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    Entrepreneurship Unit 3 Part 2

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    Michaela Brisenio
    The document discusses opportunity screening and seizing for entrepreneurs. It outlines personal screening questions one should consider to determine if a business opportunity matches their preferences, drive, and willingness to sacrifice. It then details the "12 Rs of Opportunity Screening" which are factors to evaluate like relevance to mission/values, revenues potential, responsiveness to customers, and risks. Lastly, it discusses determining critical success/failure factors of industries and outlining steps to implement, organize, and finance a product or service opportunity.

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    Entrepreneurship Unit 3 Part 2

    Uploaded by

    Michaela Brisenio
    213 views21 pages
    The document discusses opportunity screening and seizing for entrepreneurs. It outlines personal screening questions one should consider to determine if a business opportunity matches their preferences, drive, and willingness to sacrifice. It then details the "12 Rs of Opportunity Screening" which are factors to evaluate like relevance to mission/values, revenues potential, responsiveness to customers, and risks. Lastly, it discusses determining critical success/failure factors of industries and outlining steps to implement, organize, and finance a product or service opportunity.

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    The document discusses opportunity screening and seizing for entrepreneurs. It outlines personal screening questions one should consider to determine if a business opportunity matches their preferences, drive, and willingness to sacrifice. It then details the "12 Rs of Opportunity Screening" which are factors to evaluate like relevance to mission/values, revenues potential, responsiveness to customers, and risks. Lastly, it discusses determining critical success/failure factors of industries and outlining steps to implement, organize, and finance a product or service opportunity.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    213 views21 pages

    Entrepreneurship Unit 3 Part 2

    Uploaded by

    Michaela Brisenio
    The document discusses opportunity screening and seizing for entrepreneurs. It outlines personal screening questions one should consider to determine if a business opportunity matches their preferences, drive, and willingness to sacrifice. It then details the "12 Rs of Opportunity Screening" which are factors to evaluate like relevance to mission/values, revenues potential, responsiveness to customers, and risks. Lastly, it discusses determining critical success/failure factors of industries and outlining steps to implement, organize, and finance a product or service opportunity.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 21

    Opportunity Screening

    • The process of evaluation on


    which market offers the greatest
    opportunity. In doing this, the
    entrepreneur should also consider
    his/her preferences, which is
    known as Personal Screening.
    Some questions to be considered in doing Personal
    Screening:
     Do I have the drive to pursue this business
    opportunity to the end?
     Will I spend all my time, effort, and money to make
    the business opportunity work?
     Will I sacrifice my existing lifestyle, endure
    emotional hardship, and forego my
    usual comforts to succeed in
    this business opportunity?
    12 Rs of
    Opportunity
    Screening
    1. RELEVANCE to Mission, Vision,
    and Objectives of the Entrepreneur –
    Opportunity must be aligned with what
    the entrepreneur has as personal vision,
    mission, and objectives for the enterprise
    they want to set up.
    2. RESONANCE to Values –
    Opportunity must match the values and
    desired virtues that an entrepreneur
    has to impart.
    3. REINFORCEMENT of
    Entrepreneurial Interests – How
    does the opportunity resonate with the
    entrepreneur’s personal interests,
    talents, and skills?
    4. REVENUES – In any
    entrepreneurial activities, it is very
    important to determine the sales
    potential of the products or services
    that you want to offer.
    5. RESPONSIVENESS to
    Customers’s Needs and Wants –
    Opportunity must address and fulfill the
    needs and wants of customers for the
    business to become successful.
    6. REACH – A business must have an
    ability to expand its reach, through
    branches, or through distribution,
    dealership, or franchise outlets to attain
    better opportunities.
    7. RANGE – Opportunity can possibly
    lead to a possible range of products or
    offerings that can tap market segments
    of the industry.
    8. REVOLUTIONARY IMPACT –
    Thinking that opportunity will be the
    next big thing can revolutionize the
    industry, opening up a potential.
    9. RETURNS – Products with low cost
    but can be sold to a higher price may
    yield a high return of investment.
    10. RELATIVE EASE OF
    IMPLEMENTATION – Will the
    opportunity be relatively easy for
    implement for the entrepreneur or will
    there be a lot of obstacles and
    competence gaps to overcome?
    11. RESOURCES REQUIRED –
    Opportunities that require fewer
    resources are better than with those
    that require more resources.
    12. RISKS – There are always risks in
    taking the opportunities, such as those
    with technological, market, financial,
    and people risks.
    OPPORTUNITY SEIZING
    • The entrepreneur must be able to determine
    the critical success factors that enable
    other players in the same industry to succeed
    while vigilant about these factors that cause
    other businesses to fall.
    • “Will I be able to manage, to my advantage,
    the critical success factors and avoid the
    critical failure factors?”
    Opportunity Seizing: Steps in
    Implementing, Organizing, and
    Financing the Product
    1. Choose the correct technology.
    2. Choose the right people.
    3. Design the operating workflow.
    4. Specify the systems and procedures.
    5. Design the organizational architecture.
    Positioning Statement – Expression
    of how a given product, service, or
    brand fills a particular consumer need in
    a way its competitors do not.

    Concept – Idealized abstraction of the


    product or service to be offered to the
    preferred market.
    Activity No. 3( Group Activity)
    Challenge 2: The Million Peso
    Investment
    Rubrics:
    Concept/content-40 points
    Presentation- 40 points
    Group dynamics/effort- 20 points
    • Presentation per group will be limited to
    10-15 minutes

    • Groups 1,3,5,7- May 4,2021

    • Groups 2,4,6,8- May 6,2021

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