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Opportunity Recognition – sharp eye for
opportunity
o changes in demands,
preferences, trends
o changes include exchange rates
o preferences are affected by age
and location
o changes open an opportunity to
satisfy the trends
o fast production = fast
satisfaction for demands
CSR – Corporate Social Responsibility
o Firms take actions to take care
of the earth to make them
more attractive
entrepreneurs – give back to the
community
o their image becomes better and
it improves their income as
people will appreciate them
These CSRs gives rise to small business
o Big companies try to change
their packaging. They try to find
supplies and there will be a
need. Small firms enter.
Technology – a new market for
innovation
o Fresh idea, not from another
idea
o Existing idea – low capital cost
Self-Employment
o Because of technology,
everything had become easier
 Transactions
 Work-from-home
 Communication
 Promotion
Reduced Cost
o Lowers other cost
o Ease of delivery
o Social media manager
Social Trends
o Preferences
o Changes of lifestyle
o Worries of climate change
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Entrepreneurs
o Measures risk
o Personal approach to
management
o Builds relationships with others
o Sustain relationship
o Less formality
o Creative (flexible and able)
 Trust
 Transparency
 Management of conflict