Scanning the environment is the starting point for opportunity spotting and involves analyzing the macroenvironment, microenvironment, and internal environment. The 3S framework - seeking, screening, and seizing - is used to identify opportunities, assess their potential, and capitalize on them. In the seeking stage, entrepreneurs develop ideas from various sources like customer preferences, talents, location, and more to find potential business opportunities.
Scanning the environment is the starting point for opportunity spotting and involves analyzing the macroenvironment, microenvironment, and internal environment. The 3S framework - seeking, screening, and seizing - is used to identify opportunities, assess their potential, and capitalize on them. In the seeking stage, entrepreneurs develop ideas from various sources like customer preferences, talents, location, and more to find potential business opportunities.
Scanning the environment is the starting point for opportunity spotting and involves analyzing the macroenvironment, microenvironment, and internal environment. The 3S framework - seeking, screening, and seizing - is used to identify opportunities, assess their potential, and capitalize on them. In the seeking stage, entrepreneurs develop ideas from various sources like customer preferences, talents, location, and more to find potential business opportunities.
Environment and the 3S Scanning the Environment This is the starting point of any new venture It involves the intricacies of the macroenvironment, microenvironment, and internal environment With this process of scanning the general environment, an entrepreneur can recognize various opportunities At the same time understand thoroughly the arena where the future business will operate The general rule is to find the opportunity first before coming up with a new product or service Seeking, Screening, and Seizing
The 3S of Opportunity spotting and assessment is the
framework that most of the promising entrepreneurs use to finally come up with the ultimate product or service suited for a specific opportunity An opportunity is an entrepreneur’s business idea that can potentially become a commercial product or service in the future The entrepreneur serves as a catalyst of creating a value for customers As a reward entrepreneurs earns profits when the customer are satisfied and delighted S1: Seeking the Opportunity
Opportunity seeking is the first step
and is the most difficult process due to the number of options that the entrepreneur will have to choose from. It involves the development of new ideas from various sources as follows in the next slides. MACROENVIRONMENTAL SOURCES STEEPLED This is the mnemonic for sociocultural, technological, economic, environmental, political, legal, ethical and demographic factors This represents the general environment where the entrepreneur can identify business opportunities from and where the future business is about to operate Anyexternal factors from these 8 environmental forces can have a direct effect in opportunity generation and business sustainability INDUSTRY
This is the source of the
current trend on what is happening in the industry where future business will belong to. NEW DISCOVERY AND KNOWLEDGE
These are the 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 it is running. MICROMARKET CONSUMER PREFERENCES, INTERESTS, AND PERCEPTION These are the current needs and wants of potential customers that should be discovered right away by a budding entrepreneur A need is recognized when a customer believes that there is a difference between his or her current situation versus his or her desired condition A want, on the other hand is recognized when customer believes that there is a specific product or service that can perfectly suit the need COMPETITORS
Recognizing and understanding potential
competitors will aid the entrepreneur to develop a product or service that is unique and will surely stand out from the competition The 4Ps of marketing (product, place, price, and promotion) will be competitively positioned if the entrepreneur is familiar with his or her competitor UNEXPECTED OPPORTUNITIES FROM CUSTOMERS Oftentimes, the most brilliant ventures come from the unexpected from the most unexpected opportunities. It may happen in unlikely situations, unlikely places and unlikely people Bottlenecks often give rise to an unexpected opportunity. What Entrepreneurs usually do is to be on top of the situation and change the market’s perception of the product or service or build a new market TALENTS, HOBBIES, SKILLS AND EXPERTISE IRRITANTS IN THE MARKETPLACE SUCH AS DETERRENTS, PROBLEMS, COMPLAINTS, AND DELAYS LOCATION Opportunity Sources Findings Potential product or service Demographics There are many OFW Remittance Center, families in our Barangay Cellphone load business