{"id":23492,"date":"2022-01-31T21:06:52","date_gmt":"2022-01-31T15:36:52","guid":{"rendered":"https:\/\/infinitylearn.com\/surge\/?p=23492"},"modified":"2024-03-06T13:18:24","modified_gmt":"2024-03-06T07:48:24","slug":"entrepreneurial-opportunity-cbse-notes-for-class-12-entrepreneurship","status":"publish","type":"post","link":"https:\/\/infinitylearn.com\/surge\/study-material\/cbse-notes\/class-12\/entrepreneurship\/entrepreneurial-opportunity-cbse-notes-for-class-12-entrepreneurship\/","title":{"rendered":"Entrepreneurial Opportunity \u2013 CBSE Notes for Class 12 Entrepreneurship"},"content":{"rendered":"

Entrepreneurial Opportunity \u2013 CBSE Notes for Class 12 Entrepreneurship<\/strong><\/span><\/h2>\n

1. Meaning of Business Opportunity:<\/strong> Business opportunity can be described as an economic idea which can be implemented to create a business enterprise and earn profits.
\nElements of Business opportunity:<\/strong>
\n\u2013 Assured market scope,
\n\u2013 An attractive and acceptable rate of return on investment,
\n\u2013 Practicability of the entrepreneur to encash it,
\n\u2013 Competence of the entrepreneur to encash it,
\n\u2013 Potential of future growth.
\n2. Exploring opportunities in the environment<\/strong>
\n\u2013 Opportunity spotting by analyzing the needs and problems that exist in the environment,
\n\u2013 Evaluating the ideas received from different sources to find a creative solution,
\n\u2013 Identifying a product or service through innovation.
\n3. Factors involved in securing opportunities<\/strong>
\n\u2013 Ability to perceive and preserve basic ideas which could be used commercially,
\n\u2013 Ability to harness different sources of information,
\n\u2013 Vision and creativity.
\nVarious sources which lead to the basic ideas<\/strong>
\n\u2022 Problem \u2022 Change \u2022 Inventions \u2022 Competition \u2022 Innovation Importance of environment
\n\u2013 Identification of opportunities to get first move advantage
\n\u2013 Formulation of strategies and policies
\n\u2013 Tapping useful resources
\n\u2013 Better performance
\n\u2013 Sensitization of entrepreneurs to cope up with rapid changes
\n\u2013 Image building.
\nAnalysis of environment<\/strong>
\n\u2013 Verbal information from customers, wholesalers, retailers, distribution consultants, etc.
\n\u2013 Record of companies,
\n\u2013 Government publications,
\n\u2013 Publications by various financial institutions,
\n\u2013 Formal studies conducted by strategic planners.
\n4. Environmental Factors<\/strong>
\n\u2013 Internal Factors (Micro environment),
\n\u2013 External Factors (Macro environment).
\nPESTEL Model<\/strong>
\n\u2022 Political \u2022 Economic \u2022 Social \u2022 Technological \u2022 Ecological \u2022 Legal
\nIdea Generation: The process of creating, developing and communicating ideas which are abstract, concrete or visual.
\nSources of business ideas<\/strong>
\n\u2013 Examine your own skill set for business ideas,
\n\u2013 Keep up with current events and be ready to take advantage of business opportunities, \u2014 Invent a new product or service,
\n\u2013 Add value to an existing product,
\n\u2013 Investigate other markets,
\n\u2013 Improve an existing product or service,
\n\u2013 Get on the band wagon.
\nIdeas fields<\/strong>
\n\u2022 Natural resources \u2022 Existing products \u2022 Market driven ideas \u2022 Funds related ideas
\n\u2022 Service sector ideas \u2022 Creative effort of the entrepreneur Steps involved in idea and opportunity assessment:
\n\u2013 Product identification,
\n\u2013 Application and use,
\n\u2013 Level of operation,
\n\u2013 Cost,
\n\u2013 Competition,
\n\u2013 Technical complexity,
\n\u2013 Annual turnover and profit margin.
\nFactors to be kept in mind while assessing the market<\/strong>
\n\u2022 Demand \u2022 Supply and nature of competition \u2022 Cost and price of product
\n\u2022 Project innovation and change
\nWays to spot trends<\/strong>
\n\u2022 Read trends \u2022 Talk trends \u2022 Watch trends \u2022 Think trends
\nCreative process<\/strong>
\n\u2022 Idea germination \u2022 Preparation \u2022 Incubation \u2022 Illumination \u2022 Verification Innovation process
\n\u2013 Analytical planning,
\n\u2013 Organising resources,
\n\u2013 Implementation,
\n\u2014 Commercial application.<\/p>\n

