Turning a business idea into a business opportunity...!
Turning a business idea into a business opportunity...!
Turning a business idea into a business opportunity...!
The facts are given below
1. Your business operations should be able to meet the needs of the consumer.
If not, there will be no question.
2. You need to have skills, experience and technical knowledge for the
business you are going to undertake.
3. Necessary resources should be easily obtained.
4. They should also be able to face the competitiveness of the market. Product
quality, quantity, packaging, marking etc. can be used for this purpose.
5. It is important to take advantage of the business that is about to be
started.
6.
There must be something special about your product or service to attract
the buyer
Business
Opportunity
A business opportunity is an "attractive investment idea
that has the potential to provide
adequate returns to the persons taking risks" and should be a product or service that
satisfies the needs and wants of the consumer and
creates a value for them. Whatever may be the business idea, it is the responsibility of the
entrepreneur to select the most appropriate idea and convert it into a business
opportunity.
.
Differences between business intention
and business opportunity
So far you
are well aware of business intention and business opportunity We know that not
all business ideas will be good business opportunities
|
Business Mindset |
Business Opportunity |
|
The business idea is light.More business ideas can be
generated from different sources |
Certain business opportunities can
be selected with hundreds of merchants thinking that business opportunities
are easy. |
|
Commercial coloring is public, and
most people know it. |
Not everyone can expose business
opportunities from business colors. |
|
Not all business ideas can be
implemented in a practical way |
Business Opportunity Practical |
Characteristics
of a Better Business Opportunity
§ Availability of necessary resources
The raw materials, machinery and
infrastructure required for the business opportunity should be easily
accessible
§ Finding a Question
When goods and services are presented, there
should be sufficient demand for them, i.e., there should be a significant
number of consumers.
§ Attractive returns
The business should be able to earn
sufficient profit for the money used through the business opportunity
§ Competitiveness
Should be able to successfully counter other
business entities engaged in the same type of business activities in the market
§ Compliance with rules and
regulations
It should
be a business opportunity subject to the
laws of the country such as
environmental protection, consumer protection, employment of employees, tax
policy etc
Choosing
a suitable business opportunity
A suitable
business opportunity can be selected by evaluating the color of the business.
The process
of selecting a good business idea involves three steps. Full analysis and abstract analysis is referred to as SWOT analysis.
The following
funnel model can be used to illustrate this.
Step 1
Full Analysis
Take every thought out of thousands of born business thoughts
§ Is it possible to sell the product?
§ Is the resource adequate?
§ Does it match the energy and
willingness of the entrepreneur?
§ Are there people who can offer
favors?
§ Are there legal problems?
§ I Is it possible to obtain the
required capital?
§ Do you have the potential to face
competitors?
Step 2
Subtle
analysis
This analysis
should be done with respect to each of the selected business ideas in step one. Selective analysis is to select only
the three best business ideas considering that the
following assumptions influence each of the business ideas..
Hypotheses used
for subtle analysis
Presence
of the market
When the
product is presented in the market, is there enough buyer for it? If not, is there a sale that can generate enough income to stay in the
business? That is what is being observed here.It should also be considered whether there is potential to expand the market further in the future.
Facility in obtaining raw materials
Is it easy to
obtain quality raw material at low cost to carry out the production activities of a business? Otherwise, it will lead to a fall
in production.
Availability of required capital
Too much
capital initially to convert some of the business thoughts into business
opportunities Required. Attention should be paid to whether the required capital
can be obtained at a low cost.
Government
Legislation & Policy Promotion
There
are laws and robberies that have an
impact on certain businesses, even if they are so profitable.That is, the phrase law, which
influences the business, the labor law, the consumer protection law, the export
and import policy, etc.
Attention
should also be paid to the bias of this
business intention and the state incentives such as tax concessions, infrastructure and loan schemes
Competitiveness
Competitiveness
refers to the factors related to the competition in the market of a firm or
project. It helps to understand how a business will compete with its competitors
and ensure its position in the market. Its main features are:
Details of
Contestants
Information about
the basics of the main competitors in the market.
Competitors'
strengths and weaknesses: The best features and lows of competitors' production
and services.
