1.1 Oppurtunity Seeking

• Seventh, there is supply risk or the possibility that there may be insufficient raw materials, late delivery of raw materials, erratic power supply, inadequate water supply and unavailable machines.
• Opportunity seeking involves opportunity screening with 12 Rs:

  
  

  Relevance to the vision and mission of the entrepreneur

  Resonance to values

  Reinforcement of existing interests, hobbies, and skills

  Revenue

  Responsiveness to customer needs and wants

  Reach

  Range

  Revolutionary impact

  Returns

  Relative ease of implementation

  Resources required

  Risks
• Relevance to the vision and mission of the entrepreneur in opportunity seeking is a good business opportunity if it reflects what the entrepreneur wants to personally accomplish for himself or herself, or for the enterprise.
• Values refer to our personal principles and beliefs in life, and a business opportunity is a good opportunity if it reflects the entrepreneur’s personal values.
• Existing interests, hobbies, and skills are an important factor in opportunity seeking, and a business opportunity is a good opportunity if it will make use of the entrepreneur’s existing interests, hobbies, and skills.
• Risks in opportunity screening refer to the threats in the opportunity.
• Return involves revenue, but it also involves other benefits such as fame and glory, receiving recognitions, improvement in business skills, and pride.
• The entrepreneur should also assess if he/she has the management knowledge and skills in starting the business.
• Market risk is the possibility that the product may not be able to capture its target customers.
• Revolutionary impact is a good opportunity if it will have a very high impact to the lives of customers.
• Relative ease of implementation is a good opportunity if it is easy to implement.
• Political risk is the possibility that the government regulations may not be supportive to the business.
• Technology risk is the possibility that the entrepreneur may not be able to source the right machines, production process or technical expertise.
• Business opportunities that possess the first eight screens are the ones most likely to have the highest return.
• Resources required in opportunity screening are money, materials, machines, manpower and management (5Ms).
• Range refers to the ability of the enterprise to cover more types of customers.
• Opportunities are easy to implement if the entrepreneur has enough experience, expertise and exposure (3 Es) about that opportunity.
• Environmental risks in opportunity screening include both natural and man-made calamities that may strike the enterprise.
• Financial risk is the possibility that the entrepreneur may not be able to source out the needed amount of money.
• Manpower risk is the possibility of employees strike and low productivity.
• Return in opportunity screening refers to all positive things that an entrepreneur can get from the business opportunity.
• Revolutionary impact can be attained if the product is very unique or if it answers a very important human need or a very important human want.
• Revenue - or money is a crucial factor in opportunity seeking, and a business opportunity is a good opportunity if it will bring you the amount of money that you would like to have.
• Responsiveness to customer needs and wants - is a crucial factor in opportunity seeking, and a business opportunity is a good opportunity if it answers a customer need or want.
• REACH - in opportunity seeking is the ability of the enterprise to cover wider geographical coverage, and this factor is for those entrepreneurs who have started their businesses already and would want to expand their reach in terms of location.
• RANGE - in opportunity seeking is the ability of the enterprise to cover a wider range of products or services, and this factor is for those entrepreneurs who have started their businesses already and would want to expand their product or service range.
• Return involves revenue, but it also involves other benefits such as fame and glory, receiving recognition, improvement in business skills, and pride.
• A vison is a futuristic picture of how you see yourself, while a mission is your purpose of existence
• Values refer to our personal principles and beliefs in life.
• values refer to what?

  personal principles and beliefs in our life
• REINFORCEMENT OF EXISTING INTERESTS, HOBBIES, AND SKILLS - It is a good opportunity if it will make use of the entrepreneur’s existing interests, hobbies, and skills.
• RESONANCE TO VALUES - It is a good opportunity if it reflects the entrepreneur’s values.
• RISKS - It is a good opportunity if there are lesser risks in implementing it.
• RESOURCES REQUIRED - It is a good opportunity if the entrepreneur has enough resources to implement it. Resources to be considered are money, materials, machines, manpower and management (5Ms).
• External assessment is about considering the effects of macro forces on our business opportunities.
• Macro forces are factors that are outside of our control but have certain effects on whatever business opportunity we may choose.
• Macro forces include Political Environment, Technology, Economy, Social Environment, and Ecology.
• A political environment is the state, government and its institutions and legislations and the public and private stakeholders who operate and interact with or influence the political system.
• The political environment differs from one country to another, or from one place to another.
• Economy is the structure or conditions of economic life in a country, area, or period.