SEARCH FOR BUSINESS OPPORTUNITY, IDEATION,
INNOVATION AND CREATIVITY
THE SEARCH FOR BUSINESS OPPORTUNITY
In selecting a business, the option should not
be based on luck and immature thinking, but
on a thorough evaluation and systematic
process. Start by developing long and short
lists of potential business opportunities.
 Likewise, the resources, skills, and technology
available in the community are to be evaluated
if these are not fully or efficiently utilized.
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(BY ABBEY SY)
THE SEARCH FOR BUSINESS OPPORTUNITY
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Markets
 This
refers to the number of prospective buyers,
competitors, the price and the quality of goods and
services that have to be analyzed. Business
opportunities exist in areas where consumer
satisfaction is weak or incomplete.
THE SEARCH FOR BUSINESS OPPORTUNITY

Individual Interests
 Business
interest of individuals should match
business opportunities.
 Example : If one is a good cook, he could venture in
the food business. Some is true when one is good
in arts and crafts, he could engage himself in a
business focusing an arts and crafts.
THE SEARCH FOR BUSINESS OPPORTUNITY

Capital
 This
serves as the fuel that keeps the business
operating.
 The availability of funds should fit the type of
business to organize.

Skills
 The
entrepreneur should have the proper skills in
the business he is going to undertake.
THE SEARCH FOR BUSINESS OPPORTUNITY

Supplies of inputs
 It
is important that there are steady suppliers of
raw material and other inputs to the business.

Manpower
 The
success of any business also depends on the
efficiency of its employees.
THE SEARCH FOR BUSINESS OPPORTUNITY

Technology
 Entrepreneurs
should be aware of the presence of
technology to improve their products or services, or
introduce new innovations in the market.
THE SEARCH FOR BUSINESS OPPORTUNITY

Among the productive resources, people are
the most important because they are the ones
who organize and manage the other productive
resources such as money, materials, machine,
and manpower.
THE SEARCH FOR BUSINESS OPPORTUNITY

Other opportunity-seeking processes that can be a
guide to prospective entrepreneurs as to what kind
of business to establish are as that follows:
Look at other successful businesses/entrepreneurs
 Looking up at other entrepreneurs as a role model that
could be an inspiration, by doing what they have done
or do it even better.
 Respond to a problem area
 The solution to a problem might be transformed into
business venture.

THE SEARCH FOR BUSINESS OPPORTUNITY

Other opportunity-seeking processes that can be a
guide to prospective entrepreneurs as to what kind
of business to establish are as that follows:
Home-Based Business Option
 These must not be taken for granted, for there are
some big businesses that started as a business at
home.
 Linkage of Resources
 The entrepreneur can produce his own input instead of
buying them.

THE SEARCH FOR BUSINESS OPPORTUNITY
The best way to evaluate business opportunity is
through Market Research, which is defined as the
study of all problems in marketing a product.
 The Steps in Market Research are:

Defining the problem
 Making a preliminary investigation
 Planning the Research
 Gathering the data
 Analyzing the data
 Reaching a conclusion
 Implementation and evaluating decision

THE SEARCH FOR BUSINESS OPPORTUNITY

Through Market Research, the entrepreneur
can be guided in identifying the profitable
markets, saleable products, the strengths and
weaknesses of competitors, available
resources, business risks, trends in consumer
tastes and preferences, better marketing
strategies, proper business location, new
market opportunities, and realistic objectives.
THE SEARCH FOR BUSINESS OPPORTUNITY

Location of the business is a key factor in
business success. In selecting a location, the
population, income, competitor, government
policies, peace and order, and others are being
considered. This requires a market survey.
THE SEARCH FOR BUSINESS OPPORTUNITY

To be able to translate business
opportunities into profits, the SWOT
Analysis is applied. These are tools for
evaluating the strengths, weaknesses,
opportunities, and threats associated with a
particular product or service.
Strengths
Weaknesses
Aspects of your business in
which it is stronger than its
competitor
Aspects of your business in
which it is weaker than its
competitor
Opportunities
Threats
Developments in the
business environment which
your business may be able to
exploit
Developments in the
business environment which
may threaten the survival of
your business
THE SEARCH FOR BUSINESS OPPORTUNITY