Prices and Costs
Compare
competitors' pricing models and yours prices.
Cutting costs
Skills to balance
the costs your business needs.
Customer Trust
Understanding the beliefs of trusted
customers for your company and competitors in general.
Production &
Quality
Comparison with competitors' production
quality.Ensure production efficiency and quality.
Depending on these
aspects, a company can understand its competitive nature and be successful in
the market.
§ Close attention to the companies their
strengths and wounds and the competitors who are waiting to enter the market in
the future
Knowledge, proficiency and attachment of the entrepreneur
§ Initial knowledge, experience and dedication of the entrepreneur is
very important to implement selected business ideas. Then the business management process will be easier. Make business decisions, These are important
factors for continued commitment.
Ability to
acquire employees
§ Whether there is a generous number of training or training staff
required to implement the bells and the costs incurred for recruitment
or training should be taken into
consideration
Risk
§ The business should be aware of the chances of failure due to losses.
Facility to expand
§ A Are there other barriers to starting
a business? Considerations such as whether it is
possible to start easily with less fruit
should be considered.
§ In place of the above postulates, suitable postulates can be used for
subtle analysis. By considering more countries, it is
possible to evaluate the business colors and choose the most suitable business
opportunity.
§ Is it good under various degree criteria
related to selected business ideas? Or is it
evil? That needs to be evaluated. They can then be subordinated to the following statistical scheme. The point plan can be used to evaluate business ideas as per the table
below.
What is SWOT analysis?
SWOT analysis is an analytical technique used to understand the situation relative
to the competitive environment in which an organization operates. SWOT
(Strengths, Weaknesses, Opportunities, and Threats) refers to the
strengths, weaknesses, opportunities and threats that an organization faces.
It's a simple yet powerful tool that can be used to develop aggressive
competitive offensive and defensive strategies for your business.
You have learnt
the strengths, weaknesses, opportunities and challenges of a business.
Strategic analysis At the end of the
analysis, by taking each selected business separately and doing SWOT analysis, the entrepreneur can identify the
most suitable and easy business opportunity operations.
Strengths
These represent
internal factors that have a positive impact on the competitiveness of the
organization. These help you have a top position in the market and sustain your
market share and growth. The following questions can be used as a guide to
identify the strengths of your organization.
• What are the
successful and effective organizational processes in getting ahead of
competitors?
• What are the
company's most valuable assets (including employees) that give the company an
edge over others?
• What are your
unique selling propositions?
• The uniqueness
of your company or brand
Weaknesses
Are there factors
that reduce the lead gained by your strengths? These negative factors in your
organization are defined as weaknesses. You can identify them by asking the
following questions.
• What impacts
does your business or product have for competitors or changes in the external
environment?
• What are the
ineffective processes in the organization?
• What problems do
employees in your company face?
• Is there any
other reason why you are lagging behind your competitors or not adapting
yourself as quickly as them?
Opportunities
Opportunities
include external factors that directly or indirectly contribute to the success
of your company. Most of the time, these factors are changes in the external
environment that you can use.
• Are there
changes regarding rules and regulations that are going in your company's favor?
• Are new trends
in the market impacting your business in a positive way?
• Is your
company's growth in line with market growth?
If there are
external factors that negatively affect your business, such factors will come
under threat. Ask yourself the following questions to understand if your company
is facing any threats.
• How does the
entry of a potential competitor into the market affect you?
• Are your
competitor(s) up-to-date with the latest technologies in a situation where you
are lagging behind?
• Is that new
market trend putting your business at risk?
• Are consumer
behavior patterns negative?
Let's look at a hypothetical SWOT analysis done for a restaurant.
These are the only
rules or procedures to conduct a SWOT analysis. Because the SWOT analysis phase varies from one
business to another depending on the industry. When this process is carried out
and all the ideas are gathered from the participants in the session, possible
strategies can be developed based on the ideas. Internal The next step in this
process is to find ways to combat external factors with strengths. Companies
can look for ways to leverage opportunities to improve their strengths or take
advantage of opportunities using their strengths.
Below are some of
the factors that can be used when engaging in a SWOT analysis related to general business
intentions.
