It is a step-by-step procedure in establishing any kind of business that an entrepreneur has to undergo

4 aspects of entrepreneurial process

Opportunity spotting and assessment

These are reliable sources of opportunity information because market needs originate from them.

These are glaring problems in the environment, problems encountered by co-entrepreneurs, new trends, processes, and developments in the environment.

It is the feedback from the distribution or business partners such as retailers, wholesalers, manufacturers, and technical people that the entrepreneur is working with.

Entrepreneurs should formulate _______ when they have already spotted and assessed the opportunities for a market.

It is a comprehensive paper that details the marketing, operational, human resource, financial, strategic direction and tactics of the business.

This will be the core guide and direction of the entrepreneur in calculating the resources needed, assessing how to obtain these resources efficiently, and running the business sustainably.

A big idea can never be translated into reality if the entrepreneur's resources is limited.

It is mandatory in the entrepreneurial process to calculate resources needed to establish the business and compare this against the entrepreneur's current resources.

This is the part where the entrepreneur should use the resources allocated for the new venture.

All aspects of the business plan should be critically observed from operations, marketing and sales, human resources, finance, strategy implementation.

It is the starting point of any new venture that involves understanding and knowing the intricacies of the macro environment, micro environment and internal environment.

3s of opportuniy spotting and assessment

It is the framework that most of the promising entrepreneurs use to finally come up with the ultimate product or service suited for a specific opportunity.

It is an entrepreneur's business idea that can potentially become a commercial product or service in the future.

It is the first step and is the most difficult process of all due to the number of options that the entrepreneur will have to choose from.

Seeking the opportunity (markets)

Macroenvironmental sources

STEEPLED means

This represents the general environment where the entrepreneur can identify business opportunities from and where the future business is about to operate.

This is the source of current trend on what is happening in the industry where the future business will belong to.

These are new trends that can be the core business model of a new venture.

For example, the entrepreneur should be fully acclimated on what is happening with the rice industry if he or she wants to establish a rice retailing business.

For example, the influx of mobile applications necessitates businesses to have this platform as one of their transaction channels.

These are projected new opportunities that can be possibly affect the new business while it is running.

For example, sari-sari stores in the future will be able to incorporate financial transactions such as accepting bills payment and process remittances.

Micromarket

These are the current needs and wants of potential customers that should be discovered right away by a budding entrepreneur.

This way, he or she will be able to take a chance of the opportunity.

Recognized when a customer believes that there is a difference between his or her current situation vs. his or her desired condition.

Recognized when a customer believes that there is a specific product or service that can perfectly suit the need.

Recognizing and understanding potential ________ will aid the entrepreneur to develop a product or service that is unique and will surely stand out from the competition.

4ps of marketing

Oftentimes, the most brilliant ventures come form the most unexpected opportunities. It may happen in unlikely situations, unlikely places, and with unlikely people.

Business opportunities do not just come from outside forces, but also from within the entrepreneur.

The entrepreneur's talents, hobbies, skills or expertise can be a source of business opportunity.

Generally, entrepreneurs see opportunities in situations where there is a recurring problem or sometimes when there is no more hope in solving the problem.

Often, entrepreneurs just have to look at their ecosystem and they will be able to spot a business opportunity right away.

Methods of gathering ideas

In this method, a moderator handles a very open, free flowing, and in-depth discussion with a group of people who can provide insightful ideas about a new product or service that will fill a market need.

FGD

Similar to FGD, _______ is an activity that allows the participants to share creative ideas while following rules

Rules of Brainstorming: • A. no ______ or judgment is allowed • B. ______ ideas are accepted • C. More ideas are ______ • D. _______ of others' ideas is allowed.

This is a fun discussion with lenient rules

This is exactly the same as brainstorming except that the channel used is face-to-face, but in writing or online.

The results of this usually take longer, as the answers depend on the availability of the participants in answering the questionnaires online.

This method is similar to the FGD except that the participants are already given an inventory of product or service problems

The participants will just identify from the list given the compelling problems of a potential product or service instead of generating the ideas from them.

It is the process of cautiously selecting the best opportunity.

In opportunity screening, the selection will depend on the entrepreneur's ______ and _______

It is the main objective that the business will accomplish in the entrepreneur's life

It will address the compelling needs of the target market.

It refers to the entrepreneur's tolerance of business risk

It is considered in screening opportunities

It is considered one of the most critic resources of an entrepreneur.

_____ should only be devoted to worthwhile opportunities

OAT

The ______ aims to assist entrepreneurs in ensuring that the opportunity that they will venture into is an attractive and feasible prospect.

A framework to measure how compelling an opportunity is.

This test is designed to detail each entrepreneurial aspect into small chunks to come up with a sound entrepreneurial decision.

The answers in this test will be the guiding principles of the entrepreneur in writing the business plan.

The components of the _____ will be used to channel the entrepreneur's direction in data gathering.

The entrepreneur should think of the reason for the business' existence.

A _________ is simply defined as what the business should do in the future.

The entrepreneur should also devise a ________, the value that the product or service will offer to the target customers or the satisfaction of the needs or wants of the target customers.

These are considered as the opportunity's critical success factors.

These factors will approximately determine the attractiveness of the new venture depending on the total scores that it will generate and the risk appetite of the entrepreneur.

It is the last step in opportunity spotting and assessment.

This is the "pushing through" with the chosen opportunity.

It is the process of positively improving an existing product or service.

It is a key driver for economic growth.

__________ is inevitable as the world constantly changes.

3 types of innovation

The 3 types of innovation is according to the _______

These innovations, which may also include inventions, occur infrequently as these establish the platform on which future innovations in an area are developed.

These innovations occur more frequently than breakthrough innovation.

These innovation are technological advancement of an existing product or service.

These innovations occur ordinarily as the name implies.

They are commonly originating from market analysis and technology pull instead of a technology push.

In the _______, one opportunity stood out from a number of sources.

The last process, called the _______ process, involves refining and developing this opportunity

The refining process in "seizing the opportunity" process is called _______

Stages of product or service planning and development

In this stage, the entrepreneur determines what are the feasible products and/or services that will perfectly suit the opportunity.

Usually, a _________ is conducted by the entrepreneur to assess whether the new product or service ideas will be accepted by the market using values and benefits to consumers as metrics.

Once the acceptable product or service has already been identified. In the ______, the developed idea will undergo a consumer acceptance test.

In this stage, the entrepreneur leverages on the information generated from the prospective customers via the concept stage.

Actual reactions from prospective customers are determined.

This stage validates the work done from the first three stages to measure success in the commercialization of the product