Entrep

• “DON’T FIND CUSTOMERS FOR YOUR

  PRODUCT. FIND PRODUCTS FOR

  YOUR CUSTOMERS. ” Entrepreneur
• Understand the needs and wants of the people who are going to patronize the product. Submit

  potential ideas in accordance to the needs of the consumer. Consumer
• Also, monitoring the existing products and services in the market place could help your product idea generation become even more credible in what product/service to offer in the market. The established product and services in the market
• It will help you suggest and market new product. The Distribution Channels
• Records from the Patent office can give you idea what to offer in the market. The government
• Research for a particular product/service (feasibility study is highly recommended) it will help you understand the needs of the market. Research and development
• What are the product sources?
• It will teach entrepreneur to be more creative in developing what product/service to offer. Focus group discussion
• If the entrepreneurs have an area where he/she can focus on, the effective development of idea can occur. Brainstorming
• It’s a kind of researching product/service that has weak points in the market. Problem inventory analysis
• A tool that entrepreneurs can use to help them decide what is the most suitable business idea they could introduce in the market. Swot Analysis
• What is SWOT?

  Strength

  Weakness

  Opportunity

  Threat
• Strengths are the specific positive aspects which will give your proposed business an advantage over similar business ventures and the competitors.
• Weaknesses are the things that your business will not do as well as other businesses.
• The entrepreneurial process of creating a new venture is presented in the diagram below.

  Creating entrepreneural ideas

  Identification of entrepreneural opportunities

  Opening of entrepreneural ventures
• Entrepreneurial heart flame - Entrepreneurs are driven by passion; they are attracted to discover satisfaction in the act and process of discovery.
• Entrepreneurial mind frame- This allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situation.
• Entrepreneurial gut game - This refers to the ability of the entrepreneur of being intuitive. Also means confidence in one’s self and the firm belief that everything you aspire can be reached.
• SOURCES OF OPPORTUNITIES

  -Changes in the environment

  -Technological discovery and advancement

  -Government’s thrust, programs, and policies

  -People’s interest

  -Past experiences
• Changes in the environment. Entrepreneurial ideas arise when changes happen in the external environment. A person with an entrepreneurial drive views these changes positively. External environment refers to the physical environment, societal environment, and industry environment where the business operates.
• Technological discovery and advancement A person with entrepreneurial interest sees possibility of business opportunities in any new discovery or because of the use of latest technology. For example, repair and installation of a machine engine.
• The priorities, projects, programs, and policies of the government are

  also good sources of ideas.

  Example, use of firecrackers to celebrate New Year’s Eve. Government thrust, programs and policies.
• People’s interest The interest, hobbies, and preferences of people are rich sources of entrepreneurial ideas, like the increasing number of Internet Cafés at present could lead to the strong attachment of young people to computers.
• Past experiences The expertise and skills developed by a person who has worked in a particular field may lead to the opening of a related business enterprise.
• Competition – it is the act or process of trying to get or win something
• These are the five forces competing within the industry:

  Buyers

  Potential new entrants

  Rivalry among existing firms

  Substitute products

  Supplier
• Buyers - The buyers are the ones that pay cash in exchange for your goods and services.
• Competition – it is the act or process of trying to get or win something.
• Potential new entrants - A new entrant is defined as companies or businesses that have the ability to penetrate or enter into a particular industry.
• Substitute products - Substitute is one that serves the same purpose as another product in the market.
• Rivalry among existing firms - Rivalry is a state or situation wherein business organizations are competing with each other in a particular market.
• Supplier - The Suppliers are the one that provide something that is needed in business operations such as office supplies and equipment.
• Ways of Generating New Product/Service

  Focus group discussion

  Brainstorming

  Problem inventory analysis