Recognizing a potential market

• Entrepreneurial Process of Creating New Venture

  
• Entrepreneurial ideas

  • it leads to the identification of entrepreneurial opportunities, which in turn results in the opening of an entrepreneurial venture.
• Entrepreneurial mind frame

  • This allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situation.
• Entrepreneurial heart flame

  • Entrepreneur's driven passion, they are attracted to discover satisfaction in the act and process of discovery.
• Entrepreneurial gut game

  • This refers to the ability of the entrepreneur of being intuitive.
  • The gut game also means confidence in one’s self and the firm believes that everything you aspire can be reached.
• Changes in the environment

  • Entrepreneurial ideas arise when changes happen in the external environment.
  • A person with an 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’s thrust, programs, and policies

  • The priorities, projects, programs, and policies of the government are also good sources of ideas.
• People’s interest

  • The interest, hobbies, and preferences of people are rich source of entrepreneurial ideas.
  • Like the increasing number of Internet Café at present could be lead to the strong attachment of 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 related business enterprise.
• Buyers

  • The one that pays cash in exchange to your goods and services.
• Potential New Entrants

  • it is defined as the one who enters something.
• Rivalry among Existing Firms

  • it is a state or situation in which people or groups are competing with each other.
• Substitute Products

  • it means anything that takes the place or function of another.
• VALUE PROPOSITION (VP)

  • It is a business or marketing statement that summarizes why a consumer should buy a company's product or use its service.
  • This statement is often used to convince a customer to purchase a particular product or service to add a form of value to their lives.
• UNIQUE SELLING PROPOSITION (USP)

  • It refers to how you sell your product or services to your customer.
  • You will address the wants and desires of your customers.
• Target market

  • it is a stage in market identification process that aims to determine the buyers with common needs and characteristics.
  • Prospect customers are market segment that entrepreneurial venture intends to serve.
• Geographic segmentation

  • the total market is divided according to geographical location.
• Demographic Segmentation

  • divided based on consumers.
• Psychological Segmentation

  • divided in terms for customers think and believe.
• Behavioral Segmentation

  • divided according to customers’ behavior pattern as they interact with a company.
• Customer Requirement

  1. Service Requirement
  2. Output Requirement
• Market size

  • it is like a size of arena where the entrepreneurs will play their business.
  • It is the approximate number of sellers and buyers in a particular market.