GROUP 1

• ERICA MANALANG
• MORELLA LINGAD
• MARK TADEO ROMULOS
• NATHANIEL MALLARI
• JIMBOY BALINGIT
CHAPTER 2:
OPPORTUNITY SEEKING, SCREENING,
AND SEIZING
LEARNING OBJECTIVE

• To know the importance of

opportunity seeking, screening, and
seizing in entrepreneurship
OPPORTUNITY SEEKING
 Entrepreneurial Mind Frame,
Heart Flame, and Gut Game
 The entrepreneurial mind frame allows the entrepreneur to see
things in a very positive and optimistic light in the midst of crisis
or difficult situations.
 The entrepreneurial heart flame, also known as surging passion,
refers to the entrepreneur’s fulfillment in the act and process of
discovery.

 The entrepreneurial gut game, also known as intuition, refers to

the ability of the entrepreneur to sense without using the five
senses.
 Sources of Opportunities
Macro Environmental Sources
of Opportunities
1. Socio-cultural Environment
2. Political Environment
3. Economic Environment
4. Ecological Environment
5. Technological Environment
 Sources of Opportunities
Industry Sources of
Opportunities
 Participants in and 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 rivals or
competitors.
4. Substitute products or services, which customers shift or turn to.
5. All other support and enabling industries.
 Sources of Opportunities
Micromarket
 Micromarket refers to the specific target market segment
of a particular enterprise. These are the target customers
that represent the immediate customers of an enterprise,
meaning those who are currently buying the goods or
services offered by the enterprise and its direct
competitors. It likewise pertains to a clearly defined
location or specific customer group that an enterprise
wishes to serve.
 Sources of Opportunities
Consumer Preferences, Piques,
and Perceptions
 Consumer preferences refer to the tastes of particular
groups of people. In contrast, consumer dislikes refer to the
things that irritate customers. Either way, the entrepreneur
can explore opportunities brought about by consumer
preferences or dislikes.
 There are times when the product is not changed by the
enterprise but what changes is the way consumers perceive
the product.
 Sources of Opportunities
Other Sources
 Another potential source of opportunity is the
entrepreneur’s own set of skills or expertise, or hobby.
 New knowledge as well as new technology can be the
source of highly innovative opportunities.
1. Customer preferences change over time.
2. People’s tastes in clothes, music, shoes,
entertainment, dance, sports, hobbies, and even
careers have evolved over the years.
3. What piques customers is a great source of
opportunities.
4. Before the customer is won over, there is first a
battle for the mind. Next, there is a battle for the
heart. Finally, there is a battle for the wallet.
 Sources of Opportunities
Other Sources
5. The longer the customer wants to use the product,
the greater the chances of creating lasting loyalty.
6. Opportunities abound in shaping consumer
perceptions or occupying spaces in their minds or
places in their hearts that have not yet been filled.
 Sources of Opportunities
Other Sources
7. New inventions, new systems and work processes,
new insights about the human psyche, new
applications for old knowledge, new revelations
about how the physical world works, new
interpretations, new combinations based on the
convergence of previous technologies, new outlooks
about how life should be led, and a host of other
new things are tremendous sources of
opportunities.
8. Determining personal preferences and
competencies lay the foundation for a new business
venture.
 Sources of Opportunities
Other Sources
9. Unexpected occurrences in both the external and
internal environment of the enterprise indicate that
significant changes are happening and
opportunities are sprouting.
OPPORTUNITY SCREENING
 The Personal Screen
In screening opportunities, the entrepreneur first has to consider his
or her preferences and capabilities by asking three basic questions:
1. Do I have the drive to pursue this business opportunity to the
end?
2. Will I spend all my time, effort, and money to make the
business opportunity work?
3. Will I sacrifice my existing lifestyle, endure emotional
hardship, and forego my usual comforts to succeed in this
business opportunity?
If “YES” is your answer to all of the above, then you can begin your
earnest pursuit of that opportunity.
 The 12 Rs of Opportunity
Screening
1. Relevance to vision, mission, and objectives of the entrepreneur. The
opportunity must be aligned with what you have as your personal
vision, mission, and objectives for the enterprise you want to set up.
2. Resonance to values. Other than vision, mission, and objectives, the
opportunity must match the values and desired virtues that you have
or wish to impart.
3. Reinforcement of Entrepreneurial Interests. How does the
opportunity resonate with the entrepreneur’s personal interests,
talents, and skills?
4. Revenues. In any entrepreneurial endeavor, it is important to
determine the sales potential of the products or services you want
to offer. Is there a big enough market out there to grab and nurture
for growth?
 The 12 Rs of Opportunity
Screening
5. Responsiveness to customer needs and wants. If the opportunity
that you want to pursue addresses the unfulfilled or underserved
needs and wants of customers, then you have a better chance of
succeeding.
6. Reach. Opportunities that have good chances of expanding through
branches, distributorships, dealerships, or franchise outlets in order
to attain rapid growth are better opportunities.
7. Range. The opportunity can potentially lead to a wide range of
possible product or service offerings, thus, tapping many market
segments of the industry.
8. Revolutionary Impact. If you think that the opportunity will most
likely be the “next big thing” or even a game-changer that will
revolutionize the industry, then there is a big potential for the
chosen opportunity.
 The 12 Rs of Opportunity
Screening
9. Returns. It is a fact that products with low costs of production and
operations but are sold at higher prices will definitely yield the
highest returns on investments. Returns can also be intangible;
meaning, they come in the form of high profile recognition or image
projection.
10. Relative Ease of Implementation. Will the opportunity be
relatively easy to implement for the entrepreneur or will there be a
lot of obstacles and competency gaps to overcome?
11. Resources Required. Opportunities requiring fewer resources from
the entrepreneur may be more favored than those requiring more
resources.
12. Risks. In an entrepreneurial endeavor, there will always be risks.
However, some opportunities carry more risks than others, such as
those with high technological, market, financial, and people risks.
Factors That Are Contained in a
Pre-feasibility Study
• Market potential and prospects

