ENTREPRENEURIAL MINDSET AND THINKING SKILLS

Chapter 2
ENT AA

ENTREPRENEUR

 Factor’s in Identifying Opportunities  Methods in Generating Ideas

Their own or partner’s Availability of inputs o Focus Groups – focus group consisting
past experience in thatlike raw materials, of 6-12 members belonging to various
business line labor, etc. at cheaper socio-economic background are formed
rates to focus on some particular matter like
Govt.’s promotional Expansion or new product idea.
schemes and facilities diversification plans of o Brainstorming – this technique was
offered business originally adopted by Alex Osborn in
High profitability of Products reserved for 1938 for encouraging creative thinking
products small-scale units in groups of six to eight people.
Increasing demand in According to him, brainstorming means
the market
using the brain to storm the
 Source of Ideas issue/problem.
Consumers consumers’ wants can be
known through their
feedback about the
products and services
they have been using and
would want to use in
future.
Existing Products and many enterprises are
Services established mainly to
offer better products and
services over the existing
ones.
Distribution also called market
Channels intermediaries, ultimately
deal with the ultimate
consumers and, hence,
better known the
consumers’ wants.
Government government from time-to- o Problem inventory analysis – This
time issues regulations on differs from focus group because this
product production and does not only generate ideas, but also
consumption. These identifies the problems the product
regulations become faces.
excellent sources for new
ideas for enterprise 2 steps:
formation. Providing consumers a list of specific problems in a
Research and R&D activity suggests general product category
Development what and how a new or
modified product can be Identifying and discussing the products in the
produced to meet the category that, suffer from specific problems.
customers’ requirements.
ENTREPRENEURIAL MINDSET AND THINKING SKILLS
Chapter 2
ENT AA