LET US PRAY

REVIEW of PAST LESSON

ENTREPNEURSHIP
ENTREPRENEUR
LIFE CYCLE OF ENTREPRENEURIAL FIRM
OBJECTIVES
At the end the lesson I will be able to:

1. Propose solution/s in terms of product/s and service/s that will meet the
need using techniques on seeking, screening, and seizing opportunities
and Spot and Actualize Business Ideas and Opportunities out of crisis.
 Sp tting and
Actualizing Business Ideas
and Opportunities
 INDIVIDUAL ACTIVITY
for 15-20 minutes, in a ½ sheet of paper.

1. How can we find business

opportunities when we are in crisis?

2. How to Identify an Opportunity?

3. What do you think are the differences

between seeking, screening and seizing?
 INDIVIDUAL ACTIVITY
for 15-20 minutes, in a ½ sheet of paper.

1. How can we find business

15 minutes
opportunities when we are in crisis?

2. How to Identify an Opportunity?

3. What do you think are the differences

End
between seeking, screening and seizing?
 What is an 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.
 Business opportunity….

A business opportunity is said to exist

when:
There is a possibility of offering a new product or
service in a particular market.
The product or service fulfills the demands and
preferences of the customers.
Where the product can be used to solve their problem.
 Business opportunity….

When and Why is there a need to offer a product or

service in a particular market:
When?
– Changes in Environmental Factors
Political and Legal
Economic
Social
Technological
Why?
– Because of Environmental Factors effect
to customers’ demand for particular product or service.
Model for Opportunity Recognition
 Identify the needs and wants of the customer

Human needs and wants

– A need is something that is basic in life, for example we need food,
clothing and shelter.
– But as human we also have wants that is, there is a desire or craving
something that is far better than basic items.

– Wants are shaped by :

Our life style
Level of Education
Purchasing power
Personality
 Identify the needs and wants of the customer

Human needs and wants

– Human needs and wants are unlimited and are of all types.

– Society affluence lead to increase to human wants and needs

– More business opportunities arises.

– Thus entrepreneurs must take this opportunity to provide products

and services

– Entrepreneurs must be sensitive to changes in customers’ needs

and wants in order to be aware of new business opportunities.
The Big Picture
 How can we find business opportunities when
we are in crisis?
Isn’t the Philippines in crisis?
Isn’t the world in crisis?
Worldwide conflicts:
Egypt
Leading to Libya
runaway oil Yemen
prices Syria
Thailand
Cambodia
Tsunami and earthquake that hit Japan
 The Philippines The Questions:
How can we open new business in the
Philippines?
Aren’t we in crisis?
Haven’t we discovered everything already?
Aren’t products perfect already?
Isn’t it too crowded already for a new
Answer: enterprise?

ARE READY READY?

How can you survive as a new enterprise?

Really, we don’t know.

There are nearly 100,000 OFWs in Taiwan.
If we
Many will lose gojobs
their through the process,
because maybe
of the current RPwe will know.
Taiwan spat
Many workers fromMore
the Middle Eastanswer
often, the are being YOU!
is insent home.
Poverty in the Philippines remain at an all-time high.
Opportunity
(We are behind in the UN goal presents
of fighting poverty itself WHEN
compared YOUcountries.)
to other ASEAN ARE READY.
When there is a typhoon, what do you see?

Flooding
Stalled Vehicles
Upper Respiratory Diseases
Deaths from Drowning
Destroyed Houses
Fallen Trees & Power Lines
what don’t you see?

Umbrellas and Raincoats for Sale

Andanyo Boys

Tulak Tirik Boys

New Flood Control Projects

More Sale of Construction Materials

Funeraria
ANSWER:
Nothing.

Just a white page.

If that’s a market, that’s what an ordinary mind sees

– a solid white wall.

CROWDED.

NOTHING.

Q: On this page, what do you see?

The Entrepreneurial Mindset sees a hole!

An opportunity to be in that market.

Wei Ji Shouldn’t we make it Ji Wei?
We look first at
the opportunity,
and yes,
recognize that
there is danger.
 Window of Opportunity

When is an idea an opportunity?

• Describes the time period
in which or
• Create a add
newvalue
firm to
cancustomer.
realistically enter into
• Solve a significant the
problem,
market.removing a pain point or
meeting demand.
• Have robust market, profit margin
• New entrants (2nd
and money marketing.
movers onwards)
• Good fit will&enter
with founder
into the market once
management team the
at the right
window is &opened.
time place