How to Spot Business

Opportunity
GROUP 1
Opportunities can exist anytime, anywhere, at the
least expected time. An entrepreneur is inherently
gifted with an instinct to quickly recognize
conditions that may give rise to opportunity and a
business idea.
 1. Identify Your Own Personal Skill
• What skills do you inherently possess?
• What skills have you developed lately?
You may productively utilize those skills or talents and
translate them into profits.
 Heny Sison
Heny Sison, one of our country's top
cake designers and pastry chefs has
turned her talent in profitable
venture in owning bake shop and
her Heny Sison Culinary School.
Here are some examples of skills that may be
used in business.
Baking Drawing Playing musical
Bookkeeping Event planning instruments
Carpentry Hosting Plumbing
Carving Knitting Sewing
Cooking Language Singing
Cross stitching translation Sports
Dancing Painting Tutorial or teaching
Photography
 Earn from Your Hobbies and Favorite
Activities
Daisy enjoys designing her own fashion jewelry. She
surprises her friends with her finished output during
special occasions. When fashion jewelry like chokers,
necklaces and bracelets became a fad, she took advantage
of the opportunity to earn while enjoying a hobby. Later
on, she was able to put up accessories shop in a popular
mall.
 Do you have a hobby or interest that you
enjoy doing and do perfectly well?
Combining your hobby or your favorite activity with
money making ideas is certainly an enjoyable way of
earning extra income. However, advancing your hobbies
to a business career necessitates that you study and
master efficient techniques to be successful. Check from
the following hobbies and match them with yours.
Find out what you can do to earn from them:
• Acting • Crocheting • Listening to
• Basketry • Dancing music
• Beadwork • Gardening • Making
• Ceramics • Glass blowing miniature dolls
• Collecting • Hiking and and cars
objects enjoying nature • Outdoor sports
• Cooking • Jewelry making • Paper mache
• Running • Reading • Playing games
• Singing • Woodcarving • Scrapbook
making
 3. Examine Existing Products or Services and
Figure Out Ways by Which It Can Be Improved
• Look at the product or object you are holding right now.
• What else can you do to make this product more appealing?
• What special service can you offer to improve customers'
satisfaction?
• How can technology promote efficiency in the production of
this good or service?
• How else can customers avail of the product in the
most convenient way?

By scrutinizing the features, functions, services rendered,

designs and other aspects of a good or service, you may
be able to generate countless business ideas .
 4. Take Advantage of Your Previous Work
Experience
• Malou has been working as a real estate agent for the past ten
years and has established a roster of clients, referrals and
connections.

The expertise and networks she gained from her experience

became a springboard to a real estate agency she put up after
passing the broker's examination.
 5. Identify a Problem and Seize the
Opportunity by Offering Solutions

By observing or asking around, you may identify special

products or services for particular consumers.
 Example of a Entrepreneur Mindset

• Nitoy was among the very first entrepreneur to put up a

water refilling station in a waterless subdivision.

• . Nick invented and sold thousands of anti-theft gadget

in the midst of rampant theft and robbery in his
community.
 Example of a Entrepreneur Mindset

• Offering grocery services to elders in the community or

manufacturing special sizes for overweight individuals who
have difficulty finding their sizes in department stores

These are opportunities waiting to be tapped.

 6. Access to Suppliers

• Sometimes a business is conceptualized due to access

to a resource / supplier in the industry. For instance,
you might personally know many locals in your
province who extract coconut sap as a living. By
buying their coconut saps, you can build a coco vinegar
empire and earn a livelihood out of that.
 7. Identify Unexplored Resources.

• Business ideas can come from a seemingly useless thing.

Scout for unutilized resources like unused space or idle
backyards and convert them into money-making
ventures. Employ creativity and innovativeness in
recycling and reusing waste. Discover other application
or uses of products that are already considered thrash by
others. Learn a new approach to doing things.
 CHAPTER SUMMARY
• 1. An entrepreneur plays an important role in the economy. He is
an agent of change, an employer, and a contributor to economic
growth.
• 2. An entrepreneur possesses ten personal entrepreneurial
competencies (PECs). He must be an opportunity seeker,
information seeker, persistent, committed, persuasive, self-
confident, has a drive for quality and efficiency, a risk taker, a goal
setter, and a systematic planner.
 Questions
• 1. Who is an entrepreneur?
• 2. What are the significant contributions of entrepreneurs to our country?
• 4. What are the ten most important characteristics of a successful
entrepreneur?
• 6. How do you recognize a business opportunity?