Entrep Chapter 3

Business Opportunity

Identifying a gap in the market or unmet needs that presents a chance for starting a viable business.[cite: 5]

Business Idea

A starting point for current or future entrepreneurs representing the beginning of a new business life.[cite: 5]

Window of Opportunity

The time period when a firm can realistically enter a new market and attempt to establish a competitive position in the industry.[cite: 5]

Entrepreneurial Opportunity

A favourable set of conditions that enables entrepreneurs to create new products or services by combining resources for profit and the common good of society.[cite: 5]

Market Feasibility

The screening criteria requiring positive indications about stable and sufficient demand as well as the potential competitive strength of the firm.[cite: 5]

Financial Feasibility

The screening process determining whether a business idea can provide an indication of profitability through projected financial statements and ratio analysis.[cite: 5]

Technical Feasibility

The assessment of converting business ideas into real products or services meeting the required quality and quantity standards.[cite: 5]

Financing Feasibility

Ensuring there are sufficient funds available to finance business operations from personal savings, relatives, or financing institutions.[cite: 5]

Status Quo Listing

A final selection outcome where all business ideas generated and listed passed the adapted screening criteria.[cite: 5]

Shorter List

A final selection outcome where some of the ideas generated were eliminated during screening.[cite: 5]

Zero Listing

A final selection outcome where all business ideas generated and listed were eliminated during screening.[cite: 5]

Unanticipated Means

Methods of searching ideas through unexpected sources including work, hobbies, acquaintances, and chance events.[cite: 5]

Deliberate Search

Methodical idea search techniques utilizing specific search questions or idea prompting.[cite: 5]

Idea Prompting

A deliberate search method triggered by someone else's idea, customer requests, or specific events.[cite: 5]

External Stimulation

An opportunity source driven by customer demand for new products or services to make life more convenient.[cite: 5]

Internal Stimulation

An opportunity source occurring when an entrepreneur recognizes a problem or opportunity gap and decides to fill it.[cite: 5]

Micro Enterprise

A business with an asset size not exceeding Php50,000, usually home-based or in makeshift quarters, employing 1 to not more than 10 people.[cite: 5]

Cottage Enterprise

A home-based business with an asset size of Php250,000 to Php500,000 that is often managed and operated by family members.[cite: 5]

Small Enterprise

A business with an asset size of Php500,000 to Php2.5 million owned by an individual or group and employing 10 to 20 people.[cite: 5]

Medium Enterprise

A business with an asset size of Php5 million to less than Php20 million that employs more than 20 to 100 skilled workers with technical expertise.[cite: 5]

Large Enterprise

A corporate business with an asset size of Php20 million or more, employing 100 or more workers governed by a Board of Directors and COO.[cite: 5]

Ideation

The process of generating ideas to solve problems or capitalize on opportunities through creative brainstorming.[cite: 5]

Entrepreneurial Creativity

The ability to think outside the box to develop unique solutions, products, or services that stand out in the market.[cite: 5]

Environmental Stimuli for Creativity

External factors in the environment—such as cultural exposure, technology access, collaborative workspaces, and societal issues—that encourage creative thinking.[cite: 5]

Innovation

Transforming creative ideas into practical, market-ready products, processes, or services that improve efficiency, effectiveness, or user experience.[cite: 5]