TOPIC: SEARCH FOR BUSINESS OPPORTUNITY, IDEATION, INNOVATION AND CREATIVITY

SEARCH FOR BUSINESS OPPORTUNITY

In selecting a business, the option should not be based on luck and immature thinking, but on a
thorough evaluation and systematic process. Start by developing long and short lists of potential
business opportunities.

Likewise, the resources, skills, and technology available in the community are to be evaluated if these
are not fully or efficiently utilized.

Markets - This refers to the number of prospective buyers, competitors, the price and the quality of
goods and services that have to be analyzed. Business opportunities exist in areas where consumer
satisfaction is weak or incomplete.

individual Interests - Business interest of individuals should match business opportunities.

Example : If one is a good cook, he could venture in the food business. Some is true when one is good in
arts and crafts, he could engage himself in a business focusing an arts and crafts.

Capital - This serves as the fuel that keeps the business operating.

-The availability of funds should fit the type of business to organize.

Skills - The entrepreneur should have the proper skills in the business he is going to undertake.

Supplies of inputs - It is important that there are steady suppliers of raw material and other inputs to the
business.

Manpower - The success of any business also depends on the efficiency of its employees

Technology - Entrepreneurs should be aware of the presence of technology to improve their products or
services, or introduce new innovations in the market.

Among the productive resources, people are the most important because they are the ones who
organize and manage the other productive resources such as money, materials, machine, and
manpower.

Other opportunity-seeking processes that can be a guide to prospective entrepreneurs as to what kind
of business to establish are as that follows:

 Look at other successful businesses/entrepreneurs

Looking up at other entrepreneurs as a role model that could be an inspiration, by doing what they have
done or do it even better.

 Respond to a problem area

The solution to a problem might be transformed into business venture.

  Home-Based Business Option

These must not be taken for granted, for there are some big businesses that started as a business at
home.

 Linkage of Resources

The entrepreneur can produce his own input instead of buying them.

The best way to evaluate business opportunity is through Market Research, which is defined as the
study of all problems in marketing a product.

The Steps in Market Research are:

 Defining the problem  Analyzing the data

 Making a preliminary investigation  Reaching a conclusion
 Planning the Research  Implementation and evaluating decision
 Gathering the data

Through Market Research, the entrepreneur can be guided in identifying the profitable markets,
saleable products, the strengths and weaknesses of competitors, available resources, business risks,
trends in consumer tastes and preferences, better marketing strategies, proper business location, new
market opportunities, and realistic objectives.

Location of the business is a key factor in business success. In selecting a location, the population,
income, competitor, government policies, peace and order, and others are being considered. This
requires a market survey.

To be able to translate business opportunities into profits, the SWOT Analysis is applied. These are tools
for evaluating the strengths, weaknesses, opportunities, and threats associated with a particular product
or service.
Excellent knowledge about the life cycle of the products provides the entrepreneur business
opportunities to continuously start in business.

Venturing into a business project demands a timely and clear decision as to which area or business
concern to deal with, in the selection process, one has to begin with choosing or focusing on a particular
business by category or sector:

 The service-based business  Rack Jabber

 Trading or product-based business  Wholesalers
 Manufacturing business  Subcontracting
 Licensed business opportunities  Vending machine routes
 Distributorship

IDEATION
The beginning of a business endeavor is ideation. This should be the first investment of anyone who
seeks to be an entrepreneur; and to be called an entrepreneurial business opportunity, such idea has to
be new, or if not, should be innovative.

The best sources of ideas are the consumers or the market in general, since they are the ones who are in
need for a certain product or service.

For a creative person, ideas are in him in his mind, but for those deprived with creative thinking; they
can get ideas through reading books and talking to someone with creative thinking.

These are some specific sources like trade journals, trade associations, conventions, exhibits, trade
shows, and consumer shows, country government affairs, and others.

Ideas that are worth a business should be the one that has a market now and in the future. This could be
a product, a service system, and the like, which could fall in any of the following categories:

 Need/want drives
 Time-saving drives
 Money savings
 Unique or incorporating strong competitive advantages
 Link to personal interest, preferably passion

The more idea a person produces, the more original and the better-quality ideas one will find among
them. When you come across an idea, you should put it in writing
The most common way of developing ideas is as follows:

 Recognizing the need

Develop an idea or a product that can satisfy a need, and respond to the need by establishing a business
concern.

 Improving an existing product.

The result of consumer dissatisfaction to the existing product could open the door to introduce
innovations or improvements.

 Questions and assumptions

Anybody can question the relevance or quality of any product or services, provided that there is an
effort to improve the product.

 Naming it first, then, develop it

If you have the idea, study it and develop it to something that is worth a business.

A wrong choice of idea could be the cause of business failure, so ideas need to be evaluated if it can be
profit potential. The following are some tips in evaluating ideas:

 Do not let your ideas follow money; let money follow your ideas

If the idea is clear and viable, there should be clear options for the business out of the idea.

 See yourself as a problem solver

Ideas should be a solution to an existing problem of the consumer or the market in general.

ENTREPRENEURIAL CREATIVITY
Creativity is an essential part of innovativeness, the starting point of a process, which is skillfully
managed, and brings an idea into innovation.

It is considered as a characteristic that is innate or inherent to every individual, but the social
environment can influence both the level and frequency of creative behavior.

It is particularly important to understand the role the environment can play.

Freedom –a sense of control over one’s work idea

Good Project Management – a manager serves as a good role model

Encouragement – access to necessary resources

Various Organizational Characteristics - a mechanism for considering new ideas

Recognition - a general sense that creative work will receive appropriate feedback, recognition, and
reward.

Sufficient Time -time to think creatively about problem

Challenge - a sense of challenge arising from intriguing nature of the problem itself

Pressure - a sense of urgency that is internally generated from competition as a personal sense of
challenge

Outside Organization - from a general desire to accomplish something important.

THE CONCEPT OF INNOVATION

Innovation is doing something different. It could be introducing either something new or different.

Innovativeness is a characteristic of an individual, team, or organization.

This is also the capacity to create ideas and develop them to usable products or services.

Efforts on innovation must have impacts – positive impacts. It must have a positive implication that is
supportive of organizational goals and objectives. The innovative accomplishment exists if the following
happens:

Effecting a new policy – creating change or orientation or direction

Finding new opportunities – developing an entirely new product or opening a new market

Designing a new structure – changing the formal structure, reorganizing or introducing a new structure

Devising a fresh method – introducing a new process, procedure, or technology for continued use.

IMPACTS OF INNOVATION

The most critical aspect in making a decision to go into self-employment and entrepreneurship is the
context of ideation, innovation, and creativity. The generation of idea and transforming it into a business
venture can make or break a potential entrepreneur. The success of the business could lead to personal
prosperity of the owner and help in the economic condition of our country.

Innovation is not only for a chance, but also for the search in excellence, not only in producing a
product, but also in the form of innovative systems and services. The innovativeness and the creativity
of an individual could be the greatest assets any business could have, so this should be developed ad
properly taken care of.