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67 Cards in this Set
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Process thats found in the way taht individuals and businesses with an entrepreneurial mindset approach new business ventures or ideas |
Opportunity recognition |
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It is a constant brainstorming in which individuals look for new and improved ways of addressing problems |
Opportunity recognition |
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It could be a brand new business idea or even new products or serbicesthat fulfill customers needs and expectations |
Opportunity recognition |
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What are the 5 stages of opportunity recognition? |
1 precondition 2 conception 3 visioning 4 assessment 5 realization |
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The preparatory stage during ehich the individuals assesses his knowledge of the market |
Precondition |
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The gestation phase |
Conception |
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During ehich entrepreneurial intentions and ideas generated using logic creative or both |
Conception |
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This stage provides the individual a hunch that can serve as an opportunity for business |
Visioning |
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This comes about ideas become clearer and how the logic of connections leads the individual to a new idea |
Visioning |
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This stage involves the evaluation on wether the idea can be realized or not |
Assessment |
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The last phase that suggests the production of a prototype |
Realization |
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This is the stage when mental construct or idea is now felt in its tangible or physical form |
Realization |
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What are rhe factors in opportunity recognition |
1 market awareness 2 entrepreneurial readiness 3 connections |
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Prior knowledge of the market |
Market awareness |
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Refers to personal e posure to the market and its components including customer and supplier |
Market awareness |
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Entrrpreneurial alertness |
Entrepreneurial readiness |
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Refers to a variety of features of an individual to start a business venture |
Entrepreneurial readiness |
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Resource; manpower;capital;calculated risk; comfortable with uncertainty; evident-based decision-making; self-direction |
Variety of features |
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What are the variety of features in entrepreneurial readiness |
Resource; manpower;capital;calculated risk; comfortable with uncertainty; evident-based decision-making; self-direction |
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Refers to your networls |
Connections |
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Linkages,ties and relationships make the opportunity recognition heightened |
Connections |
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Use to assess whether the opportunity is feasible to implement |
Opportunity assessment |
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What are the elements of opportunity assessment |
1 product or service 2 market opportunity 3 costing and pricing 4 profitability 5 resource requirements 6 risks 7entrepreneurial commitment |
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A business opportunitu is primarily the potential of introducing a new product |
Product or service |
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The product or service must be... |
-unique featire of the lroduct -usefulness and the value of the product -need/want the product rying to fill -competitive of this product or idea |
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Refers to the appraisal of the characteristics of the market |
Market opportunity |
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Includes the assessment process of the comoetitive environment in yhe market |
Market opportunity |
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To assess market opprtunity it has to be... |
-easy to enter the market -baragaining power of existing players in the market -comoarison of product or services to your product -target market segment |
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Element that refers to rhe cost of producyion and the unit price of the commodity |
Costing and pricing |
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The extent of the profitability of a product |
Profitability |
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Based on how the market will receive your product and the cost of producing it |
Profitability |
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Refers to the inputs in the production process |
Resource requitements |
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2 kinds of inputs |
1 intermediate inputs 2 factor inputs |
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Are also called raw materials that need further processing |
Intermediate inputs |
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Example of intermediaye inputs |
1 cost 2 avaliability 3 accessibility 4 reliability |
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Are also called processing inputs which includes labor capital and technology |
Factor inputs |
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Examples of factor inputs |
1 productivity 2 costs |
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Uncertain conditions that can increase the probabilitu of loss or failurr of a business venture |
Risks |
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2 types of risks |
1. Internal risks 2. External risks |
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Risk that emanate from the management of resources |
Internal risks |
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Risks that can be prepared and controlled |
Internal risk |
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Arise from various environments affecting business |
External risks |
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Risks that can be managed |
External risks |
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Relates to commitment of the individual to pursue the realization of its business idea |
Entrepreneurial commitment |
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Examples of entrepreneurial commitment |
-motivation, experiences and business -skills and resources |
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Proceeding the products or concept into implementation or putting the business idea on hold |
Opportunity pathways |
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2 types of opportunity approach |
1 rational approach 2 intuitive approach |
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Called as the traditional approach |
Rational approach |
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Uses systematic procedures in proceeding the implementation of a business opportunity |
Rational approach |
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Starts with the recognition of opportunity and proceeds directly to the grabbing of the opportubity |
Intuitive approach |
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Development process of a product from its inception introduction in the market and final decline |
Product planning and development process |
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2 main phases of product planning and development process |
1 precommercialization phase 2 commercialization phase |
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Stages in precommercialization phase |
1 idea stage 2 concept stage 3 product dwvelopment stage 4 test marketing stage |
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Refers to formation of business ideas |
Idea stage |
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The refinement of ideas and visualization of an idea that can be served as business opportunity |
Concept stage |
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The concretized of idea with the production of a prototype |
Product development stage |
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The product is introduced to the market for a series of evaluation and feedback from potential market |
Test marketing stage |
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When can you sell a product? |
After the test marketing stage |
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Also called the product life cycle |
Commercialization phase |
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Stages of the commercialization phase |
1. Introduction 2. Growth 3. Maturity 4. Decline |
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The product is formally introduced to the market |
Introduction |
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There is devotion of resources and time for marketing of the product |
Introduction |
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The product is largely recognized by the market |
Growth |
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When can you recognize growth? |
When there is a repeat purchase or sustained demand from the initial and subsequent buyers |
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The product is widely accepted with the emergence of brand loyalty and patronage from its target market |
Maturity |
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Entrepreneurs shall maintain competitiveness though engaging in to innovative activities |
Maturity |
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The product is starting to lose its market power |
Decline |
