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Identifying Entrepreneurial Opportunities

The document outlines the entrepreneurial process, emphasizing the creation of ideas, identification of opportunities, and the establishment of ventures. It highlights essential traits of entrepreneurs, including a positive mindset, passion, and intuition, which help them navigate challenges and seize opportunities. Additionally, it discusses various sources of opportunities stemming from changes in the physical, societal, and industry environments.

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13 views2 pages

Identifying Entrepreneurial Opportunities

The document outlines the entrepreneurial process, emphasizing the creation of ideas, identification of opportunities, and the establishment of ventures. It highlights essential traits of entrepreneurs, including a positive mindset, passion, and intuition, which help them navigate challenges and seize opportunities. Additionally, it discusses various sources of opportunities stemming from changes in the physical, societal, and industry environments.

Uploaded by

twoharu880
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

RECOGNIZE A POTENTIAL MARKET

ENTREPRENEURIAL IDEAS

➤ The creation of an entrepreneurial idea leads to the identification of


entrepreneurial opportunities, which in turn results in the opening of an
entrepreneurial venture.

THE ENTREPRENEURIAL PROCESS OF CREATING NEW VENTURE

1. Creation of entrepreneurial Ideas


2. Identification of entrepreneurial Opportunities
3. Opening of entrepreneurial Venture

ESSENTIALS IN ENTREPRENEUR'S OPPORTUNITY - SEEKING

Entrepreneurial mind frame.

➤ This allows the entrepreneur to see things in a very positive and


optimistic way in the midst of difficult situation. Being a risk -taker, an
entrepreneur can find solutions when problems arise

Entrepreneurial heart flame.

➤ Entrepreneurs are driven by passion; they are attracted to discover


satisfaction in the act and process of discovery. Passion is the great
desire of an entrepreneur to achieve his/her goals.

Entrepreneurial gut game.

➤ This refers to the ability of the entrepreneur of being intuitive. This


also known as intuition. The gut game also means confidence in one's
self and the firm belief that everything you aspire can be reached.

SOURCES OF OPPORTUNITIES

1. Changes in the environment

➤ Entrepreneurial ideas arise when changes happen in the external


environment. A person with an entrepreneurial drive views these
changes positively.

 External environment refers to the physical environment, societal


environment, and industry environment where the business
operates.
 The Physical environment includes (1.1)

a. Climate - the weather conditions.


b. Natural resources such as minerals, forests, water, and
fertile land that occur in nature and can be used for economic
gain.

c. Wildlife - includes all mammals, birds, reptiles, fish, etc.,


that live in the wild.

 The Societal environment includes the various forces like (1.2)

a. Political forces - includes all the laws, rules, and


regulations that govern business practices as well as the
permits, approvals, and licenses necessary to operate the
business.

b. Economic forces - such as income level and


employment rate.

c. Sociocultural forces customs, lifestyles and values


that characterize a society.

d. Technological forces inventions and technology


innovations.

 The Industry environment of the business includes: (1.3)


 Competitors
 Customers
 Creditors
 Employees
 Government
 Suppliers

For example, one factor in the physical environment that can easily
change is the climate. The temperature is very high during summer but very
low during the rainy season. An individual with entrepreneurial drive can be
extremely imaginative and inventive in identifying opportunities. He/she can
venture on a business that responds to the needs of the people during
summer and rainy season.

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