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ENTREPRENEURAL OPPORTUNITY, Finding better ways of making them, Involves:,…
ENTREPRENEURAL OPPORTUNITY
Must be
Screened
Sought
Seized
Introduce & sell:
New services
New raw materials
New goods
New systems & work process
Must fit
Available resources
Market needs
Requires
Entrepreneural
GUT GAME
Intuition
Courage or
Lakas ng Loob
Entrepreneural
MIND FRAME
Staying positive & optimistic amidst challenges
Entrepreneural
HEART FLAME
Passion
Emotional Intelligence (EQ)
OPPORTUNITY SEEKING
Has many SOURCES:
MACRO ENVIRONMENTAL
Sources
Socio-Cultural
Demographics
Culture (Customs, traditions, beliefs, etc.)
Political
Laws, rules, regulations
Establishment of Infrastructures & Logistical Access
Economic
Supply & Demand
Ecological
Natural resources, ecosystem, habitats, minerals
Technological
New scientific & Technological Discoveries
New systems, processes, products
MARKET
Sources
Market Trend Analysis
Market Traits, Characteristics & Behavior
Measuring Actual & Potential Demand & Supply
CONSUMER PREFERENCES, PIQUES & PERCEPTIONS
Ex. Tastes, Dislikes, Interests,
ENTREPRENEUR'S OWN SKILLS, EXPERTISE, OR HOBBY
INDUSTRY
Sources
Product Chain
Value-Added Chain
OPPORTUNITY SCREENING
12 Rs:
Relevance
Resonance
Reinforcement of Interest
Revenues
Responsiveness
Reach
Range
Revolutionary Impact
Returns
Relative ease of implementation
Resources required
Risks
OPPORTUNITY SEIZING
Competitor Analysis
Product/Service Conceptualization
Designing, Prototyping, Testing
Implementing, Organizing, Financing
Finding better ways of making them
Involves:
Finding gaps & weaknesses in: