provide an understanding of a viable business opportunity by identifying, observing and analysing relevant variables and trends in the environment that can be a source of good opportunities provide students with knowledge and skills in analysing and identifying the most attractive and suitable business opportunities using SWOT analysis and strategic planning method provide students with skills in developing a business model to capture and turn a business opportunity into a viable business start-up
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Fundamentally, all business organizations exist to provide a
service or product to their customers at a price which can give profit to the entrepreneurs and provide value to the customers. Therefore, most business opportunities evolve and develop from an effort to fill a gap in the form of needs, wants and creation of value to the customers.
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Improvement of existing products or introduction of better
quality new products. Fulfilling the gaps of needs, wants and creation of value to customers. Opportunities based on local market or business advantage such as supply and demand, competition, cost advantage, quality advantage, reputation and brand advantage, etc. Opportunities based on macro factors such as – technology – demographic, geographic and psychographic factors – political – trend, etc.
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The following are examples of possible sources of business ideas:
Based on work experience. Based on hobby and interest. Based on chance encounters or observations while travelling. Based on family business. Based on suggestion from spouse, siblings and friends. Based on business networks. Based on local needs, wants, problem or finding gaps in the market place. Based on market trend or market growth potential. Based on copying successful business model.
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Based on searching and seeking of good opportunities in the environment. Based on experimentation, trial and error methods and better product development. Based on building internal strengths such as skills, capability, experiences, resources and networks so that you become the best and most suitable person to capture the opportunity. These additional strengths that you build may make opportunities seek you or single you out from your competitors. Based on readings from magazines, books and internet. Looking for good existing business for sale.
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Entrepreneurial characteristic and traits such as being
hardworking, alert to opportunities, perseverance, willing to take calculated risks, tolerance for ambiguity, high need for achievement, internal locus of control, goal oriented, etc. Knowledge and experience in the field. Soft skills such as leadership, communication and negotiation skills.
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Adequate resources such as capital and human resource.
Good networking with potential customers, suppliers, experts, potential workers, bankers and investors. Good viable business opportunities with many positive and attractive environmental factors such as market size, market growth, minimum or tolerable competition, good support system and a good business concept, strategy, sound business plan and meticulous execution details.
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