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What are the objectives of identifying business opportunities?

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Thus, the following are the objectives of Identification of business opportunities. 

  • Identification of opportunities by an entrepreneur, in the context of probable industries and to decide his own role, the scope of work and relationships, in accordance with the opportunities. 
  • To keep watch over the possible market of the commodity or service to be produced. 
  • To decide a high-level group of managers, so that entrepreneurial venture may be started. 
  • To make an assessment of financial resources by making financial forecasts, in the context of the process if industrial development. 
  • To explore the opportunities for possible entry in other areas. 
  • To assess the requirements of labour, capital, and materials for the industries. 
  • To find out the possibilities of short term and long term development in various areas of the economy. 
  • To have the desire for technical knowledge, awareness towards new opportunities and acceptance of the changes. 
  • To see the possibilities of diverting the available resources towards achieving the business objectives. 
  • To identify those industries, which are not based on local sources, but which may be economically considered, in view of future requirements.

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