MARWARI COLLEGE,RANCHI
(UNDER RANCHI UNIVERSITY,RANCHI)
NAME : RAJU MANJHI
SUB: EDP
SEM: VI(CA/IT/CM)
______________________________________________________________________________
Identification of business opportunities.
An
entrepreneur perceives an opportunity
for marketing a product or service, then he establishes a business unit on the
basis of his or her perception, finally he manages his enterprise, expanding,
growing or diversifying over a period of time. In order to establish an
entrepreneurial system an entrepreneur needs to take following steps for
identification of right opportunity.
1) Search
for business idea: The task of promotion begins with the search of suitable
business idea and opportunity. The idea may generate from various sources and
should be rated to the starting of a new business or taking over an existing
business enterprise. The idea should be sound and workable, so that it may be
exploited. It should yield suitable return on investment, and should be such
that it can be converted to a business.
sources and should be rated to the
starting of a new business or taking over an
existing business
enterprise. The idea should be sound and workable, so that
Business ideas can be discovered from: -
·
Careful observation of market can reveal a
business idea.
·
Market supply can also reveal the demand and
supply positions of the various products.
·
A survey of the available channels of
distribution should also be made so that the selling campaign can be properly
planned.
·
Competition and market trends can also be found.
·
Prospective consumer: Consumer knows best what he wants and the habits and tastes are going
to be popular in the near future. Contacting with consumers can also reveal the
features that should be built into a product or service.
·
Development in other nations: People in underdeveloped countries generally follow
the fashion trends of developed countries. An entrepreneur can discover good
business ideas by keeping in touch with developments in advanced nations.
·
Study of project profile: Various government and private agencies publish
periodic profiles of various projects and industries. These profiles describe
in detail the technical, financial and market requirements as well as position.
A careful scrutiny of such project profiles is very helpful in choosing the
line of business.
·
Government organization: Several government organizations nowadays assist
entrepreneurs in discovering and evaluating business ideas such as development
banks, state industrial development organization, financial institutions,
investment centers, export promotional council, etc. These organizations
provide advice and assistance in technical, financial and marketing area of
business.
·
Trade fair and exhibition: International and national trade fairs held from
time to time provide new ideas and also provide some information regarding
consumers choice, their requirements and also the position of supply of these
products.
Mil gya sir😅
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