opportunity seeking in entrepreneurship, spotting business opportunities

ENTREPRENEURSHIP 101

Sp tting and Actualizing Business Ideas and Opportunities

April 12, 2023

What is an opportunity?

In a business sense, it is an idea that has commercial potential.

Something you can make money with, develop a business around it, or create value with it.

Keywords

MBA – My Bank Account CHAMP

Currency (H) atik Anda Money Pera

Challenging Topic How can we find business opportunities

when we are in crisis? Isn’t the Philippines in crisis? Isn’t the world in crisis?

Worldwide conflicts: Egypt Libya Yemen Syria Thailand Cambodia

Leading to runaway oil prices Tsunami and earthquake that hit Japan

The Philippines

There are nearly 100,000 OFWs in Taiwan. Many will lose their jobs because of the current RP-

Taiwan spat Many workers from the Middle East are being

sent home. Poverty in the Philippines remain at an all-time

high. (We are behind in the UN goal of fighting poverty compared to other ASEAN countries.)

Frequent Questions:

How can we open new business in the Philippines? Aren’t we in crisis?

Haven’t we discovered everything already? Aren’t products perfect already?

Isn’t it too crowded already for a new enterprise?

How can you survive as a new enterprise?

Answer: Really, we don’t know. If we go through the process, maybe we will

know. More often, the answer is in YOU! Opportunity presents itself WHEN YOU

ARE READY.

Example: When there is a typhoon, what do you see?

Flooding Stalled Vehicles Upper Respiratory Diseases

Deaths from Drowning

Destroyed HousesFallen Trees & Power Lines

What don’t you see?

Umbrellas and Raincoats for SaleTulak Tirik BoysAndanyo Boys

New Flood Control Projects Funeraria

More Sale of Construction Materials

Q: On this page, what do you see?

ANSWER:

Nothing. Just a white page. If that’s a market, that’s what an ordinary

mind sees – a solid white wall. CROWDED. NOTHING.

The Entrepreneurial Mindset sees a hole!

“CHERCHEZ LE CRANEAU”

An opportunity to be in that market.

Wei Ji

Shouldn’t we make itJi Wei?

We look first at the opportunity, and yes, recognize that there is danger.

OPPORTUNITY SEEKING

The Entrepreneurial Mindset

OPPORTUNITYSEIZING

OPPORTUNITYSCREENING

OPPORTUNITYSEEKING

OPPORTUNITY SEEKING

Sources of Opportunity: Internal –

Innovation / Creativity

External Macromarket Micromarket

Analysis Irritants in the

marketplace

Irritants in the Marketplace

D – Deterrents, Delays I – Irritants P – Problems C – Complaints

The Many Sources of Opportunity

Macro-Environmental

Sources

ConsumerPreferences,

Piques &Perceptions

Industry &Market

Sources

Talents, Hobbies,Interests, Skills,

& ExposureNew Knowledge

Opportunitiesfrom the

Unexpected

Opportunities fromthe Future

OPPORTUNITY SEEKING

TOOLS – External / Environmental Analysis

PESTE PESTEL EPISTE STEER SWOT / TOWS

TOOLS – External / Environmental Analysis

PESTE – Political, Economic, Social, Technological, Ecological

PESTEL – PESTE + Legal EPISTE – Economic, Political, Informatics,

Technological, Ecological STEER – Sociological, Technical, Economic,

Ecological, Regulatory SWOT / TOWS

OPPORTUNITY

Issue of Relevance All of the Macro and Micro must be relevant / related to the

Enterprise

MACRO (PESTEL)

INDUSTRY

MARKET

MICRO MARKET

Customer Competition Location

FOOD INDUSTRY

Fresh Food (raw) Packaged Food Food eaten inside

the house Food eaten outside

the house

For your industry, what are the divisions?

Micro Market Analysis

COMPETITION LOCATION

CUSTOMERFGD, UAI

Benchmarking,

Competitor Research

Traffic Count, Going to Office / Going Home

For your enterprise, how do you do a micro market analysis?

MARKET – Food Eaten Outside the House

Fine Dining Casual Fast Food Street Food

Chinese

Grilled

Italian

Filipino

International

Japanese

Mediterranean

Seafood

Fusion

AB C DE FGHIJ...!?

