How to Spot a Business Opportunity

Question 1

10 Personal Entrepreneurial Competencies (PECs)

Answer 1

Opportunity Seeking and Initiative
Persistence
Commitment to Work Contract
Demand for Quality and Efficiency
Risk Taking
Goal Setting
Information Seeking
Systematic Planning and Monitoring
Persuasion
Self- Confidence

Question 2

the ability to seek and identify NEW OR UNUUSAL OPPORTUNITY and pick up business ideas from it

Answer 2

Opportunity Seeking and Initiative

Question 3

the readiness to take REPEATED ACTIONS or alternative strategies when faced with obstacles or failures. Entrepreneurs are NOT DISCOURAGED EASILY by failures or negative comments. They learn from past mistakes and criticisms.

Answer 3

Persistence

Question 4

the willingness to put EXTRA EFFORT TO MEET DEADLINE and ACHIEVE THEIR OBJECTIVES

Answer 4

Commitment to Work Contract

Question 5

striving to produce a product or service BETTER, faster and at the least cost possible. An entrepreneur has no room for inferiority and mediocrity. “Hindi pwede and pwede na yan.”

Answer 5

Demand for Quality and Efficiency

Question 6

the ability to TAKE CALCULATED RISK by devising means to minimize risk and control the outcome

Answer 6

Risk Taking

Question 7

using foresight and vision to set short and long-term objective and communicate them to his subordinates and consumers

Answer 7

Goal Setting

Question 8

the eagerness to SEEK INFORMATION from consumers, suppliers, competitors and experts through research and the like

Answer 8

Information Seeking

Question 9

the ability to develop comprehensive plans, monitor progress, and use feedback in decision making

Answer 9

Systematic Planning and Monitoring

Question 10

the ability to employ different strategies to influence and persuade people

Answer 10

Persuasion

Question 11

the BELIEF IN ONE’S ABILITY to get difficult tasks done. To be successful, you should believe in yourself, in what you can do

Answer 11

Self- Confidence

Question 12

TRUE OR FALSE:
Opportunities can exist anytime, anywhere, at the least expected time and place

Answer 12

TRUE

Question 13

How to Spot a Business Opportunity?

Answer 13

1. Identify your own personal skill
2. Earn from your hobbies and favorite activities
3. Examine Existing Products or Service and Figure Out Ways by which it can be improved
4. Take Advantage of Your Previous Work Experience
5. Identify a Problem and Seize the Opportunity by Offering Solutions
6. Access to Suppliers
7. Identify Unexplored Resources