SAENTRP LESSON 2 PART 1//OPPORTUNITY SEEKING

bruh tangina

Opportunity Seeking and Assessment

A part of Recognizing the Potential Market that consists of:

• Evaluate the identified opportunity

• Conceptualize and measure the opportunity

• Identify the perceived value of the opportunity to the company and the customers

Opportunity Spotting and Assessment

A part of Recognizing the Potential Market that consists of:

• Match the opportunity with the entrepreneur’s skills and objectives

• Scan the strengths and weaknesses of competitors

Sources of Opportunities

A part of Recognizing the Potential Market that consists of:

• Consumers

• Glaring problems in the environment

• Problems encountered by co-entrepreneurs

Sources of Opportunities

A part of Recognizing the Potential Market that consists of:

• New trends, processes and the development in the environment

• Feedback from distribution or business partners

Opportunity Seeking, Opportunity Screening, Opportunity Seizing

What are the 3S of Opportunity Spotting?

Opportunity Seeking

The first step and is the most difficult process of all due to the number of options that the entrepreneur will have to choose from. It involves the development of new ideas from various sources.

Voice of Customers, Voice of Enterprise

What are the two ways to spot opportunity?

Voice of Customers

A research process to capture the changing needs of customers and consumers.

Paint Point Process

A process that is part of the Voice of Customers.

Pain Hunting

Finding or searching for problems, frustrations, or unmet needs that customers experience.

Pain Point Identification

Clearly defining and listing the specific problems customer face.

Pain Point Understanding

Analyzing why the problem exists, who is affected, and how serious the problem is.

Pain Point Healing

Creating a solution that addresses or eliminates the customers’ problems.

People’s Lifestyle

This lifestyle trend answers: how do people live?

People’s Career

This lifestyle trend answers: how do people work?

New Opportunity

This lifestyle trend answers: how do people play?

Natural Disasters

This lifestyle trend answers: how do people die?

People Investment Choice

This lifestyle trend answers: how do people invest?

Voice of Enterprise

The process to articulate the needs of the entrepreneur or his/her company.

Segment Opportunity

This Growth Strategy refers to product line.

Product Opportunity

This Growth Strategy refers to unexpected product offering.

Channel Opportunity

This Growth Strategy refers to availability in the market.

Geography Opportunity

This Growth Strategy refers to the location.

Business Model Opportunity

This Growth Strategy refers to new market/means.

Ideation

The process of Opportunity Seeking that refers to the problem identification.

Discovery

The process of Opportunity Seeking that refers to testing assumptions.

Incubation

The process of Opportunity Seeking that refers to building the solution.

Macroenvironmental Sources

• Steeple Analysis

• Industry

• New Discovery or Knowledge

• Futuristic Opportunities

Sociocultural Factors

Represent a general view of locality’s traditions, customs, beliefs, norms, and perceptions. (STEEPLE Analysis)

Technological Factors

Composed of innovations of an existing technology or an invention of a new one mostly on applied science and engineering research areas. (STEEPLE Analysis)

Economic Factors

This plays a vital role in the scanning of marketing environment because economic factors directly affect any business venture. These factors include income, expenses, and resources that can influence the cost of doing business and generating income. (STEEPLE Analysis)

Ethical Factors

Factors that will serve as an entrepreneur’s guide on how to be ethical in running the business. (STEEPLE Analysis)

Political Factors

These factors are mostly induced by government policies and administrations, which can have a strong effect in entrepreneur’s business. (STEEPLE Analysis)

Legal Factors

Related with political factors, government rules and regulations that can restrict or allow business activities. (STEEPLE Analysis)

Environmental Factors

The scan of these factors will help the entrepreneur determine if the business he or she is entering into comply with the environmental standards. (STEEPLE Analysis)

Microenvironmental Sources

• Consumer preferences, interest, and perception

• Competition

• Unexpected opportunities from customers

• Talents, hobbies, skills and expertise