Professional Documents
Culture Documents
A business idea and opportunity is a business concept that result in profits if it is turned into a
tangible product or service
Opportunity is also defined as the potential or create something new involves changes
knowledge, technology, economy, politics, social and demographic conditions
i. observation
data is gathered by observing and recording the respondent’s actions in an activity
ii. Experiments
also known as product sampling
makes a number of sample products and provides them to a small group of consumers for
purpose of experimentation
the result of this experiment can then be used to determine how well the product received by
consumer
iii. Interviews
field research cover interviews with customers, suppliers, competitors and industry experts
this sources provides an insight on published facts
can be conducted in 2 ways which are:
a) personal interview
b) telephone interview
iv. Survey
refer to the development of a short questionnaire with respect to the targeted product
questions should be very specific
answer provided must be limited and straightforward, that is, either yes or no, excellent, good,
fair or poor and agree or disagree
ii. References
Examples: book, journal, internet and paid database which provide information on market
growth, overall industry perspectives and customer profiles
whether the opportunity is identified through input from consumers, business associates,
channel members or technical people each opportunity must be carefully screened and
evaluated
evaluation is the most critical element in the entrepreneurship
As a newcomer in the business world, to enter the market is always a problem because most
of the business would have been monopolized by senior
the entrepreneur should conduct research and study the products market before starting the
business
there are many resources that can be used to get business ideas and these resources can be
obtained anytime and anywhere
As a newcomer in the business world, to enter the market is always a problem because most
of the business would have been monopolized by senior
the entrepreneur should conduct research and study the products market before starting the
business
there are many resources that can be used to get business ideas and these resources can be
obtained anytime and anywhere
iv. Funding
must learn how to obtain funding from friends, family members, financial institutions
or the government
has to know the amount that is available, the amount that is needed to run the business
and the amount that is required to achieve profit