As an Entrepreneur

1. What do people need?

2. What products and services are
available in the market today?
3.They can be improved?
4. Can things be done
better? Cheaper?
Faster? Cleaner?
1
 01
Needs and Wants of
People
 Needs of People
Basic Shelter,
commodities for sanitation and
consumption health

Clothing and Education and

other belongings relaxation
Wants of People
 02
Generating ideas for
business
1. Examine the existing goods
and services
 Are you satisfied with the product?
 What do other people who use the
product say about it?
 How can it be improved?
2. Examine the present and
furure needs
Look and listen to what the
customer, institutions, and
communities are missing
in terms of goods and
services.
3. Examine how the needs are
being satisfied
Needs for the products and services
are referred to as MARKET
DEMANDS.
To satisfy these needs is to supply the
products and services that meet the
demands of MARKET
4. Examine the available
resource around you
Observe what
materials or skills are
available in abundance
in your area.
5. Read magazines, news articles, and
other publications on new product and
techniques or advances in technology
It will also guide you on how to
put the right product in the right
place, at the right price, at the
right time.
 04
Selecting the Right
Idea
 In screaning your ideas, examine each one in terms of the
following factors:
Questions Example
1. How much capital is needed to put It depends what kind of business
up the business?

2. How big is the demand for the

product? Do many people need this Gadget? Books? Foods? Cloths?
product and will continue to need it Appliances?
for so long time?
In screaning your ideas, examine each one in terms of the
following factors:
Questions Example
3. How is the demand met? Who are
Competition or demand? How
processing the products meet the
much of the need is now met?
need?

4. Do you have the background and Trainings, certificates and

experience needed to run this knowledge
particular business?
In screaning your ideas, examine each one in terms of the
following factors:

Questions Example

5. Will the business be legal, not The business shall be registered

going against any existing or and not illegal
foreseeable government regulation?

6. Is the business in line with your

Passionate and skilled
interest and expertise?
 Environment Scanning
Environmental scanning is a process
that systematically surveys and
interprets relevant data to identify
external opportunities and threats
that could influence future decisions.