Opportunity Seeking, Screening and Seizing

Opportunity Seeking

-entrepreneurs are innovative and opportunity seekers

-endless curiosity to discover new or different ideas

-including innovations (product design)

Entrepreneurial Mind Frame

- Allows entrepreneur to see things in a very positive and optimistic light in the midst of crisis and
or difficult situations

Entrepreneurial Heart Flame

- Surging passion
- Commonality between an inventor and an entrepreneur

Entrepreneurial Gut Game

- Intuition
- Ability of the entrepreneur to sense without using the five senses

The Many Sources of Opportunities

I. Macro Environmental

a. Socio-Cultural environment – demographics and cultural dimensions

b. Political Environment – laws, rules and regulations

c. Economic Environment – demand and supply forces

d. Ecological Environment – all natural resources, ecosystem, habitat of man, animals, plants
and minerals

d. Technological Environment – new scientific and technological discoveries

II. Industry Sources of Opportunities

- Industry and the market

- Enterprise classification
- Direct and indirect competitors (Jollibee vs McDonalds, Coca-Cola vs Pepsi, Apple VS Samsung
Galaxy)
III. Market Sources of Opportunities

- Increased or decreased demand as well as higher or lower supply

- “more-for-less” strategy employed by fast food restaurant

IV. Micromarket

- specific target market segment of a particular enterprise

-value for money differs from group to group (Segmentation)

V. Consumer Preferences, Piques, and Perceptions

- Consumer Preferences – tastes of particular group of people

- Consumers dislikes refer to the things that irritate customers

VI. Other Sources of Opportunities

1. Customer preferences change over time

2. People’s tastes in clothes, music, shoes, entertainment, dance, sports, hobbies, and even
careers have evolved over time.

3. What piques customers is great source of opportunities

4. Before the customer is won over, there is a battle for the mind. Next, there is a battle for the
heart. Finally, there is a battle for the wallet.

5. The longer the customer wants to use the product, the greater the chances of creating lasting
loyalty.

6. Opportunities abound in shaping customer perceptions or occupying spaces in their minds or

places on their hearts that have not yet been filled.

7. New inventions, new systems and work processes and other new things are tremendous
sources of opportunities.

8. Determining the personal preferences and competencies lay the foundation for a new
business venture.

9. Unexpected occurrences in both the external and internal environment of the enterprise
indicate the significant changes are happening and opportunities are sprouting.