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Entrepreneurship Management

Project Identification
Entrepreneurship Management

 Project Identification : Collection, compilation and analysis of


data to locate potential opportunities for starting business and
development of such opportunities

 Opportunity is a business concept, which if turned into a


tangible product or service, by the enterprise, will result into
profit. It is all about creating values

 The search of a good idea:

Generate your own idea


Develop someone else’s idea
Entrepreneurship Management

Opportunities are identified through innovation/search of


business ideas. Types of innovation:

Additive Innovation – Fully exploiting already existing


resources, such as product lines extensions

Complementary Innovation – Offers something new and


introduces few changes in the structure of the business

Breakthrough Innovation (Radical Innovation) – Changes the


fundamentals of the business, creating a new industry and
new avenues for extensive wealth creation
Entrepreneurship Management

Importance of project identification


 It has long term consequences (make or break)

 Involves commitment which can not be easily reversed

 Ideas are put into action

 Projects are catalytic agents for economic development

 Involves creative use of resources- manpower, capital, raw


materials etc.

 Generates value addition and build-up national capital

 Brings socio-cultural development

 Leads to development of infra-structure and environment


Entrepreneurship Management

Criteria for selecting a project

 Investment size

 Location of project

 Technology to be used

 Equipment

 Marketing
Entrepreneurship Management

Constraints in project formulation

 Lack of a viable / feasible project idea

 Lack of realistic/ achievable objectives

 Lack of necessary resources / infrastructure to convert idea


into reality

 Policies of government / Legal restrictions

 Lengthy and cumbersome procedures to get finance, start


business

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