MODULE 2 Entrep OPPORTUNITY

ENTREPRENEURSHIP 1St trimester SY 2023-2024
Governor Pack Road, Baguio City, Philippines 2600

Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268
Email: email@uc-bcf.edu.ph; Website: www.uc-bcf.edu.ph
Grade Level/Section: GRADE 12
MODULE 2 – ENTREP Subject Teacher:
OPPORTUNITY SEEKING, SCREENING aNd SEIZING

I. OBJECTIVES:
a. Propose solution/s in terms of product/s and service/s that will meet the need using
techniques on seeking, screening, and seizing opportunities.
i. Analyze the market need;
ii. Determine the possible product/s or service/s that will meet the need;
iii. Screen the proposed solution/s based on viability, profitability, and customer
requirements; and
iv. Select the best product or service that will meet the market need.
b. Develop a business model
II. DISCUSSION:
What is opportunity?
▪ In a business sense, it is an idea that has commercial potential
▪ Something you can make money with, develop a business around it, or create value with it.
Sources of Opportunity:
● Internal –Innovation /Creativity
▪ Past jobs
▪ Hobbies
▪ Social network
▪ Travel
● External
▪ Macromarket
▪ Micromarket
▪ Analysis
▪ Irritants in the marketplace
Innovation – Creating or modifying products based on the needs of customers.
Types of Product Innovation
1. Create an entirely new product
2. Alter / modify an existing product

Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268
3. Re-brand /Reformulate an existing / old product
Ways to Innovate
● Make it LARGER
Examples:
- Family size - Jumbo
- 2-liter -Airbus
- Big TV
- Thick Crust
- Big Pizza
● Modify – change the

o Name
o Color
o Container
o Shape
o Creative copying
● Make it stronger / faster

Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268
● Make it smaller / lighter

● Substitute
o Materials
o Methods
Other Methods (Internal)
SERENDIPITY WALK
▪ Walk along an avenue or street
▪ Observe, Observe, Observe
▪ What customer needs can still be met?
▪ Observe competition
An opportunity is anything that provides you with a chance to change your circumstances
for the better. Are opportunities everywhere? Yes and no. According to Adam Sicinski “many
of the opportunities we come across are actually disguised as problems or hard work.
However, to the untrained eye — unable to see past the present moment — all opportunities
are actually insurmountable problems that make life difficult, stressful, and hard.
Seizing opportunities: how to identify them

Sicinski urges you to identify first what it is you want: “how in the world are you supposed to
identify any opportunities that come your way if you are not clear about what it is you want
in the first place? Unless you know exactly what it is you are looking for, then how exactly are
you supposed to find it?” Then, you need to identify several things that may hold you back
from taking advantage of the opportunities that life throws your way.
1. Look at your beliefs and identify if there are any unhelpful beliefs that could potentially prevent
you from taking advantage of opportunities.
2. Look at your strengths and weaknesses, and evaluate how they can help or hinder you
throughout this process.
3. Identify your risk tolerance. This is important because the more risk you are willing and able to take,
the more chances/opportunities you will be able to take advantage of.
Your assessment of these areas will help you to understand yourself, your motivations, your
limitations, and the actions you are willing or unwilling to take when opportunities present
themselves.
OPPORTUNITY SEIZING IN BUSINESS

Here are the four steps of seizing the opportunity:
1. Crafting a position statement

2. Conceptualizing the product
3. Designing and prototyping the product
4. Implementing, organizing, and financing.
The focus of this module is on designing and prototyping.

Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268
Prototype - An original or first model of something in which other forms are copied or
developed.
Two types of prototype

1. Business Model
2. Product
DESIGNING BUSINESS PROTOTYPE USING Alex Osterwalder’s

Business Model Canvas
The business model canvas is a great tool to help you understand a business model in a
straightforward, structured way. Using this canvas will lead to insights about the customers you
serve, what value propositions are offered through what channels, and how your company
makes money. You can also use the business model canvas to understand your own business
model or that of a competitor! The Business Model Canvas was created by Alexander
Osterwalder, of Strategyzer.
● KEY PARTNERS
Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring
from partners? Which Key Activities do partners perform?
MOTIVATIONS FOR PARTNERSHIPS: Optimization and economy, Reduction of risk and uncertainty,
Acquisition of particular resources and activities
● KEY ACTIVITIES
What Key Activities do our Value Propositions require? Our Distribution Channels? Customer
Relationships? Revenue streams?
CATEGORIES:
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268
Production, Problem Solving, Platform/Network
● VALUE PROPOSITIONS
What value do we deliver to the customer? Which one of our customer’s problems are we helping
to solve? What bundles of products and services are we offering to each Customer Segment?
Which customer needs are we satisfying?
CHARACTERISTICS: Newness, Performance, Customization, “Getting the Job Done”, Design,

