ESPERANZA NATIONAL

HIGH SCHOOL

RECOGNIZE A
POTENTIAL
MARKET

LIEZL L. LUMAPAC - Subject

Teacher
 Entrepreneurial Ideas
The creation of an
entrepreneurial ideas leads
to the identification of
entrepreneurial
opportunities, which in turn
https://assets.entrepreneur.com/content/
3x2/2000/20170731065840-plan-research-write-think-
idea.
results in the opening of an
entrepreneurial venture.
 The entrepreneurial process of creating a
new venture is presented in the
diagram below. (Aduana, 2017)

Creation of Identification of Opening of

entrepreneurial
entrepreneurial Opportunities entrepreneurial
Ideas Venture

Figure 1. The Entrepreneurial Process of Creating New

OPPORTUNI
TY SEEKING
 OPPORTUNITY SEEKING
Entrepreneurs are innovative opportunity
seekers. They have endless curiosity to
discover new different ideas whether these
ideas will work in the marketplace.
Entrepreneurs create value by introducing
new products or services or finding better
ways of making them. This what separates
entrepreneurs from the ordinary businessman
whose main objective is imply to earn profits
from producing , buying and selling goods.
Entrepreneurs are innovative seekers.
Create value by introducing new products or
services.
Innovation in terms of product design
Employing new technologies that will bring
them greater efficiency, better economies
and enable them to reach the unparalleled
superiority.
Entrepreneurs may totally change the
prevailing business paradigm by rendering it
obsolete through the introduction of
disruptive technologies, processes and
 ACTIVITY
The students will be grouped into five (5). Each
group will be given a Meta cards indicated the word
ENTREPRENEURIAL MIND FRAME, ENTREPRENEURIAL
HEART FRAME and ENTREPRENEURIAL GUT GAME .
The teacher will give a situation where the
opportunity seeking takes place. Then the student
will identify whether it is MIND, HEART or GUT
GAME. The students will explain their answer to the
class.
 Situations Entrepreneurial Opportunity
Seeking
1. Positive thinkers
2. Driven by passion
3. Optimistic
4. Fulfillment of discovery
5. Emotional Intelligence
6. Creates a caring culture within the
organization
7. Nurture relationship with costumers,
employees and suppliers
8. Ability of an entrepreneur to sense without
using the five senses
9. Entrepreneurs connote ”Lakas ng Loob”
 Essentials in Entrepreneur’s Opportunity Seeking
These are the basic foundation that the entrepreneur must
have in seeking opportunities:

Entrepreneurial mind Entrepreneurial heart Entrepreneurial gut

frame
This allows the entrepreneur to flame driven
Entrepreneur's game
This refers to the ability of the
see things in a very positive passion, they are attracted entrepreneur of being
and optimistic way in the midst to discover satisfaction in the intuitive. This also known as
of difficult situation. Being a act and process of discovery. intuition. The gut game also
risk - taker, an entrepreneur Passion is the great desire means confidence in one’s
can find solution when of an entrepreneur to achieve self and the firm believes that
problems arise. his/her goals. everything you aspire can be
reached.
 Passion
 is a great desire to attain a
vision fulfill a mission. It is
about wanting something so
much that a person would
be willing to totally devote
one’s self to the quest.
Sources of Opportunities

There are many ways to

discover opportunities. Looking
at the big picture some have
noticed the emerging trends and
patterns for business
opportunities. While others are
trying to find out their target
market. Some are the following
sources of opportunities:
1. Changes in the
environment

Entrepreneurial ideas arise when

changes happen in the external
environment. A person with an
entrepreneurial drive views these
changes positively. External
environment refers to the physical
environment, societal environment,
and industry environment where the
business operates.
 1.1 The
physical
environment
includes

a. Climate-
the weather
conditions.
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Logo.jpg
 1.1 The
physical
environment
b. includes
Natural
resources - such
as minerals,
forests, water, and
fertile land that
occur in nature and
can be used for https://www.shutterstock.com/shutterstock/photos/1986497966/display_1500/stock-vector-
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economic gain.
 1.1 The
physical
environment
includes
c. Wildlife-
includes all
mammals, birds,
reptiles, fish,
etc., that live in
the wild. https://d1g9yur4m4naub.cloudfront.net/images/Article_Images/
ImageForArticle_714_16449362895935733.jpg
 1.2 The Societal
environment
includes the various
forces like
a. Political forces -
includes all the laws,
rules, and regulations
that govern business
practices as well as the
permits, approvals, and
licenses necessary to
operate the business. https://www.marketingtutor.net/wp-content/uploads/2018/02/political-factors-affect-business.jpeg
 1.2 The Societal
environment
includes the various
forces like
b. Economic
forces - such as
income level and
employment
rate.
https://www.capital.ba/wp-content/uploads/2020/10/
ekonomija-lupa.jpg
 1.2 The Societal
environment
includes the various
forces like
c. Sociocultural
forces -
customs,
lifestyles and
values that
characterize a https://s3-us-west-2.amazonaws.com/courses-images/wp-content/uploads/sites/
143/2016/08/22191030/15428346554_5248d9365e_k.jpg

