LESSON 3

• Factors in opportunity recognition

  • Market awareness
  • Entrepreneurial readiness
  • Connections
• Product planning and development process

  1. Pre-commercialization phase: Idea stage, Concept stage, Product development stage, Test marketing stage

  2. Commercialization phase: Introduction, Growth, Maturity, Decline
• Determinants of entrepreneurs commitment

  • Motivations
  • Skills
  • Experience
  • Resources
  • Amount of time he/she can devote
• Elements in opportunity assessment

  • Product or service
  • Market opportunity
  • Costing and pricing
  • Profitability
  • Resources requirements
  • Risk
  • Entrepreneurial commitment
• Opportunity Recognition


  1. P-precondition: Skills of the entrepreneur are being tested

  2. Conception: Idea about the business is generated through personal goals and creativity

  3. Visioning: Visions of entrepreneurship take place

  4. Assessment: Evaluating the idea if it's possible and rational

  5. Realization: Testing stage where they try to proceed and see the outcome
• Opportunity pathways

  • Rational approach
  • Intuitive Approach