Opportunity Seeking

BMSH2009
IDEA GENERATION
Opportunity Seeking (Morato, 2016)

Entrepreneurs are known for being curious and innovative. Their minds are wired to discover new things
or different ideas and see whether they will work in the marketplace. Entrepreneurs create value by
introducing new products or services or finding better ways of making them (Morato, 2016).
Entrepreneurial Mind Frame, Heart Flame, and Gut Game

Essential to the entrepreneur's opportunity seeking are their attitudes, especially in handling difficult
situations.
 The entrepreneurial mind frame allows the entrepreneur to be optimistic during a crisis. Even if
entrepreneurs are aware that businesses are risky in nature, they don't get easily discouraged.
 The entrepreneurial heart flame shows the passion of an entrepreneur in fulfilling their vision
and mission. Entrepreneurs devote themselves to the venture they decided to pursue.
 The entrepreneurial gut game exhibits an entrepreneur's intuitive side. Somehow, an
entrepreneur has a good sense if something will work or not without necessitating logical,
systematic, and sequential thinking. It brings out the confidence and courage of an
entrepreneur.
Sources of Opportunities
There are many ways to uncover or discover opportunities. Some look at the big picture and study the
emerging trends and patterns. While others analyze the specific customer segments being targeted in
the marketplace.
 Macro Environmental Sources of Opportunities
The macro environment refers to "big forces" that affect the area, the industry, and the market,
which the enterprise belongs to. These forces influence how the business should be conducted,
how consumers will behave, how supply and demand will move, how competitors would position
themselves, and how the cost of doing business will proceed.
The macro environmental forces can be divided into six (6) categories known as PESTEL. These
categories are as follows (Oxford College of Marketing, n.d.):
1. Political. These forces determine the extent to which government and government policies
may impact an organization or a specific industry. Some examples are political and taxation
policies.
2. Economic. These factors impact the economy and its performance, which directly impacts the
organization and its profitability. Some examples are interest rates and raw material costs.
3. Social. These factors focus on the social environment and identify emerging trends. This helps a
marketer to understand their customers' needs further and wants. Examples of social factors
are demographics and changes in lifestyle.
4. Technological. These factors consider the rate of technological innovation and development
that could affect a market or industry. Some of its examples are digital technology and
automation. There is a tendency to focus mainly on digital technology, but methods of
distribution, manufacturing, and logistics should also be considered.
5. Environmental. These factors relate to the influence of the surrounding environment and the
impact of ecological aspects. Businesses nowadays prioritize CSR (Corporate Social
Responsibility); that's why this element is becoming more important. Factors include waste
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 courseware.feedback@sti.edu Page 1 of 12
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disposal and sustainability.

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6. Legal. These factors include laws that may affect the operations of a business. Organizations
are required to understand what is legal and allowed within the territories they operate in.
Some examples are consumer law and health and safety regulations.
Opportunities to the
Factors Threats to the Enterprise
Enterprise
1. Political
 The increased purchasing
 Tax exemption for 13th-month
power of the customers
pay and other bonuses up to
leading higher retail sales
P70,000 passed by congress
2. Economic  It limits the enterprise's

 Opportunity for the access to small but
 ASEAN Integration in 2015
enterprise to expand reliable suppliers due to
(countries that belong to
to other ASEAN greater competition
ASEAN trading at zero tariffs)
markets posed by foreign rivals.
3. Social
 Increasing double income  The increased customer
earners in the family (i.e., base for the fast-food
both of the parents are chain
working)  Customers demand more
 A trend toward healthier food healthy product offerings
choices
4. Technological  Greater usage of apps  Potential for online
 Increased usage of to place delivery orders customer
smartphones and support via smartphones may disappointments due to
for online shopping help increase market technical glitches
reach
5. Ecological
 Increased usage of eco  Opportunity to start  Additional cost for new
bags and environment- advocacy toward packaging may decrease
friendly containers more sustainable profitability
operations
6. Legal
 Increase in customer  Higher prices of raw
 Implementation of Republic
spending or consumption materials or
Act No. 10963, also known
and acquisition of goods commodities
as TRAIN law.
Table 1. Examples of relevant opportunities and threats to a fast-food chain
 Industry Sources of Opportunities

The next big sources of opportunities are the industry and the market. The proper classification of
what industry the enterprise is competing in is important if the entrepreneur intends to define who
the relevant customers are, the direct and indirect competitors, and the critical characteristics of
the market as to the quality of products or services to be delivered.
Participants in the industry include:
o Rivals or competitors in a particular type of business.
o Supplier of input, machinery and equipment, manpower and expertise, and merchandise to

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rivals.

