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Entrepreneurship Lesson 2

This document discusses recognizing potential markets and entrepreneurial opportunities. It identifies several essentials in an entrepreneur's opportunity seeking, including having an entrepreneurial mindset, passion, and intuition. Sources of opportunities include changes in the environment, technological advances, government programs, interests, and past experiences. The document also introduces Porter's five forces model of competition involving buyers, new entrants, industry rivals, substitutes, and suppliers.

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Scarlette Beauty Enriquez
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69 views

Entrepreneurship Lesson 2

This document discusses recognizing potential markets and entrepreneurial opportunities. It identifies several essentials in an entrepreneur's opportunity seeking, including having an entrepreneurial mindset, passion, and intuition. Sources of opportunities include changes in the environment, technological advances, government programs, interests, and past experiences. The document also introduces Porter's five forces model of competition involving buyers, new entrants, industry rivals, substitutes, and suppliers.

Uploaded by

Scarlette Beauty Enriquez
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Entrepreneurship Lesson 2

ANNA RUTH E. DIAGBEL, LPT, MEd.


Recognize Potential Market

• Learn and understand the sources of opportunities for business.


• Determine the essentials in the entrepreneur’s opportunity seeking
• Identify market problems and propose potential products or
services that will meet the market needs.
• Know the problem in which a business opportunity arises from.
• Identify, screen and proposed solution to meet the problem
• Select the best product or service that will meet the market’s
need with a consideration of generating profit.
Entrepreneurial Ideas

The creation of an entrepreneurial ideas


leads to identification of entrepreneurial
opportunities, which in turn results in
the opening of an entrepreneurial
venture.
Entrepreneurial Process
Essentials in Entrepreneur’s Opportunity
Seeking

Entrepreneurial mind frame. This allows the


entrepreneur to see things in a very positive and
optimistic way in the midst of difficult situation.
Being a risk - taker, an entrepreneur can find
solution when problems arise.
Entrepreneurial Mind Frame

Passion is the great desire to attain a vision or


fulfill a mission. It is about wanting something so
much that a person would be willing to totally
devote oneself to the quest
Essentials in Entrepreneur’s Opportunity
Seeking

Entrepreneurial heart flame. Entrepreneur's


driven passion, they are attracted to discover
satisfaction in the act and process of discovery.
Passion is the great desire of an entrepreneur to
achieve his/her goals.
Essentials in Entrepreneur’s Opportunity
Seeking

Entrepreneurial gut game. This refers to the ability of


the entrepreneur of being intuitive. This also known as
intuition. The gut game also means confidence in one’s
self and the firm believes that everything you aspire can
be reached.
Sources of Opportunities

1. Changes in the Environment


Entrepreneurial ideas arise when changes happen in the external
environment. A person with an entrepreneurial drive views
these changes positively. External environment refers to the
physical environment, societal environment, and industry
environment where the business operates.
Sources of Opportunities

The physical environment includes


• Climate- the weather conditions.
• Natural resources- such as minerals, forests,
water, and fertile land that occur in nature and
can be used for economic gain.
• Wildlife- includes all mammals, birds, reptiles,
fish, etc., that live in the wild.
Sources of Opportunities

The Societal environment includes


the various forces like
• Political Forces
• Economic forces-
• Sociocultural forces
• Technological environment
Sources of Opportunities

The industry environment of


the business includes:
• Competitors *Employees
• Customers * Government
• Creditors * Suppliers
Sources of Opportunities

2. Technological discovery and


advancement
Sources of Opportunities

3. Government’s thrust, programs,


and policies
Sources of Opportunities

4. People’s Interest
Sources of Opportunities

5. Past Experiences
Forces of Competition Model

Competition
• Buyers
• Potential new entrants
• Rivalry among existing firms
• Substitute products
• Supplier
Forces of Competition Model

Competition
• Buyers
• Potential new entrants
• Rivalry among existing firms
• Substitute products
• Supplier
Forces of Competition Model

Competition
• Buyers
• Potential new entrants
• Rivalry among existing firms
• Substitute products
• Supplier
Forces of Competition Model

Competition
• Buyers
• Potential new entrants
• Rivalry among existing firms
• Substitute products
• Supplier
Forces of Competition Model

Competition
• Buyers
• Potential new entrants
• Rivalry among existing firms
• Substitute products
• Supplier

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