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Business Enterprise Simulation

The document discusses identifying business opportunities by observing changes in the environment like economic, social, and technological trends to recognize unmet needs or problems. It explains approaching opportunity identification through observing these factors, recognizing customer needs and problems, and evaluating opportunities based on criteria like profit potential and competitive advantages. The document provides guidance on considering local demand, available resources, skills, market, supplies, and technology when creating a business opportunity.

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194 views20 pages

Business Enterprise Simulation

The document discusses identifying business opportunities by observing changes in the environment like economic, social, and technological trends to recognize unmet needs or problems. It explains approaching opportunity identification through observing these factors, recognizing customer needs and problems, and evaluating opportunities based on criteria like profit potential and competitive advantages. The document provides guidance on considering local demand, available resources, skills, market, supplies, and technology when creating a business opportunity.

Uploaded by

DanikkaGayleBonoan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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INTERNATIONAL PHILIPPINE SCHOOL IN

JEDDAH
SENIOR HIGH SCHOOL DEPARTMENT

IDENTIFICATION
OF BUSINESS
OPPORTUNITY
Scan the market and identify potential business
opportunities to capitalize on.
ABM-BES12-Ia-c-1
Prepared by:
DEBORAH MAE R.
BONOAN
What is opportunity?
Opportunity is defined as a situation that
enables an entrepreneur to offer makertable
products or services to interested buyers or end
users.
Types of Situational Factors
• Product or service is still not in existence

• Product or service is already in the market


but failed to satisfy the customers – so need to
be improved
Emergence of Opportunity
• When people decide they have certain needs and want to be
satisfied, or when people discovered a problem of some kind that can
be helped by a product or service.

• The presence of unfulfilled needs and want and/or problems alerts


the entrepreneur to the potential opportunity.

• The entrepreneur later creates a business that is able to fulfill the


needs or want and/or solve the problem.
Opportunity Identification

Opportunity identification is a process


that involved the search for and
discovery of business opportunities
Approach to Opportunity Identification

1. Observe changes in the environment

2. Recognize a need that customers have that is not


being satisfied

3. Recognize problems and find ways to solve it


Observe Changes in the environment
Changes in the environment give rise to needs and wants and/or
problems, and an opportunity emerges

Important environment forces to observe include :


1. Economic forces
2. Social forces
3. Technological advances
4. Political and regulatory statues
Recognize Needs and Wants

Opportunity occurs whenever there is a need and want to


fulfill. The term “needs” refer to basic needs that the
consumer must have in order to live while the term “wants”
refers to a personal desire for something that is more than a
basic need
Recognize Problem and Find Solution
Problems can be recognized by observing the
challenges that people encounter in their daily lives.
Solution to the problem represented a business
opportunity.

Remember:
Ability to search and Discover Business
Opportunities
• Experience and exposure
• Knowledge and skills
• “Special alertness”
• Social network
• Creativity
• Vigilant
Mechanism to Identify Opportunities
• Customers
• Retailers and distributors
• Business associates
• Bankers
• Consultants
• Employees
• Others
Evaluation and Selection Process

The evaluation and selection process involves


judging the viability of the opportunity and
assessing its potential.
Criteria for Evaluation and Selection Process

1. Can make money and has potential for growth


2. Less competition
3. Good fit between entrepreneur and opportunity
4. Has competitive advantage
5. Workable and efficient
6. Not against the norms and values of the community
7. Conform with laws and regulations
In Creating Business Opportunities, one must
consider the following factors;

1. The needs of the community – What products are in demand?


2. Available resources – Do you have money for capital? Do you
have equipment and facilities?
3. Skills and interests – Does the particular business activity meet
your interest?
4. Market - where will you sell your products? Who will buy your
products?
In Creating Business Opportunities, one must
consider the following factors;

5. Supplies or raw materials – Are materials always available?


6. Manpower – Are expert workers available?
7. Technology – Is your product or service new or improved?
Activity 1: Business Opportunity Identification

Make an essay explaining your own thoughts and views. Do this MS


Word.

Considering the current situation , what is the best business


opportunity for entrepreneurs in our locality? (30 pts)
References:

Retrieved from www.slideshare.com and Villanueva, C.A. et al.


effective technology and home economics textbook.

Retrieved from
https://www.slideshare.net/KrishnaChaturvedi4/identification-of-
business-opportunity

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