Unit 2
Promotion of a
Venture
1. What is Business Opportunity?
• Economic idea that can be implemented to create
a business enterprise and earn Profits.
• Before grabbing an opportunity, an entrepreneur
must focus on-
1. There is a good market
2. Attractive rate of return.
Elements of Business Opportunity
• Assured market scope
• Attractive and acceptable rate of return.
• Practicality of idea.
• Competence of entrepreneur to encash it.
• Potential of future Growth.
2. EXPLORING OPPORTUNITIES IN THE 4
ENVIRONMENT
Problem Opportunity Creativity Innovation
Needs Project
Business
Environmen Scoutin
Ideas Product Enterpris
t g
e
PERCEIVING AND SENSING 5
OPPORTUNITIES
Needs
and
Creative
Problem
Solutions
s of Entrepreneuri
Society al
Opportunities
Sensing Opportunities
Important Factors involved in the Process
[Link] to perceive and preserve basic ideas
which could be used commercially.
[Link] to harness different sources of
information.
[Link] and Creativity
1. Ability to perceive and preserve basic
ideas
Basic Ideas Emerge from
- Problem
- Change
- Inventions
- Competition
2. Ability to harness different sources of
information
• Information gathered from different sources
has to be analyzed and utilized for
identification of right opportunity.
3. Vision and Creativity
• Develop creative ideas.
• Creative people find solutions to problems
10
EXAMPLE 1
• Shiv Nadar quit his senior position in Delhi Cloth Mills and
started a company to manufacture calculators under the
brand name of HCL (Hindustan Computers Limited). He could
foresee rapid growth in the field of Information Technology
but people in corporate world did not believe him. He
worked undaunted and was able to develop India's first
micro-processor-based commercial computer called the
HCL-8C. Within the next few years, armed with greater
expertise and keener market orientation, HCL grew from
strength to strength. Shiv Nadar's enterprise exemplifies his
ability to receive and nurture basic ideas and turn them into
a successful venture.
11
EXAMPLE 2
Henry Ford who had vowed to
build a motor car for the
common man, so low in price
that any person of moderate
means may own one. It was this
vision and creative pursuit that
gave to the world the legendary
car 'Model T'. He fulfilled his
vision through a creative team of
engineers.
Generating Ideas
• Brainstorming
Generating Ideas
• New ways of Doing old things
Generating Ideas
• Improving an existing Product
Generating Ideas
• Utilizing waste Product
Generating Ideas
• Convert Hobby into Business
Generating Ideas
• Day Dreaming and fantasizing
Idea Fields
• Idea fields are well defined frames of
reference that guide the generation of ideas.
1. Natural resources
• Ideas can be generated based on natural
resources.
• A product or service may be desired from
forest resources, agriculture, mineral, marine
or aqua mineral, animal husbandry, wind,
sun and human resources.
2. Existing Products or Services Based
Ideas
• improve the products and services already in
the market.
3. Market Driven Ideas
• Carry out a market research.
• Such a study yields valuable data about
trends of supply, demand, consumer
preferences etc
4. Trading Related Ideas
• Local trade, imports and exports, e-commerce,
have all made trading a very wide area of an
enterprise.
• Chain stores, departmental store, etc.
5. Service Sector Ideas
• An entrepreneur think of several service-
based units like transport, workshop,
maintenance, security, catering, recruitment,
training, communication etc.
6. Creative Efforts of the Entrepreneur
• It is creative activity sensing an opportunity
where others see chaos, contradiction, and
confusion.
