Entrepreneurship:

A Catalyst in Nation Building

TEACHER: HANELYN H. ESCALONA

Opportunity Seeking, Screening,
and Seizing
 Learning Objective

• To know the importance of

opportunity seeking, screening, and
seizing in entrepreneurship
Opportunity Seeking
 Entrepreneurial Mind Frame,
Heart Flame, and Gut Game
 The entrepreneurial mind frame allows the entrepreneur to
see things in a very positive and optimistic light in the midst of
crisis or difficult situations.
 The entrepreneurial heart flame, also known as surging
passion, refers to the entrepreneur’s fulfillment in the act and
process of discovery.
 The entrepreneurial gut game, also known as intuition, refers
to the ability of the entrepreneur to sense without using the
five senses.
 Sources of Opportunities
Macro Environmental Sources
of Opportunities
1. Socio-cultural Environment
2. Political Environment
3. Economic Environment
4. Ecological Environment
5. Technological Environment
Socio-cultural Environment
Related to the different groups of people in
society and their habits, traditions, and
beliefs
Political Environment
Relating to the government or the public
affairs of a country.
Economic Environment
The study of how society uses its limited
resources. A social science that deals with
the production, distribution, and
consumption of goods and services.
Ecological Environment
Relating to or concerned with the relation
of living organisms to one another and to
their physical surroundings.
"pollution is posing a serious threat to the
ecological balance.
Technological Environment
Relating to or using technology. “The
quickening pace of technological change"
 Sources of Opportunities
Industry Sources of Opportunities
 Participants in and industry include:
1. Rivals or competitors in a particular type of business. True
rivals or competitors are those competing for the same or
similar markets.
2. Suppliers of input to rivals as well as suppliers of machinery
and equipment, suppliers of manpower and expertise, and
supplies of merchandise.
3. Consumer market segments being served by rivals or
competitors.
4. Substitute products or services, which customers shift or
turn to.
5. All other support and enabling industries.
 Sources of Opportunities
Micromarket
 Micromarket refers to the specific target
market segment of a particular enterprise.
These are the target customers that represent
the immediate customers of an enterprise,
meaning those who are currently buying the
goods or services offered by the enterprise
and its direct competitors. It likewise pertains
to a clearly defined location or specific
customer group that an enterprise wishes to
serve.
 Sources of Opportunities
Consumer Preferences, Piques, and
Perceptions
 Consumer preferences refer to the tastes of
particular groups of people. In contrast, consumer
dislikes refer to the things that irritate customers.
Either way, the entrepreneur can explore
opportunities brought about by consumer
preferences or dislikes.
 There are times when the product is not changed
by the enterprise but what changes is the way
consumers perceive the product.
 Sources of Opportunities
Other Sources
 Another potential source of opportunity is the
entrepreneur’s own set of skills or expertise, or hobby.
 New knowledge as well as new technology can be the
source of highly innovative opportunities.
1. Customer preferences change over time.
2. People’s tastes in clothes, music, shoes,
entertainment, dance, sports, hobbies, and even
careers have evolved over the years.
3. What piques (stimulate interest or curiosity)
customers is a great source of opportunities.
4. Before the customer is won over, there is first a
battle for the mind. Next, there is a battle for the
heart. Finally, there is a battle for the wallet.
 Sources of Opportunities
Other Sources
5. The longer the customer wants to use the
product, the greater the chances of creating
lasting loyalty.
6. Opportunities abound in shaping consumer
perceptions or occupying spaces in their minds or
places in their hearts that have not yet been filled.
 Sources of Opportunities
Other Sources
7. New inventions, new systems and work processes,
new insights about the human psyche, new
applications for old knowledge, new revelations
about how the physical world works, new
interpretations, new combinations based on the
convergence of previous technologies, new
outlooks about how life should be led, and a host
of other new things are tremendous sources of
opportunities.
 Sources of Opportunities
Other Sources
8. Determining personal preferences and
competencies lay the foundation for a new
business venture.
9. Unexpected occurrences in both the
external and internal environment of
the enterprise indicate that significant
changes are happening and
opportunities are sprouting.
Opportunity Screening
 The Personal Screen
In screening opportunities, the entrepreneur first has to consider
his or her preferences and capabilities by asking three basic
questions:
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?
If “YES” is your answer to all of the above, then you can begin your
earnest pursuit of that opportunity.
 Risk-Return Grid for
Screening Opportunities
 The 12 Rs of Opportunity
1.
Screening
Relevance to vision, mission, and objectives of the entrepreneur.
The opportunity must be aligned with what you have as your
personal vision, mission, and objectives for the enterprise you
want to set up.
2. Resonance to values. Other than vision, mission, and objectives,
the opportunity must match the values and desired virtues that
you have or wish to impart.
3. Reinforcement of Entrepreneurial Interests. How does the
opportunity resonate with the entrepreneur’s personal interests,
talents, and skills?
4. Revenues. In any entrepreneurial endeavor, it is important to
determine the sales potential of the products or services you want
to offer. Is there a big enough market out there to grab and nurture
for growth?
 The 12 Rs of Opportunity
Screening
5. Responsiveness to customer needs and wants. If the opportunity
that you want to pursue addresses the unfulfilled or underserved
needs and wants of customers, then you have a better chance of
succeeding.
6. Reach. Opportunities that have good chances of expanding
through branches, distributorships, dealerships, or franchise
outlets in order to attain rapid growth are better opportunities.
7. Range. The opportunity can potentially lead to a wide range of
possible product or service offerings, thus, tapping many market
segments of the industry.
8. Revolutionary Impact. If you think that the opportunity will most
likely be the “next big thing” or even a game-changer that will
revolutionize the industry, then there is a big potential for the
chosen opportunity.
 The 12 Rs of Opportunity
Screening
9. Returns. It is a fact that products with low costs of production and
operations but are sold at higher prices will definitely yield the
highest returns on investments. Returns can also be intangible;
meaning, they come in the form of high profile recognition or
image projection.
10. Relative Ease of Implementation. Will the opportunity be
relatively easy to implement for the entrepreneur or will there be a
lot of obstacles and competency gaps to overcome?
11. Resources Required. Opportunities requiring fewer resources from
the entrepreneur may be more favored than those requiring more
resources.
12. Risks. In an entrepreneurial endeavor, there will always be risks.
However, some opportunities carry more risks than others, such as
those with high technological, market, financial, and people risks.
 Opportunity Seizing
(to take something quickly and keep or hold it: to take using sudden force)
The question for the entrepreneur
in Opportunity Seizing is…

“Will I be able to manage, to my

advantage, the critical success
factors and avoid the critical failure
factors?”
 Key Points in Going about the
“Questioning” to Craft a
Positioning Statement
1. What are the main customer segments?
2. What are the different product attributes and
features of each of the competitors?
3. What are the existing marketing practices of the
various competitors?
4. What are the market preferences of consumers
when it comes to the products being offered?