78%(49)78% ont trouvé ce document utile (49 votes)
16K vues31 pages
The document discusses the importance of opportunity seeking, screening, and seizing in entrepreneurship. It describes the entrepreneurial mindset and various sources of opportunities, including macro environmental factors, industry participants, consumer preferences and an entrepreneur's own skills. It emphasizes screening opportunities based on personal fit and a risk-return analysis. Conducting feasibility studies and competitor analyses are also presented as important steps when seizing opportunities.
The document discusses the importance of opportunity seeking, screening, and seizing in entrepreneurship. It describes the entrepreneurial mindset and various sources of opportunities, including macro environmental factors, industry participants, consumer preferences and an entrepreneur's own skills. It emphasizes screening opportunities based on personal fit and a risk-return analysis. Conducting feasibility studies and competitor analyses are also presented as important steps when seizing opportunities.
The document discusses the importance of opportunity seeking, screening, and seizing in entrepreneurship. It describes the entrepreneurial mindset and various sources of opportunities, including macro environmental factors, industry participants, consumer preferences and an entrepreneur's own skills. It emphasizes screening opportunities based on personal fit and a risk-return analysis. Conducting feasibility studies and competitor analyses are also presented as important steps when seizing opportunities.
Chapter 2: Opportunity Seeking, Screening, and Seizing Learning Objective
To know the importance of
opportunity seeking, screening, and seizing in entrepreneurship Opportunity Seeking Entrepreneurial Mind Frame, Heart Flame, and Gut Game The entrepreneurial mind frame allows the entrepreneur to see things in a very positive and optimistic light in the midst of crisis or difficult situations. The entrepreneurial heart flame, also known as surging passion, refers to the entrepreneurs fulfillment in the act and process of discovery. The entrepreneurial gut game, also known as intuition, refers to the ability of the entrepreneur to sense without using the five senses. Sources of Opportunities Macro Environmental Sources of Opportunities 1. Socio-cultural Environment 2. Political Environment 3. Economic Environment 4. Ecological Environment 5. Technological Environment Sources of Opportunities Industry Sources of Opportunities Participants in and industry include: 1. Rivals or competitors in a particular type of business. True rivals or competitors are those competing for the same or similar markets. 2. Suppliers of input to rivals as well as suppliers of machinery and equipment, suppliers of manpower and expertise, and supplies of merchandise. 3. Consumer market segments being served by rivals or competitors. 4. Substitute products or services, which customers shift or turn to. 5. All other support and enabling industries. Sources of Opportunities Micromarket Micromarket refers to the specific target market segment of a particular enterprise. These are the target customers that represent the immediate customers of an enterprise, meaning those who are currently buying the goods or services offered by the enterprise and its direct competitors. It likewise pertains to a clearly defined location or specific customer group that an enterprise wishes to serve. Sources of Opportunities Consumer Preferences, Piques, and Perceptions Consumer preferences refer to the tastes of particular groups of people. In contrast, consumer dislikes refer to the things that irritate customers. Either way, the entrepreneur can explore opportunities brought about by consumer preferences or dislikes. There are times when the product is not changed by the enterprise but what changes is the way consumers perceive the product. Sources of Opportunities Other Sources Another potential source of opportunity is the entrepreneurs own set of skills or expertise, or hobby. New knowledge as well as new technology can be the source of highly innovative opportunities. 1. Customer preferences change over time. 2. Peoples tastes in clothes, music, shoes, entertainment, dance, sports, hobbies, and even careers have evolved over the years. 3. What piques customers is a great source of opportunities. 4. Before the customer is won over, there is first a battle for the mind. Next, there is a battle for the heart. Finally, there is a battle for the wallet. Sources of Opportunities Other Sources 5. The longer the customer wants to use the product, the greater the chances of creating lasting loyalty. 6. Opportunities abound in shaping consumer perceptions or occupying spaces in their minds or places in their hearts that have not yet been filled. Sources of Opportunities Other Sources 7. New inventions, new systems and work processes, new insights about the human psyche, new applications for old knowledge, new revelations about how the physical world works, new interpretations, new combinations based on the convergence of previous technologies, new outlooks about how life should be led, and a host of other new things are tremendous sources of opportunities. 