1 / 18

Global Trends & Opportunities for Business Ventures

Global Trends & Opportunities for Business Ventures. Entrepreneurship I 2.03 A. Sources of information about global trends & opportunities. Newspapers Trade Publications Research Institutes Travel Trade Shows. http://www.gaebler.com/Business-Ideas.htm. Global Trends and Opportunities.

arnold
Download Presentation

Global Trends & Opportunities for Business Ventures

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Global Trends & Opportunities for Business Ventures Entrepreneurship I 2.03 A

  2. Sources of information about global trends & opportunities • Newspapers • Trade Publications • Research Institutes • Travel • Trade Shows http://www.gaebler.com/Business-Ideas.htm

  3. Global Trends and Opportunities • Economic Environment • Rise in business cost • Freelance, temporary, and part-time workers • Average salaries in different countries • Decline in the global economy

  4. Global Trends and Opportunities • Social-Cultural Environment • Gender roles in society • Busy lifestyles • Single parents • Language/customs • Education levels

  5. Global Trends and Opportunities • Technological Environment • Manufacturing equipment used in different countries • Internet capabilities • Automation • Telecommunication

  6. Global Trends and Opportunities • Political/Legal Environment • Government laws and regulations • Foreign policies and laws • Changes in national policies • Trade barriers

  7. Reasons to Expand into the global market • Grow your revenue base • Diversify your customers • Enter high growth markets • Less competition (sometimes) • Market testing ground

  8. Inside-Out vs. Outside-In Inside-Out Analysis Outside-In Analysis • Building on strengths of the business and not considering outside circumstances. • What can we do well or what do we need. • Building on strengths using outside influences • What do others need from our business

  9. Factor to Help identify Venture Creation • Work Experience: • Learning and a mind-set that favors exploration as work experience is gained. • Increases your ability to generate more, new business ideas

  10. Factor to Help identify Venture Creation • Educational Background • Business Management • Accounting • Negotiation

  11. Factor to Help identify Venture Creation • Personal Interests • Hobbies and interest for which you feel passionate. • Improvements, new features, etc. • Be careful not to assume because you are passionate about it others will be also.

  12. Factor to Help identify Venture Creation • Experience as a customer • Poor customer service (complaints, product returns, persistent problems, etc.) • Such examples suggest that there is an opportunity to do something better, quicker or cheaper than the existing products.

  13. Things to Consider about Opportunities • Does the opportunity address specific unmet needs? • Customers want to buy solutions • Are customers unsatisfied for some reason? • Are there new features, upgrades that would make a product or service better? • Use focus groups • Alternatives

  14. Things to Consider about Opportunities • The Entrepreneur and his/her team • Match jobs to people’s strengths • Choose motivated, inspired, skilled team members

  15. Things to Consider about Opportunities • Resources needed • Financial (existing and ability to raise new funds) • Human Resources • Physical (Location, Production, IT, Marketing) • Intangible (goodwill, brand reputation, intellectual property)

  16. Things to Consider about Opportunities • Market Timing • Maximize sales • Time of Year • Pioneer in the industry • Late arrival in the industry • Everything in place (product, pricing, market campaign)

  17. Processes used to assess Opportunities • Assess competition – use at least three potential competitors. • Market – analyze the size and characteristics of the market • Team assessment – knowledge and experience of your team • Financial assessment – finances needed and time to break-even • Questions to Ask: • Who will buy your product or service? • How are you going to sell/market your product or service? • Which need will your product or service fulfill for customers?

  18. Evaluating the potential of new ventures • http://www.prenhall.com/scarbzim/html/plan.html

More Related