Entrepreunial opportunity

• Entrepreneurship exam
• Evolution of entrepreneurship in India
• Entrepreneurial skills
• Entrepreneurship Development Programme (EDP)
• Theories of entrepreneurship
• Types of Entrepreneurs and factors affecting entrepreneurial growth
• Introduction to Entrepreneurship Development
• National institute for entrepreneurship and small business development
• CBSE Class XII Entrepreneurship exam
• Unit 1 - Entrepreneurial Opportunity:

  • Concept
  • Exploring opportunities
  • Environment scanning (SWOT)
  • Factors affecting Business Environment
  • Idea Fields & its Sources
  • Ideas → Opportunities
  • Trend Spotting
  • Creativity and Innovation
• What is an Entrepreneur?

  • Peter Drucker defines entrepreneur as one who always searches for an opportunity
• What is Business Opportunity?

  • An economic activity (leads to business/trade)
  • Earn profits
  • There is a good market
  • Return on investment
• Elements of Business Opportunity:

  • Assured market scope
  • Attractive and acceptable rate of return
  • Practicability of the idea
  • Competence of entrepreneur
  • Potential of future growth
• Business opportunities during lockdown:

  • Yoga training
  • Handwriting Classes
  • Work from home data packs (Jio, Vodafone)
  • Net Banking
  • News apps (Inshorts)
  • Video Meeting Apps
  • TikTok
  • Social Media (FB, Instagram, Whatsapp, etc.)
• Case Study - The La Opala Story of Sushil Jhunjhunwala:

  • India looks up for glass crockery for occasions
  • The glass imports were banned after independence
  • Radha Glass - a small manufacturer of traditional glass products
  • Sushil Jhunjhunwala inherits father's business
  • Introduction of opaque glass called 'Opal'
  • La Opala established in 1988
  • Growth and expansion details
• Exploring opportunities in environment/Enterprise Process:

  • Analysing needs and problems
  • Evaluating ideas (Creativity)
  • Identifying a product/service (Innovation)
  • Setting up a project
• Perceiving and Sensing Opportunities:

  • Needs & Problems
  • Creative Solutions
  • Entrepreneurial Opportunities
  • Factors involved in sensing opportunities
• Factors involved in sensing opportunities:

  • Ability to perceive and preserve basic ideas for commercial use
  • Ability to harness different sources of information
  • Vision and creativity
  • Sources to tap new opportunities
  • Importance of environment scanning
• Environment Scanning:

  • Careful monitoring of an organization's internal and external environment for detecting early signs of opportunities and threats
• Importance of Environment:

  • Identification of opportunities for first mover advantage
  • Formulation of strategies and policies
  • Tapping useful resources
  • Better performance
  • Sensitisation of entrepreneurs to cope with rapid changes
  • Image building
• Importance of Environment:

  • Identification of opportunities to get first mover advantage
  • Formulation of strategies and policies
  • Tapping useful resources
  • Better performance
  • Sensitisation of entrepreneurs to cope with rapid changes
  • Image building
• SWOT:

  • Business Environment
  • Micro Environment: Suppliers, Customers, Intermediaries, Competitive, General Public
  • Macro Environment: Political, Economic, Social, Technological, Ecological, Legal
• An entrepreneur is a person who:

  • Earns income for himself
  • Conceives an idea to start a business
• A business firm can enjoy _____ through environment scanning:

  • First mover advantage
• Factors for sensing entrepreneurial opportunities:

  • Vision and Creativity
  • Competition
  • Problems
• Sudha's small-scale business expansion advice:

  • Environment scanning
• PESTEL MODEL:

  • Political
  • Economic
  • Social
  • Technological
  • Ecological
  • Legal
• Political Environment:

  • Government affairs
  • Attitude of government towards various groups of society
  • Policies, implementation and changes
  • Type of government in power
  • Taxation policy related to businesses
  • Political stability
  • Values and ideologies of political parties
• Economical Environment:

  • Purchasing power
  • Interest rates
  • Inflation
  • Business cycles
  • Unemployment
  • Disposable income
• Social Environment:

  • Demographics
  • Social mobility
  • Income distribution
  • Lifestyle changes
  • Attitudes to work and leisure
  • Levels of education and consumerism
• Technological Environment:

  • Research & Development
  • Entry of innovative products from foreign countries
  • Rate of obsolescence
• Ecological Environment:

  • Sustainable development
  • Go Green approach
  • Reduce, Reuse, Recycle
• Legal Environment:

  • Law of land
  • Rules and regulations
  • Administrative orders issued by government
  • FEMA Act, Factories Act, Industrial Disputes Act, etc.
  • Taxation
  • Employment laws
  • Monopolistic laws (patents, copyrights)
  • Legislations
• Factors affecting micro environment:

  • Competitors
• Factors of PESTEL model from the case study:

  • Ecological, Technological
• Idea Fields:

  • Natural resources
  • Existing products
  • Market driven or demand driven ideas
  • Trading related ideas
  • Service Sector ideas
  • Creative Efforts
• Idea and Opportunity Assessment:

  • Product Identification
  • Application and use
  • Level of operation
  • Cost
  • Competition
  • Technical complexity
  • Annual turnover and profit margin
• Market Assessment:

  • Demand
  • Supply and nature of competition
  • Cost and price of product
  • Project innovation and change
• TREND SPOTTING:

  • Read Trends
  • Talk Trends
  • Watch Trends
  • Think Trends
• Creative Process:

  • Idea Germination
  • Preparation
  • Incubation
  • Illumination
  • Verification