WESLEYAN UNIVERSITY-PHILIPPINES

COLLEGE OF BUSINESS AND ACCOUNTANCY

ENTREPRENEURSHIP

PREPARED FOR 4BSAT1

SEARCH FOR BUSINESS
OPPORTUNITY,
IDEATION, INNOVATION,
AND CREATIVITY
THE SEARCH FOR BUSINESS OPPORTUNITY

In discovering business opportunities, the following factors on

resources have to be evaluated:

▰ Markets
▻ This refers to the number of prospective buyers, competitors, the
price, and the quality of goods and services that have to be
analysed. Business opportunities exist in areas where consumer
satisfaction is weak or incomplete.

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THE SEARCH FOR BUSINESS OPPORTUNITY

▰ Individual Interests
▻ Business interest of individuals should match business
opportunities.

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THE SEARCH FOR BUSINESS OPPORTUNITY

▰ Capital
▻ This serves as the fuel that keeps the business operating. The
availability of funds should fit the type of business to organize.

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THE SEARCH FOR BUSINESS OPPORTUNITY

▰ Skills
▻ The entrepreneur should have the proper skills in the business he
is going to undertake.

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THE SEARCH FOR BUSINESS OPPORTUNITY

▰ Supplier of inputs
▻ It is important that there are steady suppliers of raw material and
other inputs to the business.

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THE SEARCH FOR BUSINESS OPPORTUNITY

▰ Manpower
▻ The success of any business also depends on the efficiency of its
employee.

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THE SEARCH FOR BUSINESS OPPORTUNITY

▰ Technology
▻ Entrepreneurs should be aware of the presence of technology to
improve their products or services, or introduce new innovations
in the market.

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THE SEARCH FOR BUSINESS OPPORTUNITY

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.

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THE SEARCH FOR BUSINESS OPPORTUNITY

2. 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.

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THE SEARCH FOR BUSINESS OPPORTUNITY

3. Linkage of Resources
-The entrepreneur can produce his own input instead of buying
them.

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ATTRIBUTES, QUALITIES, AND
CHARACTERISTICS OF AN ENTREPRENEUR

According to Fajardo, products have their own life cycle. It is

composed of four stages: Introduction, Growth, Maturity, and Decline.
Some products have long product life cycle, while others have short.
PRODUCT LIFE CYCLE (PLC)

Here are the descriptions of various stages of product life cycle:

▰ Introduction
▻ This is the stage in which the product has been introduced first
time in the market. If consumer awareness and acceptance of
product are low, launch through the use of marketing activities,
which make the profit low due to cost of development and
marketing activities.

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PRODUCT LIFE CYCLE (PLC)

▰ Growth
▻ In this growth stage, the product is present already in the market
and consumers of the product are habitual of the product and
also there is quick growth in the product sales as more new and
new customers are using and trying and are becoming aware of
the product.
▻ To meet the growing demand, product distribution is expanded.
Sales rise rapidly as product becomes popular.

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PRODUCT LIFE CYCLE (PLC)

▰ Maturity

▻ In maturity stage, the cost of the product has been decreased

because of the increased volume of the product and the product
started to experience the curve effects. Also, increase in
competitors entering the market.
▻ Sales are still rising, but rate of increase has declined. At latter
part, a sale reaches its peak, while profits begins to fall.

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PRODUCT LIFE CYCLE (PLC)

▰ Decline/Saturation Stage
▻ In this stage, there is a sharp fall in sales volume, while profit
curve becomes almost flat or horizontal. There is also decline in
the number of competitors. The only survivors are those who
specialize in marketing the product. Once product is no longer
profitable, it is eliminated from the market.

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