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Techno Lesson 3

This document outlines the process of identifying and choosing a business opportunity. It discusses 4 major steps: 1) Identifying customer needs and wants, 2) Scanning the external environment and conducting self-assessment, 3) Screening potential business opportunities, and 4) Selecting an opportunity and creating a business plan. It emphasizes beginning with customer needs and continuously analyzing changes in customer preferences. Environmental scanning involves analyzing macro factors like industry trends as well as micro factors like local resources. Self-assessment considers personal experience, skills, finances, and interests. The business must also fit with community values. Opportunities are then screened based on legality, competition level, capital needs, and risks.

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19 views13 pages

Techno Lesson 3

This document outlines the process of identifying and choosing a business opportunity. It discusses 4 major steps: 1) Identifying customer needs and wants, 2) Scanning the external environment and conducting self-assessment, 3) Screening potential business opportunities, and 4) Selecting an opportunity and creating a business plan. It emphasizes beginning with customer needs and continuously analyzing changes in customer preferences. Environmental scanning involves analyzing macro factors like industry trends as well as micro factors like local resources. Self-assessment considers personal experience, skills, finances, and interests. The business must also fit with community values. Opportunities are then screened based on legality, competition level, capital needs, and risks.

Uploaded by

PM
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We take content rights seriously. If you suspect this is your content, claim it here.
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TECHNOPRENEURSHIP

UGE 2002
IDENTIFICATION AND CHOOSING
OF BUSINESS OPPORTUNITY

M05LB,MO6LB,M07LB,M08LB
LECTURER
MOHAMAD NAZRI BIN MUSIR
BEFORE WE BEGIN

 Assignment 21 August KPU


 Test Pertama 24 hb Ogos Lecture 1 to 5
 Test Kedua 13hb October Lecture 6 to 9
 Group assignment case study 9 september.
 Group Project Presentation 12hb. October
 Submission 19hb. October
INTRODUCTION

 A Business Opportunity is said to exist when


there is room to offer a product or service in
a particular market which fulfills customer’s
demands and preferences.
 Two situations – already in market but do not
fulfill customers needs and
wants
- require a product which can
help them solve a problem.
PROCESS OF IDENTIFYING AND
CHOOSING BUSINESS OPPORTUNITY
4 Major Steps :
1. Identifying the needs and wants of
a customer.
2. Scanning the environment and
evaluating of self and the
community
3. Screening of Business Opportunity
4. Selecting a business opportunity
and preparing a business plan.
IDENTIFYING THE NEEDS AND WANTS
OF CUSTOMERS
 Every business opportunity begins with
customers needs and wants for a particular
product or service
 Need is something basic in life eg food, clothing,
shelter
 Wants craving for something better than basic
items.
 Human needs and wants are unlimited and are of
all kinds thus more business opportunity.
 Entrepreneur must be sensitive to changes in
customers needs and wants.
Analyzing Environment, Self
Assessment and Community value
3 important elements that need to be taken into
consideration to identify business
opportunities
 Environmental Scanning/ Analyzing
ES can lead idea that can be converted into a
business opportunity
There are two approaches:
1. Scan Environment from macro and micro
perspectives.
AGRICULTURAL SECTOR

MAKRO – Forestry, Fishing, Plantation, Poultry


MIKRO - Forestry- Plywood, logging, furniture
- Fishing- Equipment, Processing,
Wholesale, Deep sea fishing
- Plantation- Clearing, Planting,
Processing, Wholesale
- Poultry – Farming, Processing, Wholesale
ENVIRONMENTAL SCANNING

 STRUCTURE OF POPULATION, INCOME,


TASTES
Business Opportunities created by change in
composition of population- higher teenagers
increase in disposable income- higher
purchasing power
change in customer preference eg fast food
ENVIRONMENTAL SCANNING

 Study on import export data


 Study on local resources and technological
breakthrough
 Industrial linkages
 Development projects by public and private
sector
 Local and foreign papers
 Local social problems
 New government policies and regulations
SELF ASSESSMENT
Looking at oneself –
 Experience
 Knowledge and skill
 Financial Situation
 Interest
 Networking
COMMUNITY VALUE

 Must be coordinated with values and norms


of community in which business is to be
implemented
 Useful and beneficial to community
 Eg poultry farm cannot be near housing area
SCREENING OF BUSINESS
OPPORTUNITY
 Legality
 Monopolistic and level of of Competition
 Capital Requirements
 Risks – Business Risk
- Financial Risk- Liquidity
- Loan
- Foreign Exchange
THANK YOU
SEE YOU IN THE NEXT CLASS

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