OPPORTUNITY SEEKING, SCREENING, AND SEIZING

Module 2
2.1 OPPORTUNITY SEEKING
Entrepreneur are innovative opportunity seeker. They have endless curiosity to discover
new or different ideas and see whether these ideas will work in the marketplace.
This is what separates entrepreneur from the ordinary businessman whose main objective is
simply to earn profits from producing, buying, and selling goods.
Entrepreneurs create value by introducing new products or services by finding better ways of
making them.
These may include innovation in terms of products design or addition of new product features to
existing ones.
Entrepreneurial Mind Frame, Heart Flame, and gut Game
It allows the entrepreneur to see things in a very positive and optimistic light in the midst of
crisis or difficult situations. Instead of being discouraged, the entrepreneur is able to use these
problematic situations as inspiration in creating something innovative.
If there is one commonality between an inventor and an entrepreneur, it is their surging passion
or the entrepreneurial heart flame. Driven by passion, they are drawn to find fulfillment in the act
and process of discovery.
The final ingredient is the entrepreneurial gut game. This refers to the ability of the entrepreneur
to sense without using the five senses. This is also as intuition.
THE MANY SOURCES OF OPPPORTUNITIES
1. Macro environmental sources of opportunities
Macro environment – refers to the “big or macro forces” that affect the area, the
industry, and the market.
The macro environment forces can be divided into five categories. These are the
following:
a. Socio-cultural environment
This includes the demographics and cultural dimension that govern the relevant
entrepreneurial enadeavor.
b. Political environment
It define the governance system of the country or the local are of business.
It includes all the laws, rules and regulations that govern business practices as well
the permits, approvals and licenses necessary to operate the business.
c. Economic Environment
 Supply and demand forces mainly drive the macroeconomic environment. They are
the same factor that fluctuate with the movement of the market forces.
d. Ecological environment
It includes all natural resources and the ecosystem, habitat of men, animals, plants,
and minerals
e. Technological environments
New scientific and technology discoveries, which often lead to the launch and
commercialization of new products with superior attributes or to rendering the old
ones obsolete, are the entrepreneur’s nightmares.

2. Industry sources of opportunities

The next biggest sources of opportunities are the industry and the market. One of the
most difficult aspects about industry analysis is defining what constitutes an industry in
the first place.
Participants in an industry include:
1. Rivals or competitors in a particular type of business. True rivals or competitors are
those competing for the same or similar markets.
2. Suppliers of input to rivals as well as suppliers of machinery and equipment, suppliers
of manpower and expertise, and supplies of merchandise.
3. Consumer market segments being served by rival or competitors.
4. Substitute products or services, which customers shift or turn to.
5. All other support and enabling industries.
Reflections
What are the majors opportunities and threats in the industry that you expect to
participate in? If you are ready pursuing a business, give the opportunities and threats in
this business.
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MARKET SOURCES OF OPPORTUNITIES

The entrepreneur must also be able to measure the actual demand and supply as well as
the potential demand and supply of the industry that the enterprise belongs to.
Reflections
Given the potential and actual supply and demand situation , will there be a lot of
opportunities open for your existing or envisioned enterprise in the future? What are
they? How attractive are these opportunities?
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