Opportunities occur,
when people discover a problem of some kind that can be helped with a
product/service, or when people decide they have certain needs or want to
satisfy. Opportunities may also arise
from change while entrepreneurial activity itself courses change to occur as
well.
Sources of
opportunities could also be an observed demand and supply gap arising from
society`s needs and functions, growing and evolving economies and economic niches,
technological change, social change, demographic change, political change such
as war ,tariff and embargoes or artificial scarcities. Other conditions that
may create opportunities include: shortages, surpluses, price response, and
shifts in demand.
Young entrepreneurs
need assistance through advice, not only in the area of profitable investment
identification and selection; but also in the field of management, technical
know-how, project evaluation, financing, location of suitable sources of
appropriate technology; establishment of enterprise services, growth
alternatives and adjustments to boundary threats. Assistance in the above areas
helps the entrepreneur to establish profitable ideas, capture, activate and
actualize them. It helps the entrepreneur uncover his interest and abilities
through expert assessment of environment, industry and capabilities of the
entrepreneur.
SWOT Analysis
(Strength, Weakness, Opportunities and Threats) will enable entrepreneur mirror
himself in relation to the identification and assessment of business
opportunities.
§ Strength : Are strong
hold
§ Weakness: Implies shortcoming
§ Opportunities: Are possible areas of exploitation
§ Threat: Are those things that are cogs in the wheel of
progress, such as competitors.
Ways
to experiment SWOT Analysis
I.
Scan different environment for possible
business opportunities ,report each findings
II.
Visit a close trade fair or market, prepare a summary of products
/services on display
III.
Watch television or listen to radio
advertisements at home and compose a newspaper article assessing the intended
target audience, attention, getting ‘values that were visible, product
information given etc. Brainstorm and prepare a concept web: of opportunities
that might arise from these advertisements and also debate if the ideas create
opportunities or vice versa.
IV.
Analyze a case involving identification
of opportunities and ideas.
V.
Role play a variety of daily life
situations that can provide an introduction to identifying opportunities and
ideas.
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