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Opportunity assessment plan is not a business plan: Be shorter Focus on the opportunity, not the venture Have no computer-based spreadsheet Act or wait on an opportunity

Opportunity assessment plan contain four section: Two major and Two minor sections. MAJOR SECTIONS: 1. first major section: Develops the product/service idea, analyze the competitive products and companies

MAJOR SECTIONS:
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Second major section: Focus on the market its size, trends, characteristics, and growth rate

MINOR SECTIONS: Third Minor section: focus on the entrepreneur and the management team in terms of skills and experience. FINAL SECTION: Timeline, successfully launch the venture and translate the idea in to a viable business entity.

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Helps in starting the new business. General Information: Help taken from the online websites e.g. www.score.org (non profit organization). Industry And Market Information: There are the wide variety of database that provide you the significant information about the industry and the market e.g. plunkett (trends) , frost and sullivan (specific info)

3. Competitive company and product information: supply significant information on product and services: Example: business source complete (industry information). 4. Government sources And Search Engine: Census reports & export/import authority Search engine provide industry, market and competitive information 5. Trade Association and Trade publishing: Trade association do market surveys. Trade publishing's provide insight on trends e.g. growth rate

International Entrepreneur: An entrepreneur doing business across his or her national boundary. It is more complex due to uncontrollable factors: 1. Economics: In domestic: Single economic system, same currency In international: Dealing in differences in level of economic development, Govt. regulation. 2. Stages of economic development: Rational and regional variance. 3. Current Account: The trade status of import/export between countries.

4. Type of economic system: Distribution rights Barter (directly exchange) or Third-party arrangements (indirectly). 5. Political-legal environment: Price fluctuation - VAT (value added tax) Political risk analysis (prior to entering into business) critical areas (property right, contract law, product safety & liability 6. Language: Native tongue

Technology Varies Across Countries New Products are created based on conditions and infrastructure operating in the country

Culture refers to common ways of thinking and behaving Culture Includes

Social Culture
Language Religion

Manners and Customs

Crossing Cultures are the Problems for entrepreneurs Entrepreneur must have command over countrys language Both Verbal and Nonverbal languages are important

Social Culture Religion Political Philosophy Economics and Economic Philosophy Education Manners and Customs

Religin

Social Culture

Language
Culture Norms & Value System

Economics & Economic Philosophy

Manners & Customs

Education

Refers to social institutions in a culture Social Stratification affect the behavior of the people in one particular strata Reference Groups provide influencing values and attitudes

Ideas for life reflected in values and attitudes of society Impact on entrepreneurship varies Impact depends on dominant religious tenets on attitudes and values

Particularly

important for entrepreneurs in negotiations


can be important part of developing relationship in a culture

Gifts

Factors to be Considered: Overall sales potential Amount and type of competition Products cost Geographical size and density of the country Investment policies of the country Exchange rate and any controls Level of political risk Overall marketing plan

Profits Competitive Pressures Unique Products or Services Excess Production Capacity Declining Home Country Sales Technological Benefits Tax Benefits

New set of wide ranging problems New set of domestic and international regulations Physical and Psychological closeness does matter

Market selection and market entry strategies are critical issues Decision should base on past sales and competitive positioning Appropriate market-selection model should be followed

Exporting Nonequity Arrangements Direct Foreign Investment

Direct Exporting Indirect Exporting

Licencing Turn-Key Projects Management Contracts

Minority Interests Joint Ventures Majority Interest Mergers

Amongst best methods for entering International Market Foreign entrepreneurs know country and culture Finding good partner can be beneficial for the entrepreneur

How to find Good Partner?


Information needed on industry and potential

partners Appropriate trade shows should be attended Should Check References for the partner Meet with the potential partner several times before commitment

General Agreement on Tariffs and Trade Increasing Protectionist attitudes Trade Blocs and Free Trade Areas Entrepreneurs Strategy and Trade Barriers

Implications

for the global entrepreneur