Entrepreneurship

Topics: Management, Implementation, Entrepreneurship Pages: 4 (828 words) Published: April 9, 2014
APPROACHES TO ENTREPRENEURSHIP
MACRO VIEW
a. Environmental School of Thought
b. Financial/capital School of Thought
c. Displacement School of Thought
MICRO VIEW
a. Entrepreneurial Trait School of Thought (People School)
b. Venture opportunities School of Thought
c. Strategic formulation School of Thought

INTRAPRENEURSHIP
i. Within an existing business
ii. The development within a corporation of internal markets or autonomous or semi-autonomous business units that produce product, services or technologies in a unique way iii. An opportunity for corporate managers to take initiative and try new ideas iv. An internal corporate venture (ICV)

BUSINESS IDEAS AND OPPORTUNITIES

1. IDEAS GENERATING PROCESS

a) Recognizing customer needs and wants
b) Analyzing or scanning the environment
i. Study on local resources
ii. New government policies and regulations
iii. Import and export data
iv. Industrial linkages
c) Performing self-assessment
i. Experience
ii. Knowledge
iii. Skills
iv. Interest
d) Screening or choosing business opportunities
i. Competition
ii. Legality
iii. Fixed capital requirement, working capital and growth opportunities e) Matching societal values, community’s response or people’s acceptance f) Preparing or constructing a business plan

2. IDENTIFYING OPPORTUNITIES
The entrepreneur has to choose a business opportunity according to several criteria which are : a) legality
b) competitors
c) capital requirement
d) risk

3. GENERATING IDEAS
Approaches to seeking a business ideas:
a) fulfilling needs and interests
b) analyzing life problems
c) diversifying the usage of goods
d) observing changes in the community
e) using the latest technology
f) observing and establishing a network

4. EVALUATING AND CHOOSING IDEAS
Guidelines in choosing a business ideas:
a) Data collection and research
b) Preparation of a complete business plan
c) Establishment of a linkage or network...
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