WEEK 5 (BUSINESS OPPORTUNITIES)

  "Our success has really been based on partnerships from the very beginning."
- Bill Gates-

This week we have learnt about Business Opportunities.

For business, opportunities come when:

1.Customers requiring new products/services solving their problems or needs.

2.Existing products/services not able to solve problems or fulfill their needs.

To be able to compete in business, we will need to grab all these opportunities. To do so, we need to:

1) Identify Strengths

2) Minimizing weaknesses

3) Using opportunities 

4) Lessening threats.

Factors that affect business opportunities:

1.Demographic Change
2. Psychographic Change
3.Import & export data regarding demand & supply of products/services in market & identifying opportunities.
4.Provision of local & technological sources.
5.Relationship between industries.
6.Private & govt. projects.
7.Laws & procedures of local govt.
8.Social responsibilities & problems – jobs & eliminating crime rates.
9.Info Technology & Communication.
10. Globalisation a pro-active catalyst & stiff competition.
11.E-Commerce – important, vital & practical.

WONG SHY CHIEN KEE120058