The

ENTREPRENEURIA
L
MIND!
Prepared by: MR. ANGELO P. ABELLANOSA
 SEARCH for BUSINESS
OPPORTUNITY,
IDEATION, INNOVATION,
and CREATIVITY
PRELIMINARY TERM: LESSON 03
 I. The Search for Business IV. Ways of Protecting Your
Opportunity Ideas

II. Business Category / Sector V. Entrepreneurial Creativity

III. Ideation VI. The Concept of Innovation

 THE SEARCH FOR BUSINESS
OPPORTUNITY
In discovering business opportunities, the following factors on resources have to be
evaluated:
1. MARKETS
This refers to the number of prospective buyer, competitors,
the price, and the quality of goods and services that have to be
analyzed.
2. INDIVIDUAL INTERESTS
Business interest of individuals should match business
opportunities. For example, if one is a good cook, he could
venture in the food business.
3. CAPITAL
This serves as the fuel that keeps the business
operating.

4. SKILLS
The entrepreneur should have the proper skills in the
business he is going to undertake.
 THE SEARCH FOR BUSINESS
OPPORTUNITY
In discovering business opportunities, the following factors on resources have to be
evaluated:

5. SUPPLIERS OF INPUTS
It is mportant that there are steady suppliers of raw
materials and other inputs to the business.

6. MANPOWER
The success of any business also depends on the efficiency
of its employees.

7. TECHNOLOGY
Entrepreneurs should be aware of the presence of
technology to improve their products and services, or
introduce new innovations in the market.
 Other opportunity-seeking processes that can guide a prospective
entrepreneur as to what kind of business to establish are as follows:

1. LOOK AT OTHER SUCCESSFUL BUSINESSES/ENTREPRENEURS

Looking up at other entrepreneurs as a role model that could be an
inspiration, by doing what they have done or do it even better.

2. RESPOND TO A PROBLEM AREA

The solution to a problem might be transformed into a business venture.

3. HOME-BASED BUSINESS OPTION

These must not be taken for granted, for there are some big businesses
that started as a small business at home.

4. LINKAGE OF RESOURCES
The entrepreneur can produce his own input instead of buying them.
Venturing into a business project demands a timely and clear decision as to
which area or business concern to deal with. In the selection process, one
has to begin with choosing or focusing on a particular business by category
or sector.

2. TRADING OR 3.
PRODUCT-BASED MANUFACTURING
1. THE SERVICE
BUSINESS BUSINESS
BASED BUSINESS
This is a buy-and-sell This is a
Common
transaction that can manufacturing or
examples this are
happen in your production-based
consultancy, barber
storehouse. An business by
shops, repair shops,
example of this is creating a product.
beauty parlors, and
putting up a grocery Example hand-
care giving.
store and bakery painted T-shirts
products. and candle making.
Venturing into a business project demands a timely and clear decision as to
which area or business concern to deal with. In the selection process, one
has to begin with choosing or focusing on a particular business by category
or sector.
4. LICENSED
BUSINESS
OPPORTUNITIES
If you find some 5.
difficulties in DISTRIBUTORSHIP 6. RACK JOBBER
launching a This is where an This involves an agent
product or service independent or buyer entering an
it is a good idea to entrepreneur, agreement with a
look for licensed company, or parent company to
business individual enters into market its goods to
opporutnity. an agreement or various stores by
Franchising is a contract to sell, offer, means of strategically
business format or distribute a located store rack.
somehow very particular products.
similar to licensed
business
operations.
Venturing into a business project demands a timely and clear decision as to
which area or business concern to deal with. In the selection process, one
has to begin with choosing or focusing on a particular business by category
or sector.

7.
WHOLESALERS 8.
These sell the SUBCONTRACTING
product of This is familiar form of
business format in the 9. VENDING
manufacturers or
garments sector. This MACHINE ROUTES
producers to
involves signing up an These are placed in
retailers and other
agreement with a various places or
distributors who
major producer to locations.
have direct
dealings with the complete a set of
end users or product components
customers. on a pre-agreed price.
 IDEATION
The beginning of a business endeavor is ideation. This should be the first
investment of anyone who seeks to be an entrepreneur; and to be called an
entrepreneurial business opportunity, such has to be new, or if not, should be
innovative.
The most common way of developing ideas are as follows:
11. Recognizing the need

12. Improving an existing product

3. Recognizing trends

4. Be aware of everything

5. Questions and Assumptions

6. Naming it first, then, develop it

Once you generate an idea, it has to be protected because it can make you
a potential millionaire.
The following are the ways of protecting your ideas.

1. CONFIDENTIALITY AGREEMENTS
It specifically provides that a signer will not share the idea to anyone. This is a
typical agreement or contract where one should advice to a patents attorney or
those with experience and expertise in the intellectual property rights.

2. PATENTS
These gives the inventor exclusive legal rights to exclude anyone else from
manufacturing, selling, importing, or using an invention during the life of the patent.
The three classfications are: Design, Utility, and Plants Patents.

3. TRADEMARKS
This is a word, name, symbol, or device used by manufacturers on merchants to
identify their goods and distinguish them from others sold in the market.

4. COPYRIGHTS
A copyright protects the creative works of composers, authors/writers, artists, and
others. This is the easiest form of protection for intellectual Property.
 ENTREPRENEURIAL
CREATIVITY
Creativity, innovation, and entrepreneurs
are inseparable. Creativity is an essential part
of innovativeness, the starting point of a
process, which is skillfully managed, and
brings an idea into innovation. It is considered
as a characteristics that innate or inherent to
every individual.
THE CONCEPT OF INNOVATION
Innovation is doing something different. It
could be introducing either something new or
different. Innovativeness is a characteristic of
an individual, team, or organization. This is
also the capacity to create ideas and develop
them to usable products or services.