Opportunity Seeking, Screening, and Seizing Flashcards
They are innovative opportunity seekers
Opportunity Seeking Entrepreneurs
see things in a very positive and optimistic light
Entrepreneurial Flame
driven by passion. drawn to find fulfillment in the act and process of discovery.
Entrepreneurial Heart Flame
Intuition. Ability to sense without the 5 senses
Entrepreneurial Gut Game
Influence how business should be conducted, how consumers behave, how supply and demand will move, how different competitors would position themselves, and how the cost of business will proceed.
Macro Environmental Sources of Opportunities
Governance system
political environment
supply and demand forces
economic environment
trends and dynamics of the bigger consumer, population, their beliefs, tastes and customs and traditions.
Socio-Cultural environment
technological discoveries
technological environment
all-natural resources and the ecosystem, habitat of men, animals, plants, and minerals
ecological environment
Internal (s and w)
strength
weaknesses
external (o and t)
opportunities
threats
It is a short list and scrutinized in detail
Opportunity Screening
12 R’s
Relevance to vision, mission and objectives of the entrepreneurs
resonance to values
reinforcement to entrepreneurial interests
revenues
responsiveness to customer needs and wants
reach
range
revolutionary impact
returns
relative ease or implementation
resources required
risks
idea as to where he or she will locate the business and how he or she will market the products or service.
opportunity seizing
what is crafting a positioning statement
the entrepreneur is advised to look at other competitors
Conceptualize own products
idealized abstraction of the product or service
Conceptualizing the product or service offering
Means render the concept and translate it into its very physical and very real dimensions
designing
it is the actual testing
prototype
it is the surveys, product demonstration sessions
testing
it is the good planning and goal programming.
It begins with the end in mind.
Implementing, Organizing, and Financing
Important choices to achieve the desired end results
first- choose the correct technology and meet the quality specifications
second- choose the right people and perform the technical and the managerial function
third- design the operating workflow that would assure the effective, economical, and efficient production.
fourth- specify the systems and procedures
fifth- design the organizational architecture
Rivals or competitors in a particular type of business
Industry source of opportunities
be able to measure the actual demand and supply
Market source of opportunities
these are the target customers that represents the immediate customers of an enterprise, meaning those who are currently buying the goods or services offered
Micro-market
the opportunity must be aligned with what you have as your personal vision, mission, and objectives for the enterprise you want to set up.
relevance to vision, mission, and objectives of the entrepreneurs
the opportunity must match the values and desired virtues
resonance to values
How does the opportunity resonate with the entrepreneur’s personal interests, talents, and skills?
Reinforcement of entrepreneurial interests
it’s important to determine the sales potential of the products or services.
revenues
addresses the unfulfilled or undeserved needs and wants
responsiveness to customer needs and wants
expanding through branches, distributorships, dealerships, or franchise outlets
reach
wide range of possible product or service offerings, thus, tapping many market segments of the industry
range
If you think the opportunity will most likely be the “next big thing”
revolutionary impact
higher prices will definitely yield the highest returns on investments.
returns
easy to implement
relative ease of implementation
opportunities requiring fewer resources from the entrepreneur may be more favored.
resources required
In entrepreneurial endeavor, there will always be ___.
risks
