Entrep

employee

Seeks for the job; is the one applying for the job and is interviewed by the company's hiring officers

employee

Taxed on the gross income

Entrepreneur

Taxed on the net income; can claim taxable income deductions for allowable expenses incurred by the business

Opportunity Metrics

The answers, however, require extensive research, so the entrepreneur must be careful in answering this metrics table

Concept Stage

The developed idea will undergo a consumer acceptance test

Talents, hobbies, skills and expertise

The entrepreneur's _________ can be a source of business opportunity

STEEPLED Analysis

The result of the STEEPLED scan will aid the entrepreneur in deciding what product or service to set whether this new venture will succeed or not

Scanning the Marketing Environment

The starting point of any new venture that involves the understanding and knowing the intricacies of the macroenvironment, microenvironment, and internal environment

New discovery or knowledge

These are new trends that can be the core business model of a new venture.

Technological innovation

These are technological advancements of an existing product or service

Consumer Preferences, interests, and perceptions

These are the current needs and wants of potential customers that should be discovered right away by a budding entrepreneur.

STEEPLED

These factors how a person of the locality behaves and reacts to marketing and selling activities

Ordinary Innovation

They are commonly originating from market analysis and technology pull instead of a technology push

Industry

This is the source of current trend on what is happening in the __________ where the future business will belong to.

Test Marketing Stage

This stage validates the work done from the first three stages to measure success in the commercialization of the product or service

Scanning the Marketing Environment

entrepreneur can recognize various opportunities and at the same time understand thoroughly the are where the future business will operate

Opportunity Seeking

first step and is the most difficult process of all due to the number of options that the entrepreneur will have to choose from

Entre

french word means "between"

Prendre

french word means "to take"

Extrapreneur

hops from one company to another to act as the innovation champion, providing creating and efficient solutions

Time

must be considered by the entrepreneur in screening the opportunities at hand, as it is considered one of the most critical resources of an entrepreneur.

Problem inventory analysis

participants will identify from a list of product or service problems the compelling problem(s) of a potential product or service instead of generating the ideas from them

Technopreneur

puts technology at the core of his business model

Self Employed

realized that a successful business should work for them, not the other way around

NEED

recognized when a customer believes that there is a difference between his or her current situation versus his or her desired condition

WANT

recognized when a customer believes that there is a specific product or service that can perfectly suit the need.

Risk appetite

refers to the entrepreneur's tolerance of business risks

Social entrepreneur

takes advantage of the country's social condition to help uplift the disadvantage's economic condition

Opportunity seizing

the "pushing through" with the chosen opportunity

Brainwriting or Internet brainstorming

the answers depend on the availability of the participants in answering the questionnaires online

3S of opportunity spotting and assessment

the framework that most of the promising entrepreneurs use to finally come up with the ultimate product or service suited for a specific opportunity.

Seizing Process

the last process involves refining and developing this opportunity

Opportunity seizing

the last step in opportunity spotting and assessment

internal intent

the main objective that the business will accomplish in the entrepreneur's life

Opportunity Screening

the process of cautiously selecting the best opportunity

Intrapreneur

the product managers or the business development managers of a company

Manager

will start knowing their employees better, assessing their strengths and their areas for improvement.

Seeking, Screening, Seizing

3S of opportunity spotting and assessment

Franchising

A business arrangement wherein the franchisor, who is the owner of the business, acquires distribution centers through the franchisees or the affiliated dealers

Product Development Stage

A consumer panel critique will be done based on the actual product or service samples

Focus group discussion

A moderator handles a very open, free flowing and in-depth discussion with a group of people who can provide insightful ideas about a new product or service that will fill a market need

Entrepreneurship

A proactive process of developing a business venture to make a profit

Entrepreneur

A unique individual who has the innate ability and extraordinary dedication to establish and manage a business, acknowledging all the risks and reaping its rewards

Concept Stage

Both favorable and unfavorable results will be used to devise an acceptable product or service

Opportunity Attractiveness Test

Designed to detail each entrepreneurial aspect into small chunks to come up with a sound entrepreneurial decision.

Opportunity Spotting and Assessment, Developing a Business Plan, Determining the Capital Needed, Running the Business, implemented business plan

Entrepreneurial Process

Location

Entrepreneurs just have to look at their ecosystem and they will be able to spot a business opportunity right away

Unexpected opportunities from customers

Existing problems and bottlenecks often give rise to unexpected opportunity

Idea Stage

Feasible products and/or services that will perfectly suit the opportunity are determined

Leader

Focus on the big picture and strategic direction of their business rather than in generating sales and operating the business

Entrepreneur

Has a flexible schedule and can take unlimited number of vacation days

employee

Has a limited of vacation days imposed by employer

employee

Has routine tasks and works on regular or normal hours

employee

Income generated actively; no work=no pay

Entrepreneurship

Involves: - Seeking opportunities for a market - Establishing and operating a business out of the opportunity - Assessing its risks and rewards through close monitoring of the operations

Entrepreneur

Is comfortable in doing multiple and challenging tasks and takes accountability with the risks and profits of the business

Innovation

Is the process of positively improving an existing product or service.

Commercialization Stage

Launch Stage The goals of the product/service development process should be achieved and are in line with the business plan

Investor

Look for more opportunities for their business to grow

idea stage

Market evaluation is conducted

employee

Maybe comfortable with routines and minimal risks

STEEPLED

Mnemonic for sociocultural, technological, economic, environmental, political, legal, ethical and demographic factors

Competitors

Recognizing and understanding potential ________will aid the entrepreneur to develop a product or service that is unique and will surely stand out from the competition

Brainstorming

An activity that allows the participants to share creative ideas using the following rules: ○ No destructive criticism or judgment is allowed ○ Wilder ideas are accepted ○ More ideas are preferred ○ Improvement of others' ideas is allowed

Entrepreneur

Provides jobs; the owner of the business and conducts the talent selection

Breakthrough Innovation

Occur infrequently as these establish the platform on which future innovations in an area are developed

Entrepreneur

Opportunity income unlimited, depending on the success of the business

Entrepreneur

Performs all necessary variable tasks to establish and manage a start up business

external intent

address the compelling needs of the target market

True Entrepreneur

aim for quality and excellence

Opportunity Attractiveness Test

aims to assist entrepreneurs in ensuring that the opportunity that they will venture into is an attractive and feasible prospect

Futuristic Opportunities

are projected new opportunities that can possibly affect the new business while it is running.

Opportunity Metrics

considered as the opportunity's critical success factors

Irritants

customers are already sick and tired of the same old issue or problem, that is when the opportunistic entrepreneur should come in and make a difference