ENTREPRENEURSHIP Sources of Business Opportunities

GENERATION, IDENTIFICATION, SELECTION OF

BUSINESS OPPORTUNITIES
Prof. Jezreel Pattaguan

OUTLINE
• The Process for Business Opportunity
• The Search for A Good Business Opportunity
• Generation of Business Ideas
• Sources of Business Opportunities
• Evaluating Business Opportunities
• Top Major Exports of the Philippines
• Top Major Startup Business in The Philippines (As of 2021)
• Crisis-Proof Business Ideas
The sources of business opportunity to an enterprise may be
• Government and Business Opportunities
• Factors That Affect Exploring Opportunities
broadly classified as:
• Internal
INTRODUCTION • External
• Opportunity may be defined as a time when a particular situation Drucker argue that opportunity identification can be
makes it possible to do or achieve something. therefore, relates to systemized, and opportunities can be by monitoring seven
creating value and developing new market, hence creating new basic sources:
customers.  demographic changes,
• Business opportunities are the situations or circumstances the would-  new knowledge,
be entrepreneur ceases to his/her advantage in order to succeed.  incongruities (gaps between reality and expectations)
• Business opportunities are in abundance in virtually all sphere of life.
industry or market structure,
Just look around you and see what is missing, what is needed in your
immediate environment (communities). If you provide a real
 unexpected successes or failures, process, needs, and
product/service and fill a real need, you are bound to succeed.  changes in perception
Evaluating Business Opportunities
The Process for Business Opportunity • A new business opportunity should only be pursued after it is
assured that it is both valid and right for the enterprise or
individual.
• The enterprise or individual has a business strategy and plan
to which they are committed.
• Is the opportunity consistent with the organization's strategy
or the individual's aspiration?
• The entrepreneur must be consistent, persistent, and
committed to their objectives, so as to see the potential of the
market and evaluate the business concept.

The following questions should be asked and answered about

any new business concept to properly evaluate its worth:
•What Produces the Opportunity?
The Search for A Good Business Opportunity • What are the Character and Size of the Market?
There are mainly two ways to generate business ideas: • Is it worth the Effort?
Generate your own ideas • Is the Opportunity Feasible?
II. Develop other persons ideas
III. Other sources of business ideas:
Root of Opportunity
 Poor delivery of a product or service
• Problems You Can Solve
 Advances in technology
• Changes in Trends, Situation, Law
 Failure of a product or a company
• Competition- Price, Quality, Service Delivery,
 Monopoly
Location
 Adaptation or imitation
• Technological Inventions
• Unique Knowledge
Generation of Business Ideas
• The generation and selection of business ideas (opportunities)
Top Major Exports of the Philippines
start with the environment
• Coconut oil
• The key to entrepreneurship is the ability to generate, pursue
• Cathodes and sections of cathodes, refined copper
and capture the value from venture ideas
• Wiring sets used in vehicles, aircrafts and ships
• No one can call him/herself an entrepreneur until he/she has
• from bio-based plant and animal materials and
generated and at least begun to pursue a venture idea
• Other manufactured good (mechanical,
• Idea may be defined as a business concept that is turned into
electromechanical appliances, bamboo/wood)
a tangible product or service offered by a business enterprise
• Electronic equipment and parts (fuse, batteries,
that will result into financial profit
transformers)
• Idea, therefore, is related to creating value and developing
• Metal components
new market, hence creating new customers
• Chemicals (Oleochemicals from bio-based plant and
• In search of a good business opportunity, the entrepreneur
animal materials and petrochemicals derived from oil
needs to enlarge his/her coast; that is like the Politician, the
and gas products)
entrepreneur must reach out to the masses. Press the flesh and
• Electronic equipment and
talk to people.
• Other mineral products
Top Major Startup Business in The Philippines (As
of 2021)
1. RTW Clothes Online
2. Healthy / Low-Calorie Meal
3. Discounted Authentic Perfumes
4. Patisserie
5. Handicrafts
6. Gardening
7. Computer Services
8. Network Marketing
9. Food catering
10. Pet grooming
11. Food carts
12. Events Design
13. Blogging
14. Cryptocurrency

Crisis-Proof Business Ideas

• Online Therapy or Counseling.

• One-on-One Academic Tutorial.
• Mentoring or Coaching for a specific Field.
• Art Selling.
• Live Game Streaming.
• Mobile Coffee Shop.
• Writing Services.
• Video Editing for Vloggers or Businesses.
• Product Rebranding/White Labeling/Private Labelling.
• Accounting Services for Freelancers and Small
Business Owners (Bookkeeping and Tax Filing).

Government and Business Opportunities

• Business opportunities are abundant in the country.
• Government should strive to make the environment
entrepreneurship friendly by providing the basic infrastructure
for private business to flourish
• Good Regulatory and Legal Framework
• Effective Facilitatory Role
• Protection of Life and Property
• Comprehensive and total Government Support and
commitment

Factors That Affect Exploring Opportunities

• Fear is a giant and only a human colossus and a giant killer
• Do not procrastinate
• Improve your craft
• Plan, plan, plan
• Get expert advice
•Persist and persevere
• Avoid uniformed optimism
• Do risk management
• Surround yourself with positive and helpful people