Global Trends & Opportunities for Business Ventures

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