Opportunities never cease for entrepreneurs with strategic minds
It is unbelievable that the great majority of richest entrepreneurs were born poor and they were uneducated. There is an opinion that opportunities are
dwindling and risk of doing business is rising in slow growing national economies, a phenomenon experienced by many countries today. An opposing positive opinion is that opportunities arise only with socio-economic changes and the prudent entrepreneur envisions great opportunities in socio economic, technological, and cultural volatility. One recent example is the Facebook where the opportunity for Mark Zuckerberg emerged due to technological and social changes. Other examples in the recent past were Starbucks and social media. What is important is creative envisioning futuristic opportunities in socio economic, and technological changes, matching with capabilities, invest, and manage the venture strategically. The value of analytical models cannot be under estimated in planning a successful business with the identified opportunity.
- Identify a worthwhile opportunity and asses the identified opportunity using the PESTEL framework AND Porter’s five force model.
- Position the opportunity in the Ansoff’s opportunity matrix. Show the strategic growth paths from the initial quadrant to other quadrants as the company capture more opportunities.
- Show and explain how a company benefits from the BCG Matrix. What would you advise to a company which occupies a weak position in the “Dog” quadrant? What would be the generic strategy for a company in “Star” quadrant??