Identify market inefficiencies: When observing a market, consider the inefficiencies that exist in the market. Think of ways to correct these inefficiencies.
. Eliminate Critical Problems: Instead of creating new products or services, you can improve products, services or processes in innovative ways.
.
Create something new: Think about how to create new experiences for customers based on existing
business models.
. Choose a growing sector/industry: Research and learn which sectors or industries are growing and think about the opportunities you can take advantage of.
. Think about product differentiation: If you already have a product in mind, think about ways to differentiate it from existing products.
Ways to Identify Business Opportunities in Your Business
SWOT Analysis: A great way to identify business opportunities in your business is to create a SWOT analysis. The acronym SWOT stands for Strengths, Weaknesses, Opportunities and Threats. SWOT-ontledingsraamwerk:
besigheidsgeleenthede By using you can think for yourself 4 SWOT analysis framework, you can use it
as well as manage and neutralize threats that can hinder your success.
Build your USP
Build your USP and position yourself differently from your competitors: Determine why your
customers should buy from you and promote that reason.
Opportunity Analysis
Once an opportunity has been identified, it must be analyzed.
To analyze an opportunity, you should call
. Follow ideas on
. Focus on the ideas market
Talk to industry leaders in the same space with Idea
Talk to actors in the same space with Idea
Strategy
Remember that opportunities are conditional.
. Look for strong records.
. Avoid the last boom
.
Like your idea.
Entrepreneurship Support Ecosystem
Entrepreneur means:
. Does not work for employees
. Running a small business
. Accepts all risks and rewards of a business, idea, good or service
Types of entrepreneurs
There are four main types of entrepreneurs:
1.
Traditional Contractor: This type of contractor usually has a certain set of skills – it could be a carpenter, mechanic, cook, etc. Their businesses have been around for many years, such as restaurants, stores, and carpenters. Often they gain a lot of experience in a particular industry before starting their own business in a similar field.
2. Growth Potential Entrepreneur: This type of entrepreneur wants to start a business that will grow, gain lots of customers, and make lots of money.
Their ultimate goal is to eventually sell their business for a handsome profit. These entrepreneurs often have a scientific or technical background.
3. Project-oriented entrepreneur: This type of entrepreneur usually has a background in arts or psychology. Their businesses tend to focus on things they are passionate about.
4. Lifestyle Entrepreneur: This type of entrepreneur usually works as a teacher or a secretary. They are more interested in selling something people will like than making a lot of money.
Characteristics of Entrepreneurs
Successful entrepreneurs have the following characteristics:
. They are highly motivated
.
They are creative and persuasive
. They are mentally prepared to handle every task
. They have excellent business skills – they know how to assess their cash flow, sales and income
. They are ready to take big risks
. They are very proactive – meaning they are willing to do the work themselves rather than waiting for someone else to do it
They have a vision – they can see the big picture.
. They are flexible and open-minded
They are good at making decisions
Entrepreneur Success Stories
Dhiru Bhai Ambani
Dhirubhai Ambani started his entrepreneurial career selling ‘bhajios’ to weekend pilgrims to Jirna Hill. Station employee, employee of an oil company, he returns to India with rupees. 50,000 and set up a textile trading company. Reliance becomes the first Indian company to raise capital in the global market and the first Indian company to appear on the Forbes 500
list.
Karsanbhai Patel
Korsanthal Patel pattern laundry detergent in his garden. It sells its products door-to-door and offers a money-back guarantee on every pack sold. He spent Rs. 3 per kg, the cheapest detergent at that time was Rs. 13 per kg.
Dr. Patel eventually founded Nirma, a new segment in the Indian household detergent market.
The Entrepreneurial Process
Let’s look at the stages of the Entrepreneurial Process
Stage 1: Generation of ideas. The entrepreneurial process begins with an entrepreneurial idea. This idea is a problem that has the potential to be solved.
Stage 2: Germination or recognition. At this stage, possible solutions to the identified problems are considered.
Third stage: preparation or rationalization. The problem has been further researched and research has been done to find out how
other people have tried to solve the same problem.
Stage 4: Incubation or Fantasy. This step involves creative thinking in order to come up with .
more ideas. Less attention is paid to the problem domain.
Step 5: Feasibility Study: The next step is to conduct a feasibility study to determine if idea
will be profitable and should pass.
Stage 6: Initiation or Realization. That’s when all the areas of uncertainty suddenly become clear.
The entrepreneur was convinced that his idea had value.
Step 7: Verification or Validation. In this last step, check that the idea is feasible and useful. Take a look at the diagram below to better understand the process.
What is an entrepreneur?
The entrepreneurial support ecosystem embodies the collective character and integrity of entrepreneurship. New businesses emerge and thrive not only because of the courageous and visionary entrepreneurs who launch them, but they thrive in environments, or “ecosystems”, comprised of private and public actors. These
players nurture and support start-ups, promoting entrepreneurial endeavors.
The entrepreneurial ecosystem includes the following six areas:
1. Right Culture: This includes things like the entrepreneur’s tolerance for risk and error, valuable networks, and positive social status.
2. Policy and Leadership Facilitation: This includes regulatory framework incentives and the presence of public research institutions
4. Human Capital: Refers to trained and untrained workforce, entrepreneurs and entrepreneurship training programs, etc.
5.
Promote the market for products and services: This refers to the existence or extent of a market for the products/services.
6. Institutional and infrastructure support: this includes legal and financial advice, telecommunications, digital and transport infrastructure and business networking programs.
These areas indicate whether there is a strong ecosystem supporting entrepreneurship and what actions governments should
take to further encourage this ecosystem. The six domains and their various elements
are represented graphically.
Each startup support ecosystem is volatile and all elements of the ecosystem are interdependent. Although the entrepreneurial ecosystem of each region can be roughly described by the characteristics above, each ecosystem is the result of hundreds of elements interacting in very complex and specific ways.
Entrepreneurial ecosystems end up being largely) self-sufficient When all six domains are resilient enough, they are mutually beneficial. At this stage, government involvement can and should be significantly reduced. Public leaders do not need to invest heavily to maintain the ecosystem. It is crucial that the incentives of the entrepreneurial ecosystem are formulated to self-liquidate, thus focusing on environmental sustainability.