Handout 2 Flashcards
a thought that could possibly or impossibly meet the criteria of an opportunity. This is a crucial starting point in entrepreneurship because most businesses fail even doing what is needed as they produce something that is not capable of solving any problem or meeting any need.
Idea
the idea that people put into action. It is a collection of situations that give an observable need for a new product, service, or business.
Opportunity
This stimulation is defined as seeing an opportunity after starting a business. This happens through the researching and developing phases of the business
Externally stimulated
This stimulation happens upon seeing a problem or gap in a community,
and from there, an entrepreneur thinks of a product, or service, or business that will suffice the said gap.
Internally stimulated
in terms of opportunity is the ability of an idea to produce a product, service, or business that will be appealing to the potential market.
Attractiveness
defined as the characteristics of an idea to support the need of a place by meeting the demand of a product or service for whatever season it may serve.
Timely
An idea to be considered an opportunity may take some time to be developed or established but not impossible to do so. It also needs to be able to go along with the changes or adapt to any possible advancement in a community
Durable
means that an idea to become an opportunity must highlight its ability to produce a product or service beneficial to its end-user or consumer. Meaning, an idea without any purpose of solving a problem or meeting a need is not considered an opportunity for a business.
Anchored in a product, or service, or business that adds value to the buyer or consumer
Change is constant in a developing world; that’s why it is important for an entrepreneur to constantly keep an eye on economic, social, and technological changes and
advances.
Observing trends
Entrepreneurs don’t sit and stare when a problem occurs. They acknowledge it, and the next thing they do is to find the best solution possible
Solving problems
It is important to know that when producing or developing something to fulfill a need or meet a want, an entrepreneur is aware of the gaps, where they are coming from, and
to whom the meeting of those gaps will make sense beneficial.
Finding gaps in the market place
Analyzing the potential consumer and the competitors an entrepreneur wanted to serve is an important factor in discovering opportunities.
Markets
Analyzing the common interest of the people or community where the business will possibly be built is another factor.
individual interests
The business process needs financing. Being able to know the common issues with this would be beneficial.
Capital
Common mistake of some starting entrepreneurs is that they put up a business because it is widely in demand without considering if their skills will meet the said business.
Skills
