Week 2(2)

• What are the sources of opportunities in entrepreneurship?

  1 Changes in the environment

  2. Technological discovery and advancement

  3. Governments thrust, programs and policies

  4. Peoples interest

  5. Past experieneces
• This entrepreneural opportunities give shed light to entrepreneurial ideas as changes happen in the external environment. A person with an entrepreneurial drive views these changes positively. External environment refers to the physical environment, societal environment, and industry environment where the business operates.

  Changes in the environment
• External environment refers to the

  physical environment

  societal environment

  industry environment
• It is where the business operatates

  External environment
• The Physical environment includes?

  1 Climate

  2. Natural resources

  3. Wildlife
• It pertains to wather condition

  Climate
• It includes minerals, forests, water, and fertile land that occur in nature and can be used for economic gain.

  Natural resources
• includes all mammals, birds, reptiles, fish, etc., that live in the wild.

  Wildlife
• The Societal environment includes the various forces like

  1 Political forces

  2. Economic forces

  3. Socio cultural forces

  4. Technological environment
• includes all the laws, rules, and regulations that govern business practices as well as the permits, approvals, and licenses necessary to operate the business.

  Political forces
• such as income level and employment rate.

  Economic forces
• customs, lifestyles and values that characterize a society.

  Socio-cultural forces
• new inventions and technology innovations.

  Technologic environment
• The Industry environment of the business includes:

  1 Competitors

  2 Customers

  3 Creditors

  4 Employees

  5 Government

  6 Suppliers
• A person with entrepreneurial interest sees possibility of business opportunities in any new discovery or because of the use of latest technology. For example, an individual with knowledge in repair and installation of a machine engine discovers additional engine parts that considerably reduce fuel consumption.

  Technological discovery and advancement
• Government initiatives can inspire innovative business ideas. For instance, the ban on firecrackers during New Year's Eve can prompt entrepreneurs to create alternative products, turning regulatory restrictions into business opportunities.

  Government thrust, programs and policies
• The interest, hobbies, and preferences of people are rich sources of entrepreneurial ideas, like the increasing number of Internet Cafés at present could lead to the strong attachment of young people to computers

  People's interest
• Professional experience can spark entrepreneurial ventures. For instance, an accountant who has honed accounting and management skills in a reputable firm can leverage their expertise to start their own accounting business

  Past experience