Entrepreneurs seek out opportunities by introducing innovations, like new products/services or improved processes. They explore macro trends in the socio-cultural, political, economic, ecological, and technological environments of their industry to identify opportunities. Within their industry, entrepreneurs consider competitors, suppliers, consumer segments, substitutes, and related industries to find ways to create value. At the highest level, disruptive entrepreneurs can completely transform business paradigms with groundbreaking innovations.

1. OPPORTUNITY
SEEKING

2.  They have the endless curiosity to discover new or different
ideas and see whether these ideas will work in the
marketplace.
 -Entrepreneurs create value by introducing new products or
services or finding better ways of making them.
 these may include innovation in terms of product design or
addition of new ways of making them.
 Entrepreneurs are innovative opportunity seekers.

3.  they may also tinker or improving their operational capability by
employing new technologies that will bring them greater efficiency
better economies, and even enable them to reach unparalleled
superiority.
 They might also think about expanding their reach by creating new
markets or maximizing the reach of existing ones.
 At the highest level, entrepreneurs have the potential to completely
disrupt the current business paradigm by making it obsolete by
introducing disruptive technologies, processes, and systems.
 At the highest level, entrepreneurs have the potential to completely
disrupt the current business paradigm by making it obsolete by
introducing disruptive technologies, processes, and systems.

4. The Many Sources of Opportunities
I. Macro Environmental Sources of Opportunities
The macro environment refers to the "big or macro forces" that affect the area, the
industry, and the market, which the enterprise belongs to.
They influence how businesses should be run, how customers will behave, how
supply and demand will transform, how different competitors will position
themselves, and how the cost of doing business will change.

5. The Many Sources of
Opportunities
I. Macro Environmental Sources of
Opportunities
The macro environment forces can be
divided into five categories (SPEET)

6. 1. Socio-Cultural Environment
2. Political Environment
3. Economic Environment
4. Ecological Environment
5. Technological Environment

7. Socio-Cultural Environment
The socio-cultural environment includes the
demographics and cultural dimensions that govern
the relevant entrepreneurial project.
This factor allows the entrepreneur to assess the
trends and dynamics of the larger consumer
population, as well as their beliefs, tastes, customs,
and traditions.

8. Political Environment
 The political environment influences the local
governance system of a country or a company.
 It contains all business-related laws, rules, and
regulations, as well as the permits, approvals, and
licenses needed to run the company.
 These factors play a big role in determining the
attractiveness of any political domain where an
entrepreneur wants to set up shop and do business.

9. Economic Environment
 The macroeconomic environment is mainly motivated by
supply and demand forces.
 They are the same factors that influence interest and foreign
exchange rates, which fluctuate due to market forces.
 The income levels and purchasing power of a country's
citizens, as well as the competitiveness of its industries and
businesses, are all sources of opportunity.

10. Ecological Environment
 All natural resources, as well as the ecosystem, human habitat, animals,
plants, and minerals, are included in the ecological environment.
 In today's world, there is a growing awareness that this factor will become
increasingly important for countries, industries, and businesses.
 Environmental threats have spawned a slew of new products, including
smoke and spill detectors, filters and screens, pollution counters, and energy-
saving devices.
 Greener, cleaner, and healthier products with the goal of saving the planet
and promoting long lives abound.

11. TECHNOLOGICAL ENVIRONMENT
 Entrepreneurs' nightmares are new scientific and
technological discoveries that lead to the launch and
commercialization of new products with superior
attributes or render old ones obsolete.
 In such situations, the entrepreneur has no choice
but to invest in new technologies to stay
competitive.

12. II. INDUSTRY SOURCES OF
OPPORTUNITIES
Participants in an industry include:
If the entrepreneur's intention is to define who are the relevant
customers, who are the direct and indirect competitors, and what
are the critical characteristics of the market in terms of the quality of
products or services to be delivered, the proper classification of what
industry the enterprise is competing in is critical.

13. 1. Rivals of competitors in a particular type
of business
Example
Jollibee vs Mcdo
Coca-cola vs Pepsi

14. 2. Suppliers of input
Example:
Fuel
Electricity

15. Raw materials
- to rivals as well as suppliers of machinery and
equipment, supplier of manpower and expertise, and
supplier of merchandise.
Participants in an industry include;
3. Consumer market segments being served by rivals of
competitors .
4. substitute products of services, which customers shift
or turn to.
5. All other support and enabling industries.