Property of Imanoelle M. Vistan from G12 – St.

Faustina Kowalska

ENTREP: 2ND PPT  S1 – seeking

 S2 – screening THE
ENTREPRENEURSHIP
OPPORTUNITY
Entrepreneurial Process
 S3 – seizing
 Opportunity spotting & assessment  S1 – seeking, 1st step, most difficult
 Developing a business plan process of all due to numerous

 Determining the capital needed options to choose from

 Running the business - Involves development of new ideas

1. Opportunity spotting & from various sources as follows

assessment  MACROENVIRONMENTAL SOURCES

- Evaluate identified opportunity (see Chap. 2 of book)

- Conceptualize & measure  Socio-cultural environment

opportunity  Political
- Identify the perceived value of  Economic
opportunity to the company &  Ecological
customer  Technological
- Match the opportunity with the  MICROENVIRONMENTAL SOURCES
entrepreneur’s skills & objectives  Consumer preferences,
- Scan the strengths & weaknesses of interests, and perception
competitors  Competitors
 Sources of OPPORTUNITY  Unexpected opportunities
 Consumers from customers
 Glaring problems in the environment  Talents, hobbies, skills, and
 Problems encountered by co- expertise
entrepreneurs  Irritants in the marketplace
 New trends, processes, and the such as deterrents, problems,
development in the environment complains, and delays

3S of Opportunity Spotting  Location

Property of Imanoelle M. Vistan from G12 – St. Faustina Kowalska

Property of Imanoelle M. Vistan from G12 – St. Faustina Kowalska

 S2 – screening, process of cautiously - Come up with a business description

seeking the best opportunity & analysis
- Perform industry analysis (macro and
12 Rs of Opportunity Screening
microenvironments)  SWOT or
1. Relevance SPOT analysis?
2. Resonance - Come up with a marketing plan
3. Reinforcement of entrepreneurial - Prepare operation plans including
interest organizational plan
4. Revenues - Come up with financial plan
5. Responsiveness
- Identify strategies & tactics
6. Reach - Perform monitoring & control
7. Range 3. Determining the capital needed
8. Revolutionary impact - Calculate intrinsic (savings)/extrinsic
9. Returns (loans) capital
10. Relative ease of implementation - Calculate existing capital
11. Resources required - Calculate the difference between
12. Risks needed and existing capital
 S3 – seizing, is the last step in - Develop contact & relationship with
opportunity spotting and suppliers & service providers
assessment. This is a “pushing 4. Running the business
through” with the chosen - Practice leadership as a way of life
opportunity. - Recognize critical success factors
1. Crafting a positioning statement - Identify existing & foreseeable
2. Conceptualizing the product or problems & issues
service offering - Employ risk mitigating controls &
3. Designing, prototyping and testing monitoring system
the product - Devise an expansion/sustainability
4. Implementing, organizing and strategy
financing
Pre-Feasibility Study
2. Developing a business plan

Property of Imanoelle M. Vistan from G12 – St. Faustina Kowalska

Property of Imanoelle M. Vistan from G12 – St. Faustina Kowalska

 Market potential and prospects Methods of Generating Ideas

 Segmenting the market
 Logical Thinking
 Assessing competition
- Refers to the systematic and
 Estimating market share and sales
rational way of providing an
 Technology assessment and answer to a question
operations viability - Can also be utilized in the
 Investment requirements and development of a business idea
production / servicing cost - Under this methods are:
 Financial forecast and financial statistical analysis, market
feasibility analysis, SWOT analysis and
 Income statement Delphi technique
 Balance sheet  Creative Thinking
 Financial ratios and measurement - Refers to thought process that

Feasibility Study do not follow systematic or

analytical procedure but looks at
 A more in-depth study of market
things from different
potential to ensure that the
perspectives
business proposal will reach the
- It uses lateral thinking, which
forecasted sales figures
connects ideas and reprocesses
 Proof that the product or service
them to formulate new ideas
being offered has the right
- It puts emphasis on the role of
design, attributes, specifications
imagination and inspiration
and preferred features
- Some methods that use creative
 Proof that the entrepreneur and
thinking are brainstorming,
his/her team have the necessary
problem inventory analysis, free
experience, skills and capabilities
association method (common to
to maximize the venture’s
psychologists) and checklist
chances of success
method

Property of Imanoelle M. Vistan from G12 – St. Faustina Kowalska

Property of Imanoelle M. Vistan from G12 – St. Faustina Kowalska

Checklist Method: developed by Alex Osborn

S - ubstitute

C - ombine

A - dapt

M – agnify/modify

P – ut to use

E - liminate

R – earrange

Property of Imanoelle M. Vistan from G12 – St. Faustina Kowalska