Recognize Potential Market

Entrepreneurial Ideas

The Entrepreneurial Process of Creating a New Venture

Creation of Entrepreneurial Ideas
Identification of Entrepreneurial Opportunities
Opening of Entrepreneurial Venture

8 Ways to Come Up With a Successful Business Idea

Find a problem to solve
Assess your interests
Audit your skill set
Improve an existing product or service
Conduct market research
Identify an underserved market
Spot emerging trends
Get innovative

Entrepreneurial Idea

An Entrepreneurial Idea is a feasible, financially sound, technically possible, and socially acceptable idea of a project or product that may have utility for prospective customers.

In entrepreneurship, an idea refers to a concept or thought that has the potential to solve a problem or meet a need. They can come from personal experiences, market trends, or customer feedback.

Share Your Ideas

How to determine if an idea has the potential to be a good business opportunity:
- Solves a customer problem
- Fills a gap in the market
- Has a market
- Fulfills a market need

Idea validation or market research is key to turning the idea into a successful business.

Identification of Entrepreneurial Opportunities

Opportunity Seeking is the ongoing process of evaluating and pursuing market-based activities believed to be advantageous for the firm.
Essentials: Entrepreneurial Mind Frame, Heart Flame, and Gut Game.

Essentials in Entrepreneur's Opportunity Seeking

Entrepreneurial Mind Frame - Allows the entrepreneur to see things positively and optimistically in difficult situations, being a risk-taker.

Entrepreneurial Heart Flame - Driven by passion; great desire to achieve goals.

Entrepreneurial Gut Game - Intuition; confidence in one's self and firm belief in achieving aspirations.

Sources of Business Opportunities

There are many ways to discover opportunities:
Changes in the Environment
Technological Discovery and Advancement
Government's Thrust, Programs, and Policies
People's Interests
Past Experiences

The Environment of the Entrepreneurship Venture

Physical Environment - Climate, Physical Resources, Wildlife

Societal Environment - Socio-cultural Forces, Political Forces, Economic Forces, Ecological Forces, Technological Forces

Industry Environment - Government, Suppliers, Customers, Competitors, Employees, Creditors

Opportunity Screening

Opportunity Screening - Process of evaluating which market offers the greatest opportunity.

12 Rs of Opportunity Screening:
Relevance, Resonance, Reinforcement, Revenues, Responsiveness, Reach, Range, Revolutionary Impact, Returns, Ease of Implementation, Resources Required, Risks.

Opportunity Seizing

Opportunity Seizing - The final stage where the entrepreneur turns the identified opportunity into a real business.

Process:
1. Crafting a Positioning Statement
2. Conceptualizing the Product/Service Offering
3. Designing, Prototyping, Testing
4. Implementing, Organizing, and Financing