Sensing Entrepreneurial Opportunities

Meaning Two Basic Roles Factors

Important Questions

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Meaning
Sensing Entrepreneurial opportunities is a process of perceiving the needs and problems of people and society and arriving at creative solutions. It can be represented as follows :

Needs and Problems

Creative Solution

Entrepreneurial Opportunities

Two Basic Roles of an Entrepreneur

Entrepreneur as an opportunity spotter

Entrepreneur as a project champion

Factors Affecting

Ability to perceive and preserve basic ideas Ability to harness different sources of knowledge and information Vision and creativity

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Ability to perceive and preserve basic ideas

Problems Change

Inventions

Competition

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Ability to harness different sources of knowledge and information.

The information gathered from different sources has to be analysed and utilized for the identification of the right opportunity.
Trever Baylis, an English inventor, developed a portable radio that was powered by clock- work instead of batteries. He displayed his invention on BBCs Tomorrows World programme. While thousands of people watched the programme and forgot it after some time. There was one accountant who saw an opportunity in the invention. His reasoning was that the radio would be a success in poor countries where people could not afford to buy batteries. The venture, as is to be expected, was a huge success.

Vision and creativity

One of the most striking behavioural characteristics of an entrepreneur is his creativity. He should be able to develop an idea through a process of creativity into something of value. The best example of a visionary and a creative genius is Henry Ford who had vowed to build a motor car for the common man, so low in price that the man of moderate means may own one It was his vision and creative pursuit that gave to the world the legendary car Model T

What is the result of applying knowledge, skills, competency and creativity strategically for market orientation?

It helps the entrepreneur to understand the customers and their needs. Market orientation helps the entrepreneur in producing goods and services that would not only meet the current demands but the anticipated demands of the future too.

Difference between entrepreneurs and employees

Entrepreneur

He is the owner of enterprise He is creative innovative and self employed Generate national wealth

Employee

He does not own any enterprise He gets salary for his work consumes national wealth

Why entrepreneurship is important for a country?

Increasing national output Increasing national income

Utilization of resource
Improves the standard of living of society