Unit 2 emerging business
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This document discusses how to identify business opportunities. It defines an opportunity as a situation where an entrepreneur can offer products or services to meet the needs or solve the problems of potential buyers. Opportunities emerge when unmet needs, wants, or problems are observed in the environment. The entrepreneur then creates a business to address these. Important environmental forces that can signal opportunities include economic, social, technological and political changes. Opportunities are identified by recognizing consumer needs and wants or problems people face that could be addressed by solutions. The process involves observing changes, identifying unmet needs or solutions, and discovering potential opportunities.
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This document discusses business opportunities and how to identify them. It defines a business opportunity as a chance for an entrepreneur to invest resources to offer products or services that satisfy unmet customer needs or solve problems left unaddressed. Business opportunities can arise from new products/services or improving existing ones. The key is observing environmental changes, recognizing unfulfilled needs/wants or problems, and discovering opportunities to address them. Proper evaluation involves assessing an opportunity's viability, potential for profit/growth, competitive landscape, and fit with the entrepreneur's skills and available resources.
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identification of businesss opportunity.pptx
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.
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innovation and entrepreneurship
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identify problems and needs
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research demographics
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lifestyles
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economic forces
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first approach: observing trends
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social networks
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An assistant professor named Dr. S. Chandramouli works in the Department of Commerce at SRM IST's Ramapuram Campus. Dr. Chandramouli holds the position of assistant professor within the Department of Commerce at SRM IST's Ramapuram Campus location.
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Communication barriers can hinder the transmission of information between individuals. Dr. S. Chandramouli, an assistant professor in the Department of Commerce at SRM IST Ramapuram Campus, authored a document discussing barriers to communication. The document focuses on obstacles that can prevent the effective exchange of messages between parties.
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Business Communication, How to write formal letter in business environment, claim letter, good news letter, bad news letter,
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Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Unit 2 emerging business
- 3. • 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
- 4. 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
- 5. 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
- 6. • 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. • 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 • OPPORTUNITY IDENTIFICATION PROCESS • Search for Changes in the environment —- Recognize needs and wants, and solutions—— Discovery of opportunity.
- 7. ABILITY TO SEARCH AND DISCOVER BUSINESS OPPORTUNITIES • •Experience and exposure • •Knowledge and skills • •“Special alertness” • •Social network • •Creativity • •Vigilant
- 8. MECHANISM TO IDENTIFY OPPORTUNITIES • • Customers • • Retailers and distributors • • Business associates • • Bankers • • Consultants • • Employees