Entrepreneurial Mindset

By: Prof. Leah B. Bitao

The Entrepreneurial Mindset

OPPORTUNITY
SEEKING

OPPORTUNITY
SCREENING

OPPORTUNITY
SEIZING
OPPORTUNITY SEEKING
The Many Sources Of Opportunity
 Macro­
Environmental 1 MACRO‐SOCIAL ENVIRONMENT
Sources
• the demographics and socio‐ cultural
conditions
• structure, social status and dynamics
of the population
• people’s beliefs, tastes, mores, customs
and traditions

Opportunity Seeking
The Entrepreneurial Mindset
 Macro­
Environmental 2 POLITICAL ENVIRONMENT
Sources • governance system of the country or the local area
• includes all the laws, rules and regulations on allowable and
disallowable business practices
• largely responsible for peace and order
• the main builder of infrastructures
• provider of logistical access and determinant of the cost of
doing business

Opportunity Seeking
The Entrepreneurial Mindset
 Macro­ MACRO‐ECONOMIC ENVIRONMENT
Environmental 3 • driven by supply and demand forces
Sources
• the income levels and purchasing power of its
people
• the competitiveness or
uncompetitiveness of its enterprises
• business cycles of its industries

Opportunity Seeking
The Entrepreneurial Mindset
 Macro­
Environmental 4 ECOLOGICAL ENVIRONMENT
Sources
• includes all natural resources and the
ecosystem that defines the habitat of man,
animals, plants and minerals.

Opportunity Seeking
The Entrepreneurial Mindset
 TECHNOLOGICAL ENVIRONMENT
Macro­
Environmental 5 • makes or breaks competing participants in any industry
Sources • New scientific and technological discoveries often lead
to the commercialization of new products, rendering
old ones obsolete because of superior attributes.
Technology can come in the form of new machinery and
equipment, new systems, new processes or new
products.
• It can also be all of the above when technology
paradigms are changed.

Opportunity Seeking
The Entrepreneurial Mindset
The Many Sources Of Opportunity
 • industry structure and dynamics yields opportunities for the
Industry & astute entrepreneur.
Market • the entrepreneur can examine the entire supply to market chain
Sources of that industry to determine opportunities and threats.
• Industry dynamics present opportunities that arise from how the
different industry participants interact, bargain and transact
business with one another.
• Market sources of opportunities can be gleaned from increased
or decreased demand as well as higher or lower supply.

Opportunity Seeking
The Entrepreneurial Mindset
The Many Sources Of Opportunity
 • Customer preferences change over time.
• People’s t stes in clothes, music, shoes, entertainment, dance,
Consumer
Preferences,
sports, hobbies and, even, careers have evolved over the years.
Piques & • What piques customers is a great source of opportunities.
Perceptions • Before the customer is won over, there is first a battle for his or her
mind. Next, there is a attle for the heart. Finally, there is a
battle for the wallet.
• The longer the customer wants to use the product, the greater the
chances for creating lasting loyalty.
• Opportunities abound in shaping consumer perceptio s or
occupying spaces in their minds or places in their hearts which have
not yet been filled.

Opportunity Seeking
The Entrepreneurial Mindset
The Many Sources Of Opportunity
 • New inventions, new systems and work processes
New
• new insights about the human psyche
Knowledge • 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

Opportunity Seeking
The Entrepreneurial Mindset
The Many Sources Of Opportunity
 • Many entrepreneurs discover their business
Talents, Hobbies, passion by transforming their personal
Interests, Skills, preferences into enterprise propositions.
& Exposure • These personal preferences are highly in luenced by
what interests the entrepreneur the most, w at
their talents and skills are, and what crafts, jobs and
training they have been exposed to.

Opportunity Seeking
The Entrepreneurial Mindset
The Many Sources Of Opportunity
 • Unexpected occurrences in both the external and
Opportunities internal
from the envir nment of the enterprise indicate that
Unexpected significant changes are happening and opportunities
are sprouting.

Opportunity Seeking
The Entrepreneurial Mindset
The Many Sources Of Opportunity
 • Megatrending allows the entrepreneur to take a leap
Opportunities of faith into the future in order to exploit
from the opportunities today.
Future • The Entrepreneur should put himself in some future
time and imagine the way people live, behave and
function in that futuristic world.