Confuscence environment
Result Weakness
Example: example:
Availability of resources Fiscal deficit
Skilled Staff Outdated Technology Expired technology
Raw Material for Quality Products Material shortage
Lack of stable
financial status
External
Environment
– Opportunities
Challenges
Example – Example
Too much consumer
unnecessary politics
SectarianInterventions
Withdrawal of
Competitors Strict Rules
Technological
Progress Natural
Disasters
information and
research Economic decline
Government
Promotions
So far you have
learnt the steps like Business Opportunity Assessment, Birth of Business Idea,
Total Analysis and Sensitive Analysis. In grade 11, you will learn the steps
involved in planning a business plan and running a business.
Who should
conduct a SWOT analysis?
People who hold
responsible positions throughout the business must engage
in a SWOT analysis. When people from different perspectives
within the organization are team-involved, it is very effective. It is
important that everyone gets together and engages in this analysis. It can be a
thoughtful outreach session involving the company and its employees or it can
be conducted at a more intense and strategic level. Strengths, Weaknesses,
Opportunities The thoughts of employees can be mobilized in a simple way under
four categories: and threats; You can then assemble and analyze the answers
together and present a strategy that calculates key insights.
Obtaining
legal protection for a creative business idea
An entrepreneur
entering the business world using a suitable business opportunity should have
legal protection for his business intentions. Otherwise, his business will be
influenced by someone else. Therefore, an entrepreneur uses a patent to protect
intellectual property.
The government
issues patents to the inventor for a monopoly. For example: To prevent others
from producing it, the Government issues this patent to prevent others from
using and selling quality inventions for a period of 20 years from the date
specified in the patent application. The owner of the patent can use, sell or
finance the patented technology. Benefits
A patent is a
certificate issued by the government for an invention. As new discoveries,
1. New Production
2. New machine
3. New Activity
4. Convergence of the above factors
5. Renewal of an existing invention etc.
When new
inventions are presented to the market, other people are willing to imitate
them. Therefore, it is necessary to obtain a patent to protect the ownership of
new inventions and its life span is twenty years. If necessary, he can sell his
patent to another person. Its ownership then belongs to the purchaser.
Artificial Intelligence Technology for Business
Artificial
Intelligence (AI) is a field that develops human intelligence
capabilities through computers and
software. The purpose
of AI is to transform machines into human beings to think, learn, make
decisions, and perform actions.
Artificial
intelligence is the culmination of the advanced development of computer
science, a
sophisticated technology that creates
sophisticated machines and makes them act like humans.
Artificial intelligence is the ability to act
as if it were given input.
The difference
between man and machine is creativity. If this creativity is also possible
through
machines, it is
called artificial intelligence.
Who is the father of
artificial intelligence?
Father of AI – Father of AI
In 1955, McCarthy coined the term
"Artificial Intelligence" in a proposal he wrote for the famous
Dartmouth Conference. That's why he is called the
Father of AI.
How did artificial intelligence evolve?
Robots were created because humans
cannot work tirelessly for 24 hours. Robots can do the work of humans. But it is human that determines what the robots
are supposed to do and puts the
information into the machines. So man has more work. Therefore, it is a technology that has
reduced the work of man and made
machines capable of thinking
Types of Artificial Intelligence:
Artificial intelligence is of two
main types.
1. Narrow or Weak
AI
2. General or Strong
AI.
Narrow or Weak
AI
This kind of artificial intelligence
was created only to perform a specific task, other than that, the machine
cannot do any other work. For example, you may have heard about automobiles.
The reason for running on its own is because of artificial intelligence, but
other than that, the artificial intelligence cannot do any other work.
1. Siri
2. Alexa
3. Chatgpt
4. Google
General or Strong AI
As we saw earlier, strong
intelligence is artificial intelligence, which can do everything like a human.
Such intelligence is not yet in this world, it is still theoretical.
Machine learning (machine learning)
Machine
learning is the process of injecting a large amount of information into a
machine and asking a few questions to the machine and analyzing the information
to see if it is correct through an algorithm.
There are many ways in which the machine can analyze the information better and
make the appropriate response and conclusions.