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o Consumer market segments being served by competitors.

o Substitute products/services that customers shift or turn to.
o Other support and enabling industries.
Ways of defining an industry
Another important model for analyzing the industry was developed by Michael Porter, a Harvard
Business School professor. Porter's Five (5) Forces show the basis of rivalry among the firms
(EBUCBA, n.d.):
1. Threats of New Entrants. This refers to the threat that the new competitors pose to existing
market players in the industry.
2. Bargaining power of the supplier. Supplier power refers to the pressure that the suppliers
can exert on business by raising prices or lowering quality, or reducing product availability,
which directly costs the buyer.
3. Bargaining power of the buyer. This refers to the pressure that the buyers exert on
businesses to provide them with higher quality products and at lower prices.
4. Competitive Rivalry. It is the extent to which firms within an industry can pressurize each
other, thus, decreasing their profits. Fierce competition may lead to the stealing of profits
and market share within competitors.
5. Threat of Substitution. It is the availability of a substitute product which the buyers can find
instead of a core selling product.
 Market Sources of Opportunities
In market sources of opportunities, the following should be measured or monitored:
o Actual and potential demand and supply
o Prevalence of product substitutes and their market impact on the existing players in the
industry
o Market trend analysis to determine the critical variables that would affect the future
directions of the industry
o Identification of traits, characteristics, and behavior of the target market to match with the
product offerings of the enterprise.
And the following are the different types of market (Burnett, 2020):
1. Consumer markets. These are individuals and households that buy and consume goods or
services for their personal use. For example, a student buys a pencil to be used for his
school activities.
2. Industrial markets. These consist of organizations and the people who work for them, those
who buy products or services for use in their own businesses or make other products. For
instance, STI Education Services, Inc. acquires 100 units of a LED TV monitor for face-to-face
classes.
3. Reseller markets. All intermediaries that buy finished or semi-finished products and resell
them for profit are part of the reseller market. For example, some career women choose to
resell the products of Mary Kay Cosmetics for extra income.
4. Institutional markets. These are made up of various types of profit and nonprofit
institutions, such as hospitals, schools, churches, and government agencies. Institutional
markets differ from typical businesses in that they are not motivated primarily by profits or
market share. Rather, institutions tend to satisfy needs that are often intangible. For
example, the National

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Food Authority ensures that the Philippines has a stable supply and price of rice. In relation
to this, the NFA rice being sold in the Philippine market is cheaper than any type of grain.
5. Global markets. These are business expansions that cater to different countries and
normally customize the product or service and its message based on the country they are in
(Bhasin, 2017). For example, McDonald's is present in almost every country globally and is
very critical to the details of their product offering depending on their target market.
 Micromarket
This refers to the specific target market segment of a particular enterprise or those currently
buying the goods or availing the services offered by the enterprise or its direct competitors. Micro
market clearly defines the location and specific customer group the enterprise wishes to serve.
Segmentation is more crucial in micro market analysis as the definition of value for money differs
from group to group. For example, Makati City is the leading business district in the Philippines
where different groups of people work. However, these groups of people can be divided into
subgroups through market segmentation such that the customers in each group share the common
set of needs and wants and have more or less similar or related characteristics (Business Jargons,
n.d.). Groups can be segmented through demographics where information such as purchasing
power, age range, family status, etc., can be gathered. The information helps identify what groups
prefer pack lunches, fast food establishments, eateries, and casual dining.
 Consumer Preferences, Piques, and Perceptions
o Consumer preferences refer to the tastes of particular groups, such as the food they eat or
the clothes they wear.
o Consumer piques. In contrast to consumer preferences, consumer piques or dislikes refer to
the things that irritate customers. For example, many customers dislike lone queues, then a
sit-down or "fast casual" dining could be a great opportunity.
o Consumer perceptions. There are times when the enterprise does not change the product;
what changes are the way consumers perceive the product. For instance, when a customer
sees chocolate being sold in a packaging that's not appealing to them, they might perceive
that the chocolate has cheap quality or does not have a delightful taste.
Opportunity Screening (Morato, 2016)

The process of opportunity screening comes after opportunity seeking. Because of the many
opportunities possible for the entrepreneur, it is important to choose the most promising, which could
be studied further in detail.
The Personal Screen

An entrepreneur has to consider the following questions before screening opportunities (Morato, 2016):
1. Do I have the drive to pursue this business opportunity to the end?
2. Will I spend all my time, effort, and money to make the business opportunity work?
3. Will I sacrifice my existing lifestyle, endure emotional hardship, and forego my usual comforts to
succeed in this business opportunity?