Opportunity Seeking
The Entrepreneurial Mindset
The Entrepreneurial Mindset

OPPORTUNITY
SEEKING

OPPORTUNITY
SCREENING

OPPORTUNITY
SEIZING
OPPORTUNITY SCREENING
3 Opportunity Screens for Individuals

Do I have the drive Am I willing to Am I willing to

and tenacity to spend all my time, sacrifice my
pursue this effort and money existing lifestyle,
business to the to make the endure emotional
end? business work? turmoils and
forego my usual
creature comforts
to succeed in this
business?
12 Opportunity Screens for Enterprises
12 Opportunity Screens for
enterprises

1
level
Relevance to the Vision, Mission
& Objectives of the Enterprise

The entrepreneur should assess

the opportunity in relation to what
he or she wants to personally
accomplish for himself or herself or
for his or her existing enterprise.
12 Opportunity Screens for
Enterprises

2
level Resonance to Enterprise Values

The opportunity must ring true to

the values of the enterprise
12 Opportunity Screens for
Enterprises

3
level
Reinforcement of Existing
Enterprise
Strategies
For entrepreneurs with an on­ going
business, they may want the
opportunity to strengthen whatever
strategies, products and markets they
already have.

For would b­ e entrepreneurs, they may

desire to pursue an opportunity that
would amplify their current interests,
hobbies, skills and competencies.
12 Opportunity Screens for
Enterprises

level 4 Revenue Potential

Revenue potential is both a function

of the market targeted and the
product being offered by the
enterprise.
12 Opportunity Screens for
Enterprises

5
level
Responsiveness to Customer
Needs and Wants

The opportunity must answer an

actual or a latent customer need
or want, or serve a definite
customer preference or
aspiration.
 12 Opportunity Screens

6
level Reach

Will the opportunity allow the

enterprise to have a wide market
reach or expansive geographic
coverage?
12 Opportunity Screens for
Enterprises
7
level Range

The basic research and

development expenditures
for the product can be
spread among a group or
range of products,
creating a multiplier effect.
12 Opportunity Screens for
Enterprise

level 8 Revolutionary Impact

What takes the customers by storm
are opportunities that revolutionize
industries, change the business
rules of the game and render old
products obsolete.
12 Opportunity Screens for
Enterprise

level 9 Returns
Entrepreneurs enter businesses
because of their profit potentials.
Profits make all of their “blood,
sweat and tears” seem
worthwhile.
12 Opportunity Screens

10
level
Relative Ease of
Implementation
The best opportunities for
the entrepreneur are the
ones easy for him or her
to implement but difficult
for others.
12 Opportunity Screens for
Enterprise
level 11Resources Required
The entrepreneur may want to
screen opportunities based on the
amount of resources required to
actualize them.
12 Opportunity Screens for
Enterprises

12
level Risks

Each and every opportunity

carries its own risks. The
entrepreneur should assess
these risks in relation to the
opportunities presented.
The Entrepreneurial Mindset

OPPORTUNITY
SEEKING

OPPORTUNITY
SCREENING

OPPORTUNITY
SEIZING
 OPPORTUNITY SEIZING

SUCCESS CRITICAL FACTORS DISASTER

WHICH ARE THE FEW FACTORS THAT COULD

MAKE OR BREAK THE OPPORTUNITY?
 OPPORTUNITY SEIZING

STEP 1:
Find the critical RED button!
 OPPORTUNITY SEIZING

STEP 2:
Discover the
WINNING formula.
 OPPORTUNITY SEIZING

STEP 3:
Determine the exact
MARKET POSITIONING
for the preferred
opportunity.
 Crafting a Positioning Statement

Attributes
Perceived Their Products Their Major or Features
Competitors & Services Buyers that Make their
Products Attractive
 Crafting a Positioning Statement

Discern the MAIN VALUE PROPOSITION of the competing product

to the MARKET SEGMENT that most wants it.

MVP
 Guide Questions for Determining the MVP

CUSTOMERS ATTRIBUTES MARKETING

OF
COMPETITORS’
PRODUCTS

DEFINING
MARKET THE MVP
PERFORMANCE FOR EACH
PRODUCT
 Analysis of Competitors’ Products

Questions for Competitor Analysis

Weaknesses
Main Strength of
Product Market Marketing of
Customer Competitor’s
Attributes Practices Performance Competitor’s
Segment Product
Product

MAIN VALUE PROPOSITION of Competitor’s Product

 Crafting a Positioning Statement

To picture the
relative
positioning:
 Crafting a Positioning Statement

Note : Numbers represent competitors

Conceptualizing the Product or
Service Offering

A CONCEPT is an idealized abstraction

of the product or service to be offered to
a preferred market.
 Conceptualizing the Product or
Service Offering

A concept
similar to
the winning A product that
would change
products &
the way
market A market A product in customers
trends niche that a positioning think, behave
has not category and buy
been filled where
by participants
competitors are weak
To be continued!