Deep learning (deep learning)
Deep
learning is similar to machine learning, in addition to using neural network technology to analyze
information. A neural network is a network of layers similar to our brain
system that communicate with each other and facilitate better flow of
information. When we think, we relate information to the information we know,
similarly the machine can also do it with the help of a neural network.
Natural language processing
You would
have understood it from the name of natural language processing. The machine is
all about learning, understanding and responding to our language. For this, we
have to train the machine by giving the text or speech of our language.
Robotics
Robotics,
as you see in many movies, is the use of artificial limbs such as machines,
limbs and other artificial limbs to help them move around the world and know things with the help of some algorithms.
AGI development in various industry
1.
Healthcare (Public
Health)
AGI has the potential to significantly improve health
care outcomes by improving diagnosis, treatment, and patient care.
AGI-powered systems
can analyze vast amounts of medical data, including patient records, imaging
scans, and genetic information, detect patterns and make accurate predictions.
In addition, AGI can assist healthcare professionals with
personalized treatment planning and drug discovery, which can help this AGI in
the most effective treatments and in the best possible way .
2.
Finance (Financial
Sector)
AGI-powered
algorithms can analyze complex financial data in real-time, detect market
trends, detect discrepancies, and make data-driven predictions.
It helps
financial institutions improve trading strategies, reduce risks, and maximize
returns.
3.
Manufacturing
AGI has the capability to transform manufacturing
processes by improving production efficiency, quality control, and supply chain
management.
AGI-powered systems
can analyze data from sensors, machines, and production lines to identify
inefficiencies, anticipate equipment failures, and optimize workflows.
4.
Transport
In the
transportation sector, AGI can develop innovations in autonomous vehicles, traffic management,
and logistics.
AGI-powered
algorithms
can process real-time traffic data, weather conditions, and navigation routes to improve traffic routes, reduce congestion,
and improve safety.
It enables the development of self-driving
cars, trucks, and drones that can move autonomously in complex environments.
The Future of Artificial Intelligence and Social
Implications!
Machine Learning Advances:
AI technology is based on a computer
programming language called machine learning. It is expected to see various
developments in the future. Machine
learning will become more powerful due
to the advancement of sophistication as it can generate large amounts of data.
This will result in the development of many advanced automation and machines
automatic decision-making capabilities
Growth of the Automation Industry:
With this technology, driverless
cars and robots will become popular in the future. Since the organization
requires less human contribution, many jobs are likely to go unworked. It is
said to be a major revolution in transportation, manufacturing, health and many
other sectors.
Interlocutory AI:
Natural Language Processing (NPL) is
seen as the next promising advancement in AI technology. This is to help
machines understand and respond to human language. This will lead to the development of virtual
assistant, ChatBot, and voice control devices, for example.
Changing Mode of Working:
Since AI will contribute to many sectors in
the future, it is expected to bring many
changes in working methods. This will create
many new job opportunities at a time when some jobs will be automated.
This is predicted to change dramatically, especially in the field of
creativity.
AI and Education:
This will lead to the implementation
of intelligent training systems in the field of education and many changes can
take place. Virtual reality simulation to teach students and educational tools powered by artificial
intelligence will enhance the educational journey. And make learning more
engaging and accessible to students
Applications of Artificial Intelligence
in Business
Businesses can use AI in many areas. It's
like having a magician's wand to solve problems and make things wonderful. It's
not just about being cold; Being smart
with AI is about getting ahead in the world where the key to success is
AI in Customer Relationship
Management (CRM)
Artificial intelligence (AI) is changing how companies treat their
customers. By 2025, AI is expected to help 60% of sales
activity, making things easier and smarter.
The highlight of AI is for
personalization. If companies make personal things for you, 80% of people are
likely to buy from them. Take Amazon for example. It suggests things you might
like, and 35% of its sales come from it.
AI also
guesses what customers will do in the future using this
prediction analysis. Companies that do this
get 73% more interest. Salesforce, a large CRM company,
uses AI to guess what customers need ,
get sales teams to do better and make more money.
And it's not just about sales. AI helps keep customers entertained.
Zendesk uses AI
to solve problems quickly, making
customers 28% happier. HubSpot uses AI to
require 42% more people to be interested in the products they sell.
