Entrepreneurship

Entrepreneurship:

​​Recognize a Potential Market

Teacher Shei Sel Sisno

Objectives:

At the end of the lesson, the students will be able to:

• identify the different sources of opportunities for entrepreneurs;

• select the best product or service that will meet the market’s needs, environment, and resources

• ​practice observation within and outside community

Entrepreneurial Ideas

Poll

Which do you think comes first?

• a. Identify the business opportunity in the community

• b. Create or think of business idea/s

​​The creation of an entrepreneurial idea leads to the identification of entrepreneurial opportunities, which in turn results in the opening of an entrepreneurial venture.

-​Nick L. Aduana, 2017

Creation of Entrepreneurial Ideas

​Identification of

Entrepreneurial Opportunities

Opening of Entrepreneurial Venture

​Entrepreneurial Process of Creating New Venture

Open Ended

What business do you want to build in your community?

Essentials in Entrepreneur’s Opportunity – Seeking

Entrepreneurship: Recognize a Potential Market

This allows the entrepreneur to see things in positive and optimistic way amid the tricky situations. Being a risk - taker, an entrepreneur can find solutions when problems arise

Entrepreneurial mind frame.​

Entrepreneurs are driven by passion; they are attracted to discover satisfaction in the act and process of discovery. Passion is the great desire of an entrepreneur to achieve his/her goals.

Entrepreneurial heart flame.

This refers to the ability of the entrepreneur to be intuitive. This is also known as intuition. The gut game also means confidence in oneself and the firm belief that everything you aspire to can be achieved.

Entrepreneurial gut game.

Sources of Opportunities

Entrepreneurship: Recognize a Potential Market

Sources of Opportunities

CHANGES

IN ENVIRONMENT

Open Ended

What businesses have you noticed that have become popular during the pandemic? Why do you think it became popular?

Changes in the Environment

Entrepreneurial ideas arise when changes happen in the external environment. A person with an entrepreneurial drive views these changes positively. The external environment refers to the physical environment, societal environment, and industry environment where the business operates.

• Climate

• Natural Resources

• Wildlife

Physical Environment

• Political forces

• ​Economic forces

• ​Socio-cultural forces

• Technological environment​

Societal Environment

• Competitors

• Customers

• Creditors

• Employees

• Government

• Suppliers

Industry Environment

Rainy Season​?

What business plan do you have during...

Summer/Dry Season​?

election

fiesta: quiapo

What business plan do you have during...

Sources of Opportunities

TECHNOLOGICAL

DISCOVERY

AND

ADVANCEMENT

TECHNOLOGICAL DISCOVERY AND ADVANCEMENT

Sources of Opportunity

A person with entrepreneurial interest sees the possibility of business opportunities in any new discovery or because of the use of latest technology.

Technological Discovery and Advancement

Example:

During the pandemic, Rod began working at home. In his free time, he watches on a YouTube channel about how to fix and install a machine. Through training and experiences, he discovered additional engine parts that greatly reduced fuel consumption.

Government’s thrust, programs, and policies

Some text here about the topic of discussion

The priorities, projects, programs, and policies of the government are also good sources of ideas.

Government’s thrust, programs, and policies

Example:

Republic Act 7183 prohibits the use of firecrackers to celebrate occasions such as New Year's Eve. Divine has no interest in business, but for an entrepreneur like Patricia ​it is a business opportunity to come up with a new product that will serve as a substitute for firecrackers.

Sources of Opportunities

PEOPLE'S INTEREST

People's Interest

Riclander noticed that many of his friends on social media have become kpop-fans, plants, and makeup lovers since the pandemic. He has a connection so he goes into business. Along with friends and family, he started live selling using various social media accounts such as Facebook, Instagram, and Tiktok.

​

The interest, hobbies, and preferences of people are rich sources of entrepreneurial ideas.

Sources of Opportunities

PAST EXPERIENCES

The expertise and skills developed by a person who has worked in a particular field may lead to the opening of a related business enterprise.

Past Experiences

​Roldan worked for a publishing company but resigned when the pandemic broke out. Because of his knowledge and experience, Roldan set up his own printing business. Many approach him to print Election campaign materials. He has many customers which is the reason for his small business to grow.​

Entrepreneurship

What are the different sources of opportunities for an entrepreneur?

Entrepreneurship

Explain based on your understanding the statement of Nick Aduana about entrepreneurial ideas.

Entrepreneurship

Pandemic caused problems for everyone, yet some entrepreneurs become successful despite the risk. Can you identify the source of opportunities in this time of pandemic?

Assignment:

Instructions: Observe your community and identify the different business opportunities you noticed. In each business opportunity, think, select, and create your own business ideas. Be creative in conceptualizing your business ideas in A4 size bond paper. Submit your work to the respective folder name I created on google drive before or on May 13, 2022, at 11:59 PM. Your works will be graded according to the prepared rubrics.

​​

Introduction-15% Realizations and Conclusion-​20%

Identified business opportunities-25% ​Mechanics-10%

Business ideas-30%​

Entrepreneurship

Recognized a Potential Market