Excellent knowledge about the life cycle of the
products provides the entrepreneur business
opportunities to continuously start in business.
THE SEARCH FOR BUSINESS OPPORTUNITY

Venturing into a business project demands a timely and clear
decision as to which area or business concern to deal with,
in the selection process, one has to begin with choosing or
focusing on a particular business by category or sector:

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The service-based business
Trading or product-based business
Manufacturing business
Licensed business opportunities
Distributorship
Rack Jabber
Wholesalers
Subcontracting
Vending machine routes
IDEATION
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The beginning of a business endeavor is ideation. This should e
the first investment of anyone who seeks to be an
entrepreneur; and to be called an entrepreneurial business
opportunity, such idea has to be new, or if not, should be
innovative.
The best sources of ideas are the consumers or the market in
general, since they are the ones who are in need for a certain
product or service.
For a creative person, ideas are in him in his mind, but for
those deprived with creative thinking; they can get ideas
through reading books and talking to someone with creative
thinking.
 These are some specific sources like trade journals, trade
associations, conventions, exhibits, trade shows, and
consumer shows, country government affairs, and others.
IDEATION

Ideas that are worth a business should be the one that
has a market now and in the future. This could be a
product, a service system, and the like, which could fall
in any of the following categories:

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Need/want drives
Time-saving drives
Money savings
Unique or incorporating strong competitive advantages
Link to personal interest, preferably passion
The more idea a person produces, the more original and
the better quality ideas one will find among them. When
you come across an idea, you should put it in writing.
IDEATION

The most common way of developing ideas is
as follows:
 Recognizing
the need
 Develop
an idea or a product that can satisfy a need, and
respond to the need by establishing a business concern.
 Improving
 The
an existing product
result of consumer dissatisfaction to the existing
product could open the door to introduce innovations or
improvements.
IDEATION

The most common way of developing ideas is
as follows:
 Recognize
trends
 Entrepreneurs
should be able to recognize the
opportunity to develop a product and set trends that can
make them leading entrepreneurs.
 Be
aware of everything
 There
s no other way to know about what is happening
around you, but to research and read.
IDEATION

The most common way of developing ideas is
as follows:
 Questions
and assumptions
 Anybody
can question the relevance or quality of any
product or services, provided that there is an effort to
improve the product.
 Naming
 If
it first, then, develop it
you have the idea, study it and develop it to something
that is worth a business.
IDEATION

A wrong choice of idea could be the cause of
business failure, so ideas need to be evaluated if it
can be profit potential. The following are some tips
in evaluating ideas:

Do not let your ideas follow money; let money follow
your ideas
 If
the idea is clear and viable, there should be clear options for
the business out of the idea.

See yourself as a problem solver
 Ideas
should be a solution to an existing problem of the
consumer or the market in general.
IDEATION

The following are some tips in evaluating ideas:
 Use research as weapon against failure
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Make sure your idea has longevity

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Venture into a business by using your own ideas.
Test your idea against the past, present and future

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An idea that is worth pursuing into a business is one which has a long-term
purpose and not only a bad.
Take a risk on your ideas


this is an important fact in decision-making process; most business failed
because of lack of information.
The market needs and demands will not be far from what is happening in
the past, so it is better to get information about the past, present and future.
Know the idiosyncrasies of your market

Know the needs of your market and all the actors that affect the buying
process. Your idea will depend on this.
IDEATION

There are many ways of protecting your idea from
being stolen or claimed by others, and losing the
opportunity to be known as the creator and the
originator of the ideas. Aside from this, no
company will pay you a royalty if the idea
presented is not legally protected. The following
are the ways of protecting your ideas:

Confidentiality Agreements
 It
specifically provides that a signer will not share the idea to
anyone. This is a typical agreement or contract where one
should ask advice to a patents attorney or those with
experience and expertise in the intellectual property rights.
IDEATION

The following are the ways of protecting your
ideas:
 Patents
 These
gives the inventor exclusive legal rights to exclude
anyone else from manufacturing, selling, importing, or
using an invention during the life of the patent. The three
general classifications are:
Design
 Utility and
 Plant patents

