MODULE2 Flashcards
A STEP-BY-STEP PROCEDURE IN ESTABLISHING ANY KIND OF BUSINESS THAT AN ENTREPRENEUR HAS TO UNDERGO.
ENTREPRENEURIAL PROCESS
This is the beginning of the whole process.
Considered the most DIFFICULT step in the whole entrepreneurial
process.
Opportunity Spotting and Assessment
Entrepreneurs should formulate a business plan when they have
already spotted and assessed the opportunities for a market.
Developing a business plan
is a comprehenshive paper that details the marketing, operational, human resource, financial, strategic direction, and tactics of the business.
BUSINESS PLAN
This is an important and crucial step in the entrepreneurial process.
Determining the capital needed
an entrepreneur’s business idea that can potentially become a
commercial product or service in the future
Opportunity
the framework that most of the promising entrepreneurs use to
finally come up with the ultimate product or service suited for a
specific opportunity.
3s
3S of Opportunity spotting
Seeking
Screening
Seizing
It involves the development of new ideas from various sources. It is the first step in Opportunity Spotting and Assessment Considered as the most difficult process
Seeking
Macroenvironent
STEEPLED
Industry
New discovery or Knowledge
Futuristic Opportunities
Microenviroment
Consumer preferences, interests, and perception Competitors Unexpected opportunities from customers Talents, hobbies, skills, and expertise Irritants in the marketplace such as deterrents, problems, complains, and delays Location
a mnemonics that represents the general environment where the
entrepreneur can identify business
opportunities.
STEEPLED
This is the source of current trend on what is happening in the industry where the future business will belong to.
Industry
These are new trends
that can be the core
business model of a
new venture.
New discovery or knowledge
These are projected new opportunities that can possibly affect the new business while it is
running.
Futuristic opportunities
These are the current needs and wants of potential customers that should be discovered right away by a budding entrepreneur
Consumer preferences, interests, and perception
in this method, a moderator handles a very open, free-flowing, and in-depth discussion with a group of people who can provide insights.
Focus Group Discussion
This is an activity that allows the participants to share creative ideas by following lenient rules.
Brainstorming
This is exactly the
same as brainstorming except that the channel used is not face-to-face, but writing or online.
Brainwriting or Internet brainstorming
this method is
similar to the FGD
except the participants are already given an
inventory of product or service problems.
The participants will just identify from the list given the potential
product or service instead of generating the ideas from them.
Problem inventory analysis
It is the process of
cautious selecting the
best opportunity
through the following
Screening
refers to the
entrepreneur’s tolerance of business risks.
Risk appetite
This is the last step in opportunity spotting and assessment. This is the “pushing through” with the chosen opportunity. This is the step where innovations and inventions are born
Seizing
the process of positively
improving an existing product or
service.
“it is a key for economic growth”
Innovations
3 types of innovations
BreTechOrd
Inventions
Occure infrequently
Internet computer airplane
Breakthrough
Innovations of existing products
Occur more frequently
Technological
Occur ordinary
Request of customers “technological pull”
Ordinary
stages of seizing
Idea stage
Concept stage
Product development stage
Test marketing stage
Determine the feasible products/ service
Idea stage
Idea will undergo consumer acceptance test
Getting initial reaction
Concept stage
Entrepreneurs leverages on info from prospective customers
Peoduct development stage
Work done from the first 3 stages measure success in commercialization of product or service
Test marketing stage
