L3: Recognize Potential Market

• ENTREPRENEURIAL IDEAS

  • LEADS TO THE IDENTIFICATION OF ENTREPRENEURIAL OPPORTUNITIES, WHICH IN TURN RESULTS IN THE OPENING OF AN ENTREPRENEURIAL VENTURE.
• ENTREPRENEURIAL IDEAS

  (IN ARROW)

  1. Creation of Entrepreneurial Ideas
  2. Identification of Entrepreneurial Opportunities
  3. Opening of Entrepreneurial Ventures
• ESSENTIAL IN ENTREPRENEUR'S OPPORTUNITY SEEKIN G

  1. ENTREPRENEURIAL MIND FRAME
  2. ENTREPRENEURIAL HEART FLAME
  3. ENTREPRENEURIAL GUT FLAME
• ENTREPRENEURIAL MIND FRAME

  • allows the entrepreneur to see things in a very positive and optimistic light in the midst of crisis or difficult situations.
• ENTREPRENEURIAL HEART FLAME

  • about emotional intelligence or EQ, which is often manifested in the entrepreneurs’ efforts to nurture relationships with customers, employees, and suppliers.
• ENTREPRENEURIAL GUT FLAME

  • ABILITY OF THE ENTREPRENEUR TO SENSE WITHOUT USING FIVE SENSES.
  • THIS IS ALSO KNOWN AS INTUITION.
• SOURCES OF OPPORTUNITY

  1. CHANGES IN THE ENVIRONMENT
  2. TECHNOLOGICAL
  3. GOVERNMENT THRUST, PROGRAMS AND POLICIES
  4. PEOPLE'S INTEREST
  5. PAST EXPERIENCES
• 1. Changes in the Environment

  • 1.1. Physical Environment
  • 1.2. Societal Environment
  • 1.3. Industry Environment Business
• Changes in the Environment

  • Entrepreneurial ideas arise when changes happen in the external environment.
  • a person with entrepreneurial drive views these changes positively.
• Technological Discovery and Advancement

  • a person with entrepreneurial interest sees possibility of business opportunities in any new discovery or because of the use of latest technology.
• Government Thrust, Programs and Policies

  • the priorities, projects, programs, and policies of the government are also good source of ideas.
• People's Interest

  • the interest, hobbies, and preferences of people are rich sources of entrepreneurial ideas, like increasing number of internet cafe's at present could lead to the strong attachment of the young people to computers.
• Past Experiences

  • the expertise and skills developed by a person who has worked in a particular field may lead to the opening of a related business enterprise.
• COMPETITION

  • IT IS THE ACT OR PROCESS OF TRYING TO GET OR WIN SOMETHING
• FIVE FORCES COMPETING WITHIN THE INDUSTRY

  1. BUYERS
  2. POTENTIAL NEW ENTRANTS
  3. RIVALRY AMONG EXISTING FIRM
  4. SUBSTITUTE PRODUCTS
  5. SUPPLIER
• BUYERS

  • ARE THE ONE THAT PAY CASH IN EXCHANGE FOR YOUR GOODS AND SERVICES.
• POTENTIAL NEW ENTRANTS

  • COMPANIES OR BUSINESSES THAT HAVE THE ABILITY TO PENETRATE OR ENTER INTO A PARTICULAR INDUSTRY
• RIVALRY AMONG EXISTING FIRM

  • STATE OR SITUATION WHEREIN BUSINESS ORGANIZATIONS ARE COMPETING WITH EACH OTHER IN A PARTICULAR MARKET.
• SUBSTITUTE PRODUCTS

  • ONE THAT SERVES THE SAME PURPOSE AS ANOTHER PRODUCT IN THE MARKET.
• SUPPLIERS

  • PROVIDE SOMETHING THAT IS NEEDED IN BUSINESS OPERATION SUCH AS OFFICE SUPPLIES AND EQUIPMENT.