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Opportunity Seeking In Entrepreneurship, Spotting Business Opportunities

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This is a lecture for entrepreneurship elective in Ateneo Graduate School in the Philippines, a leading school in MBA education. The presentation has been uploaded at slideshare for the convenience and ease of access of present and former students for the said elective. Since the presentation has been updated, the students get the newest and latest.

The most difficult part in any entrepreneurial venture is determine which business to get into. This is often stymied mostly, by seeming overcrowding and lack of opportunity in the market place. The presentation says that there are many ways to seek for those opportunities.

Publicado en: Empresariales
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Opportunity Seeking In Entrepreneurship, Spotting Business Opportunities

  1. 1. ENTREPRENEURSHIP 101 Sp tting and Actualizing Business Ideas and Opportunities April 21, 2011
  2. 2. What is an opportunity? <ul><li>In a business sense, it is an idea that has commercial potential. </li></ul><ul><li>Something you can make money with, develop a business around it, or create value with it. </li></ul>
  3. 3. Keywords <ul><li>MBA – M y B ank A ccount </li></ul><ul><li>CHAMP </li></ul><ul><ul><li>C urrency </li></ul></ul><ul><ul><li>( H ) atik </li></ul></ul><ul><ul><li>A nda </li></ul></ul><ul><ul><li>M oney </li></ul></ul><ul><ul><li>P era </li></ul></ul>
  4. 4. Challenging Topic <ul><li>How can we find business opportunities when we are in crisis? </li></ul><ul><li>Isn’t the Philippines in crisis? </li></ul><ul><li>Isn’t the world in crisis? </li></ul><ul><ul><li>Worldwide conflicts: </li></ul></ul><ul><ul><ul><li>Egypt </li></ul></ul></ul><ul><ul><ul><li>Libya </li></ul></ul></ul><ul><ul><ul><li>Yemen </li></ul></ul></ul><ul><ul><ul><li>Syria </li></ul></ul></ul><ul><ul><ul><li>Thailand </li></ul></ul></ul><ul><ul><ul><li>Cambodia </li></ul></ul></ul><ul><ul><li>Leading to runaway oil prices </li></ul></ul><ul><ul><li>Tsunami and earthquake that hit Japan </li></ul></ul>
  5. 5. The Philippines <ul><li>There are nearly 100,000 OFWs in Taiwan. </li></ul><ul><ul><li>Many will lose their jobs because of the current RP-Taiwan spat </li></ul></ul><ul><li>Many workers from the Middle East are being sent home. </li></ul><ul><li>Poverty in the Philippines remain at an all-time high. (We are behind in the UN goal of fighting poverty compared to other ASEAN countries.) </li></ul>
  6. 6. Frequent Questions: <ul><li>How can we open new business in the Philippines? Aren’t we in crisis? </li></ul><ul><li>Haven’t we discovered everything already? Aren’t products perfect already? </li></ul><ul><li>Isn’t it too crowded already for a new enterprise? </li></ul><ul><li>How can you survive as a new enterprise? </li></ul>
  7. 7. Answer: <ul><li>Really, we don’t know. </li></ul><ul><li>If we go through the process, maybe we will know. </li></ul><ul><li>More often, the answer is in YOU! </li></ul><ul><li>Opportunity presents itself WHEN YOU ARE READY. </li></ul>
  8. 8. Example: <ul><li>When there is a typhoon, what do you see? </li></ul>Flooding Stalled Vehicles Upper Respiratory Diseases Deaths from Drowning Destroyed Houses Fallen Trees & Power Lines
  9. 9. What don’t you see? Umbrellas and Raincoats for Sale Tulak Tirik Boys Andanyo Boys New Flood Control Projects Funeraria More Sale of Construction Materials
  10. 10. <ul><li>Q: On this page, what do you see? </li></ul>
  11. 11. ANSWER: <ul><li>Nothing. Just a white page. </li></ul><ul><li>If that’s a market, that’s what an ordinary mind sees – a solid white wall. </li></ul><ul><li>CROWDED. </li></ul><ul><li>NOTHING. </li></ul>
  12. 12. The Entrepreneurial Mindset sees a hole! “ CHERCHEZ LE CRANEAU” An opportunity to be in that market.
  13. 13. Wei Ji
  14. 14. Shouldn’t we make it Ji Wei ? We look first at the opportunity, and yes, recognize that there is danger.
