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Module 9 Business Opportunities

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Krystelle Angelmae Gloria
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17 views

Module 9 Business Opportunities

Uploaded by

Krystelle Angelmae Gloria
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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MODULE 9

BUSINESS OPPORTUNITIES
Objectives:
At the end of the lesson, the students should be able to:

• compare and contrast business ideas and business


opportunities;
• examine the factors that contribute to the success of a
business opportunity;
• examine where an entrepreneur could get business
ideas;
• discuss the ways on how to identify and investigate
business opportunities; and
• examine the entrepreneurial activities that could be
done during crisis.
• Finding good business opportunities is not going to mean anything if you
cannot recognize it.

• Recognizing good opportunities takes talent, whether you are looking for
something to sink your teeth into or you already had success once and
want to find it again.

• A Feasibility Analysis is a preliminary assessment of a business


opportunity that gauges whether or not the venture envisioned is likely to
succeed.

• This can help ensure that the planned venture will not be doomed by a
fatal flow. It can save a lot of time, money, and heartache.
Analysis investigates the following:

 Market Potential – a market consists of buyers,


current or potential customers who are
interested in purchasing a particular class of
products of services to satisfy wants or needs –
and they must also have the ability to pay for
them. The market could be mass market or
niche market.
 Industry Attractiveness – a macro-level analysis assesses
the overall attractiveness of the industry in which the idea will
be established. On the other hand, the micro-level
assessment is focused on whether the advantage it has can
be protected from competitive pressures once rivals realize
that they have a new challenger.

• New Venture Leadership – a new venture can only be as


strong as its leader. Mullins suggests three dimensions:
(1)the fit of the venture with its leader’s mission, aspirations,
(2) the leader’s grasp and execution of factors that are critical to
the venture’s success, and
(3) the leader’s connection to suppliers, customers, investors
and others.
Ideas and Opportunities
◦Ideas are thoughts or concepts that arise from creative
thinking
◦Opportunities are possibilities that arise from existing
conditions.
◦Ideas don’t cost a lot to generate.
◦Business opportunities are about identifying possible
new products or services that may lead to promising
business ventures.
General things that should always be present
with a good opportunity

◦The product or service will meet a need.


◦The opportunity will work in your location.
◦You have the resources you need to help the
business succeed
◦You can provide the product or service at the
right price according to the market.
◦ The timing is right in terms of the market and
your resources.
Sources of ideas and opportunities:

◦ Past experiences
◦ Hobbies and interests
◦ Discovery or Invention

Other idea leads:


◦ Personal contacts with customers and suppliers, professor, patent
attorneys, former or current employees or coworkers.
◦ Visit trade shows, production facilities, universities and research
institutes, and other entrepreneurs
◦ Observe trends, emerging technologies, personal security needs,
pollution problems, social movements.
◦ Read trade publications, bankruptcy announcements, and profiles
of entrepreneurs and various business opportunities.
◦ Search the internet
Using innovative thinking to Generate
Business Ideas:
◦When it comes to ideas, borrow heavily from existing products
and services or other industries.
◦ Combine Two Businesses to Create a Market Opening
◦Begin with a Problem in Mind, or Think of a “Pain” That You Can
Relieve.
◦Recognize a Hot Trend and Ride the Wave
◦Study an existing Product or Service and Explore Ways to
Improve Its Function Study a Product or Service to See If You
Can Make It Green
◦ Keep an Eye on New Technologies
Finding good business opportunities
◦Feasibility Analysis - includes Market Potential ,
Industry Attractiveness, New Venture Leadership
When assessing an opportunity, ask yourself these
questions:
◦Is there a market in my community for this kind of business?
◦How much money would it take to start this business?
◦How many hours a week is it likely to take to run this
business?
◦What are the risks associated with this business?
◦Does my background prepare me to run this kind of business?
◦How much money could I make running this business?
Entrepreneurial Activities during Crisis

◦Focus on company culture


◦Get closer to your community
◦Focus on what your customers need
◦Up your content game
THANK YOU
Task Sheet: Exploring Business
Opportunities Using Social Media
Objective:
◦To understand how social media can be
leveraged to identify and create business
opportunities, enhance brand visibility, and
engage with target audiences.
Task: Analyze Competitors
Instructions:
1. Identify one competitor on your chosen business concept.
2. Analyze their social media presence:
◦Engagement rates (likes, comments, shares)
◦Types of content posted
◦Unique selling propositions (USPs)
3. Summarize your findings and discuss how you could
differentiate your business.
Present Findings
Prepare a short presentation summarizing your
research and findings from the task above.
Include:
◦Key insights from your research
◦Your social media strategy and sample content
◦Insights from the competitive analysis

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