Words That Matter<\/strong>
\n1. Entrepreneur<\/strong> is one who always searches for an opportunity.
\n2. Cost advantage:<\/strong> Some entrepreneurs reduce the price using resources and capabilities to achieve either a lower cost like cheaper inputs, efficient processes, favourable location, skilled workforce, superior technology and waste reduction.
\n3. Resources:<\/strong> Anything that helps in the raising of goods and services.
\n4. Types of resources:<\/strong> Materials, technological, human or capital resources.
\n5. Business opportunity:<\/strong> Any economic idea which can be implemented to create a business enterprise and earn profits.
\n6. Scan literally<\/strong> means \u2018to examine closely\u2019.
\n7. Sensing entrepreneurial<\/strong> opportunities is a process of converting an idea into an opportunity and then into an enterprise.
\n8. Sources of information<\/strong> like magazines, journals, books, seminars, trade shows, family members, customers, friends, etc.
\n9. Creativity<\/strong> is defined as \u201cthe ability to bring something new into existence\u201d.
\n10. Innovation<\/strong> refers to the process of doing new things.
\n11. Environment scanning:<\/strong> Careful monitoring of an organization\u2019s internal and external environment.
\n12. The PESTEL Model\u2014<\/strong>Political, Economic, Social, Technological, Ecological, Legal Competencies: Entrepreneurial competencies are the skills and ability necessary for an entrepreneur to venture into an enterprise organize, and manage an enterprise ably and competently realize the goal for which the enterprise is established.
\n13. Strategic Thinking:<\/strong> The entrepreneur understands and values the planning process, thinking and planning over a significant timescale; recognises external trends and opportunities; and is able to think through any complex implications for the business.
\n14. A problem<\/strong> is a roadblock in a situation.
\n15. Idea Fields <\/strong>means \u2018Convenient frames of reference for streamlining the process of generation of ideas.\u2019
\n16. Market research<\/strong> is any organized effort to gather information about target markets or customers.
\n17. Target markets:<\/strong> Trade in simple terms is buying goods and services and selling them to consumers at a profit.
\nAnnual turnover:<\/strong> Total sales of a year.
\nProfit margin:<\/strong> It indicates the market share of the product or service.
\nSWOT:<\/strong> Strengths, Weaknesses, Opportunities and Threats.
\nIllumination:<\/strong> The idea re-surfaces in realistic way and viable plan is converted to give practical knowledge.
\nStakeholders:<\/strong> A person, group or organization that has interest or concern in an organization\u2019s investors, employees, customers and suppliers.
\n18. Trader:<\/strong> A person who is engaged in buying and selling of goods.
\n19. Business environment:<\/strong> Implies aggregate of all forces, factors and institutions, which are external to and beyond the control of business organizations and their management, size of the market, banking and credit facilities, transport and communication systems, Niche Blogging is the act of creating a blog with the intent of using it to market to a particular niche market.
\nNiche marketing is a marketing strategy, which can be intelligently used by a small entrepreneur. He can try and identify his own USP (Own Selling Proposition), which can be targeted towards some very specific market segments called a niche.
\nBy providing personal service, convenience and value to the customers.
\n20. Consumerism:<\/strong> It involves protecting and informing consumers or an obsession with buying material goods or items.
\n21. Code Division Multiple Access (CDMA)<\/strong> is a channel access method used by various radio communication technologies. CDMA is an example of multiple access, which is where several transmitters can send information simultaneously over a single communication channel.
\n22. WhatsApp<\/strong> is one of a number of messaging apps that have taken advantage of data plans on smartphones to provide a practically free alternative to texting. The service costs nothing for the first year and is $1 a year thereafter, letting users swap text, pictures and audio clips, as well as set up group chats.
\n23. Solar Water Heating (SWH) or Solar Hot Water (SHW)<\/strong> systems comprise several innovations in renewable energy.
\n24. Karaoke:<\/strong> A music entertainment system providing prerecorded accompaniment to popular songs that a performer sings live, usually by following the lyrics (words) on a video screen.<\/p>\n","protected":false},"excerpt":{"rendered":"

Entrepreneurial Opportunity \u2013 CBSE Notes for Class 12 Entrepreneurship 1. 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