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