Opportunity Seeking, Screening, and Seizing

Question 1

They are innovative opportunity seekers

Answer 1

Opportunity Seeking Entrepreneurs

Question 2

see things in a very positive and optimistic light

Answer 2

Entrepreneurial Flame

Question 3

driven by passion. drawn to find fulfillment in the act and process of discovery.

Answer 3

Entrepreneurial Heart Flame

Question 4

Intuition. Ability to sense without the 5 senses

Answer 4

Entrepreneurial Gut Game

Question 5

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.

Answer 5

Macro Environmental Sources of Opportunities

Question 6

Governance system

Answer 6

political environment

Question 7

supply and demand forces

Answer 7

economic environment

Question 8

trends and dynamics of the bigger consumer, population, their beliefs, tastes and customs and traditions.

Answer 8

Socio-Cultural environment

Question 9

technological discoveries

Answer 9

technological environment

Question 10

all-natural resources and the ecosystem, habitat of men, animals, plants, and minerals

Answer 10

ecological environment

Question 11

Internal (s and w)

Answer 11

strength
weaknesses

Question 12

external (o and t)

Answer 12

opportunities
threats

Question 13

It is a short list and scrutinized in detail

Answer 13

Opportunity Screening

Question 14

12 R’s

Answer 14

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

Question 15

idea as to where he or she will locate the business and how he or she will market the products or service.

Answer 15

opportunity seizing

Question 16

what is crafting a positioning statement

Answer 16

the entrepreneur is advised to look at other competitors

Question 17

Conceptualize own products
idealized abstraction of the product or service

Answer 17

Conceptualizing the product or service offering

Question 18

Means render the concept and translate it into its very physical and very real dimensions

Answer 18

designing

Question 19

it is the actual testing

Answer 19

prototype

Question 20

it is the surveys, product demonstration sessions

Answer 20

testing

Question 21

it is the good planning and goal programming.
It begins with the end in mind.

Answer 21

Implementing, Organizing, and Financing

Question 22

Important choices to achieve the desired end results

Answer 22

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

Question 23

Rivals or competitors in a particular type of business

Answer 23

Industry source of opportunities

Question 24

be able to measure the actual demand and supply

Answer 24

Market source of opportunities

Question 25

these are the target customers that represents the immediate customers of an enterprise, meaning those who are currently buying the goods or services offered

Answer 25

Micro-market

Question 26

the opportunity must be aligned with what you have as your personal vision, mission, and objectives for the enterprise you want to set up.

Answer 26

relevance to vision, mission, and objectives of the entrepreneurs

Question 27

the opportunity must match the values and desired virtues

Answer 27

resonance to values

Question 28

How does the opportunity resonate with the entrepreneur’s personal interests, talents, and skills?

Answer 28

Reinforcement of entrepreneurial interests

Question 29

it’s important to determine the sales potential of the products or services.

Answer 29

revenues

Question 30

addresses the unfulfilled or undeserved needs and wants

Answer 30

responsiveness to customer needs and wants

Question 31

expanding through branches, distributorships, dealerships, or franchise outlets

Answer 31

reach

Question 32

wide range of possible product or service offerings, thus, tapping many market segments of the industry

Answer 32

range

Question 33

If you think the opportunity will most likely be the “next big thing”

Answer 33

revolutionary impact

Question 34

higher prices will definitely yield the highest returns on investments.

Answer 34

returns

Question 35

easy to implement

Answer 35

relative ease of implementation

Question 36

opportunities requiring fewer resources from the entrepreneur may be more favored.

Answer 36

resources required

Question 37

In entrepreneurial endeavor, there will always be ___.

Answer 37

risks