TECHNOPRENEURSHIP UGE 2002 IDENTIFICATION AND CHOOSING OF BUSINESS OPPORTUNITY

TECHNOPRENEURSHIPUGE 2002IDENTIFICATION AND CHOOSING OF BUSINESS OPPORTUNITYM05LB,MO6LB,M07LB,M08LBLECTURERMOHAMAD NAZRI BIN MUSIRBEFORE WE BEGINAssignment 21 August KPUTest Pertama 24 hb Ogos Lecture 1 to 5Test Kedua 13hb October Lecture 6 to 9Group assignment case study 9 september.Group Project Presentation 12hb. OctoberSubmission 19hb. October INTRODUCTIONA Business Opportunity is said to exist when there is room to offer a product or service in a particular market which fulfills customers demands and preferences.Two situations already in market but do not fulfill customers needs and wants - require a product which can help them solve a problem. PROCESS OF IDENTIFYING AND CHOOSING BUSINESS OPPORTUNITY4 Major Steps :Identifying the needs and wants of a customer.Scanning the environment and evaluating of self and the communityScreening of Business OpportunitySelecting a business opportunity and preparing a business plan.IDENTIFYING THE NEEDS AND WANTS OF CUSTOMERSEvery business opportunity begins with customers needs and wants for a particular product or serviceNeed is something basic in life eg food, clothing, shelterWants craving for something better than basic items.Human needs and wants are unlimited and are of all kinds thus more business opportunity.Entrepreneur must be sensitive to changes in customers needs and wants.Analyzing Environment, Self Assessment and Community value3 important elements that need to be taken into consideration to identify business opportunitiesEnvironmental Scanning/ Analyzing ES can lead idea that can be converted into a business opportunity There are two approaches:Scan Environment from macro and micro perspectives.

AGRICULTURAL SECTORMAKRO Forestry, Fishing, Plantation, PoultryMIKRO - Forestry- Plywood, logging, furniture - Fishing- Equipment, Processing, Wholesale, Deep sea fishing - Plantation- Clearing, Planting, Processing, Wholesale - Poultry Farming, Processing, Wholesale ENVIRONMENTAL SCANNINGSTRUCTURE OF POPULATION, INCOME, TASTESBusiness Opportunities created by change in composition of population- higher teenagers increase in disposable income- higher purchasing power change in customer preference eg fast food

ENVIRONMENTAL SCANNINGStudy on import export dataStudy on local resources and technological breakthroughIndustrial linkagesDevelopment projects by public and private sectorLocal and foreign papersLocal social problemsNew government policies and regulations

SELF ASSESSMENTLooking at oneself ExperienceKnowledge and skillFinancial SituationInterestNetworkingCOMMUNITY VALUEMust be coordinated with values and norms of community in which business is to be implementedUseful and beneficial to communityEg poultry farm cannot be near housing area

SCREENING OF BUSINESS OPPORTUNITYLegalityMonopolistic and level of of CompetitionCapital RequirementsRisks Business Risk - Financial Risk- Liquidity - Loan - Foreign ExchangeSEE YOU IN THE NEXT CLASSTHANK YOU