“Identifying Business Opportunities”

How do you identify the business opportunities?

Here are four ways to identify more business opportunities.

• Listen to your potential clients and past leads. When you're

targeting potential customers listen to their needs, wants,
challenges and frustrations with your industry. ...
• Listen to your customers. ...
• Look at your competitors. ...
• Look at industry trends and insights.
FACTORS THAT CAN HELP IDENTIFY THE NEEDS IN THE
COMMUNITY
 How to identify the needs of the community?

• The initial step in identifying the needs of the community is through

environmental scanning. This can be done through:
• Interviews
• Sharing ideas with others
• Reading
• Observations
• Advertisement
 Environmental Scanning
• Environmental Scanning is any of the various techniques
through which images/information are recorded or gathered
from conditions, situations and materials in the particular
environment.
• An analysis and evaluation process that business use to
understand their current environment.
WHY ENVIRONMENTAL SCANNING IS IMPORTANT?

To identify trends, gaps, events,

development and issues that will
impact the business.
 Demography
• is the statistical study of human population and its distribution.
Individual Interest / Local specialized skills

• is the skill or expertise of a person.

• the traditional skills of the people in the community.
 Resources
• are available money, equipment and facilities.
 Goods
• are products that are bought and sold in the business.
 Services
• are work done for others as an occupation or business.
•INDUSTRIAL INFORMATION

-are newspapers, technical and business journals that provide

techniques and information on business.

-is anything having to do with the business of manufacturing

products; excludes utility, transportation, and financial companies.
 TECHNOLOGY
• -are modern gadgets which can be utilized to identify business
opportunities
 EVALUATION OF DEVELOPMENT PLANS

• developed plans which are still possible in the community

 REVIEW OF OLD PROJECTS IN THE COMMUNITY

• old projects may become attractive when market or related

production factors have changed
 SELECT APPROPRIATE BUSINESS OPPORTUNITIES
BASED ON THE NEEDS OF THE COMMUNITY

• What is SWOT Analysis?

• SWOT Analysis is a planning tool used to understand the Strengths,
Weaknesses, Opportunities, and Threats involved in a project or in
a business.
– It helps you develop your career in a way that takes best advantage of
your talents, abilities and opportunities in your community.
•
– It helps you to focus on your strengths, minimize threats, and take the
greatest possible advantage of opportunities available in your community.
 SWOT
• Strengths are the capital, knowledge, skill or other advantage
that a firm has or can acquire over its competitors in meeting
the needs of its customers.
• Weakness is a defect or shortcoming which increases the risk
of a failure.
• Opportunity means a good position, chance, or prospect, as
for advancement or success.
• Threat is an indication or warning of probable trouble.
 Activity 1
Identify at least five entrepreneurs in your community and describe what kind of business each has. Then list one of
their most outstanding characteristics. Write your answer on your activity notebook.
 Name of Entrepreneurial Outstanding
Entrepreneur Venture Characteristics
1.

2.

3.

4.

5.