Response Paper on Chapter 1
Name: Jerome N Fabillar
Program & Section: BSEntrep ME1-2
The e-book Exploring Business Opportunities, A Guide for Entrepreneurs,
developed by the Ministry of Competition, Science and Enterprise, and Western
Economic Diversification, is in most ways a ground for optimism and an avenue of
possibility for entrepreneurs. Most of us have the desire to start our own business in the
future and may already have a number of business ideas and possibilities in mind.
However, it is not as simple as everyone believes because it involves a great deal of
thought, planning, and effort.
An idea is only an opportunity if it has a chance of effectiveness, so it must be
thoroughly examined and evaluated. The first chapter, as reported by the first group, is a
guide that clearly provides several methods and techniques to help you generate ideas
and uncover opportunities, as well as methods to analyze them to help you select the
best option for you. It also covered how to write a thorough business plan and its
importance.
I reread the chapter, and it recommended that having numerous ideas is the finest
foundation for business success. I strongly agree with it and understand the purpose of
having a significant number of ideas on hand since it provides you with an option or
alternative to try if the first few ideas fail. However, the reporters shared a claim that we
can always come up with many ideas in our minds and the problem in picking eventually
comes because of it. This might be true, but even though it may be difficult to choose
from all of those ideas, it is better to have more than nothing to fall back on. Also, I believe
it will be advantageous if you generate numerous ideas in order to evaluate which one
best matches you, taking into account your skills and abilities. You can also test as many
ideas as you wish to see which ones are worth pursuing.
In regards to your skills and abilities, the chapter indicates that looking for
opportunities based on your talent will work best for you, which I believe to be truthful. I
feel that if you are knowledgeable and you enjoy what you do, you will be more productive
at work and your venture will prosper. You will also be able to generate ideas efficiently
and quickly. I appreciate that this was highlighted in the book because the continued
success of the company is frequently connected to the ability to generate ideas on a
consistent basis.
It also stated that reading business journals and being current on market trends
is an excellent approach to generating ideas and uncovering opportunities. Some may
believe that what they know currently is sufficient to help them identify those, but I believe
that you should stay current and aware of new developments and trends in the world in
order to discover timely and relevant opportunities. This provides us with insight into what
is truly important to people in today's society and what will be feasible in the future.
Exploring Business Opportunities: A Guide for Entrepreneurs emphasized the
necessity of having a business plan. Small enterprises, such as Sari-Sari stores or fish
ball stands, do not often have a business plan. Some of them believe they can succeed
without one. I believe that the book's claim is outstanding because I believe that in any
business, you should have a written description of what you plan to accomplish and how
you intend to organize your resources to meet your objectives. It will be easier if you have
specific strategies in place before establishing the business venture. Even if you have
great business ideas, they will be useless unless you develop, execute, and implement a
strategic plan to make these ideas work.
If I may say so, the thoughts presented in the book were really instructive and
detailed. This, I believe, will greatly benefit young entrepreneurs who have plans in having
a venture. It acknowledged the significance of examining your abilities and qualities when
seeking an opportunity. The points and suggestions are carefully thought out and
explained. Reading the book made me consider investing more time and effort in
selecting the ideal opportunity, making intensive research, and planning thoroughly.