ENTREPRENEURIAL PROCESS

• Step-by-step procedure in establishing any kind of business that an

entrepreneur has to undergo

1. Opportunity Spotting and Assessment

• Beginning of the process and considered as most difficult. Entrepreneurs at
this point take note of interesting trends in their environment.

2. Developing a Business Plan

• Business plan – is a comprehensive paper that details the marketing,
operational, human resource, financial, strategic direction, and tactics of the
business.
- Core guide and direction of the entrepreneur in calculating the resources
needed, assessing how to obtain these resources efficiently, and running the
business sustainability.
3. Resourcing or Determining the Capital Needed
• Calculating the difference between the needed and existing
capital.
• Develop contact and relationship with suppliers and service
providers.

4. Running the Business

• The entrepreneur should use the resources allocated for the
new venture.
• Identify existing and foreseeable problems and issues
 3S OF OPPORTUNITY SPOTTING AND
ASSESSMENT

• Opportunity Seeking

- The first step and the most difficult process of

all due to the number of options that
entrepreneur will have to choose from.
It involves the development of new ideas from various sources as follows:

1. Macroenvironmental sources
a. STEEPLED
- Represents the general environment where the entrepreneur can identify business opportunities
from and where the future business is about to operate.

b. Industry
- This is the source of current trend on what is happening in the industry where the future
business will belong to.

c. New discovery or knowledge

- These are new trends that can be the core business model of a new venture.

d. Futuristic opportunities
- Projected new opportunities that can possibly affect the new business while it is running.
2. Micromarket
a. Consumer preferences, interests, and perceptions
- Current needs and wants of potential customers that should be discovered
right away by a budding entrepreneur.

b. Competitors
- Recognizing and understanding potential competitors will aid the
entrepreneur to develop a product or service that is unique and will surely
stand out from the competition.

c. Unexpected opportunities from customers

- It may happen in unlikely situations, unlikely places, and with unlikely
people.
d. Talents, hobbies, skills and expertise
- Business opportunities do not come from outside forces but also from within
the entrepreneur.

e. Irritants in the marketplace such as deterrents, problems, complaints, and

delays
- Entrepreneurs see opportunities in situations where there is a recurring
problem or sometimes when there is no more hope in solving the problem.

f. Location
- Entrepreneurs just have to look at their ecosystem and they will be able to
spot a business opportunity right away.
 METHODS OF GENERATING IDEAS

• Focused Group Discussion (FGD)

- A moderator handles a very open, free-flowing, and in-depth discussion with
a group of people who can provide insightful ideas about a new product or
service that will fill a market need

• Brainstorming
- An activity that allows the participants to share creative ideas. It is also a fun
discussion with lenient rules.
• Brainwriting or Internet Brainstorming
- Same as brainstorming except that the channel used is not face-
to-face, but in writing or online.

• Problem Inventory Analysis

- Similar to FGD except that the participants are already given an
inventory of product or service problems.
 SCREENING THE OPPORTUNITY

• Opportunity Screening is the process of

cautiously selecting the best opportunity.

• The entrepreneur should apply due diligence

and independent judgment in selecting the
opportunities that have a potential and
eliminate those that are not within the scope
of the entrepreneur’s risk appetite
 WHEN TO SAY NO TO AN
OPPORTUNITY?

If DOES NOT contain any of these business opportunity

elements

1. Has superior value to customers

2. Solves a compelling problem, issue, a need, or a
want
3. Is a potential cash cow
4. Matches with the entrepreneur’s skills, resources,
and risk appetite
 SEIZING THE OPPORTUNITY

• Opportunity Seizing this is the “pushing through”

with the chosen opportunity.

• Entrepreneurs should make the best out of this

opportunity, and they should exert effort and full
dedication for the success of the new venture.
THANK YOU!!!