ENTREPRENEURSHIP
Recognize a Potential Market
Subject Teacher:
Leoangel B. Palacpac
FAMOUS ENTREPRENEURS IN THE PHILIPPINES
TONY TAN CAKTIONG
EDUARDO COJUANGCO JR.
HENRY TAN CHI SIENG SY SR
Comparison Chart
BASIS FOR COMPARISON BUSINESSMAN ENTREPRENEUR
Meaning A businessman is someone who An entrepreneur is a person
sets up a business with an who starts an enterprise with a
existing idea offering products new idea or concept,
and services to the customers. undertaking commercial
activities.
Market Position Market Player Market Leader
Nature Calculative Intuitive
Market Creates place in existing Creates new market
markets
Risk factor Less Comparatively high
Methods applied for doing Conventional Unconventional
things
Approach Holistic Atomistic
Orientation Profit People
Competition Very high Low
Entrepreneurial Ideas
The creation of an entrepreneurial idea
leads to the identification of
entrepreneurial opportunities, which in
turn results in the opening of an
entrepreneurial venture.
The entrepreneurial process of creating a
new venture is presented in the diagram
on the next slide.
Creation of Identification of Opening of
entrepreneuri entrepreneurial entrepreneurial
al Ideas Venture
Opportunities
Figure 1. The Entrepreneurial Process of Creating New Venture
Essentials in Entrepreneur’s Opportunity – Seeking
These are the basic foundations that the entrepreneur must have in seeking opportunities
Entrepreneurial mind frame. This allows the
entrepreneur to see things in a very positive and
optimistic way in the midst of difficult situation. Being a
risk - taker, an entrepreneur can find solutions when
problems arise.
Entrepreneurial heart flame. 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 gut game. This refers to the ability of
the entrepreneur of being intuitive. This also known as
intuition. The gut game also means confidence in one’s
self and the firm belief that everything you aspire can be
reached.
Sources of Opportunities
There are many ways to discover opportunities. Looking at the big
picture, some have noticed the emerging trends and patterns for
business opportunities. While others are trying to find out their target
market.
The following are some sources of opportunities:
1. Changes in the environment
Entrepreneurial ideas arise when changes happen in the
external environment. A person with an entrepreneurial drive views
these changes positively. External environment refers to the
physical environment, societal environment, and industry
environment where the business operates.
1.1 The Physical environment includes:
a. Climate – the weather conditions.
b. Natural resources – such as minerals,
forests, water, and fertile land that occur
in nature and can be used for economic
gain.
c. Wildlife – includes all mammals, birds,
reptiles, fish, etc., that live in the wild.
1.2 The Societal environment includes the various forces
like
a. Political forces – includes all the laws, rules, and
regulations that govern business practices as well as the
permits, approvals, and licenses necessary to operate the
business.
b. Economic forces – such as income level and
employment rate.
c. Sociocultural forces – customs, lifestyles and values
that characterize a society.
d. Technological environment – new inventions and
technology innovations.
1.3 The Industry environment of
the business includes:
a. Competitors
b. Customers
c. Creditors
d. Employees
e. Government
f. Suppliers
2. Technological discovery and advancement
A person with entrepreneurial interest sees
possibility of business opportunities in any new
discovery or because of the use of latest technology.
3. Government’s thrust, programs, and policies
The priorities, projects, programs, and policies of
the government are also good sources of ideas.
4. People’s interest
The interest, hobbies, and preferences of
people are rich sources of entrepreneurial ideas,
like the increasing number of Internet Cafés at
present could lead to the strong attachment of
young people to computers.
5. 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.
Forces of Competition Model/ “five forces of
competition”.
Competition – it is the act or process of trying to get or
win something.
These are the five forces competing within
the industry:
Buyers
Potential new entrants
Rivalry among existing firms
Substitute products
Supplier
Opportunity source Findings Potential product or service
1. Socio-cultural factor Many young adults are now health Food supplement, vitamins,
conscious. fitness
apparatus business.
2. Technological factor Many of the female students are fond Online selling of tripod or monopod,
of having selfies every day. ring lights for best shots.
3. Economic factor There is a continuous increase on the One stop shop offering low prices but
prices on the prices of commodities can still gain
4. Environmental or Using plastic/disposable bag are now Eco-bag business made light
ecological being lessened materials which are good to the
factor environment.
5. Political Factor The government offers a wide range Events place and catering services
of programs, seminars and workshops.
6. Legal factor Unique and creative invitations have Digital arts and photography
been patronized and photo booths are now
trending
7. Ethical factor Many housewives want to serve their Modern electrical household tools
family better. and equipment
8. Demographic factor Parties everywhere like birthday, Catering services and tarpaulin printing
baptism, family gathering or class reunion
ASSIGNMENT
Conduct a short interview of any successful
entrepreneur in your locality.
Ask the following questions:
What is the nature of your business?
Who are your customers?
What industry are you operating?
How much was your starting capital?
How many years has your business been in
operation?
How much manpower was involved from the start
