OPPORTUNITY SEEKING, SCREENING & SEIZING

Question 1

• entrepreneurs are innovative opportunity seekers.
  They have endless curiosity todiscover new or different ideas and see whether these ideas will work in the marketplace.

Answer 1

OPPORTUNITY SEEKING

Question 2

– allows the entrepreneur to see things in a very positive and optimistic light in the midst of crisis or difficult situations.

Answer 2

Entrepreneurial mind frame

Question 3

– is one commonality between an inventor and an entrepreneur, it is their surging passion

Answer 3

Entrepreneurial heart flame

Question 4

– this refers to the ability of the entrepreneur to sense without using the five senses.

This is known as the intuition. The gut game also connotes courage or in the local dialect, “lakas ng loob”

Answer 4

Entrepreneurial gut game

Question 5

refers to the” big or macro forces” that affect the area, the industry, and the market, which the enterprise belongs to.

Answer 5

MACRO ENVIRONMENT

Question 6

5 CATEGORIES OF MACRO ENVIRONMENT

Answer 6

1. Socio-cultural environments
2. Political
3. Economic
4. Ecological
5. Technological

Question 7

– includes the demographics and cultural dimensions that govern the relevant entrepreneurial endeavor.

Answer 7

Socio-Cultural Environment

Question 8

– defines the governance system of the country or the local area of business.

Answer 8

Political Environment

Question 9

– supply and demand forces mainly drive the macro-economic environment

Answer 9

Economic Environment

Question 10

– includes all-natural resources and the ecosystem, habitat of men, animals, plants, and minerals.

Answer 10

Ecological Environment

Question 11

– new scientific and technological discoveries, which often lead to the launch and commercialization of new products with superior attributes or to rendering the old ones obsolete, are the entrepreneur’s nightmares.

Answer 11

Technological Environment

Question 12

– next biggest sources of opportunities. One of the most difficult about industry analysis is defining what constitutes an industry in the first place.

Answer 12

Industry Sources of Opportunities

Question 13

Participant in an industry include:

Answer 13

1. Rivals or competitors
2. Suppliers of Input
3. Consumer Market Segments
4. All other support and enabling industries.

Question 14

Ways of Defining an Industry

Answer 14

1. Product types of functions
2. Product or value-added chain

Question 15

-The entrepreneur must also be able to measure the actual demand and supply as well as the potential demand and supply of the industry that the enterprise belongs to
-can be discovered from increased or decreased demand as well as higher or lower supply.

Answer 15

MARKET SOURCES OF OPPORTUNITIES

Question 16

• refers to the specific target market segment of a particular enterprise.

These are the target customers that represent the immediate customers of an enterprise.

Answer 16

MICROMARKET

Question 17

the entrepreneur first has to consider his or her preferences and capabilities by asking three basic questions:

Answer 17

PERSONAL SCREEN

Question 18

The 12 Rs of Opportunity Screening

Answer 18

1. Relevance
2. Resonance
3. Reinforcements of entrepreneurial interests
4. Revenues
5. Responsiveness
6. Reach
7. Range
8. Revolutionary impact
9. Returns
10. Relative ease of implementation
11. Resources required
12. Risks

Question 19

to vision, mission, and ojectives of the entrepreneur.

Answer 19

RELEVANCE

Question 20

to values

Answer 20

RESONANCE

Question 21

In any entrepreneurial endeavor, it is important to determine the sales potential of the product or services you want to offer.

Answer 21

REVENUES

Question 22

to consumer needs and wants.

Answer 22

RESPONSIVENESS

Question 23

Opportunities that have good chances of expanding through branches, distributors, dealerships, or franchise outlets in order to attain rapid growth are better opportunities.

Answer 23

REACH

Question 24

The opportunity can potentially lead to a wide range of possible product or service offerings.

Answer 24

RANGE

Question 25

"Next big thing" or game changer

Answer 25

REVOLUTIONARY IMPACT

Question 26

Opportunities requiring fewer resources from the entrepreneur may be more favored than those requiring more resources.

Answer 26

RESOURCES REQUIRED

Question 27

High technological, market, financial and people risks.

Answer 27

RISKS

Question 28

final stage where 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.

Answer 28

OPPORTUNITY SEIZING

Question 29

the entrepreneur is advised to look at other competitors(or substitutes) in the marketplace.

Answer 29

Crafting a Positioning Statement

Question 30

going through the process of questioning, the entrepreneur will be able to come up with each of the competing products and from there, work on his own positioning.

Answer 30

MAIN VALUE PROPOSITION (MVP)

Question 31

in a particular type of business (e.g. Jollibee vs. McDonald’s, Coca-cola vs. Pepsi, Samsung Galaxy vs. Apple’s iPhone, etc.)

Answer 31

Rivals/Competitors

Question 32

(e.g. fuel, electricity, raw materials) to rivals as well as suppliers of machinery and equipment, suppliers of manpower and expertise, and supplies of merchandise.

Answer 32

SUPPLIER OF INPUT

Question 33

being served by rivals or competitors

Answer 33

Consumer Market Segments

Question 34

THE MANY SOURCES OF OPPORTUNITIES

Answer 34

1. Macro Environmental Sources of Opportunities 2. Industry Sources of Opportunities 3. Market Sources of Opportunities