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If the answer to all the questions is a consistent "YES," then steps in opportunity screening may already
begin. At the simplest level, an entrepreneur may want to make a risk-return grid shown as follows:
Risk
Low Risk Medium Risk High Risk
Return
High Return Best Good Fair
Medium Return Good Fair Bad
Low Return Fair Bad Worst
Table 2. Risk-return grid for screening opportunities
The following should be remembered in using the risk-return grid:
1. The best idea gives a high return with low risk.

2. Good ideas give either medium return and low risk, or high return and medium risk.
3. Fair ideas give either low return and low risk, or medium return and medium risk, or high
return and high risk.
4. Bad ideas give either low return and medium risk, or medium return and high risk.
5. The worst idea gives a low return and low risk
A more complex screening grid used 12 criteria for screening opportunities.
The 12 Rs of Opportunity Screening

1. Relevance. The opportunity must be aligned with the vision, mission, and objectives of the
enterprise that the entrepreneur wants to set up.
2. Resonance. The opportunity must match the values and virtues the entrepreneur wishes to
impart to the organization.
3. Reinforcement of Entrepreneurial Interests. The opportunity must complement the
entrepreneur's personal interests, talents, and skills.
4. Revenues. The entrepreneur must analyze if there is enough market for nurture and growth. It
is essential to determine the sales potential of the products or services the venture wants to
offer.
5. Responsiveness. The opportunity must be capable of addressing the customers' unfulfilled
needs and wants.
6. Reach. The entrepreneur must grab the opportunities that have good chances of expanding
through branches, franchise outlets, distributorships, and dealership for continuous growth.
7. Range. The opportunity can potentially lead to a wide range of possible product or service
offerings, thus, tapping many market segments.
8. Revolutionary Impact. The entrepreneur must see the business as something that will be a
game- changer in the future.
9. Returns. The opportunity must not need too high costs and can be sold at higher prices to yield
a high return on investments. Returns may also be intangible, which may come from image
projection.
10. Relative Ease of Implementation. The opportunity must be relatively easy to implement for the
entrepreneurs. If not, the entrepreneur must choose something with minimal obstacles to deal
with.
11. Resources required. The opportunity that needs fewer resources is more favorable for an
entrepreneur.

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12. Risks. These are inevitable in the field of entrepreneurship. However, the entrepreneur must
determine what opportunities carry more risks than the others.
Criteria Very High Average Low Very Sample Score
High Low Weight
Opportunity Screening Matrix
Rating 5 4 3 2 1 Weight Score*
1. RELEVANCE 2
2. RESONANCE 1
3. REINFORCEMENT OF 1
ENTREPRENEURIAL
INTERESTS
4. REVENUES 2
5. RESPONSIVENESS 1
6. REACH 1
7. RANGE 1
8. REVOLUTIONARY IMPACT 2
9. RETURNS 4
10. RELATIVE EASE OF 1
IMPLEMENTATION
Rating 1 2 3 4 5
11. RESOURCES REQUIRED 1
12. RISKS 3
Total Score
Table 3. Opportunity screening matrix
The Pre-Feasibility Study

The opportunity screening matrix aims to narrow down many opportunities into one (1) or two (2) most
attractive ones. Afterward, the entrepreneur has to conduct a pre-feasibility study to identify the
viability of the opportunity. The entrepreneur should consider the following factors that a pre-feasibility
study contains.
1. Market Potential and Prospects
The market potential is based on the estimated number of possible customers who might avail
of the product or service. The market estimation is the most difficult task of the entrepreneur
because of the many ways customers can be divided and segmented.
a. Segmenting the market. This enables the entrepreneur to target different categories of
consumers who perceive the full value of certain products and services differently. An
entrepreneur can segment the market in several ways such as (Tarver, 2020):
o Geographic Segmentation - Segmentation by area
o Demographic Segmentation - Segmentation by age, gender, income, family size, or life
cycle. This is the most common segmentation for businesses.
o Psychographic Segmentation - Segmentation by preference, social class, lifestyle, or
personality.
o Behavioral Segmentation - Segmentation by benefit, use, or response.
b. Assessing competition
This process would determine how saturated the market is within a given area. The more
suppliers and competitors, the greater level of saturation. It would be ideal for an

