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Opportunity Seeking

The document discusses opportunity seeking and screening for entrepreneurs. It explains that entrepreneurs are innovative opportunity seekers driven by endless curiosity to discover new ideas. Seeking opportunities requires an entrepreneurial mindset, passion, and intuition. Opportunities can come from analyzing the macroenvironment including socio-cultural, political, economic, ecological, and technological factors. Opportunities also stem from deep analysis of industry structure, participants, substitutes, suppliers, consumers, and support industries. Thorough macroenvironment and industry analysis yields opportunities for entrepreneurs.

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Vanessa Nicol
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183 views4 pages

Opportunity Seeking

The document discusses opportunity seeking and screening for entrepreneurs. It explains that entrepreneurs are innovative opportunity seekers driven by endless curiosity to discover new ideas. Seeking opportunities requires an entrepreneurial mindset, passion, and intuition. Opportunities can come from analyzing the macroenvironment including socio-cultural, political, economic, ecological, and technological factors. Opportunities also stem from deep analysis of industry structure, participants, substitutes, suppliers, consumers, and support industries. Thorough macroenvironment and industry analysis yields opportunities for entrepreneurs.

Uploaded by

Vanessa Nicol
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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San Antonio de Padua College

Pila Laguna

S.Y. 2017-2018

OPPORTUNITY SEEKING AND OPPORTUNITY SCREENING

Esclamado, Reyna Jean

Mercado, Ivory dannah

Nicol, Vanessa

Suazo, Hazel

12 ABM B
OPPORTUNITY SEEKING

Entrepreneurs are innovative opportunity seekers. They have endless curiosity to


discover new or different ideas and see whether these ideas will work in the marketplace.
This is the difference between entrepreneurs and businessman whose main objective is to
earn profits.

ESSENTIAL TO AN ENTREPRENEUR’S OPPORTUNITY SEEKING:

Entrepreneurial mind frame – allows the entrepreneur to see things in a very positive and
optimistic light in the midst of crisis or difficult situations.

Entrepreneurial heart flame – if there is one commonality between an inventor and an


entrepreneur, it is their surging passion or the entrepreneurial heart flame. Driven by
passion, they are drawn to find fulfilment in the act and process of discovery.

Entrepreneurial gut game – the final ingredient, refers to the ability of the entrepreneur to
sense without using the five senses. This is also known as intuition.

Macroenvironmental sources of opportunities

It refers to the “big or macro forces” that affect the area, the industry, and the
market, which the enterprise belongs to.

The macro environment forces can be divide into five categories composed of the
social, political, economic, ecological, and technological dimensions or speet.

1. socio-culcural environment – includes the demographics and cultural dimensions that


govern the relevant entrepreneurial endeavour. It helps the entrepreneur assess the trends
and dynamics of the bigger consumer population, their benefits, tastes, customs, and
traditions.

2. political environment – defines the governance system of the country or the local area of
business. It includes all the laws, rules, and regulations that govern business practices as
well as the permits, approvals, and licenses necessary to operate the business.

3. economic environment – supply and demand forces mainly drive the macro
environment. They are the same factors that drive the interest and foreign exchange rates
that fluctuate with the movement of the market forces.

4. ecological environment – includes all the natural resources and the ecosystem, habitat
of men, animals, plants, and minerals.
5. technological environment – new scientific and technological discoveries, which often
lead to the launch and commercialization of new products with superior attributes or to
rendering the old ones obsolete, are the entrepreneurs nightmares.

Industry sources of opportunities

One of the most difficult aspects about industry analysis is defining what constitutes
an industry in the first place.

Participants in an industry:

1. Rivals or competitors in a particular type of business. True rivals are those competing
for the same markets.

2. suplliers of input to rivals as well as suppliers of machinery and equipment, suppliers of


manpower and expertise, and suppliers of merchandise.

3. consumer market segmants being served by rivals.

4. substitute products or services

5. all of other support and enabling industries.

A thorough analysis of industry structure and dynamics yields opportunities for the clever
entrepreneur.

A way of defining an industry is by tracing the industry from its most basic raw material
down to its various consumer applications, ootherwise known as product or value-added
chain. The difference between the product and value-added chain is the focus of the
analysis. Product chain focuses on the volume produced

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