Professional Documents
Culture Documents
Everyone has his or her own needs and wants. However, people have different concepts of
needs and wants. Needs in business are important things that every individual cannot do
without in a society.
These include:
Basic needs are essential to every individual so he/she may be able to live with
dignity and pride in the community of people. These needs can obviously help you generate
business ideas.
Wants are desires, luxury, and extravagance that signify wealth and an expensive
way of living. Wants or desires are considered above all the basic. Some examples are non-
basic needs like: fashion accessories, shoes, clothes; travelling around the world; eating in
an exclusive restaurant; watching movies, concerts, plays; having luxurious cars; wearing
expensive jewelry, perfume; living in impressive homes; and others.
List down five things you have that are under needs and five under wants
✓
There is a need to conduct environmental scanning to identify the needs and wants of
people, the niche for your business mission, and to give attention to trends and issues.
This may also serve as an evaluation of the type of the entrepreneurial activity appropriate
in the community.
Activity 1 Mini-survey
Directions: Conduct a survey in your immediate community through non face to face
mode like calling, texting and sending messages. Gather data on population across age
brackets as suggested in the matrix below. Opposite each age group, indicate their probable
needs and wants. (use a separate for the matrix with your answer on the question at the
bottom)
After filling out the chart above, try to list down all the probable business
opportunities which you may wish to venture in.
Once you have embarked on identifying the business opportunities, you will
eventually see that there are many possibilities that are available for you. It is very unlikely
✓
In screening your ideas, examine each one in terms of the following factors:
1. How much capital is needed to put up the business?
2. How big is the demand for the product? Do many people need this product
and will continue to need it for a long time?
3. How is the demand met? Who are processing the products to meet the need
(competition or demand)? How much of the need is now being met (supply)?
4. Do you have the background and experience needed to run this particular
business?
5. Will the business be legal, not going against any existing or foreseeable
government regulation?
6. Is the business in line with your interest and expertise?
Your answers to these questions will be helpful in screening which ones from among your
many ideas are worth examining further and worth pursuing.
Deeping Activity:
Identify one product that you have and explain why you like it. Describe its function
and features write your answer in a separate sheet of paper. (for online learners this maybe
submitted through e-mail)
✓
Develop a futuristic product that is under “Needs” of people. The product you will
think must help people overcome problems they have experienced. Draw and color your
product, below it write a description and explanation on how the product will work and
help people.
(sample: a robotic leg that will help a disabled person walk.) draw in a separate sheet of
paper (for online learners, you may scan or take a photograph of your output.)