Opportunity Scouting Role of Entrepreneurs to their Enterprise
Opportunity Scouting: Entrepreneurial opportunities have to be enthusiastically searched for. One may rely on personal surveillance, discovery or invention. Personal/professional contacts/networks and knowledge or may also help in identifying business opportunities. A business opportunity, in the simplest terms, is a packaged business investment that allows the buyer to begin a business. As observation means seeing/hearing/smelling with a reason, opportunity spotting presupposes tendency to look at the things and phenomenon from an entrepreneurial mindset. Most of us have a consumer’s mindset. If we see any object of desire, may be a pen, laptop, latest model of the mobile phone or somebody eating pizza or burger, we crave to have the same thing for ourselves. The entrepreneurial mind, on the other hand starts working out, what would be the market size, where to procure it from and at what price, will I able to woo the customers from the existing players and how– by selling it cheaper, by providing more value or by better service and so on.
Entrepreneurial opportunities may also be identified through a process of research of international, domestic, sectoral/ industrial analysis. For example, post WTO, international trade and investment have become freer of restrictions. Textile quotas are being phased out, and, there are greater opportunities for textile and textile made-ups from India. According to the Small Business Administration, your investigation must be thorough, analyzing the risks and benefits of the opportunity. Review the potential and the pitfalls inherent in the business to make an informed decision and increase your chances of success.