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Opportunity Seizing Chapter 2 Lesson 3

The document discusses the opportunity seizing stage of entrepreneurship where the entrepreneur implements their business idea. It covers determining critical success factors and avoiding failure factors in the target industry. Advice is provided on crafting a positioning statement, conceptualizing the product or service, designing and testing prototypes, and implementing, organizing, and financing the business.

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Mary Ann Guban
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261 views

Opportunity Seizing Chapter 2 Lesson 3

The document discusses the opportunity seizing stage of entrepreneurship where the entrepreneur implements their business idea. It covers determining critical success factors and avoiding failure factors in the target industry. Advice is provided on crafting a positioning statement, conceptualizing the product or service, designing and testing prototypes, and implementing, organizing, and financing the business.

Uploaded by

Mary Ann Guban
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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OPPORTUNITY SEIZI

NG
After Opportunity Seeking and Screening,
the entrepreneur is ready for Opportunity
Seizing, the final stage.
By this time the entrepreneur has as idea
as to where to locate the business and how
he or she will market the product o service.
At this stage also, the entrepreneur must be
able to determine the critical success factors
that enable other players in the same industry
to succeed.
At the same time, be vigilant about
this factors that cause other
businesses to fail.
The critical factors may change
depending on what market segment
the enterprise is addressing. For
example, if the market segment wants
a very high quality products and can
tolerate high prices or a market
segment that needs low quality
products or services to a reasonable
price.
Reasons For Business Failures

1. Lack of Market Fit


A. there isn't enough demand( market size)
B. product doesn't solve the needs ( fit )
C. people don't need it ( compelling need)
D. Not value for money ( customer
perception)

2. Wrong Team ( skills / personal fit )


3. Underestimating competition
4. Lack of capital ( at the right time )

The question for the entrepreneur in


Opportunity Seizing is “ Will i able to manage,
to my advantage, the critical success factors
and avoid the critical failure factors?”
Critical Success Factors
1. Crafting a Positioning Statement
In order to craft a positioning statement, the
entrepreneur should look to competitors or s
ubstitutes in the market place.
Know the details such as major buyers, attrib
utes and features that make the competitors pro
ducts attractive.
Customer profiling will come into the picture
, traits, usage pattern, behavior and preferences
.
2. Conceptualizing the Product or
Service Offering

After making an assessment of the comp


eting products, the entrepreneur must then c
onceptualize his or her own product.

CONCEPT - is an idealized abstraction of th


e product or service to be offered to the pref
erred market of the entrepreneur.
- the concept must be compelling and un
ique to the customer being targeted.
3.Designing, Prototyping and Testing
From conceptualization, the entrepreneur pr
oceeds to the design, prototyping and testing
of the concept.
* Designing- means that the entrepreneur mu
st render the concept and translate it into it's v
ery physical and very real dimensions (measur
ement).
This entails building a prototype of the produ
ct that will be ready for actual testing by the en
trepreneur and potential customers.
4. Implementing, Organizing and Finan
cing

Good planning and programming are esse


ntial to have a good implementation. A good
planner and programmer must make several
important choices to achieve the desired en
d results :

First, choose the correct technology, th


e one that would produce the output that wo
uld meet the quality specifications of the cus
tomer.
Second, choose the right people who can per
form the technical and managerial functions nece
ssary.
Third, design the operation workflow that wo
uld assure effective, economical and efficient pro
duction output.
Fourth, specify the systems and procedure
s that would govern the enterprise, motivate and
discipline the workforce.
Fifth, design the organizational structure th
at would allow people to function at their best.
Project # 2
• Create a Name for your Product or Service

• Draw image of the Product and Service

• Put a Tag Line, Description, Specification

• A4 Size Bond Paper


Project # 2
Naming your Product
Use your considerations when selecting a n
ame for your business:
 The name should be easy to understand,
spell, pronounce, remember and find in th
e telephone directory
 Does the name help describe the image y
ou want for your business?
 Can your actual product be listed as part
of the name? (e.g. Domino's Pizza)
Project # 2
 Individual letters or acronyms make the n
ame difficult to find in the telephone direct
ory.
 Avoid unusual spellings such as “Kar” for
Car to prevent confusion
 Avoid names similar to those used by ano
ther business
 Terms such as Corp., Inc. may only be us
ed for business structured in such a mann
er and registered correctly.

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