The document discusses the entrepreneurial process, emphasizing the importance of an entrepreneurial mindset, passion, and intuition in recognizing opportunities. It provides examples of entrepreneurs facing challenges and leveraging their skills to adapt and innovate. Additionally, it outlines various sources of entrepreneurial ideas, such as technological advancements, government policies, and societal interests.

1. RECOGNIZE A
POTENTIAL MARKET
PREPARED BY: DUTCH C. TEJADA

2. ENTREPRENEURIAL PROCESS
is the creation of a new venture (Aduana, 2017)
Opening of
entrepreneurial
Venture
Identification
of
entrepreneurial
Opportunities
Creation of
entrepreneurial
Ideas
Figure 1. The Entrepreneurial Process of Creating New Venture

3. ESSENTIALS IN ENTREPRENEUR’S OPPORTUNITY
SEEKING
 Entrepreneurial mind frame
 Entrepreneurial heart flame
 Entrepreneurial gut game

4. ESSENTIALS IN ENTREPRENEUR’S OPPORTUNITY SEEKING
Entrepreneurial
mind frame >>
This allows the entrepreneur to see things in a very positive and
optimistic way in the midst of difficult situation. Being a risk - taker,
an entrepreneur can find solution when problems arise.
Scenario: Sarah, an entrepreneur who runs a small but
growing organic skincare company, is faced with a
challenging situation. Her main supplier of raw materials
has unexpectedly raised prices due to a global supply
chain disruption. This price increase threatens to cut into
her profit margins and could potentially force her to raise
prices for her loyal customers.
Possible

5. ESSENTIALS IN ENTREPRENEUR’S OPPORTUNITY SEEKING
Entrepreneurial
heart flame>>
Entrepreneur's driven passion, they are attracted to discover satisfaction
in the act and process of discovery. Passion is the great desire of an
entrepreneur to achieve his/her goals.
How we will sustain our
Scenario: Alex is an entrepreneur who has always been
passionate about sustainable living and creating eco-friendly
products. He recently launched a startup that designs and sells
innovative, reusable household items, such as eco-friendly food
wraps and compostable cleaning products. For Alex, this
business isn't just about making money; it’s about the impact he
can have on the environment and promoting a more sustainable
lifestyle.

6. ESSENTIALS IN ENTREPRENEUR’S OPPORTUNITY SEEKING
Entrepreneurial
gut game >>
This refers to the ability of the entrepreneur of being intuitive. This also
known as intuition. The gut game also means confidence in one’s self
and the firm believes that everything you aspire can be reached.
How to say in the market
Scenario: Lena, a tech entrepreneur, has always had a knack for
spotting emerging trends in the market before they become
mainstream. She's built a reputation for trusting her gut instincts
when making business decisions, and it's paid off so far. Her
latest venture is developing a mobile app designed to help
people manage their mental health through meditation, mood
tracking, and personalized self-care routines.

7. Changes in the
environment
Physical
Environment
•Climate
•Natural Resources
•Wildlife
Societal
Environment
•Politics
•Economic
•Sociocultural
•Technological
Industry Environment
• Competitors
• Customers
• Creditors
• Employees
• Government
• Suppliers
Technological
discovery and
advancement
A person with
entrepreneurial
interest sees
possibility of
business
opportunities in
any new
discovery or
because of the
use of latest
technology. For
example, an
individual with
knowledge in
repair and
installation of a
machine engine
discovers that
additional engine
parts that
considerably
reduce fuel
consumption.
Government’s
thrust,
programs, and
policies
The priorities,
projects, programs,
and policies of the
government are also
good sources of
ideas. For example,
the use of
firecrackers to
celebrate New Year’s
Eve is strictly
prohibited. People
without
entrepreneurial
interest will view the
ordinance as a plain
restriction. However,
for an entrepreneur,
it is a business
opportunity to come
up with a new
product that will
serve as a substitute
for firecrackers.
People's Interest
The interest,
hobbies, and
preferences of
people are rich
source of
entrepreneurial
ideas. Like the
increasing
number of
Internet Café at
present could
be lead to the
strong
attachment of
young people
to computers.
Past Experience
The expertise and
skills developed by
a person who has
worked in a
particular field may
lead to the opening
of related business
enterprise. For
example an
accountant who
has learned the
appropriate
accounting and
management skills
and techniques in a
prominent
accounting firm can
start his/her
business venture by
opening his/her
own accounting
firm.
SOURCES OF OPPORTUNITIES

8. FORCES OF COMPETITION
It is also known as the “five forces of competition.”
Competition –
it is the act or
process of
trying to get or
win something.

9. FORCES OF COMPETITION
It is also known as the “five forces of competition.”
 Buyers
 Potential new entrants
 Rivalry among existing firms
 Substitute products
 Supplier

10. FORCES OF COMPETITION
It is also known as the “five forces of competition.”
 Buyers
the one that pays cash
in exchange to your
goods and
services.

11. FORCES OF COMPETITION
It is also known as the “five forces of competition.”
 Potential new entrants
the one who enters
something.

12. FORCES OF COMPETITION
It is also known as the “five forces of competition.”
 Rivalry among existing firms
state or situation in
which people or groups
are competing with
each other.

13. FORCES OF COMPETITION
It is also known as the “five forces of competition.”
 Substitute products
anything that takes the
place or function of
another

14. FORCES OF COMPETITION
It is also known as the “five forces of competition.”
 Supplier
the one that provide
something that is
needed or wanted.