Entrepre

neurship
 OPPORTUNITY
SEEKING,
SCREENING, AND
SEIZING
OPPORTUNITY SEEKING

This is what separates entrepreneurs from

the ordinary businessman whose main
objective is simply to earn profits from
producing, buying, and selling goods.
 Entrepreneurs create value by introducing
new products or services or finding better
ways of making them.
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. Instead of being
discouraged, the entrepreneur is able to use these
problematic situations as inspiration in creating something
innovative.
 Entrepreneurial heart flame driven by passion, they are
drawn to find fulfillment in the act and process of
discovery.
Passion – is that great desire to attain a vision or
fulfill a mission. Despite several setbacks or
disappointments, the entrepreneur is not easily
disheartened, but is rather driven to persevere even
more.
 Entrepreneurial gut game this refers to the ability
of the entrepreneur to sense without using the five
senses. This is also known as intuition.
MACRO ENVIRONMENTAL SOURCES OF
OPPORTUNITIES

The macro environment refers to the “big or macro forces” that

affect the area, the industry, and the market, which the enterprise
belongs to. They influence how business should be conducted, how
consumers will behave, how supply and demand will move, how
different competitors would position themselves, and how the cost
of doing business will proceed
 The macro environment forces can be divided into five
categories composed of the Social, Political, Economic, Ecological,
and Technological dimensions or SPEET. The macro environment
forces create their own opportunities for the enterprise to exploit,
and their own threats for the enterprise to counteract.
OTHER SOUCES OF OPPORTUNITIES

As an opportunity seeker, the entrepreneur will surely

discover other sources of opportunities. Unexpected
successes (or failure) can lead to good opportunities.
Another potential source of opportunity is the
entrepreneur’s own set of skills of expertise, or hobby.
New knowledge as well as new technology can be the
source of highly innovative opportunities.
• Customer preferences change over time
• People’s tastes in clothes, music, shoes, entertainment,
dance, sports, hobbies, and even careers have evolved over
the years.
• What piques customers is a great source of opportunities.
• 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.
• The longer the customer wants to use the product, the
greater the chances of creating lasting loyalty.
Opportunities abound in shaping consumer perceptions or occupying spaces in
their minds or places in their hearts that have not yet been filled.
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 other new things are tremendous sources of opportunities.
Determining personal preferences and competencies lay the foundation for a
new business venture.
Unexpected occurrences in both the external and internal environment of the
enterprise indicate that significant changes are happening and opportunities are
sprouting.
 THE 12Rs OF
OPPORTUNITY
SCREENING
1. Relevance – to vison, 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 – 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 interest, talents, and skills?
4. Revenues – it is important to determine the sales potential of the products or services you want
to offer.
5. Responsiveness – to customer needs and wants. If the opportunity that you want to pursue
addresses the unfulfilled or undeserved 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 – game-changer that will revolutionize the industry, then
there is a big potential for the chosen opportunity.
9. Returns – they come in the form of high profile recognition or image projection.
10. Relative Ease of Implementation – there be a lot of obstacles and competency
gaps to overcome?
11. Resources Required – entrepreneur may be more favored than those requiring
more resources.
12. Risks – such as those with high technological, market, financial, and people
risks.