opportunity seeking.pptx

for educational purposes

1. How do you recognize opportunity? What are the things that you need to consider?

2. OPPORTUNITY RECOGNITION Opportunity is a situation or occasion that makes it possible to do something that you want to do. It is an exploitable set of circumstances with uncertain outcome requiring a commitment or resources and involving exposure to risk.

3. 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 market place. Entrepreneurs create value by introducing new products or services or finding better way of making them These may include innovation in terms of product designs or addition of a new product features to existing ones They may also tinker on improving their operational capability by employing new technologies that will bring them greater efficiency and better economics

4. OPPORTUNITY SCREENING Opportunity screening is the process of cautiously selecting the best opportunity. it is perhaps the most rigorous and yet, most important part of an opportunity –driven entrepreneurship. it takes a lot of time, effort, and knowledge to discern which among the potential opportunities uncovered would be the one worth investing on or at least narrowing down the list to the few promising ones.

5. Activity 1 . Word Search : Search different words related to Entrepreneurship from the set of word puzzle below (15 points)

6. Activity 3 . Getting to know the market. Answer then following questions. Write your answer on the space provided after each question. Who are my potential customers? __________________________________________________________________ What are my customers’ shopping and buying habits? __________________________________________________________________ How large is my target market? __________________________________________________________________ How much are potential customers willing to spend? __________________________________________________________________ Who are my competitors? __________________________________________________________________ What are my competitors’ strengths and weaknesses? __________________________________________________________________

7. OPPORTUNITY SEIZING Background Information for Learners Opportunity seizing is the last step in opportunity spotting and assessment. This is the pushing through of entrepreneurs with their chosen opportunity. Entrepreneurs should make the best out of this opportunity, and they should exert efforts and full dedication for the success of the new venture. The entrepreneur’s idea can be any type of innovations listed here: Innovation is the process of positively improving an existing product or service which can be a key driver for economic growth. It is constantly changing, therefore, products and services must also adapt to these changes.

8. Types of Innovation Breakthrough innovation includes inventions, occur infrequently as these establish the platform on which future innovations in an area are developed. Examples are the Internet, the computer, or the airplane. Technological innovation includes technological advancement of an existing product or service which occurs frequently. Examples are wireless fidelity or Wi-Fi, the laptop, or the jet plane. Ordinary innovation occurs ordinarily which are commonly originating from market analysis and technology pull instead of a technology push. This means that the market has a strong influence in the implementation of an innovation. Examples are unlimited internet plans of telecommunications companies, a wireless mouse, and airbus for economical travelers.

9. How to choose or come up with a competing product or service? Identify the main customer segments. Differentiate product attributes and features of each of the competitors. Determine the existing marketing practices of the various competitors. Categorize the market preferences of consumers when it comes to the products being offered.

10. Product Planning and Development Process Idea Stage. This refers to the formation of the business ideas. It starts with an entrepreneurial intent and proceeds with a development of a business idea using logic and creativity. Concept Stage. The refinement of ideas and visualization of an idea that can serve as a business opportunity. Product Development Stage . It is here where the business idea is concretized with the production of a prototype. Test Marketing Stage . At this phase, the product or service is introduced in the market after a series of evaluation and feedback from potential customers.

11. Process of Opportunity Seizing 1. Crafting a positioning statement. The entrepreneur is advised to look at other competitors in the marketplace. Customer profiling will come into the picture. 2. Conceptualizing the product or service offering. • It is an idealized abstraction of the product or service to be offered to the preferred market of the entrepreneur.

12. 3. Designing, prototyping, and testing the product The entrepreneur must render the concept and translate it into its very physical and very real dimension. Be ready for the actual testing by the entrepreneur and then, later on, subject to testing by potential customers through FGD, surveys, product demo sessions, etc. Assess how much resources are available. 4. Implementing, Organizing and Financing Choose correct technology Choose the right people Design the operating work flow Specify the systems and procedures Design the organizational architecture

13. 4. How will you determine the existing marketing practices of the various competitors? 5. Why should consumers buy your product or avail your service?