Lesson 3 opportunities in entrepreneurship Flashcards
ENTREPRENEURIAL PROCESS OF CREATING NEW VENTURE
Business Ideas, Entrepreneurial Opportunities, Entrepreneurial Venture
A step-by-step procedure in establishing any kind of business that an entrepreneur has to undergo. Has 4 aspects
ENTREPRENEURIAL PROCESS
ASPECT OF ENTREPRENEURIAL PROCESS
this is the beginning of the process and considered the most difficult.
Opportunity spotting and assessment
ASPECT OF ENTREPRENEURIAL PROCESS
At this stage, the entrepreneurs should formulate a business plan when they have already spotted and assessed the opportunities for a market.
a comprehensive paper that details the marketing, operational, human resources, financial, strategic direction, and tactics of the business
Developing a business plan
ASPECT OF ENTREPRENEURIAL PROCESS
at this stage the entrepreneurs undergo the process of calculating the resources needed to establish the business and compare this against their current resources
Determining the capital needed
ASPECT OF ENTREPRENEURIAL PROCESS
this is the part where the entrepreneurs implement the business plan and use the allocated venture.
Running the business
4 Aspects of the Entrepreneurial Process
-Opportunity spotting and assessment
-Developing a business plan
-Determining the capital needed
-Running the business
ESSENTIALS IN ENTREPRENEUR’S OPPORTUNITY SEEKING
allows the entrepreneur to see things in a very positive way and optomistic way in midst of difficult situations.
Entrepreneurial mind frame
ESSENTIALS IN ENTREPRENEUR’S OPPORTUNITY SEEKING
entrepreneur’s driven passion, they are attracted to discover satisfaction in the act and process of delivery. Passion is the great desire to achieve goals.
Entrepreneurial heart frame
ESSENTIALS IN ENTREPRENEUR’S OPPORTUNITY SEEKING
entrepreneur’s driven passion, they are attracted to discover satisfaction in the act and process of delivery. Passion is the great desire to achieve goals.
Entrepreneurial heart frame
ESSENTIALS IN ENTREPRENEUR’S OPPORTUNITY SEEKING
ability of an entrerpeneur of being intuitive. This is known as intuition. The gut game also means confidence in one’s self and the firm belief that everything you aspire can be reached.
Entrepreneurial gut game
a quantitative and qualitative assessment of a market.
• looks into the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment in terms of barriers to entry and regulation.
MARKET ANALYSIS
is a marketing concept that relates to the functional or emotional needs or desires of a market
MARKET NEED
MAIN FACTORS TO CONSIDER IN EVALUATING CUSTOMER’S NEED
Price
Quality
Choice
Convenience
COMPONENTS OF MARKET ANALYSIS
• Customer description/Customer Requirement
•Customer perception
• Market trends
• Market projection
• Market competition
A convenient way of doing market survey
to prepare simple questionnaires
BASIC QUESTIONS IN MARKET ANALYSIS
Purpose and objective for conducting the market analysis
WHY
BASIC QUESTIONS IN MARKET ANALYSIS
Determines the scope and the limitations of the market analysis to be conducted
WHAT
BASIC QUESTIONS IN MARKET ANALYSIS
Determines which segment of the market must be studied; this must be the market segment that the entrepreneur is eyeing
WHICH
BASIC QUESTIONS IN MARKET ANALYSIS
Identifies who among the members of the selected market segment will participate in market analysis
WHO
BASIC QUESTIONS IN MARKET ANALYSIS
Determines the time and timing of the research. This is critical for entrepreneurs whose product or service will be offered on a time- constrained markets such as office workers
WHEN
BASIC QUESTIONS IN MARKET ANALYSIS
Pinpoint the relevant location of the market research.
WHERE
BASIC QUESTIONS IN MARKET ANALYSIS
Determines the methodology to be used for market analysis.
HOW
an entrepreneur’s business idea that can potentially become a commercial product or service in the future.
OPPORTUNITY
