Search for Business Opportunity,

Ideation, Innovation, and Creativity

Benefits of an Entrepreneur
• Self employed and enjoy a great life
• Generate wealth
• freedom
 Common Skills of Entrepreneurship:
• Time management
• Money management
• Communication/interpersonal skills
• Ability to concentrate
• Ability to recognize opportunities
 Four Types of Entrepreneurs( Rochetar 2008)

• Innovative entrepreneur – is preoccupied with introducing something new

into the market organization or nation.
• Imitating entrepreneur – referred to as “ copy cats” then observe an existing
system and replicate it in a better manner.
• Fabian entrepreneur – a very careful and cautious in adopting changes .
• Drone entrepreneur – who are resistant to change . They are considered as “
old schools” .
 Objectives :
• Discuss entrepreneurial activities in search of business opportunities
• Describe the concept of ideation, innovation, and creativity
• Know the factors to consider in evaluating the business potential of an idea
 The Search for Business Opportunity
In discovering business opportunities, the following factors on resources have to be
evaluated :
• Markets – refers to the number of prospective buyers, competitors, the price, and
the quality of goods and services.
• Individual interest – it should match business opportunities.
• Capital – serve as the fuel that keeps the business operating .
• Skills – entrepreneurs must have the proper skills in the business he is undertaking .
• Suppliers of inputs – steady suppliers of raw material and inputs to the
business .
• Manpower – efficiency of its employees
• Technology – to improve products or services, or introduce new innovations
in the market.
Other opportunity- seeking process that can guide a prospective entrepreneur
as to what kind of business to establish are as follows:
1. Look at other successful business/entrepreneurs .
2. Respond to a problem area .
3. Home – based business option .
4. Linkage of resources .
 The Steps in Market Research are :
• Defining the problem
• Making a preliminary investigation
• Planning the research
• Gathering the data
• Analyzing the data
• Reaching a conclusion
• Implementation and evaluating decision
 Stages of the Life Cycle of the Product
1. Introduction – consumer awareness and acceptance of products are low.
2. Growth – product distribution is expanded.
3. Maturity – sales are still rising , but rate of increase has declined. Sale
reaches its peak, while profit begins to fall.
4. Decline – there is a sharp fall in sales volume, profit curve becomes almost
flat.
 Category or Sector of Business
• The service –based business.
• Trading or product-based business .
• Manufacturing business .
• Licensed business opportunities .
• Distributorship .
• Rack jobber
• Wholesalers
• Subcontracting
• Vending machine routines
 IDEATION
- Beginning of a business endeavor .

Categories of ideas :
a. need/want drives
b. Time saving drives
c. Money savings
d. Unique or incorporating strong competitive advantages
e. Link to personal interest , preferably passion
 The most common way of developing ideas is
as follows :
• Recognizing the need.
• Improving an existing product .
• Recognize trends .
• Be aware of everything .
• Questions and assumptions .
• Naming it first , then, develop it .
 Some tips in evaluating ideas:
• Do not let your idea follow money, let money follow your ideas.
• See yourself as a problem solver .
• Use research as a weapon against failure .
• Make sure your idea has longevity .
• Take a risk in your ideas .
• Test your idea against the past, present, and future .
• Know the idiosyncrasies of your market .
 Ways of protecting your ideas :

• Confidentiality Agreements – typical agreement or contract one should ask advise to

patent attorney or those with expertise in intellectual properties
• Patents –inventor exclusive legal rights
- 3 general classifications : design, utility and plants patent
• Trademarks- is a word , name, symbol, or device used by manufacturers to identify
their goods .
• Copyrights – protect the creative works of composers , authors/writers, artists and
others.
 ENTREPRENEURIAL CREATIVITY
CREATIVITY , INNOVATION, AND ENTREPRENEURS ARE
INSEPARABLE.
Creativity is an essential part of innovativeness.
 ENVIRONMENTAL STIMULANTS TO
CREATIVITY
• Freedom
• Good project management
• Sufficient resources
• Encouragement
• Various organizational characteristics
• Recognition
• Sufficient time
• Challenge
• Pressure
• Outside organization
 The concept of Innovation
- Innovation is doing something different .
- Introducing either something new or different .
 Impacts of Innovation
The innovative accomplishment exists if the following happens :
a. Effecting a new policy
b. Finding new opportunities
c. Designing a new structure
d. Devising a fresh method
 Elements of Innovation Orientation
❖Value placed on creativity and innovation in general
❖An orientation towards risks
❖A sense of pride in the organization and its members
❖An offensive strategy of taking the lead towards the future

Innovation is not only for a change, but also for the search in excellence, not only in
producing a product , but also in a form of innovative systems and services .