__________2. New business ideas provides business opportunity.

__________3. The entrepreneurial process starts with identification

of entrepreneurial opportunities.

__________4. Discovery and advancement in the use of technology

are additional good sources of business opportunities.

__________5. Interest and hobbies of the people are possible good

sources of entrepreneurial ideas.
 The Entrepreneurial Process of creating new
venture.

Opening of
Identification of Entrepreneuri
Creation of Entrepreneurial al Venture
Entrepreneurial opportunities
Ideas
Essential in Entrepreneur’s
Opportunity - Seeking

1.Entrepreneurial mind frame

2.Entrepreneurial heart flame
3.Entrepreneurial gut game
1.Entrepreneurial mind frame
2.Entrepreneurial heart flame
3. Entrepreneurial gut game
Sources of Opportunities

1.Changes in the environment

2.Technological discovery and advancement
3.Governments thrust, programs, and policies
4.People interest
5.Past experiences
Sources of Opportunities

1.Changes in the environment

2.Technological discovery and advancement
3.Governments thrust, programs, and policies
4.People interest
5.Past experiences
1. Changes in the environment

Entrepreneurial ideas arise when

changes happen in the external
environment. A person with an
entrepreneurial drive views these
changes positively.

External environment refers to the

physical environment, societal
environment, and industry environment
where the business operates.
1. Changes in the environment

1.1 The Physical environment

1.2 The Societal environment
1.3 The Industry environment
1.1 The Physical environment

a. Climate – the weather conditions.

b. Natural resources – such as minerals,
forest, water, and fertile land that
occur in nature and can be used for
economic gain.
c. Wildlife – includes all mammals,
birds, reptiles, fish, etc., that live in
the wild.
1.2 The Societal environment

c. Sociocultural forces – customs,

lifestyles and values that characterize a
society.
d. Technical environment – new
inventions and technology innovations.
1.3 The Industry environment

a. Competitors
b. Customers
c. Creditors
d. Employees
e. Government
f. Suppliers
Sources of Opportunities

1.Changes in the environment

2.Technological discovery and advancement
3.Governments thrust, programs, and policies
4.People interest
5.Past experiences
2.Technological discovery and
advancement
A person with entrepreneurial interest
sees possibility of business opportunities
in any new discovery or because of the
use of latest technology.
Sources of Opportunities

1.Changes in the environment

2.Technological discovery and advancement
3.Governments thrust, programs, and policies
4.People interest
5.Past experiences
3. Government’s thrust, Programs,
policies.
A person with entrepreneurial interest
sees possibility of business opportunities
in any new discovery or because of the
use of latest technology.
Sources of Opportunities

1.Changes in the environment

2.Technological discovery and advancement
3.Governments thrust, programs, and policies
4.People interest
5.Past experiences
4.People’s interest.

The interest, hobbies, and preferences of

people are rich sources of
entrepreneurial ideas, like the increasing
number of Internet Cafe’s at present
could lead to the strong attachment of
young people to computers.
Sources of Opportunities

1.Changes in the environment

2.Technological discovery and advancement
3.Governments thrust, programs, and policies
4.People interest
5.Past experiences
5. Past experiences

The expertise and skills development by

a person who has worked in a particular
field may lead to the opening of a
related business enterprise.
Sources of Opportunities

1.Changes in the environment

2.Technological discovery and advancement
3.Governments thrust, programs, and policies
4.People interest
5.Past experiences
 ASSESSMENT

Now that your finish discussing this lesson, let us check what
you have learned. Answer the questions given below by
choosing the letter of the correct answer.