Introduction to Opportunity Seeking and Current Trends in the Business Environment

Flashcards covering opportunity seeking, 4th Industrial Revolution, SDGs, and current business trends based on the provided lecture notes.

What is opportunity seeking?

A continuous and lifelong process of identifying, evaluating and pursuing market-based activities for profit generation and wealth maximization.

What is the role of an entrepreneur as an opportunity seeker?

A creative and innovative opportunity seeker who identifies, evaluates and pursues market opportunities to create value.

Which two major frameworks are used as sources of opportunity in this module?

The Fourth Industrial Revolution (4IR) and the Sustainable Development Goals (SDGs).

What observational exercise at the start helps identify potential business opportunities?

Perform a 360-degree turn and write four major trends observed that could be sources of business opportunities.

Who introduced opportunity seeking in personal entrepreneurial competency theory?

David McClelland.

According to Schumpeter, how do entrepreneurs create value?

By using a new technology to produce a product, using existing technology to produce a new product, using existing technology to produce an old product in a new way, finding a new supply of resources, or developing a new market for an existing product.

Name one way to create value using a new technology to produce a product (Schumpeter’s idea).

Using a new technology to produce a product.

Name one way to create value by using existing technology to produce a new product (Schumpeter’s idea).

Using existing technology to produce a new product.

Name one way to create value by using existing technology to produce an old product in a new way (Schumpeter’s idea).

Using existing technology to produce an old product in a new way.

Name one way to create value by finding a new supply of resources (Schumpeter’s idea).

Finding a new supply of resources.

Name one way to create value by developing a new market for an existing product (Schumpeter’s idea).

Developing a new market for an existing product.

How is opportunity seeking defined for social entrepreneurs?

The same definition as for others, but with emphasis on sustainability toward attaining social goals.

What are the three stages of opportunity management listed in the notes?

Opportunity Seeking, Opportunity Screening, and Opportunity Seizing.

How did Peter Drucker define an entrepreneur?

Someone who always searches for change, responds to it, and exploits it as an opportunity.

What three activities help entrepreneurs learn from experiences of failure and success, according to Drucker?

Listening, observing, and analyzing.

What does the Fourth Industrial Revolution refer to?

The fusion of the physical, digital, and biological worlds, including AI, robotics, IoT, 3D printing, genetic engineering, quantum computing, and other technologies.

Who popularized the term ‘industrial revolution’?

Arnold Toynbee.

What is the role of AI in the context of 4IR as described in the notes?

AI is part of the fusion of technologies driving new capabilities, such as recognition and automation (e.g., facial recognition in social media).

What is the role of the Internet of Things (IoT) in modern production according to the notes?

IoT uses trillions of sensors and internet-connected devices to monitor production and distribution with minimal human intervention.

What is the entrepreneurial challenge mentioned regarding 4IR?

How to benefit from what the 4th Industrial Revolution offers.

How has the 4IR affected the food industry according to the notes?

Rise of food-ordering apps and increasing use of virtual payments.

What does SDGs stand for?

Sustainable Development Goals.

How many SDGs are there?

Seventeen.

What is the purpose of the Sustainable Development Goals (SDGs)?

A blueprint to achieve a better and more sustainable future for all.

How are SDGs used in the Philippines according to the notes?

They form the basis of development programs for both public and private enterprises; many social enterprises are founded on one or more SDGs.

What is Bayani Brew?

A Gawad Kalinga social enterprise producing healthy beverages sourced directly from farmers.

What is conscious consumerism?

Consumers want to know the source of their food to ensure safety.

What does the trend ‘Internet of Things and Robotics’ describe?

Heavy investment in smart solutions; robots become new partners; sensors are widespread.

What does ‘Escapism and migration’ describe in business trends?

People move to cities to work, but spend earnings on vacations in provinces or the countryside.

What is ‘Infocalypse’ in the context of business trends?

The widespread creation and spread of fake information, risking fake accounts and misinformation.

What does ‘Privacy and trustworthiness’ concerns highlight?

As people share daily activities online, privacy risks increase and password security becomes critical.

What does ‘Networks and open ecosystem’ imply for businesses?

Interconnectedness and partnerships to reach markets and access resources.

What does ‘Digital organizations’ mean in the 4IR context?

No need for a physical office; operations are cloud-based and digital money is used for payments.