Effective Entrepreneurship Development Strategies for Success in Business Opportunities
Explore the key concepts of entrepreneurship development focusing on opportunity identification and selection processes. Learn about internal and external factors influencing entrepreneurial success and various business opportunities across sectors like tourism, automobile, textiles, and more.
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Presentation Transcript
Rajarshi Shahu Mahavidyalaya (Autonomous) Latur. -: Class :- B. Com. III -: Name of the Subject :- Entrepreneurship Development - II -: Name of the Teacher :- Prof. J. M. Shaikh
Unit I : Opportunity, Identification and Selection Meaning of O, I and S Identification of business opportunities Business opportunities in various leading sectors Steps in setting up of MSMEs
Meaning of O, I and S A business opportunity is the environmental dynamics and changes on opportunity where the businessman focuses properly and directs the remaining aspects. According to Thomas J Watson Opportunity never knocks on the door. You have to knock on opportunities door and they are all around. Opportunity always exist in the environment. It is analyses for sensing the opportunity available in it, for the entrepreneurs. The main focus of this chapter is to identify and select the business opportunity to be pursued as an enterprise by the intending entrepreneurs. Opportunity is one of the most important part that the entrepreneurs is going to identify by focusing the strength and select a right track for his business organization.
There are some internal and external factors which are responsible to become a successful entrepreneurs. It is just not a business but good communication and combination of entrepreneurs and enterprises. Something offered by circumstances. In the same opportunity identification and selection are corner stones of business enterprise better the former, better is the later identification and selection of a suitable business opportunity serves as well begun is half done. While trying to identify the most important part in a business selection is to the conditions and situations as it is a part of identifying. Selection is also on the procedure were the business is good entrepreneur identify and select the enterprise he sees the opportunity and the organizational goals.
Identification of business opportunities Idea generation Consumer Exiting products and services Distribution channel Government Research and development Methods of generating ideas Focus groups Brain storming Problem inventory analysis
Business opportunities in various sectors Tourism Automobile Textiles Social ventures Software Engineering goods Franchising Corporate demands Packaging Healthcare sectors Recycling business Floriculture
Steps in setting up of a small business enterprise Information collection Information organization Acquiring required Financial requirement Market assessment Provision for crisis