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entrepreneur to keep out of a market with fierce competition. Profiling the competitors will
help the entrepreneur gauge their respective strengths and weaknesses that will enable the
entrepreneur to strategize.
c. Estimating market share and sales
In a pre-feasibility study, it is important to quantify the market potential systematically. Thus,
the entrepreneur should follow these steps (Morato, 2016):
o Define the market coverage or reach the entrepreneur wants to serve.
o Determine the broad market segments within the area or total targeted population.
o Evaluate the relative strength of various suppliers or competitors in the market place by
identifying the dominant businesses and with greater bargaining power, saturated and
unsaturated segments of the total market, and find out the more attractive segments.
o Determine what share of the targeted market segment the entrepreneur wants to reach.
2. Technology Assessment and Operations Viability
Detailing the operations that include technology assessment should be done to determine if the
product/service will meet customer demand. There are four (4) target customer expectations
that affect the scale and complexity of an enterprise's operations (Morato, 2016):
a. Quantities Demanded. This would determine the needed capacity of operations.
b. Quality specifications demanded. This would dictate the following:
 Quality of input or raw materials
 Quality assurance process (from input to output)
 Quality output that meets the standards set
 Quality outcomes
c. Delivery expectation. It knows how much, how frequently, and when to deliver to customers.
d. Price expectations. Customers would evaluate the selling price of the product according to
the value they would receive, which should be matched against competitors.
3. Investment Requirements and Production / Servicing Costs
The entrepreneur needs to determine the money needed to start the business opportunity. The
following are the investments that need to be funded (Morato, 2016):
a. Pre-operating Costs. These are related to the preparation of launching the business.
b. Production/Service Facilities Investment. The long-term investment for the actual business
establishment.
c. Working Capital Investment. These are the investments needed for business operations. It is
very important for the entrepreneur to have enough cash to cover inventories, the accounts
receivable, and operating expenses (the expense a business incurs through its normal
business operations (Kenton, 2020).
4. Financial Forecasts and Determination of Financial Feasibility
After accomplishing the first three (3) parts of the pre-feasibility study, the entrepreneur should
start preparing the enterprise's financial forecasts. Financial forecasts refer to the monetary
transactions that the business is expected to engage in. The result will indicate the enterprise's
feasibility.
Three (3) Financial Statements (Morato, 2016) (Berk & DeMarzo, 2017)
a. Balance sheet. This shows what assets the company owns and who has claims on those
assets as of a given date.

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ASSETS = LIABILITIES + EQUITY

ASSETS LIABILITIES
Current Assets Current Liabilities
Cash P100,000 Accounts Payable P150,000
Accounts Receivable 380,000 Income Taxes Payable 21,000
Inventory 410,000 Wages Payable 75,000
Fixed Assets Short Term Debt 125,000
Land 425,000 Long Term Liabilities
Building 200,000 Long Term Debt 644,000
Vehicles 150,000 STOCKHOLDERS’ EQUITY
Capital 400,000
Retained Earnings 250,000
TOTAL ASSETS P1,665,000 TOTAL LIABILITIES & EQUITY P1,665,000
Table 4. Sample balance sheet
b. Income statement. This shows the firm's sales and costs (and profits) during some past period.
REVENUES − EXPENSES = INCOME OR PROFIT (LOSS)
Sales P750,600
Less: Cost of Goods Sold* 460,000
Gross Profit/Margin 290,600
Less: Operating Expenses 166,000
Operating Profit/Margin 124,600
Less: Taxes 21,300
Net Profit After Taxes P103,300
Table 5. Sample income statement
*Note that the cost of goods sold refers to the materials, labor costs, and overhead of
making a product. For establishments, the entrepreneur can compute the costs of servicing
the customers directly as the cost of services rendered.
c. Cash Flow Statement. This shows how much cash the firm began the year with, how much it
ended up with, and what it did to increase or decrease its cash.
Financial Ratios and Measurements
 As an entrepreneur, it is normal to be interested in knowing how long it will take him/her to
get back what s/he has invested in the enterprise. The income payback period can be
computed as follows:
PAYBACK PERIOD = TOTAL INVESTMENT
ANNUAL NET INCOME AFTER TAXES
 When the entrepreneur calculates how much profit the enterprise is earning for each peso
sold, the return on sales formula is as follows:
NET PROFIT AFTER TAXES
RETURN ON SALES =
SALES
 If the entrepreneur wants to know the return on investments made, which may come in the
form of assets, the formula to be used is as follows:

