SEARCH FOR BUSINESS

OPPORTUNITY, IDEATION,
INNOVATION AND CREATIVITY
 FACTORS AFFECTING BUSINESS
OPPORTUNITY

 The following factors on resources have to be

evaluated in discovering business opportunities:
 Markets
 Individual Interests
 Capital
 Skills
 Supplies of inputs
 Manpower
 Technology.
 FACTORS AFFECTING BUSINESS
OPPORTUNITY

 Markets

- This refers to the number of prospective buyers,

competitors, the price, and the quality of goods and
services that have to be analyzed. Business opportunities
exist in areas where consumer satisfaction is weak or
incomplete.
 FACTORS AFFECTING BUSINESS
OPPORTUNITY

 Individual Interests
- Business interest of individuals should match business
opportunities. For example, if one is a good cook, he could
venture in the food business. Same is true when one is good
in arts and crafts, he could engage himself in a business
focusing on arts and crafts.
 FACTORS AFFECTING BUSINESS
OPPORTUNITY

 Capital
- This serves as the fuel that keeps the business operating.
The availability of funds should fit the type of business to
organize.

 Skills
- The entrepreneur should have the proper skills in the
business he is going to undertake.
 The Search for Business Opportunity

 Supplies of inputs
- It is important that there are steady suppliers of raw
material and other inputs to the business.

 Manpower
- The success of any business also depends on the efficiency
of its employees.
 FACTORS AFFECTING BUSINESS
OPPORTUNITY

 Technology
- Entrepreneurs should be aware of the presence of
technology to improve their products or services, or introduce
new innovations in the market.
Google offers the Philippines Business Stimulus
Package.
Businesses here in the Philippines can avail of the
said
package which helps them advertise their goods
and/or
services through Google for only Php2,000.

“Increasingly more companies

use Twitter for business – to do
market research, do brand advocacy
and reputation management and
provide selected highlights from a
conference or event. Twitter allows
them to expand their brand and thus
generate new opportunities.”- Andra
Picincu
 The Search for Business Opportunity

 Among the productive resources, people are the

most important because they are the ones who
organize and manage the other productive resources
such as money, materials, machine, and manpower.
 OPPORTUNITY-SEEKING PROCESSES

 Other opportunity-seeking processes that can be a guide to

prospective entrepreneurs as to what kind of business to establish
are as the follows:
 Look at other successful businesses/entrepreneurs.
Looking up at other entrepreneurs as a role model
that could be an inspiration, by doing what they
have done or do it even better.

 Respond to a problem area. The solution to a

problem might be transformed into business venture.
 TWO KINDS OF BUSINESS

 Other opportunity-seeking processes that can be a guide to

prospective entrepreneurs as to what kind of business to establish
are as the follows:
 Home-Based Business Option. These must not be taken for
granted, for there are some big businesses that started as a
business at home.

 Linkage of Resources. The entrepreneur can produce his own

input instead of buying them.
 Steps in Market Research

 The best way to evaluate business opportunity is through Market

Research, which is defined as the study of all problems in marketing a
product.
 The Steps in Market Research are:
 Defining the problem

 Making a preliminary investigation

 Planning the Research

 Gathering the data

 Analyzing the data

 Reaching a conclusion

 Implementation and evaluating decision

 SELECTING THE LOCATION

 Location of the business is a key factor in business success.

In selecting a location, the population, income,
competitor, government policies, peace and order, and
others are being considered. This requires a market survey.
 The Search for Business Opportunity
 To be able to translate business opportunities into profits, the SWOT
Analysis is applied. These are tools for evaluating the strengths,
weaknesses, opportunities, and threats associated with a particular
product or service.
 The Search for Business Opportunity

 Excellent knowledge about the life cycle of the products provides the
entrepreneur business opportunities to continuously start in business.
 Ideation

 The most common way of developing ideas is as follows:

 Recognizing the need. Develop an idea or a product that

can satisfy a need, and respond to the need by establishing

a business concern.

 Improving an existing product. The result of consumer

dissatisfaction to the existing product could open the door
to introduce innovations or improvements.
 Ideation

 The most common way of developing ideas is as follows:

 Recognize trends. Entrepreneurs should be able to

recognize the opportunity to develop a product and set

trends that can make them leading entrepreneurs.

 Be aware of everything. There is no other way to know

about what is happening around you, but to research and
read.
 Ideation

 The most common way of developing ideas is as follows:

 Questions and assumptions. Anybody can question the

relevance or quality of any product or services, provided

that there is an effort to improve the product.

 Naming it first, then, develop it. If you have the idea,

study it and develop it to something that is worth a
business.
 EVALUATING IDEAS
 A wrong choice of idea could be the cause of business failure,
so ideas need to be evaluated if it can be profit potential. The
following are some tips in evaluating ideas:

 Do not let your idea follow money; let money follow your
ideas. If the idea is clear and viable, there should be clear
options for the business out of the idea.

 See yourself as a problem solver. Ideas should be a solution to

an existing problem of the consumer or the market in general.
 Ideation
The following are some tips in evaluating ideas:
 Use research as a weapon against failure. This is an important fact in decision-

making process; most business failed because of lack of information.

 Make sure your idea has longevity. An idea that is worth pursuing into a

business is one which has a long-term purpose and not only a bad.
 Take a risk on your ideas. Venture into a business by using your own ideas.

 Test your idea against the past, present and future. The market needs and

demands will not be far from what is happening in the past, so it is better to get
information about the past, present, and future.
 Know the idiosyncrasies of your market. Know the needs of your market and all

the factors that affect the buying process. Your idea will depend on this.
 PROTECTING IDEAS

 There are many ways of protecting your idea from being stolen
or claimed by others, and losing the opportunity to be known as
the creator and the originator of the ideas. Aside from this, no
company will pay you a royalty if the idea presented is not
legally protected. The following are the ways of protecting your
ideas:
 Confidentiality Agreements. It specifically provides
that a signer will not share the idea to anyone. This is a
typical agreement or contract where one should ask
advice to a patents attorney or those with experience
and expertise in the intellectual property rights.
 PROTECTING IDEAS

 The following are the ways of protecting your ideas:

 Patents. These gives the inventor exclusive legal rights
to exclude anyone else from manufacturing, selling,
importing, or using an invention during the life of the
patent. The three general classifications are: Design,
Utility, and Plant Patents.
 PROTECTING IDEAS

 The following are the ways of protecting your ideas:

 Trademarks. This is a word, name, symbol, or device

used by manufacturers on merchants to identify their
goods and distinguish them from others sold in the
market.
 PROTECTING IDEAS

 The following are the ways of protecting your ideas:

 Copyrights. A copyright protects the creative works of

composers, authors/writers, artists, and others. This is
the easiest form of protection for Intellectual Property.