entrep 2

• Opportunity


  An entrepreneur's business idea that can potentially become a commercial product or service in the future
• Opportunity Spotting and Assessment


  1. Seeking

  2. Screening

  3. Seizing
• Entrepreneurial Heart Flame


  • Emotional intelligence (EQ) manifested in efforts to nurture relationships with customers, employees, and suppliers
  • Looking after the interests of people by motivating and encouraging them to be the best, creating a caring culture that brings about synergy
• Entrepreneurial Mind Frame


  • Seeing things in a positive and optimistic light amidst crisis
• Entrepreneurial Gut Game


  • Ability to sense without using the five senses (intuition)
  • Courage or "lakas ng loob" (strong intestinal fortitude)
• Macroenvironmental sources


  Sources of opportunities that involve looking at the big picture and noticing emerging trends and patterns
• STEEPLED factors


  • Sociocultural
  • Technological
  • Economic
  • Environmental
  • Political
  • Legal
  • Ethical
  • Demographic
• Sociocultural factors


  • General view of a locality's traditions, customs, beliefs, norms, and perception
  • Includes health consciousness, attitude towards imported goods/services, attitude towards saving/investing/borrowing, religion and beliefs
• Understanding people


  Significant in seeking opportunities in business
• Technological factors


  • Innovations of existing technology
  • Includes advanced machinery/equipment, new systems, and processes
• Economic factors


  • Income, expenses, resources that directly affect any business venture
  • Need to achieve equilibrium on both supply and demand
• Environmental factors


  • Growing awareness about natural resources, ecosystem, habitat, animals, and plants
  • Includes efforts to curb carbon footprint, use of eco-bags, banning single-use plastics
• Political factors


  • Government policies and administrations that define the governance system
• Political factors


  • K12 education program by Aquino administration
  • Build, Build, Build program by Duterte administration
• Legal factors


  • Laws and regulations that can restrict or allow business activities
  • Includes necessary permits, licenses and approvals
• Ethical factors


  • Guide for morally running the business
  • Includes ethical advertising and sales practices, following accepted accounting standards, completely reporting sales
• Demographic factors


  • Characteristics of the people, including population, age distribution, gender, social classes, family size
• Former


  The first of two things mentioned
• Latter


  The second of two things mentioned
• May have various construction materials as its foremost products in the said infrastructure project
• Legal factors


  Laws and regulations that can restrict or allow business activities
• With the community quarantine at hand, the IATF notified businesses that may (skeletal or full capacity) or may not operate
• Businesses prior operations must acquire necessary permits, licenses and approvals
• Ethical factors


  Serve as an entrepreneur's guide in morally running the business
• Advertising and sales practices are taken into account that's why prior television ads have to be ethical
• Movies are rated by MTRCB so that customers are aware and protected
• Accepted accounting standards must be followed
• Sales must be completely reported to avoid tax problems
• Demographic factors


  The characteristics of the people
• Demographic factors


  • Population
  • Age distribution
  • Gender
  • Social classes
  • Family size
• A growing population needs a greater supply of prime commodities (rice, fruits, vegetables, electricity, water, etc)
• For senior citizens, adults, and babies, these categories may need different food supplements as they have varying age distribution
• Males and females (gender) have different wants/needs
• Generally, for fragrances, the scents for the ladies are usually sweet, fruity, or floral while for the gentlemen, the scents are usually warm, crisp, and earthy
• Elites can book for a hotel suite while the middle class can only afford to stay in a simple, twin room (social classes)
• Children of rich families can enter private schools while those who have enough may opt to go to the public ones
• A bigger family in number (family size) needs more food, water, essentials, etc
• Industry


  The source of current trend on what is happening in the industry where the future business will belong to
• New discovery or new knowledge


  New trends that can be the core business model of a new venture
• Futuristic opportunities


  Projected new opportunities that can possibly affect the new business while it is running