For your enterprise, what are the markets?

INNOVATION

Innovation – Mga Pagbabago

Disruptive - nagbabago Social

Food cart Street food Noodle meals Sachet marketing E-load / Daily load

Innovation – Mga Pagbabago

Disruptive – nagbabago Technology

VHS DVD Film Digital cameras Fax machines? Telephone landline

Cellphone, VoIP Wi-Fi Satellite communications

Innovation – Mga Pagbabago

Disruptive – nagbabago Crisis

As the Tsunami and earthquake that hit Japan

Effects on construction technology, nuclear power, disaster preparedness

Innovation (soft)

What pisses you off? What needs are not

satisfied? What are new

satisfactions?

Innovation (soft)

BEFORE You can’t Food eaten outside the

house Movie Theater Malling

NOW You can Pizza delivered in 30

mins or less Home Theater Online shopping

Types of Product Innovation

Create an entirely new product

Alter / modify an existing product

Re-brand / Reformulate an existing / old product

Internal / Personal

Past jobs Hobbies Social network Travel

Ways to Innovate

Make it LARGER Pinakamalaki,

pinakamalakas Ex:

Family size 2-liter Big TV Thick Crust Big Pizza Jumbo Airbus 380

Ways to Innovate

Modify – change the Name Color Container Shape

Creative copying

Ways to Innovate

Make it Stronger / Faster 4x your daily calcium needs Whiter teeth in 1 brushing Skin whitening in 7 days Fast relief Fast-acting Delivered in 30mins. or less Be seated in less than 10 minutes Food served in less than a minute Overnight package delivery Instant money remittance

Ways to Innovate

Make it smaller / lighter Netbook iPad Cellphones in1988 vs. Cellphones

now Hatchback – smaller, less fuel

consumption Energy-efficient appliances Condo-type furniture

Ways to Innovate

Substitute Materials Methods

Bicycle Washing Machine

Materials

Paper to plastic Cork to plastic Metal parts in cars to plastic – lighter,

cheaper, easier to make Metal to carbon fibre – lighter, stronger Leather to leatherette

Methods

Frying to Boiling Frying to Steaming Fast cook to Slow cook Gas cooking to Wood

cooking Cooked in the Kitchen

to Cooked in front of you Sunny Cooker

Other Methods (Internal)

SERENDIPITY WALK Walk along an avenue or

street Observe, Observe, Observe

What customer needs can still be met?

Observe competition

Remember always:

Start with the CUSTOMER NEEDS Be sure there would be a large number who share

the same aspiration / frustration The customer cannot be completely satisfied. “I can’t get no satisfaction”

Remember always:

There is no perfect product Today’s winners can be tomorrow’s losers

Today – It’s Henry Sy or John Gokongwei Tomorrow – it’s Hans Sy / Tessie Coson / Lance

or Robina Gokongwei In the distant future – it’s gonna be

YOU ARE THE INNOVATION!

You and your SKILLS

You and your IMAGINATION

“IMAGINATION IS MORE IMPORTANT THAN KNOWLEDGE” –Albert Einstein

You and your NETWORK

social networking statsDescription / Focus No. of Reg’d Users

General.

Also for businesses and celebrities.

500 M

General. Popular in US, Canada, Europe

245 M

“Microblogging“ in 140 characters or less

190 M

General. Popular in South East Asian Countries

115 M

Business Networking 80 M

You and your PURPOSE

You and TECHNOLOGY

YOU

Welcome to your world!

You and your VISION

“I believe that the nation should dedicate itself to committing the goal that before the decade is out, of a man landing on the moon

and returning him safely to earth.”

-John F. Kennedy

May 25, 1961

“I have a dream.”

-Martin Luther King

You and your MINDSET

Nothing is impossible I can do it I have what it takes

HINDI PWEDE ANG HINDI PWEDE.

You and your ENTERPRISE

“If you build they will come.”

You and your PASSIONIt is doing what you love

doing, even when it hurts.

Live anINTERESTING LIFE!

It’s a wonderful world!

You are the universe’s greatest miracle.