Before floating an Entrepreneurial initiative, an entrepreneur should identify the opportunities prevalent in the socio-economic matrix that are conducive to his entrepreneurial initiative.
The opportunity may be classified into the following categories which are enumerated below:
- Natural Resource Based Opportunity: In this case there is prevalence of abundant natural resource in the area where the Entrepreneur is setting up the enterprise and. The local natural resources somehow becomes the input for the enterprise. The natural resource may be cereal, cash corp fruits, flowers, vegetables, water minerals or any other form of natural resource which is locally available. Relevant examples may be food processing enterprise, agro-based enterprise mineral based enterprise etc. which thrive on the judicious exploitation of local natural resource.
- Skill Based Opportunity: In this case there are adequate numbers of skilled professionals in the locality who serve as the human resource based input for the enterprise. A relevant example may be the prevalence of skilled artisans in a locality where a handcraft based enterprise has been established.
- Technology Based Opportunity: In this case availability a appropriate technology driven inputs become instrumental for the growth and sustenance of the enterprise. As for example we can cite the example of institute industry collaboration driven enterprises where the institute is developing a conducive technology for business, and the entrepreneur grabs that opportunity. To be precise, the entrepreneur adopts that technology for enhancing the momentum of his enterprise.
- Captive Customer Based Opportunity: In this case, the entrepreneur traces out a specific populace moderately close to his area of action who are in need of the product produced by the enterprise.
- Opportunity of Mobilizing Financial Resource: An Entrepreneur should identify opportunities of resource mobilization. As or example whenever any new scheme emerges for providing financial assistance to the Entrepreneurs, immediately and Entrepreneur should analyze the benefits of such schemes and if he deems it appropriate then he should immediately apply for it with the intent of mobilizing resource. Thus it becomes clear that an Entrepreneur should have the potency to identify the diversified opportunities floating around him. He should judicious utilize every opportunity, and reap the benefits out of it for ensuring betterment of his enterprise.
