Opportunity Seeking, Screening & Seizing

Week 1 - Opportunity Seeking

Entrepreneurs are
innovative opportunity They have endless curiosity to
seekers. discover new or different
ideas and see whether these
ideas will work in the
marketplace
Entrepreneurial Qualities
• Entrepreneurial Mind Frame
 it allows the entrepreneur to see things in a very positive and optimistic
light in the midst of crisis or difficult situations.

• Entrepreneurial Heart Flame

 entrepreneur is driven by passion, they are drawn to find fulfillment in the
act and process of discovery.

• Entrepreneurial Gut Game

refers to the ability of the entrepreneur to sense without using the five
senses.(intuition)
 Sources of Opportunities
Product B
1. Macro Environmental 5. Micromarket
2. Industry 6. Consumer Preference,
3. Product Chain vs. Value Added Piques & Perceptions
Chain 7. Other Sources of
4. Market Sources of Opportunities Opportunities
1. Macro Environmental 2. Industry
 Socio Cultural  Rivals or Competitors
 Political  Suppliers
 Economic  Consumer Market
 Ecological
Segments
 Technological  Substitute Product or
Services
 Week 2 - Opportunity Screening
The Personal Screen
In screening opportunities, the entrepreneur first has to consider his/her
preferences and capabilities by asking three (3) 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 opportunity?
The 12 Rs of Opportunity Screening
1. Relevance
2. Resonance
3. Reinforcement of Entrepreneurial Interests
4. Revenues
5. Responsiveness
6. Reach
7. Range
8. Revolutionary
9. Returns
10. Relative Ease of Implementation
11. Resources Required
12. Risks
 The Pre-Feasibility Study

The following factors that are contained in a pre-feasibility

study:

 Market potentials and prospects

 Availability and appropriateness of technology
 Project investment and detailed cost estimates
 Financial forecast and determination and financial feasibility
Market Potential and Prospects

• Segmenting the Market

• Assessing Competition
• Estimating Market Share and Sales
Technology Assessment and Operations Viability

Four (4) target customer expectations affecting the

scale and complexity of an enterprise’s operations:

1. Quantities demanded
2. Quality specifications demanded
3. Delivery expectations
4. Price expectations
Investment Requirements and Production/Servicing Costs

Three (3) investments that need to be funded:

1. Pre-Operating Costs
2. Production/Service Facilities Investment
3. Working Capital Investment
Week 3 - Opportunity Seizing

 Crafting a Positioning Statement

 Conceptualizing the Product or Service Offering
 Designing, Prototyping & Testing the Product
 Implementing, Organizing & Financing
 Opportunity Seizing

“Will I will be able to manage, to

my advantage the critical success
factors and avoid the critical
failure factors?
Crafting a Positioning Statement
 The entrepreneur is advised to look at other competitors(substitutes) in the
marketplace.

Conceptualizing the Product or Service Offering

 A concept is an idealized abstraction of the product or service to be offered to
the preferred market of the entrepreneur.

Designing, Prototyping, and Testing the Product

Designing – the entrepreneur must render the concept and translate it into its very
physical and very real dimensions(measurement).

Prototyping – the entrepreneur must be able to “perfect” the product or service

Testing the Product – the entrepreneur is to assess how much resources are
available.
Designing, Prototyping, and Testing the Product
Designing – the entrepreneur must render the concept and translate
it into its very physical and very real dimensions(measurement).

Prototyping – the entrepreneur must be able to “perfect” the

product or service.

Testing the Product – the entrepreneur is to assess how much

resources are available.

Implementing, Organizing and Financing

 Good planner and programmer
 correct technology
 the right people
 Design the operating workflow
 Specify the systems and procedures
 Design the organizational architecture