Recognize a Potential Market

Creation of Entrepreneurial Ideas

Identification of Entrepreneurial Activities

Opening of Entrepreneurial Venture

Entrepreneurial Process of Creating New Venture:

Entrepreneurial Mind Frame

this allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situations.

Entrepreneurial Heart Flame

entrepreneur's driven passion, they are attracted to discover satisfaction in the act and process of discovery.

Entrepreneurial Gut Game

this refers to the ability of the entrepreneur of being intuitive. This is also known as “intuition”.

Changes in the Environment

entrepreneurial ideas arise when changes happen in the external environment. A person with an entrepreneurial drive views these changes positively.

Technological Discovery and Advancement

a person with entrepreneurial interest sees the possibility of business opportunities in any new discovery or because of the use of the latest technology.

Government’s Thrust, Programs, and Policies

the priorities, projects, programs, and policies of the government are also good sources of ideas.

People’s Interest

the interest, hobbies, and preferences of people are a rich source of entrepreneurial ideas.

Past Experiences

the expertise and skills developed by a person who has worked in a particular field may lead to the opening of related business enterprises.

Forces of Competition

It is also known as the “five forces of competition,” an industry environment is a competitive environment. Regardless of what product or services you have, competition is always present.

Competition

it is the act or process of trying to get or win something.

Buyers

the buyers are the one that pays cash in exchange to your goods and services.

Potential New Entrants

a new entrant is defined as the one who enters something. For example, the level of capital requirements, if the business requires huge capital, new entrants should decline to join the business. This gives a threat to the business.

Rivalry Among Existing Firm

rivalry is a state or situation in which people or groups are competing with each other. For example it depends on the marketing strategy of your competitor, like giving freebies and special offers.

Substitute Products

substitute means anything that takes the place or function of another. For example the consumers decide to use margarine as a substitute for butter.

Suppliers

are the one that provide something that is needed or wanted.