Recognizing the Potential Market

Talents, Hobbies, Skills, and Expertise

Business opportunities do not just come from outside forces, but also within the entrepreneur.

Business Plan

It is a comprehensive paper that details the marketing, operational, human resource, financial, strategic direction, and tactics of the business.

The Entrepreneurial Process

It is a step-by-step procedure in establishing any kind of business that an entrepreneur has to undergo.

Opportunity

It is an entrepreneur's business idea that can potentially become a commercial product or service in the future.

Determining the Capital Needed

It is mandatory in the entrepreneurial process to calculate the resources needed to establish the business and compare this against the entrepreneur's current resources.

Want

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

Need

It is recognized when a costumer believes that there is difference his or her current situation versus his or her desired condition.

Seeking the Opportunity

It is the first step and is the most difficult process of all due to the number of options that the entrepreneur will have to choose from. It involves the development of new ideas from various sources.

Scanning the Marketing Environment

It is the starting point of any venture that involves understanding and knowing intricacies of the macroenvironment, microenvironment, and the internal environment.

Unexpected Opportunities from Costumer

It may happen in unlikely situations, unlikely places, and with unlikely people.

Minor Sources of Opportunity

These are feedback from distribution or business partners such as retailers, wholesalers, manufacturers, and technical people that the entrepreneur is working with.

New Discovery or Knowledge

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

Futuristic Opportunities

These are projected new opportunities that can possibly affect the new business while its running.

Consumers

These are reliable sources of opportunity information because market needs originate from them.

Consumer Preference, Interests, and Perception

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

STEEPLED

This is a mnemonic for sociocultural, technological, economic, environmental, political, legal, ethical, and demographic factors.

Opportunity Spotting and Assessment

This is the beginning of the process and is considered the most difficult.

Running the Business

This is the part where the entrepreneur should use the resources allocated for the new venture.

Industry

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

Determining the Capital Needed

A big idea can never be translated into reality if the entrepreneur's resources are limited.

Running the Business

All aspects of the business plan should be critically observed from operations, marketing and sales, human resources, finance, and strategy implementation.

Location

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

Irritants in the market place such as deterrents, complaints, and delays.

Entrepreneurs see opportunities in situation where there is recurring problem or sometimes when there is no more hope in solving the problem.

Unique Selling Position

Entrepreneurs should already think in advance how they will position the product or service in the market and showcase its ___________________________________.

Developing a Business Plan

Entrepreneurs should formulate a business plan where they have already spotted and assessed the opportunity for a market.

Product, Place, Price, and Promotion

Enumerate the 4Ps.

Major Sources of Opportunity

Glaring problems in the environment, problems encountered by co-entrepreneurs, new trends, processes, and development in the environment.

Caution

Must be applied in computing the complete set of resources needed and include only those items that are considered as the real needs in the venture creation.

Allowance

Must be considered as well because there will be times that resources will be inadequate and suitable.

Competitors

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