8. Determining personal preferences and competencies lay the foundation for a new business venture. Sources of Opportunities Other Sources 9. Unexpected occurrences in both the external and internal environment of the enterprise indicate that significant changes are happening and opportunities are sprouting. Opportunity Screening The Personal Screen In screening opportunities, the entrepreneur first has to consider his or her preferences and capabilities by asking three basic questions: 1. Do I have the drive to pursue this business opportunity to the end? 2. Will I spend all my time, effort, and money to make the business opportunity work? 3. Will I sacrifice my existing lifestyle, endure emotional hardship, and forego my usual comforts to succeed in this business opportunity? If YES is your answer to all of the above, then you can begin your earnest pursuit of that opportunity. Risk-Return Grid for Screening Opportunities The 12 Rs of Opportunity Screening 1. Relevance to vision, mission, and objectives of the entrepreneur. The opportunity must be aligned with what you have as your personal vision, mission, and objectives for the enterprise you want to set up. 2. Resonance to values. Other than vision, mission, and objectives, the opportunity must match the values and desired virtues that you have or wish to impart. 3. Reinforcement of Entrepreneurial Interests. How does the opportunity resonate with the entrepreneurs personal interests, talents, and skills? 4. Revenues. In any entrepreneurial endeavor, it is important to determine the sales potential of the products or services you want to offer. Is there a big enough market out there to grab and nurture for growth? The 12 Rs of Opportunity Screening 5. Responsiveness to customer needs and wants. If the opportunity that you want to pursue addresses the unfulfilled or underserved needs and wants of customers, then you have a better chance of succeeding. 6. Reach. Opportunities that have good chances of expanding through branches, distributorships, dealerships, or franchise outlets in order to attain rapid growth are better opportunities. 7. Range. The opportunity can potentially lead to a wide range of possible product or service offerings, thus, tapping many market segments of the industry. 8. Revolutionary Impact. If you think that the opportunity will most likely be the next big thing or even a game-changer that will revolutionize the industry, then there is a big potential for the chosen opportunity. The 12 Rs of Opportunity Screening 9. Returns. It is a fact that products with low costs of production and operations but are sold at higher prices will definitely yield the highest returns on investments. Returns can also be intangible; meaning, they come in the form of high profile recognition or image projection. 10. Relative Ease of Implementation. Will the opportunity be relatively easy to implement for the entrepreneur or will there be a lot of obstacles and competency gaps to overcome? 11. Resources Required. Opportunities requiring fewer resources from the entrepreneur may be more favored than those requiring more resources. 12. Risks. In an entrepreneurial endeavor, there will always be risks. However, some opportunities carry more risks than others, such as those with high technological, market, financial, and people risks. Opportunity Screening Matrix Factors That Are Contained in a Pre-feasibility Study Market potential and prospects Availability and appropriateness of technology Project investment and detailed cost estimates Financial forecast and determination of financial feasibility Things to Consider in Writing the Feasibility Study 1. A more in-depth study of market potential to ensure that the business proposal will reach the forecasted sales figures 2. Proof that the product or services being offered has the right design, attributes, specifications and preferred features 3. Proof that the entrepreneur and his or her team have the necessary experience, skills, and capabilities to maximize the ventures chances of success Things to Consider in Writing the Feasibility Study 4. Legal visibility 5. More detailed costing on the different assets and more justification for the production and operating expenses 6. More thorough analysis of the technology and its sustainability Opportunity Seizing The question for the entrepreneur in Opportunity Seizing is
Will I be able to manage, to my advantage,
the critical success factors and avoid the critical failure factors? Key Points in Going about the Questioning to Craft a Positioning Statement 1. What are the main customer segments? 2. What are the different product attributes and features of each of the competitors? 3. What are the existing marketing practices of the various competitors? 4. What are the market preferences of consumers when it comes to the products being offered? Grids for Competitor Analysis Analysis of Competitors Products Options or Directions in Coming up with a Product/Service Concept 1. The first is to create a concept similar to the winning products in the marketplace and ride with the obvious market trends 2. The second is to find a market niche that has not been filled by the competitors. 3. The third is to conceptualize a product in a positioning category where the participants are rather weak. 4. The fourth is to conceptualize a product that would change the way customers think, behave, and buy, thus making existing products obsolete and old-fashioned. Designing, Prototyping, and Testing the Product Designing means that the entrepreneur must render the concept and translate it into its very physical and very real dimensions (measurement). This entails building a prototype of the product that will be ready for actual testing by the entrepreneur and then, later on, subject to testing by potential customers through focus group discussions (FGD), surveys, product demonstration sessions, and the like. Designing, Prototyping, and Testing the Product Designing means that the entrepreneur must render the concept and translate it into its very physical and very real dimensions (measurement). This entails building a prototype of the product that will be ready for actual testing by the entrepreneur and then, later on, subject to testing by potential customers through focus group discussions (FGD), surveys, product demonstration sessions, and the like.