LESSON 7: SOURCES OF ENTREPRENEURIAL

IDEAS

THE ENTREPRENEURIAL PROCESS OF CREATING A NEW VENTURE

Creation of Identification of Opening of

entrepreneurial entrepreneurial entrepreneurial
idea opportunities venture
 CHANGES IN THE ENVIRONMENT

• EXTERNAL ENVIRONMENT – REFERS TO THE PHYSICAL ENVIRONMENT,

SOCIETAL, AND INDUSTRY ENVIRONMENT WHERE THE BUSINESS OPERATES
• 1.THE PHYSICAL ENVIRONMENT INCLUDES THE CLIMATE, NATURAL
RESOURCES, WILDLIFE
• 2.THE SOCIETAL ENVIRONMENT INCLUDES ECONOMIC FORCES,
SOCIOCULTURAL FORCES, POLITICAL FORCES, TECHNOLOGICAL FORCES
• 3. THE INDUSTRY ENVIRONMENT INCLUDES GOVERNMENT, COMPETITORS,
SUPPLIERS, CUSTOMERS, CREDITORS, EMPLOYEES
 TECHNOLOGICAL DISCOVERY AND
ADVANCEMENT

• DISCOVERY AND ADVANCEMENT IN THE USE

OF TECHNOLOGY ARE ANOTHER GOOD
SOURCE OF ENTREPRENEURIAL IDEAS AND
OPPURTUNITIES.
 GOVERNMENT’S THRUST, PROGRAMS AND
POLICIES

• THE PRIORITIES, PROJECTS, PROGRAMS AND

POLICIES OF THE GOVERNMENT ARE ALSO A GOOD
SOURCES OF ENTREPRENEURIAL IDEAS.
• GOVERNMENT- REFERS TO THE LOCAL OR
NATIONAL GOVT. AND ITS BRANCHES
 PEOPLES INTERESTS

• THE INTERESTS, HOBBIES AND PREFERENCES OF

PEOPLE ARE RICH SOURCES OF ENTREPRENEURIAL
IDEAS.
 PAST EXPERIENCES

• PAST EXPRIENCES AND EXPOSURES ARE A

GOOD SOURCES OF ENTREPRENEURIAL
IDEAS. THE EXPERTISE AND SKILLS
DEVELOPED BY A PERSON MAY LEAD TO THE
OPENING OF RELATED BUSINESS ENTERPRISE.