Opportunity Seeking, Screening, and Seizing (Part II) - Entrepreneurship 4Q

Market Sources of Opportunities

The specific target market segment of a particular enterprise. The target customers that represent the immediate customers of the enterprise, meaning those who are currently buying the goods or services offered. Actual and potential demand and supply of the industry that the enterprise belongs to. Can be discovered from increased to decreased demand as well as higher or lower supply.

More-for-less and Micro Market

Give two (2) examples of market sources of opportunities:

Consumer Preferences

Refers to the particular taste of a group of people.

(Ex. clothes that people wear, food they eat, music they listen to, movies they watch)

Consumer's Piques

Anything that cause curiosity or interest.

Battle for the Mind, Heart, and Wallet

Asks what was the best choice to make.

Lasting Loyalty

Long-term commitment and trust that customers have to a particular business built on consistent value and positive experiences.

Consumer Dislikes

Refers to the things that irritate customers.

New Inventions, New Technology

Refer to the creation of novel products, services, or processes that solve problems or improve existing solutions.

(Ex. Razer Fujin Pro, Plantaform, AI)

Unexpected Events, Success or Failures

May arise from unforeseen circumstances that impacts a business, whether it be from opportunities or risks and mistakes.

Relevance

Alignment of vision, mission, and objectives.

Resonance

Matching with values and desired virtues.

Reinforcement of Entrepreneurial Interest

Personal interest, talents, and skills.

Revenues

Sales potential of the products and services.

Responsiveness

Customer needs and wants.

Reach

Expanding through branches, distributorships, dealerships, or franchise outlets.

Range

Wide span of possible product or service offerings.

Revolutionary Impact

Next big thing or game-changer.

Returns

Returns of investment.

Relative Ease of Implementation

Easy to implement.

Resources Required

Fewer or more resources.

Risks

Technological, market, financial, and people risks.