• Availability and appropriateness of technology

• Project investment and detailed cost estimates

• Financial forecast and determination of financial

feasibility
THINGS TO CONSIDER IN
WRITING THE FEASIBILITY STUDY
1. A more in-depth study of market potential to
ensure that the business proposal will reach the
forecasted sales figures
2. Proof that the product or services being offered
has the right design, attributes, specifications and
preferred features
3. Proof that the entrepreneur and his or her team
have the necessary experience, skills, and
capabilities to maximize the venture’s chances of
success
THINGS TO CONSIDER IN
WRITING THE FEASIBILITY STUDY
4. Legal visibility
5. More detailed costing on the different
assets and more justification for the
production and operating expenses
6. More thorough analysis of the
technology and its sustainability
OPPORTUNITY SEIZING
THE QUESTION FOR THE ENTREPRENEUR
IN OPPORTUNITY SEIZING IS…

“Will I be able to manage, to my advantage,

the critical success factors and avoid the critical
failure factors?”
 KEY POINTS IN GOING ABOUT THE
“QUESTIONING” TO CRAFT A
POSITIONING STATEMENT
1. What are the main customer segments?
2. What are the different product attributes
and features of each of the competitors?
3. What are the existing marketing practices
of the various competitors?
4. What are the market preferences of
consumers when it comes to the products
being offered?
OPTIONS OR DIRECTIONS IN COMING UP
WITH A PRODUCT/SERVICE CONCEPT
1. The first is to create a concept similar to the winning
products in the marketplace and ride with the obvious
market trends
2. The second is to find a market niche that has not been filled
by the competitors.
3. The third is to conceptualize a product in a positioning
category where the participants are rather weak.
4. The fourth is to conceptualize a product that would change
the way customers think, behave, and buy, thus making
existing products “obsolete” and “old-fashioned.”
DESIGNING, PROTOTYPING, AND
TESTING THE PRODUCT

Designing means that the entrepreneur must render the concept

and translate it into its very physical and very real dimensions
(measurement). This entails building a prototype of the product
that will be ready for actual testing by the entrepreneur and
then, later on, subject to testing by potential customers through
focus group discussions (FGD), surveys, product demonstration
sessions, and the like.
DESIGNING, PROTOTYPING, AND
TESTING THE PRODUCT

Designing means that the entrepreneur must render the concept

and translate it into its very physical and very real dimensions
(measurement). This entails building a prototype of the product
that will be ready for actual testing by the entrepreneur and
then, later on, subject to testing by potential customers through
focus group discussions (FGD), surveys, product demonstration
sessions, and the like.
THANK YOU FOR
LISTENING

GOD TO BE GLORY