Seven Sources of Opportunity Seeking

• According to Drucker in his book "Innovation and Entrepreneurship," there are seven sources of opportunity.
• What are the 7 sources of opportunity-seeking?

  The Unexpected, Industry and Market Disparities, Process Vulnerabilities or Process Needs, Incongruities, Demographic Shifts, Changes in Perception, New Knowledge
• The Unexpected: An entrepreneur should be CONSTANTLY STUDYING and MONITORING THE MARKET for any new trend, innovation, and technology.
• Industry and Market Disparities: An entrepreneur must be ON THE LOOKOUT for any MACROENVIRONMENTAL DEVELOPMENT happening in the market and industry, which may be caused by changes or shifts in socio-cultural, political, economic, ecological, and technological (SPEET) environments.
• Process Vulnerabilities or Process Needs: An entrepreneur must CONSTANTLY MONITOR THEIR BUSINESS OPERATIONS to IDENTIFY PROCESS WEAK SPOTS, then correct or eliminate them immediately.
• Incongruities: An entrepreneur should ALWAYS CHECK FOR ANY GAP between WHAT IS and WHAT SHOULD. The best place to look for incongruity is through customer feedback by knowing customers' complaints and unmet wants or needs.
• Demographic Shifts: An entrepreneur must be AWARE OF CHANGES OR GROWTH in population, income levels, education, among others, that the entrepreneur can exploit to meet customer wants and needs
• Changes in Perception: An entrepreneur must PAY ATTENTION and RESPOND TO CHANGES in lifestyle, culture, and personal preference, such as, for instance, "down-aging" where older people dress or behave to look like younger or "upscaling" where remodeled or rehashed products become more appealing to affluent customers.
• New Knowledge: An entrepreneur should ALWAYS FIND BETTER WAYS of doing things, improving processes, and looking for new discoveries so as to stay on course and grow the business incrementally
• Opportunity pertains to idea that have the potential to be develop into a business venture.