Entrep Chapter 3 Ni Vandoy

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It is actually a process that's found in the way that individuals and businesses with an entrepreneurial mindset approach new business ventures or ideas

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Opportunity Recognition

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It is a constant brainstorming in which individuals look for "new and improved ways" of addressing problems

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Opportunity Recognition

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It could be a brand new business idea or even new products or services that fulfill customers' needs and expectations

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Opportunity Recognition

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5 stages of opportunity recognition

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1. Precondition

2. Conception

3. Visioning

4. Assessment

5. Realization

Hint 4

PC / VAR

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The preparatory stage, during which the individuals assesses his knowledge of the market

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Precondition

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The gestation phase, during which entrepreneurial intentions and ideas are generated using logic, creative or both

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Conception

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This stage provides the individual a hunch that can serve as an opportunity for business. This comes about ideas become clearer and how the logic of connections leads the individual to a new idea

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Visioning

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This stage involves the evaluation and whether the idea can be realized or not

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Assessment

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The last phase suggests the production of a prototype. This is the stage when mental construct or idea is now felt in its tangible or physical form

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Realization

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Factors in Opportunity Recognition

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1. Market Awareness

2. Entrepreneurial Readiness

3. Connections

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Prior knowledge of the market; refers to exposure to the market and its components including customer and supplier

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Market Awareness

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Entrepreneurial alertness; refers to a variety of features of an individual to start a business venture

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Entrepreneurial Readiness

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refers to the resources; manpower; capital

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variety of features

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Calculated risk; comfortable with uncertainty; evidence-based decision making; self-direction

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Variety of features

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Networks; linkages, ties and relationships makes the opportunity recognition heightened

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Connections

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Use to assess whether the opportunity is feasible to implement.

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Opportunity Assessment

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Elements of Opportunity Assessment

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1. Product or Service

2. Market Opportunity

3. Costing and Pricing

4. Profitability

5. Resources Requirements

6. Risks

7. Entrepreneurial Commitment

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PMC / PRRE

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A business opportunity is primarily the potential of introducing a new product

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Product or Service

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- unique feature of the product

- usefulness and value of the product (customer value)

- need/want the product trying to fill

- competitive edge of this product/idea

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Product or Service

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The element in the assessment process refers to the appraisal of the characteristics of the market . It includes assessment process of the competitive environment in the market

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Market Opportunity

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- easy to enter the market

- bargaining power of existing players in the market

- comparison of product or services to your product

- target market segment

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Market Opportunity

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Element that refers to the cost of production and the unit price of the commodity

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Costing and Pricing

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The extent of the profitability of a product or service; it is based on how the market will receive your product and the cost of producing it

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Profitability

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Refers to the inputs in the production phase

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Resource Requirements

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Two types of inputs of Resource Requirements

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1. Intermediate Inputs

2. Factor Inputs

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Are also called raw materials that need further processing

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Intermediate inputs

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- cost

- availability

- accessibility

- reliability

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Intermediate inputs

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- productivity

- costs

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Factor inputs

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Are uncertain situations that can increase the probability of loss or failure of a business venture

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Risks

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Two types of Risks

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1. Internal Risks

2. External Risks

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Emanate from the management of resources, can be prepared and controlled

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Internal Risks

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Arise from various environments affecting business, can be managed

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External Risks

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Relates to commitment of the individual to pursue the realization of its business idea

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Entrepreneurial Commitment

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- motivation experiences and business

- skills and resources

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Entrepreneurial Commitment

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Proceeding the products or concept into implementation or putting the business ideas on hold

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Opportunity Pathways

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Also called as traditional approach

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Rational Approach

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It uses systematic procedures in proceeding the implementation of a business opportunity

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Rational Approach

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Two types of Opportunity Pathways

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1. Rational approach

2. Intuitive approach

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Starts with the recognition of opportunity and proceeds directly to the grabbing of opportunity

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Intuitive Approach

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Development process of a product from its inception, introduction in the market and final decline

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Product Planning and Development Process

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Two main phases of Product Planning and Development Process

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1. Precommercialization phase

2. Commercialization phase

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Precommercialization phase

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1. Idea Stage

2. Concept Stage

3. Product Development Stage

4. Test Marketing Stage

Hint 42

ICPT

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Refers to the formation of business ideas

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Idea Stage

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The refinement of ideas and visualization of an idea that can be served as business opportunity

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Concept Stage

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The concretized of idea with the production of a prototype

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Product Development Stage

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The product is introduced to the market for series of evaluation and feedback from potential market . Selling of the products happens in this stage after the said evaluation.

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Test Marketing Stage

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Is also called as the product life cycle

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Commercialization Phase

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Commercialization Phase

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1. Introduction

2. Growth

3. Maturity

4. Decline

Hint 48

IGMD

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The product is formally introduced to the market; there is devotion of resources and time for marketing of the product

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Introduction

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The product is largely recognized by the market . It can only be considered once there is repeat purchase and or sustained demand from the initial and subsequent buyers.

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Growth

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The product is widely accepted with emergence of brand loyalty and patronage from its target market; Entrepreneurs shall maintain the competitiveness though engaging in to innovative activities.

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Maturity

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The product is starting to lose its market power

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Decline

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Are also called the processing inputs which includes labor, capital and technology

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Factor Inputs