SendPulse helps
small businesses implement AI-powered chatbots that offer integration with Open AI and their
ChatGPT.
So, AI is not
just a fancy word; It changes how companies treat customers. It makes things
personal, you guess what you can do next, and improves shopping and talking to
companies.
AI generated in the fund
How AI investments
generated in the fund work and is similar to a money guide to keeping
money safe. According to Accenture, 77% of finance big shots in three years That's
how AI thinks banks talk to customers.
AI-powered
investing uses super-smart projects to find the best ways to invest money.
Forbes says these AI funds perform 8% better than regular
ones.
When it comes to risk checks and
debugging, AI could save banks $447 billion by preempting
bad stuff by 2023. Big names like BlackRock and JPMorgan Chase are using AI to
make better cash choices and stop fraud .
Robo-advisors like Wealthfront handle $25 billion using AI to create money projects that young people
want. Generative AI is not just a technological upgrade;
It makes money move wisely and keep our money safe.
AI in marketing and sales
Artificial intelligence (AI) is like a
superhero to marketing and sales that makes things more innovative and better.
AI in 2024: Key improvements and
innovations
Increased regulation and the need for compliance
As AI takes off and continues its upward
ascent, the technology is subject to further scrutiny by regulatory bodies.
This is evident from 2023 events such as the EU AI Act and
the US Senate hearings on this AI.
Regulation has become a concern even within the
private sector such as recent
events with OpenAI
have led to disagreements over AI regulation.
The rise of multimodal AI
After Large Language Models (LLMs), Diffusion
Models, and Generative AI, we will see powerful new ways of AI
interaction emerge through 'Multimodal
AI' in 2024.
With this, users can use images, speech, numerical data, etc.
to intuitively interact with AI systems. Think of Google's latest announcement
of the Gemini LLM model, which will follow LaMDA and PalM
2 with multimodal AI capabilities.
AI Deepfakes Disinformation and Political Propaganda Will Create Big Problems
Digital misinformation and its impact on
politics has been a widespread concern since the advent of social media. But
now, with the rise of AI-generated multimedia campaign, i.e., 'deepfakes', the problem will become a power
multiplier.
The way we view information online will change
Today, looking at information online involves
typing something into a search engine and pointing to different websites to get
search results. But now, with the rise of advanced models like Bard and
ChatGPT, the way of searching for information has changed.
We predict that LLMs will act as reliable
conversation partners, allowing deep, intuitive, and situational access to
knowledge. Also, it will be supported by LLMs that provide relevant website
links that the user can navigate to verify the information
Biotech will be the biggest
beneficiary of AI
The impact of AI in 2023 was rapid
and spread across various industries. While biotech doesn't dominate public
discourse, it's an
industry that sees the impact of AI the most.
The AI's ability to take
complex data and enable it to gain meaningful insights on an unparalleled scale
is remarkable. While previous traditional ways
faced roadblocks, the Department of Biotechnology will now take advantage of
this phenomenon.
For example, in genetics and gene editing,
researchers can now analyze complex genetic data to identify targets. CRISPR. This will
help you understand genetic diseases and predict the impact of gene editing.
https://www.unite.ai/ta/ai-in-2024-predictions/
The Role of AI
Technology in Entrepreneurship
AI
technology is used in entrepreneurship in many ways. AI
technology is revolutionizing customer services, marketing, sales,
financial management, research and development.
AI-powered
chatbots provide instant answers to customer questions and improve customer
satisfaction. AI-powered marketing platforms analyze customer habits and
provide relevant advertising for them. AI-powered sales assistants find
products and meet customers' needs.
AI
technology analyzes financial data,
helps mitigate financial risks and make investment decisions. AI helps design new products and develop new
technologies in research and development tasks.
The Future of AI
Technology in Entrepreneurship
AI technology
continues to evolve, and its role in entrepreneurship is expected to expand
even further.
AI-powered
technologies will revolutionize development, sales, marketing, customer
services, and many other fields.
The future of AI technology will have the following trends:
1. AI technology is more subtle and advanced.
2. AI technology is widely used in various
fields.
3. AI technology can have an impact on various
aspects of society.
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