Business Opportunity, Opportunity Recognition, Exploring opportunities in the environment, bcom, bba
TLDRThe transcript discusses how entrepreneurs can identify business opportunities by analyzing the needs and problems in their environment. It advises staying up-to-date on market changes to get ideas. Opportunities exist where there is a large market, attractive returns on investment, practical feasibility, and entrepreneur capability. Examples like Ola Cabs and Travel Khana show how entrepreneurs solved passenger problems. Overall, entrepreneurs should spot opportunities by scanning the environment, brainstorming creative solutions, and launching businesses to address needs.
Takeaways
- ЁЯША An entrepreneur can only succeed if they identify and utilize business opportunities in their environment to produce goods/services and earn profits.
- ЁЯСН There must be a large market and attractive returns for any business idea to qualify as an opportunity.
- ЁЯТб Look at needs and problems in your society to spot opportunities - like Ola did for car transportation.
- ЁЯУЭ Stay updated on market trends and changes to recognize opportunities via magazines, books, seminars etc.
- ЁЯФН Use techniques like environmental scanning to monitor changes and identify opportunities.
- ЁЯТ░ An idea becomes a business opportunity if it has - large market scope, attractive returns, practical feasibility, entrepreneurтАЩs capability and potential for growth.
- ЁЯдФ Generate ideas by analyzing needs & problems. Evaluate all solution ideas and identify the right opportunity.
- ЁЯФО Recognizing an opportunity means spotting where it exists in the market/society in order to grab it.
- ЁЯШК TravelKhana solved the problem of train passengers not getting preferred hot & fresh food during journeys.
- тЬЕ Spot opportunities тЖТ Analyze needs & problems тЖТ Identify solutions тЖТ Innovate products/services тЖТ Start business тЖТ Success.
Q & A
What are the key elements an entrepreneur needs to consider before selecting any business opportunity?
-The key elements an entrepreneur needs to consider are - there should be a good market for the product, the return on investment should be attractive, the idea should be practically implementable, the entrepreneur should have the capability to execute the idea, and there should be potential for future growth.
How can an entrepreneur identify business opportunities from the environment?
-An entrepreneur can identify business opportunities by analyzing the needs and problems that exist in the environment through environmental scanning. This involves monitoring magazines, journals, books, seminars, trade shows, family members, customers, and friends to gain information and spot potential opportunities.
How did the founder of Travel Khana identify the business opportunity?
-The founder of Travel Khana identified the business opportunity by observing that millions of train passengers do not get fresh and preferred food while traveling. He realized that an automated platform can track trains in real-time and deliver fresh, customized food to passengers before their next station.
What was the key problem Ola identified before launching their business?
-Ola identified that many middle and lower-class people wanted to travel by car but could not afford to purchase one. So they provided cars for transportation through their platform, even for people who did not own cars.
What techniques can be used for opportunity recognition?
-Some techniques used are - environmental scanning to monitor changes, analyzing needs and problems in the environment, spotting potential opportunities, evaluating all ideas for solutions, and finding creative solutions to recognize the right opportunity.
What sources can provide information to identify opportunities?
-Useful sources are - magazines, journals, books, seminars, trade shows, family members, customers, friends. Staying connected and up-to-date with these sources provides insights about market needs, trends, innovations etc. to identify potential opportunities.
How can one grab an identified business opportunity?
-One can grab an identified opportunity by - spotting it through analysis of environment needs and problems, evaluating all ideas, finding a creative solution for the identified need/problem, innovating the product/service offerings, and starting a business to successfully commercialize the opportunity.
What capabilities should an entrepreneur have?
-An entrepreneur should have the capability and competence to - recognize a potential opportunity, conceptualize an implementable business plan around it, marshal the required resources, launch the business enterprise, manage the operations, and scale the business in the future.
Is a large market size essential for all business opportunities?
-A large market size with mass reach is essential for business opportunities that entail large investments for development and sales & distribution. However, niche opportunities catering to specialized customer segments can also be profitable even with a smaller target market.
How can an entrepreneur scale up the business in the future?
-To scale up business in future, the entrepreneur needs a scalable business model, continued innovation in products/services, expanding to new markets & segments, building partnerships, improving operational efficiency, leveraging technology, strengthening teams and leadership.
Outlines
ЁЯША рдХреИрд╕реЗ рд╕рд┐рдВрд╣ рдиреЗ рдПрдХ рдЕрдЪреНрдЫреА рдмрд┐рдЬрд╝рдиреЗрд╕ рдЕрд╡рд╕рд░ рдХреА рдкрд╣рдЪрд╛рди рдХреА
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ЁЯША рд╕рдорд╛рдЬ рдореЗрдВ рдореМрдЬреВрдж рд╕рдорд╕реНрдпрд╛рдУрдВ рдХреА рдкрд╣рдЪрд╛рди рдХрд░ рдЙрджреНрдпрдореА рдЕрд╡рд╕рд░ рдЦреЛрдЬ рд╕рдХрддреЗ рд╣реИрдВ
рдЗрд╕ рдкреИрд░рд╛рдЧреНрд░рд╛рдл рдореЗрдВ рдмрддрд╛рдпрд╛ рдЧрдпрд╛ рд╣реИ рдХрд┐ рдЙрджреНрдпрдореА рдЕрдкрдиреЗ рдЖрд╕рдкрд╛рд╕ рдХреЗ рд╕рдорд╛рдЬ рдореЗрдВ рдореМрдЬреВрдж рд╕рдорд╕реНрдпрд╛рдУрдВ рдФрд░ рдЬрд╝рд░реВрд░рддреЛрдВ рдХреЛ рдкрд╣рдЪрд╛рди рдХрд░ рдЙрдирдХрд╛ рд╣рд▓ рдирд┐рдХрд╛рд▓рдиреЗ рдХреЗ рд▓рд┐рдП рдирдП рд╡реНрдпрд╡рд╕рд╛рдпрд┐рдХ рдЕрд╡рд╕рд░ рдЦреЛрдЬ рд╕рдХрддреЗ рд╣реИрдВред рдЬреИрд╕реЗ Ola рдиреЗ рдХрд╛рд░ рдХреА рдХрдореА рдХреЛ рджреЗрдЦрддреЗ рд╣реБрдП рдХреИрдм рд╕реЗрд╡рд╛ рд╢реБрд░реВ рдХреАред рдЗрд╕рд╕реЗ рд╕рдорд╛рдЬ рдХреА рд╕рдорд╕реНрдпрд╛ рд╣рд▓ рд╣реЛрддреА рд╣реИ рдФрд░ рд╡реНрдпрд╡рд╕рд╛рдп рднреА рдЪрд▓рддрд╛ рд╣реИред
Mindmap
Keywords
ЁЯТбEntrepreneur
ЁЯТбBusiness Opportunity
ЁЯТбMarket Scope
ЁЯТбRate of Return on Investment
ЁЯТбPracticality of the Idea
ЁЯТбCompetence of the Entrepreneur
ЁЯТбFuture Growth Potential
ЁЯТбEnvironmental Scanning
ЁЯТбIdentification and Utilization
ЁЯТбInnovation and Solution Finding
Highlights
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