for entrepreneurship

1. The Three Os:
 Opportunity Seeking
 Opportunity Screening
 Opportunity Seizing
Opportunity Seeking
- Is the ongoing process of considering, evaluating, and pursuing market based activities that
are believed to be advantageous for the enterprise.
- A prior business experience is an advantage when observing for opportunities, in as much as
this process calls for continuous reconsideration and adaptive learning.
Sources of Opportunities identified by Peter Drucker (2015) would include:
 The unexpected development in the
market
 The discrepancy between what is
expected in products and services vis-à-
vis what is available in the market
 The company’s own process gaps
 The changes in the industry and market
structure
 The changing market demographics
 The changes in consumer perception,
behavioral meaning, and general market
sentiment; and
 The availability of new knowledge.
Opportunity Screening
- On the other hand it is the process by which entrepreneurs evaluate innovative products
ideas, strategies, and marketing trends.
- The capacity of the entrepreneur and the resources available at his disposal can serve as
filters when screening business opportunities.
Personal Entrepreneurial Competencies
- The United Nations Conference on Trade and Development (UNCTAD) has offered 10
entrepreneurial competencies, summarizing the key qualities necessary to launch an
entrepreneurial start-up.
Table 5. Entrepreneurial Competencies (UNCTAD)
Opportunity seeking and initiative Seek opportunities and act upon them
Presistence Capacity to stick it out on an initiative
Commitment Staying capacity despite the odds
Demand for efficiency and quality Striving for excellence in doing things
Taking calculated risks Risks tempered by reason and safe assumption
Goal setting Having targets that are reasonable and doable
Information Seeking Using hard facts as grounding for decision making
Systematic planning and monitoring Logical decision-making and follow through
Persuasion and networking Ability to influence and form good alliances
Independence and self-confidence Self-assurance about one’s capability to get things done

2. Interpersonal Competencies
- It is imperative for anyone wishing to begin an entrepreneurial journey to be armed with all
the necessary competencies to lessen the chances of failure.
- This means helping shape the company culture through skills in social interaction and
performance.
- Are qualities, behaviors, and soft skills that are exhibited when interacting and communicating
with others.
- For an entrepreneur, interpersonal skills are major factors determining organizational
cohesion, a way to effectively communicate with co-workers in resolving concerns and enhance
general workplace mood.
The important interpersonal skills that are worth giving attention:
 Verbal communication
 Nonverbal communication
 Listening skills
 Negotiation
 Problem-solving
 Decision-making
 Assertiveness
 Teamworks
 Time management
 Emphaty
Business Competencies
- While the attraction of turning ideas to profitable entrepreneurial activities is strong, it
should be noted that having a strong business competency is a more critical ingredients to
success.
- Facts, trends, and challenges about a product or service have to be identified and understood
in order to navigate the intricacies of entrepreneurial pursuit.
- An awareness of the changing consumer tastes and preferences is also a key business
competency. Business planning, managerial know-how, appropriate business location, prudent
and wise found management and control, a good knowledge of risk management, and a wide
familiarity of government regulations constitute what is valuable and critical business
competency.
Protection of Creative Ideas
 Patents – this pertains to the restricted right granted for an invention, including the materials
and processes that is attributed to it, through an approval of a patent application.
 Trademarks – this pertains to the identifiable sign, word or symbol that indicates the identity
of a product or service, and is protected through a legal or non-legal process.
 Copyright – this pertains to the right over an intellectual property that is protected through a
legal process, in case of copy issues.