society.
 1.2 The Societal
environment
includes the various
forces like
d. Technological
environment -
New inventions
and technology
innovations.
https://netlogyxit.com.au/wp-content/uploads/2019/07/it-solutions-gold-coast-digitally-transform-
your-business.jpg
1.3 The industry environment of the business includes:

a. Competitors b. Customers

https://visionedgemarketing.com/wp-content/uploads/2019/08/business-competition.jpg https://pointofsale.com/wp-content/uploads/2019/07/PointofSale-Retail-clerk-handing-shopper-bag-Retail-customer-service-tips-01.jpg
1.3 The industry environment of the business includes:

c. Creditors d. Employees

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1153093337%20copy-720x405.jpg
1.3 The industry environment of the business includes:

e. Government f. Suppliers

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https://media.philstar.com/photos/2021/05/09/lawmakers_2021-05-09_21-52-45.jpg
2. Technological
discovery and
advancement
A person with
Analysts Typically Study, In Order:

entrepreneurial interest
sees possibility of business
opportunities in any new
discovery or because of the
use of latest technology.
3. Government’s
thrust, programs,
and policies

The priorities,
projects, programs, and
policies of the
government are also
good sources of ideas.
 4. People’s interest

The interest, hobbies, and

preferences of people are
rich source of
Analysts Typically Study, In Order:

entrepreneurial ideas. Like

the increasing number of
Internet Café at present
could be lead to the strong
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attachment of young people
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5. Past experiences

The expertise and skills

developed by a person
who has worked in a
particular field may lead
to the opening of related
business enterprise.
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cb=9773980
 FORCES OF COMPETITION
MODEL
It is also known as the “five forces
of competition,” An industry
environment is a competitive
environment. Regardless of In what
Analysts Typically Study, Order:

product or services you have,

competition is always present.

Competition – it is the act or

process of trying to get or win
something.
These are the five forces competing within the
industry:
Buyers

Potential new entrants

Rivalry among existing firms

Substitute Products

Suppliers
1. BUYERS
The buyers are the The threat of its bargaining power
one that pays cash in will be less if the following factors
exchange to your notice:
goods and services.
a. There are several suppliers
available in the market.
For example, the b. The buyer has the potential for
influenced of the backward integration.
price or in the c. The cost of switching the supplier
bargaining strategy. cost is minimal.
The buyer has a d. The product represents a high
strong and magnified percentage of the buyer’s cost.
bargaining power. e. The buyer purchases large
portions of the seller’s product or
2. POTENTIAL NEW
ENTRANTS This can be notice if there is
the presence of the following
A new entrant is factors:
defined as the one who
enters something. For a. Substantial capital requirement.
example, the level of b. Strict government policy.
capital requirements, if c. Difficulty in accessing
the business requires distribution channels.
huge capital, new d. Economies of scale.
entrants e. High cost of product
should decline to join differentiation.
the business. This gives f. High switching cost
a threat to the
3. RIVALRY AMONG
EXISTING FIRMS The intensity of rivalry
among existing firms is
Rivalry is a state or characterized to the
situation in which following factors:
people or groups are
competing with each
other. For example it
a. Diversity of rivals.
depends on the b. Number of competing firms.
Marketing strategy of c. Characteristics of the
your competitor, like products or services.
giving freebies and d. Increased capacity.
special offers. e. Amount of fixed costs.
f. Rate of industry growth.
4. SUBSTITUTE
PRODUCTS A substitute product can give a
big threat in the industry
Substitute means environment if the following
anything that takes the factors are notice:
place or function of
another. For example a. Switching cost is low.
b. Preferences and tastes of the
the consumers decide
customers easily change.
to use margarine as a
c. Product differentiation is highly
substitute for butter. In
noticeable
case the d. The quality of substitute
price of butter products dramatically improves.
increases, preferably e. The price of substitute product is
the consumer will substantially lower.
5. SUPPLIERS

The Suppliers are the This can be notice if there is

one that provide the presence of the following
something that is factors:
needed or wanted.
a. The supplier has the ability for
For example if the forward integration.
supply and services b. Suppliers in the industry are
being offered is few, but the sales volume is
unstable or keep. The high.
intensity of c. Substitute products are not
the threat is strong in readily available in the market
this kind of the d. The switching cost is very high.
competitive force in e. The product or service is
MARKET SOURCES OF OPPORTUNITIES
The entrepreneur must also be able to
measure the actual demand and
supply and the potential demand and
supply of the industry.
Market traits, characteristics and
behavior are identified in order to
match these customer traits with the
product offers by the business.
 MICROMARKET
 refers to the specific target
market segment of a
particular business. These
are the target customers
that represent the
immediate customers of the
business.
CONSUMER PREFERENCES, PIQUES
AND PERCEPTIONS
Consumer Preferences-
refers to the taste of a
particular groups of people.

Consumer dislikes- refers to

the things that irritate
customers.
OPPORTUNIT
Y SCREENING
 OPPORTUNITY
A SCREENING
process used to evaluate
innovative product ideas,
strategies and marketing trends.

