for opportunity identification, including identifying personal and business goals, researching industries and market segments, identifying problems and potential solutions, and focusing on the most promising opportunities. The document emphasizes going where problems are, understanding customer needs, learning from people directly, and evaluating ideas based on their fit with the founders and market potential. Several examples of successful startups are provided to illustrate opportunity identification.

1. Business Opportunity Identification
How do you identify the right business opportunity?
Dr. Sarika Yadav
Assistant Professor
FBM&ED Department
National Institute of Food Technology Entrepreneurship and Management
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2. Opportunity identification has been identified as an
essential capability of entrepreneurs and has become an
important element of the study of entrepreneurship (Ray
2003)
2

3. How to select the right opportunity?
Identify your business and personal goal
Research your favorite industry (Five forces model)
Identify promising industry segment
Identify problem areas and brainstorm solutions
Compare possible solutions with your objectives and
opportunities in the market place
Focus on the most promising opportunities
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4. The best way is:
Go where the problems are/ identify the problems
4
Source: https://yourstory.com/weekender/fill-it-shut-it-let-it-cook-this-father-son-duos-p/amp/ Retrieved on
27.06.21 at 22:35
Rakaka Food Technologies’s plug-and-play device

5. Jaikrishnan and his father, RK Ganeshan, co-founded in
2018, Rakaka Food Technologies (RFT)
5
“Digging deep, I felt the main problem that needed to be addressed was the question
of ingredients for cooking. To make a simple pasta, one need to buy all ingredients
in more quantities even if they were not needed. This is a problem for most people,
especially students living on a tight budget,” he says.
Source:https://yourstory.com/weekender/fill-it-shut-it-let-it-cook-this-father-son-duos-p/amp/ Retrieved on 27.06.21 at 22:35

6. Source: http://www.paperboatdrinks.com/fb-albumsRetrieved on 17/12/20 at 17:35
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We grew up. We looked
back.
“A simpler time”, we said, a
bit wistfully.
We looked back, wanted to
touch it.
Reached out for it; longed
for it.

7. The best way is cont…
Go to the people
Live with them
Listen to them
Learn from them
What are the existing solutions?
Study the competitors
7

8. Founded by Durgesh Nandan and Saurabh Jaiswal
This successful startup in Lucknow provides a platform for auto-rickshaw
drivers for seeking assistance in matters of education, healthcare, insurance,
loans and welfare schemes.
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9. Value Propositions
Describes the bundle of products and services that create value for a
specific Customer Segment

10. The Value proposition canvas

11. The best way is cont…
• Review the ideas which are getting huge funding
• Check out ideas from successful entrepreneurs
• Look at your own problems
• Look at existing businesses and try removing a step from the process
(Online payment system e.g., Paytm)
• Be quick (windows of opportunities)
• Be quick but never rush as it can leads to big mistakes and poor work.
Source: - www.startupcommons.org Retrieved on 17/12/20 at 17:40
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12. 12
After a year and a half of research and sampling, Shirin, ventures into
the clothing space, with yet another fresh idea and a vision to create
beautiful and clean clothes with fabrics made from Aloe Vera,
Eucalyptus, Rose, Soybean Protein and Banana along with Organic
Linens and Cottons.
Source: https://sandbyshirin.com/retreived on 27/06/21 at 23:01

13. • There is no substitute for understanding the unmet needs of
customers. That will allow you to discover whether you are
able to supply those needs, at the price customers want to
pay, and if you can still make a profit.
13

14. The entrepreneurs select their products or projects
based on:
Their own experience in that business line
Government’s promotional schemes
Availability of inputs
Diversification plan of ongoing business or
Products reserved for Small scale industries etc.
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15. How to evaluate an idea to identify viability of Entrepreneurial
opportunities:
Timmons et.al (1987) in a study observed four anchors of
superior opportunities:
1. Viable idea creates significant value to the end user
2. It solves a significant problem and meet the unmet need or
wants of the customers
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16. How to evaluate an idea to identify viability of Entrepreneurial
opportunities:
3. They have a robust market, margin, and money making
characteristics; and
4. They are a good fit with the founders and management
team, and in the marketplace, and with the risk/reward
balance.
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17. Do’s and Don’ts
• Don’t jump to the solution
• Challenge your assumption
• Don’t rely on your own people
• Validate secondary data with your primary data
• No idea is a bad idea
• The most frequent mistake that people tend to make is to
think everybody in the market is like them. If they like the
product, everybody else will.
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18. Why businesses fail?
• Lack of prior experience
• Lack of a team
• Lack of fund
• Product can fail in the market if they do not reach the
customers
• Distraction from the core objective (They should be focused
and up to date about policies etc.)
• Example: - Doodhwala, a startup founded in 2015 by Akash
Agarwal and Ebrahim Akbari could not succeed. They could
not follow their dream due to lack of clear vision and
perseverance.
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19. Best opportunities are all around us, learn to recognize them
Pushpita’s Artisanal
“If you have a business idea and feel certain that it will work,
don’t doubt yourself. Research your market and figure out
how your product is going to bring new value. There will be
challenges when you follow your dreams. But, don’t give
up,”
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20. Pushpita’s Artisanal
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21. Pushpita’s Artisanal
• A Manipuri cooking enthusiast, Food blogger also started
trying different recipes in her kitchen.
• Of all of these recipes, she most enjoyed pickling seasonal
vegetables, bamboo shoots, carrots, radishes, prawns, and
chicken.
• In 2017, she sent some of these samples to a fellow food
blogger in Odisha to taste, she was so impressed that she
pushed her to pursue this as a business.
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22. • In July 2019, she set up ‘Pushpita’s Artisanal’, selling 100
per cent natural pickles and jams.
• These include bamboo shoot, bhut jolokia, naga chilli,
bogori (Indian jujube), seasonal mango, along with non-
vegetarian options like chicken, prawn, fish, and pork.
• Gradually, she also started making preserves and sauces
using fruits like blueberry, strawberry, apple, pineapple,
raspberry, mulberry, and blackberry.
• Now, she has over 25+ products and sells a minimum of 50
jars a month, and the produce is sourced from about 12
farmers.
Source: https://www.thebetterindia.com/227934/manipur-woman-entrepreneur-pushpita-pickle-bamboo-
shoot-traditional-northeast-ang136/
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23. Pushpita’s Artisanal
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25. The Value proposition canvas
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26. Key Partners Key Activities Value
Proposition
Customer
Relationship
Customer
Segments
Key
Resources
Channels
Cost Structure Revenue Stream

27. Operational shift of major brands in Pre- and Post-COVID times
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Company Country
of origin
Pre-COVID
operation
Post-COVID
operation
Source
Rolls- Royce
Holdings Plc
UK Automobile Medical
ventilators
and Honey
production
(NEWS
I.2020)(
Shah,
2020)
Nivea Germany Skincare
products
Hand
Sanitizers
(Online
F.
Financia
l
Express
, 2020)
Hero
Motocorps
India Automobile
company
Mobile
Ambulance
(Singh,
2020)

28. Operational shift of major brands in Pre- and Post-COVID times
Dabur India Conglom
erate
Hand
Sanitizer
(Dabur,
2020)
ZARA Spain Apparel
Industry
Hospital
gowns
(Schmidt
, 2020)
Nike US Sports,
footwear
and
apparel
brand
Full
mask
shields
and
powered
air-
purifying
lenses
(nike,
2020)
28

29. Thank You
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