Course Content
Innovations in Business
Innovations in Business: Types of Innovations, Creating and Identifying Opportunities, Screening of Business Ideas
0/5
Business Plan and Feasibility Analysis
Business Plan and Feasibility Analysis: Concept and Process of Technical, Market, and Financial Analysis
0/4
Sickness in Small Industries
Sickness in Small Industries: Reasons and Rehabilitation
0/2
Unit X: Test Your Knowledge
Unit X: Test Your Knowledge
0/1
Unit X: Entrepreneurship Development

๐Ÿ” Sources of Opportunity Identification

Entrepreneurs can identify opportunities through various internal and external sources. Each source offers unique insights that help in recognizing viable business ideas.


๐Ÿ  Internal Sources

๐Ÿ‘ฅ 1. Employees and Ex-employees

  • Have deep knowledge of operations, pain points, and inefficiencies

  • Can suggest process improvements or new business models


๐ŸŒ External Sources

๐Ÿ”— 2. Dealers and Distributors

  • Are in constant contact with customers

  • Spot emerging market trends, demand shifts, and product gaps

๐Ÿ™‹ 3. Customers and End-users

  • Provide direct feedback, complaints, and suggestions

  • Help in identifying unmet needs and pain points

  • A great source for product/service innovation

๐Ÿง‘โ€๐Ÿคโ€๐Ÿง‘ 4. Friends and Relatives

  • Offer honest feedback and creative ideas

  • Understand your background and skills, helping shape practical suggestions

  • Sometimes introduce low-risk ideas or partnership opportunities