Business opportunities

1. Business Opportunities
Dr. Gopal Thapa
Tribhuvan University
Email: thapazee@gmail.com

2. Business Opportunities
 Opportunity is a favorable condition which
enables an entrepreneur to start a new business
 Business opportunities are everywhere.
 Smart entrepreneurs must have the ability to
identify those opportunites
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3. Business Opportunities
Identification
 It consists of three steps:
 Identifying sources of new ideas.
 Determining methods of generating new ideas.
 Selection of the best idea
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4. Sources of Generating New Ideas
 Situation survey
 Present work environment
 Outside sources
 Research and development
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5. Situation Survey
 Technological changes
 Political-legal changes
 Socio-cultural changes
 Economic changes
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6. Present Work Environment
 Vision, mission, goal, strategies, policy
 Job experience, hobby, interest of entrepreneur
 Entrepreneur's creativity
 Entrepreneur’s efforts to overcome problem or
identify opportunities
 Products of existing companies
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7. Outside Sources
 Customers
 Executives, consultants or experts
 Sales force and distribution channels
 Competitors
 Media and journalists
 Trade fair and exhibitions
 Friends and family members
 Government regulation
 Academic institutions and students
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8. Research and Development
 It is the largest sources of new ideas.
 Research can be conducted in lab.
 It can be conducted informal lab or home.
 Formal research and development department is a
better place for the entrepreneur to develop new
ideas.
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9. Methods of Generating New Ideas
 Brainstorming
 Reserve brainstorming
 Focus group
 Problem inventory analysis
 Checklist method
 Attribute listing
 Big dream approach
 Scientific method
 Forced relationship
 Value analysis
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10. Brainstorming
 Unstructured method of generating ideas through
group creativity
 Freewheeling is encouraged
 Criticism is not allowed. No negative comments.
 Greater number of ideas (quantity) are encouraged
 All ideas are recorded
 No one dominates the discussion
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11. Reverse Brainstorming
 Group method of generating new ideas focusing
on negative aspects.
 Criticism is allowed
 Everything wrong with an idea is identified
 Ways are found to overcome problems
 It is used to stimulate innovative thinking
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12. Focus Group
 Groups provide ideas in structure format.
 A moderator leads the group through open, in-
depth discussion.
 A group consists of 8-14 participants.
 They are stimulated to develop new ideas by
comments from other group members,
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13. Problem Inventory Analysis
 A group of individuals is provided with a lists of
problems in a product category.
 Participants are asked to identify and discuss
products in the category and come up with a new
product idea
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14. Checklist Method
 It involves developing a new product idea though
a list of related issues.
 The checklist may take any form and be of any
length.
 Entrepreneur can use the list of questions or
statements to guide the participants for generating
new ideas
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15. Attribute Listing
 New ideas are developed by looking at positive
and negatives from a variety of view points.
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16. Big Dream Approach
 New idea is developed by “thinking big” through
dreaming about problem and its solution
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17. Scientific Method
 New ideas are developed through inquiry and
testing
 It is based on scientific research method
 Defining the problem
 Gathering and analyzing data
 Developing and evaluating alternative solutions
 Choosing the best solution
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18. Forced Relationship
 New ideas are developed by looking at production
combination
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19. Value Analysis
 New ideas are developed evaluating the worth of
aspects of ideas
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20. Heuristics
 New ideas are developed through a progression og
thoughts, insights and learning
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21. Evaluation of Ideas
 Profit test
 Constraints test
 Risk test
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22. Selection of Ideas
 Promising ideas
 Marginal ideas
 Reject ideas
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