Now What?
Step 1: Find the right starting place
Market opportunity is something-either a good or service-that people want or are willing to pay for, and which others have overlooked
Entrepreneurs recognize that a marketing opportunity exists
Now What
Step 2: Evaluate Opportunities
Knowledge about product or service is beneficial
If you don’t know much about opportunity but still want to pursue, begin by learning all you can about it
Strong interest is important with the opportunity you are exploring.
Questions about opportunity
Do you think you have a good chance of coming up with a potentially successful product idea for this opportunity?
If you think this opportunity has reasonable chance of success, what risk do you run that other entrepreneurs will also think so and will become your competitors?
How strong are the existing competitors who are already trying to satisfy the problem, need or want you have identified?
Questions Cont…….
What are costs of pursuing this opportunity? Profits? Expenses?
Do you think you have a good chance of making enough sales to cover costs and keep a business running successfully?
What does the market look like for this opportunities service or product?
Do you believe you have enough information to determine if you should pursue the opportunity?
Features of Entrepreneurship
Examples
1. High Achievement – Ambani,Birlas, NarayanMurthy
2. Innovation - Market Product Methods Sabeer Bhatia
3. Organisation Building - Amul, Nirma L&T, Reliance
4. Group Level Activities - Lijjat, Annapurna
5. Managerial Skills - Ranbaxy,Ambanis
6. Gap Filling - Amul (Operation Flood)
Step 1: Find the right starting place
Market opportunity is something-either a good or service-that people want or are willing to pay for, and which others have overlooked
Entrepreneurs recognize that a marketing opportunity exists
Now What
Step 2: Evaluate Opportunities
Knowledge about product or service is beneficial
If you don’t know much about opportunity but still want to pursue, begin by learning all you can about it
Strong interest is important with the opportunity you are exploring.
Questions about opportunity
Do you think you have a good chance of coming up with a potentially successful product idea for this opportunity?
If you think this opportunity has reasonable chance of success, what risk do you run that other entrepreneurs will also think so and will become your competitors?
How strong are the existing competitors who are already trying to satisfy the problem, need or want you have identified?
Questions Cont…….
What are costs of pursuing this opportunity? Profits? Expenses?
Do you think you have a good chance of making enough sales to cover costs and keep a business running successfully?
What does the market look like for this opportunities service or product?
Do you believe you have enough information to determine if you should pursue the opportunity?
Features of Entrepreneurship
Examples
1. High Achievement – Ambani,Birlas, NarayanMurthy
2. Innovation - Market Product Methods Sabeer Bhatia
3. Organisation Building - Amul, Nirma L&T, Reliance
4. Group Level Activities - Lijjat, Annapurna
5. Managerial Skills - Ranbaxy,Ambanis
6. Gap Filling - Amul (Operation Flood)
