LESSON 3: Other Sources of Opportunities Flashcards
, the entrepreneur will surely discover other sources of opportunities. Unexpected successes (or failures) can lead to good opportunities
opportunity seeker
potential source of opportunity is the
- entrepreneur’s own set of skills or expertisE
- hobby
- New knowledge
- new technology
Example: The prevalence of sugar-free products is now becoming the new normal, particularly to products that used to be sugar-full like soft drinks and desserts. Cola manufacturers have long introduced their respective sugar-free cola drinks as healthier alternatives to their cola drinks. This caters to the health-conscious consumers who have shifted due to fear of obesity and diabetes.
Customer preferences change over time.
Example: The 1980’s could be best described as the era that gave birth to music television or MTV. This era was all about image that went with the popular artists at that time such as Michael Jackson and Madonna. These artists had become iconic because of their talent, fashions, styles, and persona, which defined the 80 decade . Hip hop, new wave, and hair metal were the musical genre that emerged.
People’s tastes in clothes, music, shoes, entertainment, dance, sports, hobbies and even careers have evolve over the years.
Example: Government-related services are now made more available to the public because they have opened up satellite offices in major malls. Before, people had no choice but to go to the main office, line up for hours, to apply or renew their licenses, clearances, passports, etc. Now, with these satellite services closer to the public, more people are encouraged to transact with these government agencies because it has become more convenient.
What piques customers is a great source of opportunities.
Example: When the new smartphones came out, customers were being convinced by the different competitors on what was the best choice to make . This is the battle for the mind.
Before the customer is won over, there is first a battle for the mind. Next, there is a battle for the heart. Finally, there is a battle for the wallet
Before the customer is won over, there is ????
- a battle for the mind.
- a battle for the heart.
- a battle for the wallet
Example: Among Filipinos, there is this old adage of “nakasanayan na” (got used to it) especially when it comes to loyalty to certain products. This is true in the case of jollibee, which has captured the heart of the Filipinos. Jollibee has been so successful due to the “Filipino taste” of their products.
The longer the customer wants to use the product, the greater the chances of creating lasting loyalty.
Example: A television commercial of a supplementary drink for diabetics instills “fear of death” in the minds and hearts of its potential consumers. The product is meant to aid in controlling the blood sugar level of diabetics, together with the proper diet and a healthy lifestyle. The commercial ad instills fear that shapes the consumer’s perception about what is good or bad to drink.
Opportunities abound in shaping consumer perceptions or occupying spaces in their minds or places in their hearts that have not yet been filled.
Example: Due to the advancement of new technology applied to the medical field, open surgery has become a thing of the past when removing smaller cysts or tumors.
New inventions, new systems and work
processes, new insights about the human psyche, new applications for old knowledge.
Example: The mushrooming of culinary schools indicates the booming interest of students in pursuing their love for cooking and/or baking. One of the career tracks offered by these culinary schools is enabling the student to put up his or her own restaurant or pastry shop. Several weekend market and food bazaars have also opened up to showcase the talents of these young culinary students.
Determining personal preferences and competencies lay the foundation for a new business venture.
Example: Who would have thought that videos taken by closed-circuit televisions (CCTV) would make waves in the news headlines as one of the best evidences in a crime?
Unexpected occurrences in both the external and internal environment of the enterprise indicate that significant changes are happening and opportunities are sprouting.
