Unit 3: Business Opportunity Seeking, Screening, and Seizing Lesson 1

Opportunity Seeking

The first step in entrepreneurship, where an entrepreneur identifies potential business ideas.

Opportunity Screening

The second step, which involves analyzing and selecting the best business opportunity based on feasibility and potential success.

Opportunity Seizing

The final step, where the entrepreneur commits to and takes action on the chosen opportunity.

External (Macro-Environmental) Sources

External factors that influence a business but are beyond its control. These factors create opportunities but can also pose threats.

Internal (Micro-Environmental) Sources

Factors within the business that can be controlled by management, including available resources that affect business operations.

Consumer Preferences and Interests

Changes in consumer tastes and preferences can create new business opportunities.

Technological Discoveries and Advancements

Innovations in technology provide new ways to develop and market products.

Economic Trends

Shifts in the economy, such as rising income levels or recessions, impact demand for goods and services.

Government Policies and Regulations

Laws and regulations can create opportunities for businesses to develop compliant products and services.

Social and Cultural Changes

Evolving lifestyles and societal trends can open new market opportunities.