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OPPORTUNITY SEEKING,

SCREENING, AND SEIZING


Reporters:
Sabrozo, Louie Jay
Ontog, Leslie Mae
Senicolas, Sarah
Gersalina, Jillian
Panimdim, Glendie Kaye
Makig-angay, Gill Mark
OPPORTUNITY SEEKING
Entrepreneurs are innovative opportunity seekers.
They have endless curiosity to discover new or
different ideas and see whether these ideas will
work in the marketplace.
• ENTREPRENEURIAL MIND FRAME
• ENTREPRENEURIAL HEART FLAME
• ENTREPRENEURIAL GAME
• The entrepreneurial mind flame allows the
entrepreneur to see things in a very positive and
optimistic light in the midst of crisis or difficult
situations.
• If there is one commonality between an inventor
and an entrepreneur, it is their surging passion
or the entrepreneurial heart flame.
• The heart flame is also about emotional
intelligence or EQ which is often manifested in
the entrepreneur's efforts to nurture
relationships with customer, employees, and
suppliers.
• The final ingredient is the entrepreneurial gut
game. This refers to the ability of the
entrepreneur to sense without using the five
senses. This is also known as intuition.
“The Many Sources of Opportunities”

1. Macro Environmental Sources of


Opportunities
• Socio-cultural Environment- includes the
demographics and cultural dimensions that
govern the relevant entrepreneurial endeavor.
• Political Environment- the governance system of
the country or the local area of business
• Economic Environment- supply and demand
forces mainly drive the macro economic
environment.
• Ecological Environment- includes all natural
resources and the ecosystem, habitat of men,
animals, plants, and minerals.
• Technological Environment- new scientific and
technological discoveries, which often lead to the
launch and commercialization of new products
with superior attributes or to rendering the old
ones obsolete, are the entrepreneur’s
nightmares.
“Industry Sources of Opportunities”

1. Rivals or competitors in a particular type of


business
2. Suppliers of input (e.g., fuel, electricity, raw
materials) to rivals
3. Consumer market segments being served by
rivals or competitors.
4. Substitute products or services, which customers
shift or turn to.
5. All other support and enabling industries.
• There are several ways of defining an industry.
The most common way of defining an industry is
according to product types or according to the
functions of the product or service.
• Tracing the industry from its most basic raw
materials down to its various consumer
applications.
• A good example would be the coconut industry.
• Market Sources of Opportunities

- The entrepreneur must also be able to measure the


actual demand and supply of the industry that the
enterprise belongs to. Equally important is the
monitoring of the prevalence of products
substitutes and their market impact on the
existing players in the industry.
- Market sources opportunities can be discovered
from increased or decreased demand as well as
higher or lower supply.
Micro market
-Micro market refers to the specific target market
segment of a particular enterprise.

Consumer preferences, piques, and


perceptions (the source of opportunities)
- Consumer preferences refer to the tastes of
particular groups of people. Some examples are
the clothes people wear , the food they eat , the
music they listen to, and the movies they watch.

Other Sources of Opportunities


• Costumer preferences change over time
• People’s tastes in clothes, music, shoes,
entertainment, dance, sports, hobbies; and even
careers have evolved over the years.
• What piques customers is a great sources of
opportunities
• Before the customer is won over, there is first a
battle for the mind. Next, there I a battle for the
heart. Finally, there is a battle for the wallet.
• Opportunities abound in shaping consumer
perceptions or occupying spaces in their minds
or places in their hearts that have not yet been
filled.
• New inventions, new systems and works
processes, new insights about the human psyche,
new applications for the old knowledge, new
revelations about how the physical world works,
new interpretations , new combinations based
on the convergence of previous technologies,
new outlooks about how life should be led, and a
host of other new things are tremendous sources
of opportunities.
• Determine personal preferences and
competencies lay the foundation for a new
business venture.
• Unexpected occurrences in both the external and
internal environment of the enterprise indicate
that significant changes are happening and
opportunities are spouting.

OPPORTUNITY SCREENING
After opportunity seeking comes the rigorous
process of opportunity screening. Because of the
many opportunities possible for the entrepreneur,
is important to come up with a short list of a few
very promising opportunities, which could be
scrutinized in detail.
The 12 Rs of Opportunity Screening
1. Relevant
2. Resonance
3. Reinforcement of Entrepreneurial Interest
4. Revenues
5. Responsiveness
6. Reach
7. Range
8. Revolutionary Impact
9. Returns
10. Relative Ease of Implementation
11. Resources Required
12. Risks

The Pre- Feasibility Study


- The ultimate goal of doing the opportunity
screening matrix is to narrow down the many
opportunities into one or two most attractive ones.
1. Market potential and prospects
2. Availability and appropriateness of technology
3. Project investment and detailed cost estimates
4. Financial forecast and determination of financial
feasibility

Market Potential and Prospects


- Market potential is based on the estimated
number of possible customers who might avail of
the product or service.