STEM ENTREPRENEURSHIP

LESSON#3 THE POSSIBLE PRODUCTS & SERVICES THAT WILL MEET

THE NEED USING TECHNIQUES ON SEEKING, SCREENING, AND
SEIZING OPOORTUNITIES
MS. EVANGELINE JONES | 2ND SEM | A.Y. 2022-2023
Transcribed by: Aldrin Christian N. Vergano

OUTLINE:
I. Products and Services
A. Needs vs. Wants
B. Maslow’s Pyramid
C. Entrepreneurial Ideas
II. Common Source of Startup Ideas
III. Opportunity Seeking
D. Sources of Opportunities
E. Generating Ideas for your Business
F. Selecting the Right Business Idea

CONCEPTS ABOUT PRODUCTS AND
SERVICES
Product
● Defined as anything that we can offer to a
market for attention, acquisition, use or
consumption that could satisfy a need or
want. such as a car, a fridge or a phone.
Service
● Special form of product which consists of
activities, benefits or satisfactions offered
for sale that are intangible and do not result
in the ownership of anything. A service can
thus include banking, airline travel,
communication services, hotel services and
so on
o Supporting detail
▪ Additional detail
NOTE: We can apply Maslow’s Hierarchy of need
to show how employees can be supported to reach
the highest levels of self-actualization.
ENTREPRENEURIAL IDEAS
● The creation of entrepreneurial ideas leads
to the identification of entrepreneurial
opportunities, which in turn results in the
opening of an entrepreneurial venture.
a. Creation of entrepreneurial
ideas
b. Identification of entrepreneurial
opportunities
c. Opening of entrepreneurial
venture

NEEDS VS WANTS COMMON SOURCE OF STARTUP IDEAS

Needs
● Prior work Experience
● A necessity or essential items required for
● Personal Interest/Hobby
life. Example are food, shelter, and water.
● Chance Happening
Wants
● Suggestion
● Not a necessity but desired items which
● Education/Course/Family Business
increase the quality of living.

MASLOW’S HIERARCHY OF NEEDS

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 OPPORTUNITY SEEKING in starting your own business.

● Read magazines, news articles, and other

● Process of considering, evaluating, and
pursuing market-based activities that are
accepted to be beneficial for the business.
SOURCES OF OPPORTUNITIES
publications on new products and
techniques or advances in technology
o The internet also serves as a library
where you may browse and surf on
possible businesses.

People’s Interest NOTE: Business is Dynamics, it’s not how we start

nor it’s how we finish BUT how we stay strong
● The interest, hobbies, and preferences of
people are rich sources of entrepreneurial NOTE: Not all problem has a negative effect
ideas, like the increasing number of Internet sometimes it can be OPPORTUNITY effect.
Café’s at present could lead to the strong
attachment of young people to computers.
Past Experience
● The expertise and skills develop by a
person who has worked in a particular field
may lead to the opening of a related
business enterprise.
Technological Discovery and Advancement
● A person with entrepreneurial interest sees
possibility of business opportunities in any
new discovery or because of the use of
latest technology.
GENERATING IDEAS FOR YOUR BUSINESS

● Examine the existing goods and services

o Improving an existing good or
service may generate a good
business opportunity for you

● Examine the present and future needs

o Look into what customers,
institutions, and communities are
missing in terms of goods and
services.

● Examine how the needs are satisfied

o Needs for the products and services
are referred to as market demand.

● Examine the available resources around

you
o Observe what materials or skills are
available in your area, this can help

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