Module B

• Entrepreneurship is the process of seeking, screening, and seizing opportunities
• Entrepreneurship involves recognizing opportunities where others see chaos or confusion, catalyzing change within the marketplace, and continuously creating the future
• Entrepreneurship can be seen as the science of opportunities and the art of innovation
• The entrepreneurial process consists of three stages: Opportunity Seeking, Opportunity Screening, and Opportunity Seizing
• Opportunity Seeking involves finding inspiration and ideas from various sources
• Sources of opportunities include:

  • Environmental Trends
  • Current Market and Competitors
  • Unhappiness and Unmet Needs
  • Personal Inclinations
• Environmental Trends can be assessed through a PESTLE analysis:

  • Political
  • Economic
  • Socio-Cultural
  • Technological
  • Legal
  • Ecological
• Most opportunities come from changes in socio-cultural demographic and technological trends
• Current Market and Competitors provide a good starting point for identifying opportunities
• Unhappiness and Unmet Needs are valuable sources of opportunities as they address latent needs
• Personal Inclinations, such as passions and talents, can inspire entrepreneurs to turn their interests into successful ventures
• Opportunity Screening:

  • Searching for opportunities is an exciting process
  • A well-conducted opportunity seeking stage may yield promising businesses
  • The hard part begins with the selection of the most promising opportunities
• Reasons for Screening Opportunities:

  • To drive passion and sustain the business
  • To ensure ideas fulfill desirability, feasibility, and viability criteria
  • To evaluate if the innovation solves the right customer problem
• Criteria for Screening Opportunities:

  DESIRABILITY:

  • Focuses on the value of the offering to the market
  • Tests whether the innovation solves the right customer problem

  FEASIBILITY:

  • Considers if the technology needed is available or within reach
  • Evaluates if the organization can make the idea a reality

  VIABILITY:

  • Looks at economic and financial rewards
  • Considers sustainability and profitability of the business
• Questions to Ask in Screening Opportunities:

  DESIRABILITY:

  • Will this solution fill a need?
  • Will it fit into people’s lives?
  • Will it appeal to them?
  • Will they actually want it?

  FEASIBILITY:

  • Is the technology needed available or within reach?
  • Can the organization actually make it happen?

  VIABILITY:

  • Will the design solution align with the business goals?
  • Does this solution honor the client’s budget?
  • What will the return on the investment look like?
• Opportunity Seizing:

  • Involves planning to create a blueprint for success
  • Three relevant plans: Business Plan, Implementation Plan, Contingency Plan
  • Entrepreneurship involves risk-taking to seize opportunities
• Plans in Opportunity Seizing:

  1. Business Plan:

  • Describes, analyzes, and presents the desirability, feasibility, and viability of an opportunity

  2. Implementation Plan:

  • Focuses on how the business would operate and reach its goals

  3. Contingency Plan:

  • Prepares for worst-case scenarios and builds resiliency
• Summary & Integration:

  • Entrepreneurship involves seeking, screening, and seizing opportunities
  • Opportunities are subjected to criteria like desirability, feasibility, and viability
  • Risk-taking is crucial in seizing opportunities