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• OPPORTUNITY SCREENING


  evaluating and filtering potential business ideas based on their feasibility, desirability, and viability.
• Relevance


  The opportunity must be aligned with what you have as your personal vision, mission, and objectives
• Resonance


  the opportunity must match the values and desired virtues
• Reinforcement


  How does the opportunity resonate with the entrepreneur's personal interests, talents, and skills?
• Revenues


  determine the sales potential of the products or services you want to offer
• Responsiveness


  addresses the unfulfilled or underserved needs and wants of customers
• Reach


  good chances of expanding through branches, distributorships, dealerships, or franchise outlets in order to attain rapid growth
• Range


  opportunity can potentially lead to a wide range of possible product or service offerings, thus, tapping many market segments of the industry.
• Revolutionary Impact


  the "next big thing" or even a game-changer that will revolutionize the industry
• Returns


  can also be intangible; meaning, they come in the form of high profile recognition or image projection
• Relative Ease of Implementation


  Will the opportunity be relatively easy to implement for the entrepreneur
• Resources Required


  Opportunities requiring fewer resources from the entrepreneur may be more favored
• Risks

  • some opportunities carry more risks than others, such as those with high technological, market, financial, and people risks
  • there will always be this
• PRODUCTS

  • can be goods or services, tangible and intangible

  the core offering of any business
• GOODS


  These are tangible products
• SERVICES


  are intangible products
• Product development process


  1. Idea generation

  2. Idea screening

  3. Concept development and testing

  4. Business analysis

  5. Product development

  6. Market testing

  7. Product commercialization
• LABELING


  display of information about a product
• Place


  distribution channels and locations where customers can access the product
• Physical Proximity to Target Market

  the best locations should be easily accessible from home or from the workplace
• Customer Traffic Flow


  people that regularly come into contact with your business establishment
• Industry Clustering

  • A lot of competitors clustered in one location usually draw in a bigger market to the area

  one industry with lots of business owners in one area
• Convergence of Multiple Industries


  Locations where multiple industries converge
• Population Concentrations

  • Where people live, goods and services follow

  Urbanization creates population concentration
• ACTIVIY HUBS

  
  

  large schools, high rise buildings, public parks, transport terminals, and entertainment centers
• Growth Potential


  Businesses are always looking for new areas to expand and grow
• Business Climate


  Enterprise prefer locations that are conducive in doing business such as high economic growth, stable political situation
• DISTRIBUTION CHANNELS & INTERMEDIARIES

  activities and processes required to move a product from the producer to the consumer
• Direct Channel


  shortest and simplest channel of distribution of goods
• Indirect Channel


  employs one or more intermediaries to sell and distribute their product to the customers
• Price


  involves considering costs, competition, and customer perceptions to determine the optimal pricing strategy
• FACTORS TO CONSIDER IN PRICING

  1. Costs 2. Customers 3. Positioning 4. Competitors 5. Profit
• POSITIONING


  How you are seen and thought about by your customers
• PEOPLE

  
  

  the most important element of any service or experience

  employees who deliver the service or interact with customers
• PROMOTION


  involves all the communication strategies used to inform, persuade, and remind customers about the product