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NET PROFIT AFTER TAXES

RETURN ON ASSETS OR RETURN ON INVESTMENTS =
TOTAL ASSETS/INVESTMENTS
For bigger projects or businesses, a feasibility study is much more needed than a pre-feasibility study.
Feasibility study entails a more rigorous approach. It is needed to convince bankers and investors to put
money into the business opportunity.
Opportunity Seizing (Morato, 2016)
The final stage in planning the enterprise is opportunity seizing. Now that the entrepreneur already has
an idea on where to locate the business and how to market the business or market, s/he must be able to
determine the critical success factors that enable other businesses to succeed while being vigilant to
those factors that made others fail.
Crafting a Positioning Statement

In crafting a positioning statement, the entrepreneur must observe other competitors (or substitutes) in
the marketplace. The entrepreneur must consider customer profiling (a way of creating portraits of the
customers based on factual information such as buying behaviors or customer service interactions
(Commence CRM, 2020). After distinguishing the competitors' Main Value Proposition (MVP), the
entrepreneur can work on his/her own positioning. The following key points can help the entrepreneur
craft a positioning statement:
 Main customer segments of the competitors
 Different product attributes and features of the competitors
 Existing marketing practices of various competitors
 Market preferences of consumers about the offered product
Below are sample grids for competitor analysis that the entrepreneur can follow:
Table 6. Sample grid for quality versus price positioning of competitors
Note: Letters represent the competitors

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Table 7. Sample grid for sales volume versus main value proposition
Note: Numbers represent the competitors
COMPETITOR'S PRODUCTS
Questions for Competitor Analysis Competitor Competitor Competitor Competitor
1 2 3 4
A. Main Customer Segment
1. Profile
2. Traits and characteristics
3. Buying behavior
4. Usage pattern
5. Image of product
6. Major motivation
B. Product Attributed and Features
1. Materials used
2. Sizes available
3. Colors
4. Designs, models, and variations
5. Packaging
6. Weight
7. Ease of operation
8. Durability
9. Frequency of upgrades
10. Functionality
11. Others
C. Marketing Practices
1. Marketing channels
2. Advertising and promotions

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COMPETITOR'S PRODUCTS
Questions for Competitor Analysis Competitor Competitor Competitor Competitor
1 2 3 4
3. Communication message
4. Prices and selling terms
5. Places and outlets sold
6. Market reach
D. Market Performance
1. Sales volume
2. Sales trends
3. Best performing models, variations
4. Worst performing models, variations
E. Strengths of Competitor's Products
F. Weaknesses of Competitors' Products
G. Main Value Proposition of Competitors'
Products
Table 8. Analysis of Competitors' Products
Conceptualizing the Product or Service Offering

The entrepreneur is expected to conceptualize his/her own products after assessing the products of
his/her competitors. A concept is an idealized abstraction of the product or service to be offered to the
preferred market of the entrepreneur. An entrepreneur may consider the following directions in order
to come up with the product or service concept (Morato, 2016):
1. Create a concept similar to the winning products in the marketplace and ride with the obvious
market trends.
2. Find a market niche that has not been filled by the competitors. (Market niche means small
segments of the market where discriminating customers are searching for special
product/service features and attributes).
3. Conceptualize a product in a positioning category where the participants are rather weak.
4. Conceptualize a product that would change the way customers think, behave, and buy, thus,
making existing products "obsolete" and "old-fashioned."
Designing, Prototyping, and Testing the Product

 Designing means that the entrepreneur must render the concept and translate it into its physical
and real dimensions (measurement). The process entails the product prototype to be tested by
the entrepreneur and potential customers through focused group discussions (FGD), surveys,
product demonstration sessions, and the like.
 Following and continuing the said processes should make it possible for the entrepreneur to
perfect the product.
 Lastly, the entrepreneur must assess the available resources to seize the opportunity and the
kind of organizational setup that will work best for this opportunity.
Implementing, Organizing, and Financing

Good planning and programming are essential for good implementation to achieve the desired results,
such as highly satisfied customers, huge sales, large generated profits, etc. And some important choices
are needed for the desired results.