IDEATION

The following are the ways of protecting your
ideas:
 Trademarks
 This
is a word, name, symbol, or device used by
manufacturers on merchants to identify their goods and
distinguish them from others sold in the market.
IDEATION

The following are the ways of protecting your
ideas:
 Copyrights
A
copyright protects the creative works of composers,
authors/writers, artists, and others. This is the easiest
form of protection for Intellectual Property.
ENTREPRENEURIAL CREATIVITY
Creativity is an essential part of innovativeness,
the starting point of a process, which is skillfully
managed, and brings an idea into innovation.
 It is considered as a characteristic that is innate or
inherent to every individual, but the social
environment can influence both the level and
frequency of creative behavior.
 It is particularly important to understand the role
the environment can play.

ENTREPRENEURIAL CREATIVITY
Freedom –a sense of control over one’s work idea
 Good Project Management – a manager serves as
a good role model
 Encouragement – access to necessary resources
 Various Organizational Characteristics - a
mechanism for considering new ideas
 Recognition - a general sense that creative work
will receive appropriate feedback, recognition, and
reward.

ENTREPRENEURIAL CREATIVITY
Sufficient Time -time to think creatively about
problem
 Challenge -a sense of challenge arising from
intriguing nature of the problem itself
 Pressure -a sense of urgency that is internally
generated from competition as a personal
sense of challenge
 Outside Organization-from a general desire to
accomplish something important.
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ENTREPRENEURIAL CREATIVITY
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If there is an environment conducive to stimulating creativity,
there are also environmental obstacles to creativity.
These are the various organizational characteristics, which are:
 Inappropriate reward system
 The lack of freedom in deciding what to do or how to
accomplish the task
 The organizational disinterest which result to lack of
support, interest or faith in project
 The inability of the manager to set clear direction
 The reluctance of managers and co-workers to change their
way of doing things
 The lack of appropriate facilities, equipment, materials
 The time pressure to think creativity about the problem
THE CONCEPT OF INNOVATION
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Innovation is doing something different. It could be introducing
either something new or different.
Innovativeness is a characteristic of an individual, team, or
organization.
This is also the capacity to create ideas and develop them to
usable products or services.
IMPACTS OF INNOVATION
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Efforts on innovation must have impacts – positive impacts. It
must have a positive implication that is supportive of
organizational goals and objectives. The innovative
accomplishment exists if the following happens:
Effecting a new policy – creating change or orientation or
direction
Finding new opportunities – developing an entirely new product
or opening a new market
Designing a new structure – changing the formal structure,
reorganizing or introducing a new structure
Devising a fresh method – introducing a new process,
procedure, or technology for continued use
IMPACTS OF INNOVATION
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Within the organization, the orientation toward
innovation must come primarily form the higher level
of management.
The elements of innovation orientation are as follows:
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Valued place on creativity and innovation in general;
An orientation towards risks;
A sense of pride in the organization and its member, and the
enthusiasm about what they are capable of doing; and
A offensive strategy of taking the lead towards the future.
IMPACTS OF INNOVATION
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The most critical aspect in making a decision to go into selfemployment and entrepreneurship is the context of ideation,
innovation, and creativity. The generation of idea and
transforming it into a business venture can make or break a
potential entrepreneur. The success of the business could lead
to personal prosperity of the owner and help in the economic
condition of our country.
Innovation is not only for a chance, but also for the search in
excellence, not only in producing a product, but also in the form
of innovative systems and services. The innovativeness and the
creativity of an individual could be the greatest assets any
business could have, so this should be developed ad properly
taken care of.
IMPACTS OF INNOVATION

The prospective entrepreneur has a variety of option in
deciding what kind of business he is going to put up. He can go
on market scanning to see what is needed. He should not limit
himself in going into manufacturing of sari-sari store or market
niche, but developing similar product or service should be
examined. Buying a franchise, being a subcontractor,
innovating an existing product, systems, or services, sponsoring
a start up business, or acquiring an on-going business concern
are some of the business ideas which are very promising and
could succeed eventually.