សាកលវិទ្យាល័យ វេសើ្ទន

ENTREPRENEURSHIP
LECTURE BY VANNARITH NGUON
PhD. Candidate in Management, BUU, TH.
 CHAPTER V
OPPORTUNITY RECOGNITION

 What is a Business Plan?

 What is a Business Opportunity?
What is a Business Plan?

 Purpose of a Business Plan

 Types of Business Plans
 Parts of a Business Plan
 Putting Your Plan Together
Purpose of a Business Plan

A business plan is a statement of your

business goals, the reasons you think these
goals can be met, and how you are going to
achieve them.
Types of Business Plans
A plan is developed based on the
type of business that is intended.
 Quick Summary
 Oral Presentation
 Investor’s Business Plan
 Operational Business Plan
Quick Summary

This is a brief synopsis lasting no more than thirty seconds to three

minutes.
Oral Presentation
This is a relatively short,
colorful, and entertaining slide
show with a running narrative
Investor’s Business Plan

Anyone who plans to invest in your start-

up business (banks, investors, and others)
needs to know exactly what you are
planning.
Operational Business Plan

Often a start-up business will develop

an operational plan that is meant for
use within the business only.

The Three C’s

 Concept
 Customer
 Capital
 www.sba.gov
Parts of a Business Plan www.entrepreneur.com

Bankers and other professional investors

need to see your business plan before they
lend you money.
 Business Idea
 Opportunity and Market analysis
 Financial Strategies
 Organizational Structures
 Legal Structures
 Business Management
 Plan for Growth
Putting Your Plan Together

Executive Summary

 Mission Statement
 Business Name & Location
 Date Business Will Begin
 Owner’s Name, Function, &
Contact
Information
 Opportunity
 Products or Services
 Economics of One Unit (EOU)

What is a Business Opportunity?

 Recognizing Opportunities
 Thinking Creatively
 Turning Ideas into Opportunities
 Evaluating an Opportunity
Recognizing Opportunities
A business opportunity is a consumer need
or want that can potentially be met by a new
business.
 Ideas versus Opportunities
 Sources of Opportunity
 Where to look for opportunities
Ideas versus Opportunities
Not every business idea is a good business
opportunity. Your idea could be an opportunity
in a different location, however.
Sources of Opportunity

Staying aware of things going on around

you can help you recognize potential
business opportunities.
 Problems
 Changes
 New Discoveries
 Existing products and services
 Unique Knowledge
Where to look for opportunities
There are many ways to locate
business opportunities
 Newspapers and Magazines
 Business and Governmental Agencies
 Trade Resources
 World Wide Web
Thinking Creatively
Entrepreneurs are constantly coming up
with business ideas by thinking
creatively

 Creative Thinking Techniques

 Challenge the Usual

 Think Backward
 Types of Thinking  Be Flexible
 Judge Later
 Creative thinking  Draw Idea Maps
 critical thinking  Brainstorm in a Group
 Daydream
Turning Ideas into Opportunities

Here are four common ways to turn ideas into opportunities:

 Start a new business
 Buy an independent business
 Buy a franchise
 Become an inventor
Evaluating an Opportunity

 Cost/benefit analysis
 Opportunity-cost analysis
 SWOT analysis

Feasibility refers to how possible or

worthwhile it is to pursue your idea,
to see if it is actually an opportunity.
Cost/benefit analysis

Even though it is necessary to take risks as an entrepreneur, successful people take

a calculated risk.
A difficulty in cost/benefit analysis is assigning a monetary value to intangible
(nonmaterial) things.
Opportunity-cost analysis

An opportunity-cost analysis examines the potential benefits

that you forfeit when you choose one course of action over others.

Suppose you are offered a one-year internship at a company where you can gain
valuable work experience.
SWOT analysis

Strengths
I have experience working in a music
Weaknesses
store and know what type of music is
I’m not sure how dependable my potential partner
bought most often.
will be. He is often late.
Together, my potential partner and I have
We need money to continue building our music
the necessary equipment and music
library and keep it current.
resources.
We need a way to transport our equipment from
I have an older brother who was a DJ
place to place.
when he was younger. He can answer
questions and provide helpful tips
SWOT analysis
Opportunities
Some friends have already asked me to
DJ at upcoming parties

My potential partner knows another DJ

who says we can sub for him.

People in our area really like salsa music. Threats

Maybe we could add that to our play list. There are several good DJs already in the
neighborhood.

People planning parties don’t know us and

already know the established DJs.

If times are hard economically, people won’t

pay for expensive parties with DJs.