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1. Choose the correct technology that produces outputs within the customers' quality specifications.
2. Choose the right people to perform the technical and managerial functions to achieve the
targeted results.
3. Design the operating workflow that would assure the effective, economical, and efficient
production of the output.
4. Specify the systems and procedures that would govern the enterprise, motivate and discipline
the workforce, and satisfy the customers.
5. Design the organizational architecture that would allow the people to function at their best.
References:
Bhasin, H. (2017, December 16). Types of market. Marketing91. https://www.marketing91.com/types-
of-market/
Business Jargons. (n.d.). Bases of market segmentation. In Business Jargons.
https://businessjargons.com/bases-market-segmentation.html#:~:text=Definition
Berk, J. and DeMarzo, P. (2017). Corporate finance (4th ed). Pearson.
Burnett, J. (2020, August 10). Types of market. Business LibreTexts.
https://biz.libretexts.org/Bookshelves/Marketing/Book%3A_Introducing_Marketing_(Burnett)/0
2%3A_Understanding_and_approaching_the_market/2.02%3A_Types_of_market
CommenceCRM. (2019, June 16). 3 methods of customer profiling. Commence.
https://www.commence.com/blog/2020/06/16/customer-profiling-methods
Educba. (2020). Industry analysis in a business plan. In Educba.com. Retrieved January 20, 2021,
from https://www.educba.com/industry-analysis-in-a-business-plan/
Entrepreneurs Asia Pacific. (2021). Market research. In Entrepreneur.com. Retrieved January 29,2021,
from https://www.entrepreneur.com/encyclopedia/market-research
Hayes, A. (2020, October 6). Business plan. Investopedia.
https://www.investopedia.com/terms/b/business-plan.asp
Kenton, W. (2020, October 19). Operating expense. Investopedia.
https://www.investopedia.com/terms/o/operating_expense.asp
Mazzarol, T. & Reboud, S. (2020). Entrepreneurship and innovation. Springer International Publishing.
Morato, E. (2016). Entrepreneurship. Rex Printing Company, Inc.
Oxford College of Marketing. (n.d.). What is pestel analysis? Retrieved February 1, 2021,
from https://blog.oxfordcollegeofmarketing.com/2016/06/30/pestel-analysis/.
Tarver, E. (2020, July 28). Market segmentation. Investopedia.
https://www.investopedia.com/terms/m/marketsegmentation.asp


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BMSH2009

Opportunity Seeking (Morato, 2016)

Entrepreneurial Mind Frame, Heart Flame, and Gut Game

02 Handout 2 *Property of STI

disposal and sustainability.

02 Handout 2 *Property of STI

2. Economic  It limits the enterprise's

 Industry Sources of Opportunities

02 Handout 2 *Property of STI

02 Handout 2 *Property of STI

o Consumer market segments being served by competitors.

02 Handout 2 *Property of STI

Opportunity Screening (Morato, 2016)

The Personal Screen

02 Handout 2 *Property of STI

The following should be remembered in using the risk-return grid:

1. The best idea gives a high return with low risk.

A more complex screening grid used 12 criteria for screening opportunities.

The 12 Rs of Opportunity Screening

02 Handout 2 *Property of STI

The Pre-Feasibility Study

02 Handout 2 *Property of STI

02 Handout 2 *Property of STI

ASSETS = LIABILITIES + EQUITY

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NET PROFIT AFTER TAXES

Crafting a Positioning Statement

Table 6. Sample grid for quality versus price positioning of competitors

Note: Letters represent the competitors

02 Handout 2 *Property of STI

Note: Numbers represent the competitors

02 Handout 2 *Property of STI

Conceptualizing the Product or Service Offering

Designing, Prototyping, and Testing the Product

Implementing, Organizing, and Financing

02 Handout 2 *Property of STI

02 Handout 2 *Property of STI

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