Chapter 6 Opportunity Identification
Chapter 6 Opportunity Identification
Chapter 6 Opportunity Identification
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CHAPTER
OPPORTUNITY IDENTIFICATION
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Objectives
The objectives of this chapter are to:
provide an understanding of a viable(workable) business
opportunity by identifying, observing and analysing relevant
variables and trends in the environment that can be a source of
good opportunities
provide students with knowledge and skills in analysing and
identifying the most attractive and suitable business
opportunities using SWOT analysis and strategic planning
method
provide students with skills in developing a business model to
capture and turn a business opportunity into a viable business
start-up
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Learning Outcomes
At the end of this chapter, students should be able to:
develop generic skills in identifying and capturing
opportunities in their career and life
apply generic analytical skills such as the application of
SWOT analysis to their work
be creative and innovative in developing new business
models or marketable products
work in groups effectively and harmoniously
inculcate a life-long attitude and commitment toward
continuous self-improvement and professional
development throughout their career
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Introduction
Fundamentally,
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technology
demographic, geographic and psychographic factors
political
trend, etc.
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Business Ideas
The following are examples of possible sources of business ideas:
Based on work experience.
Based on hobby and interest.
Based on chance encounters or observations while travelling.
Based on family business.
Based on suggestion from spouse( ), siblings and friends.
Based on business networks.
Based on local needs, wants, problem or finding gaps in the market
place.
Based on market trend or market growth potential.
Based on copying successful business model.
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Adequacy Threshold
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Macroenvironment Analysis
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Selection of Business
Opportunities
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Business Model
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Business Identification
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