Prelims Flashcards
(21 cards)
The first process of venturing into business
Scanning the market
Define businesses opportunities from macro environmental sources and within the realms of the entrepreneur community or locality
Scanning the market
What are the two types of sources of business opportunities?
External sources and internal sources
Are the external forces in the budding entrepreneur’s environment
External sources
Entrepreneur’s strengths or assets that drives him or her to pursue a potential business
Internal sources
What are the external sources of business opportunities ?
- Sociocultural factors
- technological advancements
- economic growth or decline
- Politics and legal factors
- industry trends
- new discovery or new knowledge
- futuristic or unexpected opportunities
- consumer preferences
- competitors
- suppliers
- irritants in the marketplace
- physical location of the entrepreneur
An external source that pertains to the customs, lifestyles, and values that characterize a society
Sociocultural factor
An external source that changes in the way products or services are produced or delivered that reduce the resource input requirements for production or delivery
Technological advancements
An external source that refers to an increase in the production of economic goods and services in one period of time compared with the previous .
Economic growth
External source that refers to a decrease in the production of goods or services over specific .
Economic decline
External sources that refers to the government regulations that influence business operation positively and negatively
Politics and legal factors
External source that refere to the patterns or trends that occur within specific industry
Industry trends
External source that aims to develop new businesses, products, and services
New discovery or new knowledge
External source that has also been in use successfully to identify new research and development directions, define new approaches for marketing and production, and address various issues for human resources and corporate affairs
New discovery or new knowledge
External source from those future or unexpected events
Futuristic or unexpected opportunities
External source defined as a subjective states of individual consumers, measured by their satisfaction with those item after they purchase them
Consumer preference
External source that refers to the companies that operate in the same industry make similar product and target the same consumers
Competitors
External source that refers to the companies that provide the materials needed in the production of the business
Suppliers
External source of business opportunities that refers to the deterrents, problems, complaints, and delays
Irritants in the marketplace
External source that includes the entirety of any space associated with the business site
(ex. workstations, hallways, stairwells, breakroom, bathrooms, elevators)
Physical location of the entrepreneur
What are the internal sources of business opportunities
- Talents, hobbies, skills, expertise or academic background
- financial capacity
- processes or operational capacity
- leadership and people management skills
- entrepreneurial attitude or character
- vision and strategy
