opportunity-seeking.pptx

Opportunity Seeking

1. OPPORTUNITY SEEKING

2. They have the endless curiosity to discover new or different ideas and see whether these ideas will work in the marketplace. -Entrepreneurs create value by introducing new products or services or finding better ways of making them. these may include innovation in terms of product design or addition of new ways of making them. Entrepreneurs are innovative opportunity seekers.

3. they may also tinker or improving their operational capability by employing new technologies that will bring them greater efficiency better economies, and even enable them to reach unparalleled superiority. They might also think about expanding their reach by creating new markets or maximizing the reach of existing ones.   At the highest level, entrepreneurs have the potential to completely disrupt the current business paradigm by making it obsolete by introducing disruptive technologies, processes, and systems.   At the highest level, entrepreneurs have the potential to completely disrupt the current business paradigm by making it obsolete by introducing disruptive technologies, processes, and systems.

4. The Many Sources of Opportunities I. Macro Environmental Sources of Opportunities   The macro environment refers to the "big or macro forces" that affect the area, the industry, and the market, which the enterprise belongs to. They influence how businesses should be run, how customers will behave, how supply and demand will transform, how different competitors will position themselves, and how the cost of doing business will change.

5. The Many Sources of Opportunities I. Macro Environmental Sources of Opportunities The macro environment forces can be divided into five categories ( SPEET )

6. 1. Socio-Cultural Environment 2 . Political Environment 3 . Economic Environment 4 . Ecological Environment 5. Technological Environment  

7. Socio-Cultural Environment The socio-cultural environment includes the demographics and cultural dimensions that govern the relevant entrepreneurial project.   This factor allows the entrepreneur to assess the trends and dynamics of the larger consumer population, as well as their beliefs, tastes, customs, and traditions.

8. Political Environment The political environment influences the local governance system of a country or a company. It contains all business-related laws, rules, and regulations, as well as the permits, approvals, and licenses needed to run the company. These factors play a big role in determining the attractiveness of any political domain where an entrepreneur wants to set up shop and do business.

9. Economic Environment The macroeconomic environment is mainly motivated by supply and demand forces. They are the same factors that influence interest and foreign exchange rates, which fluctuate due to market forces.  The income levels and purchasing power of a country's citizens, as well as the competitiveness of its industries and businesses, are all sources of opportunity.

10. Ecological Environment   All natural resources, as well as the ecosystem, human habitat, animals, plants, and minerals, are included in the ecological environment. In today's world, there is a growing awareness that this factor will become increasingly important for countries, industries, and businesses. Environmental threats have spawned a slew of new products, including smoke and spill detectors, filters and screens, pollution counters, and energy-saving devices. Greener, cleaner, and healthier products with the goal of saving the planet and promoting long lives abound.

11. TECHNOLOGICAL ENVIRONMENT Entrepreneurs' nightmares are new scientific and technological discoveries that lead to the launch and commercialization of new products with superior attributes or render old ones obsolete.  In such situations, the entrepreneur has no choice but to invest in new technologies to stay competitive.

12. II. INDUSTRY SOURCES OF OPPORTUNITIES Participants in an industry include: If the entrepreneur's intention is to define who are the relevant customers, who are the direct and indirect competitors, and what are the critical characteristics of the market in terms of the quality of products or services to be delivered, the proper classification of what industry the enterprise is competing in is critical.

13. 1. Rivals of competitors in a particular type of business Example Jollibee vs Mcdo Coca-cola vs Pepsi

14. 2. Suppliers of input Example: Fuel Electricity

15. Raw materials - to rivals as well as suppliers of machinery and equipment, supplier of manpower and expertise, and supplier of merchandise.   Participants in an industry include; 3. Consumer market segments being served by rivals of competitors . 4. substitute products of services, which customers shift or turn to. 5. All other support and enabling industries.