Brand/Status, Price, Cost Reduction, Risk Reduction, Accessibility, Convenience/Usability
● CUSTOMER RELATIONSHIPS
What type of relationship does each of our Customer Segments expect us to establish and
maintain with them? Which ones have we established? How are they integrated with the rest of
our business model? How costly are they?
● CUSTOMER SEGMENTS
For whom are we creating value? Who are our most important customers? Is our customer base a
Mass Market, Niche Market, Segmented, Diversified, Multi-sided Platform
● KEY RESOURCES
What Key Resources do our Value Propositions require? Our Distribution Channels? Customer
Relationships Revenue Streams?
TYPES OF RESOURCES: Physical, Intellectual (brand patents, copyrights, data), Human, Financial
● CHANNELS
Through which Channels do our Customer Segments want to be reached? How are we reaching
them now? How are our Channels integrated? Which ones work best? Which ones are most cost-
efficient? How are we integrating them with customer routines?
● COST STRUCTURE
What are the most important costs inherent in our business model? Which Key Resources are most
expensive? Which Key Activities are most expensive?
IS YOUR BUSINESS MORE: Cost Driven (leanest cost structure, low price value proposition,
maximum automation, extensive outsourcing), Value Driven (focused on value creation, premium
value proposition).
SAMPLE CHARACTERISTICS: Fixed Costs (salaries, rents, utilities), Variable costs, Economies of scale,
Economies of scope
● REVENUE STREAMS
For what value are our customers really willing to pay? For what do they currently pay? How are
they currently paying? How would they prefer to pay? How much does each Revenue Stream
contribute to overall revenues?
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268
TYPES: Asset sale, Usage fee, Subscription Fees, Lending/Renting/Leasing, Licensing, Brokerage
fees, Advertising
FIXED PRICING: List Price, Product feature dependent, Customer segment dependent, Volume
dependent
DYNAMIC PRICING: Negotiation (bargaining), Yield Management, Real-time-Market
SAMPLES:
PRODUCT PROTOTYPING
What is a product?
Until recently, the term was used only in relation to something material and often found in a retail
store. Nowadays, it is coming to mean digital products as well. Apps and websites are modern
products.
When it comes to building great products, the design is the most important “feature.” We’ve moved
into the stage where product design dominates — it’s what sets companies apart and gives a real
edge over competitors.
Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268
What Is Product Design?
Product design is the process of identifying a market opportunity, clearly defining the problem,
developing a proper solution for that problem, and validating the solution with real users.
DESIGN THINKING AS THE FOUNDATION FOR THE DESIGN PROCESS
Design thinking is a method for the practical resolution of problems. Originally coined by David Kelley
and Tim Brown of IDEO, design thinking has become a popular approach to creating products. This
approach encapsulates methods and ideas of human-centered design into a single unified
concept.
Design thinking is a human-centric creative process to build meaningful and effective solutions for
people.
When thinking about products or features, designers should understand the business objectives and
be able to answer the following questions first:
1. What problem are we solving?

2. Who has this problem?
3. What do we want to achieve?
Answering these questions helps designers understand the user experience of a product as a whole,
not purely the interaction (feel) or visual (look) part of the design. Only after answering these
questions does it make sense to move to find a solution to the problem.
Finding a solution to a problem includes the following five phases:

Tel. Nos.: (+6374) 442-3316, 442-8220; 444-2786;
442-2564; 442-8219; 442-8256; Fax No.: 442-6268
While design thinking is simply an approach to problem-solving, it increases the probability of

success. That’s because design thinking is focused on understanding people's needs and discovering
the best solutions to meet those needs.
• Empathize
Learn about the people for whom you are designing. Conduct research to develop a deeper
understanding of your users.
• Define
Create a point of view that is based on user needs and insights.
• Ideate
Brainstorm and come up with as many creative solutions as possible. Generate a range of
potential solutions by giving yourself and your team total freedom.
• Prototype
Build a prototype (or series of prototypes) to test your hypothesis. Creating a prototype lets
designers see if they’re on the right track, and it often sparks different ideas that you wouldn’t
have come up with otherwise.
• Test
Return to your users for feedback.
III. ADDITIONAL REFERENCES:
Darus, D. (2015, November 17). Osterwalder explaining the Business Model Canvas in 6 Minutes.
Retrieved from https://www.youtube.com/watch?v=RpFiL-1TVLw
Stanford eCorner (2012, February 16). Alexander Osterwalder: The Business Model Canvas.
Retrieved from https://www.youtube.com/watch?v=2FumwkBMhLo
Railsware. (2018, October 12). Lean Canvas Intro - Uber example. Retrieved from
https://www.youtube.com/watch?v=pvIN9STpzCQ
IV. REFERENCE:
Edralin,D.M. Entrepreneurship. Quezon City: Vibal Group Inc.
Kawasaki, G. (2004). Art of start: The time-tested, battle-hardened guide for anyone starting
anything. USA: Penguin Group
Skripak, S. J. (2016). Fundamentals of business. USA: Pamplin College of Business and Virginia
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ENTREPRENEURSHIP 1St trimester SY 2023-2024

Governor Pack Road, Baguio City, Philippines 2600

MODULE 2 – ENTREP Subject Teacher:

OPPORTUNITY SEEKING, SCREENING aNd SEIZING

2. Alter / modify an existing product

MODULE 2 – ENTREP Subject Teacher:

3. Re-brand /Reformulate an existing / old product

● Modify – change the

● Make it stronger / faster

MODULE 2 – ENTREP Subject Teacher:

● Make it smaller / lighter

Other Methods (Internal)

Seizing opportunities: how to identify them

OPPORTUNITY SEIZING IN BUSINESS

1. Crafting a position statement

The focus of this module is on designing and prototyping.

MODULE 2 – ENTREP Subject Teacher:

Two types of prototype

DESIGNING BUSINESS PROTOTYPE USING Alex Osterwalder’s

MODULE 2 – ENTREP Subject Teacher:

Production, Problem Solving, Platform/Network

CHARACTERISTICS: Newness, Performance, Customization, “Getting the Job Done”, Design,

MODULE 2 – ENTREP Subject Teacher:

DYNAMIC PRICING: Negotiation (bargaining), Yield Management, Real-time-Market

MODULE 2 – ENTREP Subject Teacher:

What Is Product Design?

DESIGN THINKING AS THE FOUNDATION FOR THE DESIGN PROCESS

1. What problem are we solving?

Finding a solution to a problem includes the following five phases:

MODULE 2 – ENTREP Subject Teacher:

While design thinking is simply an approach to problem-solving, it increases the probability of

III. ADDITIONAL REFERENCES:

Edralin,D.M. Entrepreneurship. Quezon City: Vibal Group Inc.

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