  17. 17. OPPORTUNITY SEEKING <ul><li>Sources of Opportunity: </li></ul><ul><ul><li>Internal – Innovation / Creativity </li></ul></ul><ul><ul><li>External </li></ul></ul><ul><ul><ul><li>Macromarket </li></ul></ul></ul><ul><ul><ul><li>Micromarket Analysis </li></ul></ul></ul><ul><ul><ul><li>Irritants in the marketplace </li></ul></ul></ul>
  18. 18. Irritants in the Marketplace <ul><li>D – Deterrents, Delays </li></ul><ul><li>I – Irritants </li></ul><ul><li>P – Problems </li></ul><ul><li>C – Complaints </li></ul>
  19. 19. The Many Sources of Opportunity Macro- Environmental Sources Consumer Preferences, Piques & Perceptions Industry & Market Sources Talents, Hobbies, Interests, Skills, & Exposure New Knowledge Opportunities from the Unexpected Opportunities from the Future OPPORTUNITY SEEKING
  20. 20. TOOLS – External / Environmental Analysis <ul><li>PESTE </li></ul><ul><li>PESTEL </li></ul><ul><li>EPISTE </li></ul><ul><li>STEER </li></ul><ul><li>SWOT / TOWS </li></ul>
  21. 21. TOOLS – External / Environmental Analysis <ul><li>PESTE – Political, Economic, Social, Technological, Ecological </li></ul><ul><li>PESTEL – PESTE + Legal </li></ul><ul><li>EPISTE – Economic, Political, Informatics, Technological, Ecological </li></ul><ul><li>STEER – Sociological, Technical, Economic, Ecological, Regulatory </li></ul><ul><li>SWOT / TOWS </li></ul>
  22. 22. OPPORTUNITY <ul><li>Issue of Relevance </li></ul><ul><ul><li>All of the Macro and Micro must be relevant / related to the Enterprise </li></ul></ul>MACRO (PESTEL) INDUSTRY MARKET MICRO MARKET Customer Competition Location
  23. 23. FOOD INDUSTRY <ul><li>Fresh Food (raw) </li></ul><ul><li>Packaged Food </li></ul><ul><li>Food eaten inside the house </li></ul><ul><li>Food eaten outside the house </li></ul>For your industry, what are the divisions?
  24. 24. Micro Market Analysis COMPETITION LOCATION CUSTOMER FGD, UAI Benchmarking, Competitor Research Traffic Count, Going to Office / Going Home For your enterprise, how do you do a micro market analysis?
  25. 25. MARKET – Food Eaten Outside the House For your enterprise, what are the markets? Fine Dining Casual Fast Food Street Food Chinese Grilled Italian Filipino International Japanese Mediterranean Seafood Fusion AB C DE FGHIJ...!? 
  26. 26. INNOVATION
  27. 27. Innovation – Mga Pagbabago <ul><li>Disruptive - nagbabago </li></ul><ul><ul><li>Social </li></ul></ul><ul><ul><ul><li>Food cart </li></ul></ul></ul><ul><ul><ul><li>Street food </li></ul></ul></ul><ul><ul><ul><li>Noodle meals </li></ul></ul></ul><ul><ul><ul><li>Sachet marketing </li></ul></ul></ul><ul><ul><ul><li>E-load / Daily load </li></ul></ul></ul>
  28. 28. Innovation – Mga Pagbabago <ul><li>Disruptive – nagbabago </li></ul><ul><ul><li>Technology </li></ul></ul><ul><ul><ul><li>VHS  DVD </li></ul></ul></ul><ul><ul><ul><li>Film  Digital cameras </li></ul></ul></ul><ul><ul><ul><li>Fax machines? </li></ul></ul></ul><ul><ul><ul><li>Telephone landline  Cellphone, VoIP </li></ul></ul></ul><ul><ul><ul><li>Wi-Fi </li></ul></ul></ul><ul><ul><ul><li>Satellite communications </li></ul></ul></ul>
  29. 29. Innovation – Mga Pagbabago <ul><li>Disruptive – nagbabago </li></ul><ul><ul><li>Crisis </li></ul></ul><ul><ul><ul><li>As the Tsunami and earthquake that hit Japan </li></ul></ul></ul><ul><ul><ul><li>Effects on construction technology, nuclear power, disaster preparedness </li></ul></ul></ul>
  30. 30. Innovation (soft) <ul><li>What pisses you off? </li></ul><ul><li>What needs are not satisfied? </li></ul><ul><li>What are new satisfactions? </li></ul>
  31. 31. Innovation (soft) <ul><li>BEFORE </li></ul><ul><ul><li>You can’t </li></ul></ul><ul><ul><li>Food eaten outside the house </li></ul></ul><ul><ul><li>Movie Theater </li></ul></ul><ul><ul><li>Malling </li></ul></ul><ul><li>NOW </li></ul><ul><ul><li>You can </li></ul></ul><ul><ul><li>Pizza delivered in 30 mins or less </li></ul></ul><ul><ul><li>Home Theater </li></ul></ul><ul><ul><li>Online shopping </li></ul></ul>
  32. 32. Types of Product Innovation <ul><li>Create an entirely new product </li></ul><ul><li>Alter / modify an existing product </li></ul><ul><li>Re-brand / Reformulate an existing / old product </li></ul>
  33. 33. Internal / Personal <ul><li>Past jobs </li></ul><ul><li>Hobbies </li></ul><ul><li>Social network </li></ul><ul><li>Travel </li></ul>