 It is important to come up with a

short list of a few very promising
opportunities which could be
scrutinized in detail.
 The 12 R’s of
Opportunity Screening
1.Relevance
- Opportunity must be aligned
with what you have as your
personal vision, mission, and
objectives for the enterprise
you want to set up.
 The 12 R’s of
Opportunity Screening
2. Resonance
- Must match the values
and desired virtues that
you have or wish to
impart.
 The 12 R’s of
Opportunity Screening
3. Reinforcement of
Entrepreneurial
Interests
- The opportunity resonates
with the entrepreneurs
interests, skills
 The 12 R’s of
Opportunity Screening
4. Revenues
- Sales opportunity; big enough
market to nurture growth
- It is important to determine
the sales potentials of the
products or services you want
to offer
 The 12 R’s of
Opportunity Screening
5. Responsiveness
- Addresses the unfulfilled or
underserved needs and
wants of customers, then
you have a better chance of
succeeding.
 The 12 R’s of
Opportunity Screening
6. Reach
- Expansions: branches,
distributorships,
dealerships, or franchise
outlets in order to attain
rapid growth.
 The 12 R’s of
Opportunity Screening
7. Range
- Tapping many market
segments of the industry
- Wide range of products and
services
 The 12 R’s of
Opportunity Screening
8. Revolutionary
Impact
- “next big thing”
- “game changer”
 The 12 R’s of
Opportunity Screening
9. Returns
- Yield the highest
returns on
investments
 The 12 R’s of
Opportunity Screening
10. Relative Ease of
Implementation
- Relative ease, obstacles,
and competency
 The 12 R’s of
Opportunity Screening

11. Resource
Required
- Fewer resources are
favored
 The 12 R’s of
Opportunity Screening

12. Risks
- Some opportunities carry
risks than others, such as
with High technological,
market, financial, and
people risks
OPPORTUNIT
Y SEIZING
 OPPORTUNITY
 Entrepreneur SEIZING
has an idea as to where he or
she will locate the business and how he or
she will market the product or service.

 Entrepreneur must be able to determine

the critical success factors that enable
other players in the same industry to
succeed and be vigilant about those
factors that cause other businesses to fail.
How to Seize
Opportunities
?
Three things you need to do in order to
capitalized on the opportunities that
help you to accomplish your goals and
objectives
1. Step outside your comfort
zone
Many of the opportunities will stretch
and challenge you in a variety of
ways. Each of these risks will have
their own consequences, which you
must weigh against the benefits and
decide whether it is a risk worth
2. The small opportunities
count
Not all opportunities are created equal, but
it is not the size of the opportunity that
matters. What you do with that
opportunity is what makes all the
difference in the end. Therefore, you
should never underestimate or discount
what an opportunity can do for you. Who
knows, a small opportunity here could very
well lead to bigger opportunities in the
future. You just have to be willing and
3. Network with creative
people
Focus on networking with the right
kinds of people who have the
resources, contacts, experience and
skills to help you achieve your goals
and objectives. Above all, network
with creative people-people who think
outside the box – who constantly
challenge you to think differently
about your life, goals, problems and
 Crafting a
Positioning
Statement
 What is a
Positioning
Statement?
Positioning statement
 is an expression of how
a given product , service
or brand fills a particular
costumer need in a way
that its competitors
don’t.
To young, active soft-drink
consumers who have little time for
sleep, mountain dew is the soft drink
that gives you more energy than any
other brand because it has the
highest level of caffeine … you can
stay alert & keep going even when
you haven’t been able to get a good
night’s
 Conceptualizing the Product
or Service Offering
In order to come up with the product or
service concept. The following directions
may be considered by the entrepreneur:

1.Create a concept similar to the winning

products in the market place and ride
with obvious market trends.
 Conceptualizing the Product
or Service Offering

2.Find a market niche that has not

been filled by the competitors.
3.Conceptualized the product in a
positioning category
4. Conceptualized a product that
would change the way customers
think, behave and buy.
 Designing , Prototyping and Testing the Product

DESIGNING
(means that entrepreneur
must render the concept
and translate into
physical and real
dimensions.)

PROTOTYPING TESTING THE PRODUCT

(By potentials customer
(the product will be
through focus group
ready for actual discussions, survey, product
testing) demonstration
IMPLEMENTING, ORGANIZING and FINANCING

A good planner and programmer must

take several important choices to
achieved the desired results.
1.Choose the correct technology
2.Choose the right people
3.Design the operating workflow
4.Specify the systems and
procedures
5.Design the organizational structure
Three important resources in implementing,
organizing and financing into a business.

MONEY
PEOPLE
RESOURCES
RESOURCES TECHNOLOGY
(depend on the
(Dictated sales RESOURCES
people and physical
volume target, (capital
resources and other
technology to expenditures and
financial
utilized and work in process to
requirement
capabilities needed get things done).
needed in the
by the workforce).
business)
COMPLETE ME
Complete the table below by supplying it with products that
you consider similar. Write the product and not the brand in
their respective columns. Then describe and differentiate its
characteristics and uses.
Thank You
For Yo u r Attention