Opportunity seeking, screening, and seizing

1. Opportunity Seeking, Screening, and
Seizing

2. 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.

3. 1.Entrepreneurial
Mind frame
2.Entrepreneurial
Heart flame
3.Entrepreneurial
Gut game

4. Macro Environmental Sources of
Opportunities
-refers to the "big or macro forces" that
affect the area, the industry, and the
market, which the enterprise belong to.
THE MANY SOURCES OF
OPPORTUNITIES

5. 5 Categories of Macro Environmental Forces
✓Socio-Cultural Environment
✓Political Environment
✓Economic Environment
✓Ecological Environment
✓Technological Environment

6. INDUSTRY SOURCES OF OPPORTUNITIES
-next biggest sources of opportunities.
Participant in an industry include:
•Rivals or Competitors
•Suppliers of Input
•Market Segments
•Substitute products or services

7. MARKET SOURCES OF OPPORTUNITIES
-refers to the specific target market segment of a
particular enterprise.
MICROMARKET
The entrepreneur must also be able to measure the actual
demand and supply as well as the potential deman and
supply of the industry that the enterprise belongs to.

8. Opportunity Screening
"The personal Screen -In screening opportunities, the enterpreneur first has to
consider his or her preferences and capabilities by asking three basic questions:
1.Do I have drive to pursue this business opportunity to the end?
2.Will I spend all my time, effort, and money to make the business opportunity work?
3.Will I sacrifice my existing lifestyle, endure emotional hardship, and forego my
usual comforts to succeed in this business opportunity?
-refer to the tastes of particular group of people.
CONSUMER PREFERENCES

9. The 12Rs of Opportunity Screening
1.Relevance
the opportunity must be aligned with what you have as
your personal vision, mission, and objectives for the
enterprise you want to set up.
2. Resonance
Other than vision,mission and objectives, the opportunity must
match the values and desired virtues that you have or wish to
impart.

10. 3.Reinforcement of Entrepreneurial interest
How does the opportunity resonate with the entrepreneur's
personal interest, talents,and skills.
4.Revenues
In any entrepreneurial endeavor, it is important to
determine the sales potential of the products or services
you want to offer.
5.Responsiveness to customer needs and wants.
If the opportunity that you want to pursue addresses the unfulfilled
or underserved needs and wants of customers, then you have a
better chance of succeeding.

11. 6.Reach.
Opportunities that have good chances of
expanding through branches,
distributorships, dealerships, or franchise
outlets in order to attain rapid growth are
better opportunities.
7.Range.
The opportunity can potentially lead to a wide range of possible
product or service offerings, thus, tapping many market segments
of the industry.

12. 8. Revolutionary Impact
If you think that the opportunity will most likely be
the “next big thing” or even a game-changer that
will revolutionize the industry, then there is a big
potential for the chosen opportunity
9. Returns.
It is a fact that products with low costs
of production and operations but are
sold at higher prices will definitely yield
the highest returns on investments.

13. 10. Relative Ease of Implementation
Will the opportunity be relatively easy to implement for the
entrepreneur or will there be a lot of obstacles and
competency gaps to overcome?
11.Resources Required
Opportunities requiring fewer resources from the
entrepreneur may be more favored than those requiring more
resources.
12.Risks
In an entrepreneurial endeavor, there will
always be risks.

14. OPPORTUNITY SEIZING
After opportunity seeking and screening, the
entrepreneur is ready for Opportunity Seizing, the final
stage.
By now, the entrepreneur has an idea as to where he or
she will locate the business and how he or she will
market the product or service.

15. - the entrepreneur is advised to look at other
competitors(or substitutes) in the marketplace.
CRAFTING A POSITIONING STATEMENT
-Details such as their major buyers, attributes or features that make the
competitors’ products attractive should give the entrepreneur an idea.
Customer profiling will come into the picture—their characteristics and
traits, behavior and usage, pattern, preferences and dislikes.

16. CONCEPTUALIZING THE PRODUCT OR
SERVICE OFFERING
-After making an assessment of the competing products,
the entrepreneur must then conceptualize his/her own
products. A concept is an idealized abstraction of the
product or service to be offered to the preferred market of
the entrepreneur.
- The concept must be compelling and unique to the
customers targeted, meaning that the product should
contain the attributes or features desired by the targeted
market that make up the product's main value proposition.

17. DESIGNING, PROTOTYPING, AND TESTING THE PRODUCT
►Designing means that the entrepreneur must render
the concept and translate it into its very physical and
very real dimensions (measurement). This entails
building a prototype of the product that will be ready
for actual testing by the entrepreneur and then, later
on, subject to testing by potential customers through
focus group discussions (FGD), surveys, product
demonstration sessions, and the like.

18. IMPLEMENTING, ORGANIZING, AND FINANCING
►Good planning and
good programming are essential to have good implementation. The
entrepreneur must begin with the end in mind, or his/her desired end
results, for the chosen opportunity. End results refer to the final
outcomes of the business, such as highly satisfied customers, huge
sales realized, large profits generated, etc.

19. THANK
THANK
THANK
YOU
YOU
YOU
Beriarmente Jay