Investigating Entrepreneurial Opportunities

The pyramid of knowledge helps in defining the process of learning, right from accumulation of data from the external environmental to the formation of wisdom. Therefore the skills set of an entrepreneur is likely to be an accumulation of data, information and thus knowledge over time. Second this model helps in defining that knowledge will be different for everyone since it is an interpretation that happens with in the minds of each person.

 The most important thing to learn from the pyramid of knowledge is that since knowledge and wisdom are unique they can serve as the competitive advantage for a firm, as it is not so easy to replicate. Information can be shared but not knowledge.An entrepreneur also needs to understand market dynamics very well. He should be able to assess the environment to know if the product is being demanded or not and should be well able to read into the price signals. 

An entrepreneur needs to know how much of the product is being sold, and if the price charged is right for the product or not. He also needs to know if the potential consumer is buying the product or not and if not why. An entrepreneur is basically someone who sees an opportunity and thinks of ways to satisfy those demands. For such a person to be successful it is important that he knows his consumers, customers and the market dynamics.

The entrepreneur is above all, creative and aware of all the different avenues of communication and marketing that are at his disposal to highlight the strengths and uses of his product or proposition to prospective customers. In this day and age, there are numerous avenues for this purpose ranging from the conventional forms of mass media like television, radio, newspapers, magazines and other periodicals; to relatively newer ones based on the internet like emails, social networking websites and other forms of online advertising.