Entrepreneurial Opportunity
Unit 1: Sensing entrepreneurial opportunities, PESTEL framework, problem identification, idea fields, creativity and innovation, and opportunity assessment.
Topics(6)
Introduction to Entrepreneurial Opportunity
Meaning of business opportunity, its five essential elements, the distinction between ideas and opportunities, and real-world case studies of La Opala and TravelKhana.
Sensing Opportunities & Environment Scanning
The enterprise process from problem to project, factors involved in sensing opportunities, environment scanning, SWOT analysis framework, and sources of environmental information.
PESTEL Framework
The PESTEL model for macro environment analysis: Political, Economic, Social, Technological, Ecological, and Legal factors with practical business examples.
Problem Identification & Idea Fields
How problems become business ideas, objectives and uses of problem identification, and the six idea fields with Indian business examples.
Creativity & Innovation
Meaning of creativity and innovation, barriers and steps in the creative process, and techniques for generating creative business ideas.
Assessing & Selecting Opportunities
Evaluating and selecting the right opportunity, feasibility analysis, and the process of converting an opportunity into a successful enterprise.