GLOBAL TRENDS & OPPORTUNITIES FOR BUSINESS VENTURESEntrepreneurship I2.03 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 Economic Environment

Rise in business cost Freelance, temporary, and part-time

workers Average salaries in different countries Decline in the global economy

Global Trends and Opportunities Social-Cultural Environment

Gender roles in society Busy lifestyles Single parents Language/customs Education levels

Global Trends and Opportunities Technological Environment

Manufacturing equipment used in different countries

Internet capabilities Automation Telecommunication

Global Trends and Opportunities Political/Legal Environment

Government laws and regulations Foreign policies and laws Changes in national policies Trade barriers

Reasons to Expand into the global market

1. Grow your revenue base2. Diversify your customers3. Enter high growth markets4. Less competition (sometimes)5. Market testing ground

Inside-Out vs. Outside-In

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

Inside-Out Analysis Outside-In Analysis

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

Factor to Help identify Venture Creation

Educational Background Business Management Accounting Negotiation

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.

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.

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

Things to Consider about Opportunities

The Entrepreneur and his/her team Match jobs to people’s strengths Choose motivated, inspired, skilled team

members

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)

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)

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?

Evaluating the potential of new ventures

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