  34. 34. Ways to Innovate <ul><li>Make it LARGER </li></ul><ul><ul><li>Pinakamalaki, pinakamalakas </li></ul></ul><ul><ul><li>Ex: </li></ul></ul><ul><ul><ul><li>Family size </li></ul></ul></ul><ul><ul><ul><li>2-liter </li></ul></ul></ul><ul><ul><ul><li>Big TV </li></ul></ul></ul><ul><ul><ul><li>Thick Crust </li></ul></ul></ul><ul><ul><ul><li>Big Pizza </li></ul></ul></ul><ul><ul><ul><li>Jumbo </li></ul></ul></ul><ul><ul><ul><li>Airbus 380 </li></ul></ul></ul>
  35. 35. Ways to Innovate <ul><li>Modify – change the </li></ul><ul><ul><li>Name </li></ul></ul><ul><ul><li>Color </li></ul></ul><ul><ul><li>Container </li></ul></ul><ul><ul><li>Shape </li></ul></ul><ul><li>Creative copying </li></ul>
  36. 36. Ways to Innovate <ul><li>Make it Stronger / Faster </li></ul><ul><ul><li>4x your daily calcium needs </li></ul></ul><ul><ul><li>Whiter teeth in 1 brushing </li></ul></ul><ul><ul><li>Skin whitening in 7 days </li></ul></ul><ul><ul><li>Fast relief </li></ul></ul><ul><ul><li>Fast-acting </li></ul></ul><ul><ul><li>Delivered in 30mins. or less </li></ul></ul><ul><ul><li>Be seated in less than 10 minutes </li></ul></ul><ul><ul><li>Food served in less than a minute </li></ul></ul><ul><ul><li>Overnight package delivery </li></ul></ul><ul><ul><li>Instant money remittance </li></ul></ul>
  37. 37. Ways to Innovate <ul><li>Make it smaller / lighter </li></ul><ul><ul><li>Netbook </li></ul></ul><ul><ul><li>iPad </li></ul></ul><ul><ul><li>Cellphones in1988 vs. Cellphones now </li></ul></ul><ul><ul><li>Hatchback – smaller, less fuel consumption </li></ul></ul><ul><ul><li>Energy-efficient appliances </li></ul></ul><ul><ul><li>Condo-type furniture </li></ul></ul>
  38. 38. Ways to Innovate <ul><li>Substitute </li></ul><ul><ul><li>Materials </li></ul></ul><ul><ul><li>Methods </li></ul></ul>Bicycle Washing Machine
  39. 39. Materials <ul><li>Paper to plastic </li></ul><ul><li>Cork to plastic </li></ul><ul><li>Metal parts in cars to plastic – lighter, cheaper, easier to make </li></ul><ul><li>Metal to carbon fibre – lighter, stronger </li></ul><ul><li>Leather to leatherette </li></ul>
  40. 40. Methods <ul><li>Frying to Boiling </li></ul><ul><li>Frying to Steaming </li></ul><ul><li>Fast cook to Slow cook </li></ul><ul><li>Gas cooking to Wood cooking </li></ul><ul><li>Cooked in the Kitchen to Cooked in front of you </li></ul>Sunny Cooker
  41. 41. Other Methods (Internal) <ul><li>SERENDIPITY WALK </li></ul><ul><ul><li>Walk along an avenue or street </li></ul></ul><ul><ul><li>Observe, Observe, Observe </li></ul></ul><ul><ul><ul><li>What customer needs can still be met? </li></ul></ul></ul><ul><ul><li>Observe competition </li></ul></ul>
  42. 42. Remember always: <ul><li>Start with the CUSTOMER NEEDS </li></ul><ul><ul><li>Be sure there would be a large number who share the same aspiration / frustration </li></ul></ul><ul><ul><li>The customer cannot be completely satisfied . </li></ul></ul><ul><ul><li>“ I can’t get no satisfaction” </li></ul></ul>
  43. 43. Remember always: <ul><li>There is no perfect product </li></ul><ul><li>Today’s winners can be tomorrow’s losers </li></ul><ul><ul><li>Today – It’s Henry Sy or John Gokongwei </li></ul></ul><ul><ul><li>Tomorrow – it’s Hans Sy / Tessie Coson / Lance or Robina Gokongwei </li></ul></ul><ul><ul><li>In the distant future – it’s gonna be </li></ul></ul>
  45. 45. You and your SKILLS
  47. 47. You and your NETWORK
  48. 48. social networking stats Description / Focus No. of Reg’d Users General. Also for businesses and celebrities. 500 M General. Popular in US, Canada, Europe 245 M “ Microblogging“ in 140 characters or less 190 M General. Popular in South East Asian Countries 115 M Business Networking 80 M
  49. 49. You and your PURPOSE
  50. 50. You and TECHNOLOGY
  51. 51. YOU Welcome to your world!
  52. 52. You and your VISION “ I believe that the nation should dedicate itself to committing the goal that before the decade is out, of a man landing on the moon and returning him safely to earth.” <ul><li>John F. Kennedy </li></ul><ul><li>May 25, 1961 </li></ul>
  53. 53. “ I have a dream.” <ul><li>Martin Luther King </li></ul>
  54. 54. You and your MINDSET <ul><li>Nothing is impossible </li></ul><ul><li>I can do it </li></ul><ul><li>I have what it takes </li></ul><ul><li>HINDI PWEDE ANG HINDI PWEDE. </li></ul>
  55. 55. You and your ENTERPRISE <ul><li>“ If you build they will come.” </li></ul>
  56. 56. You and your PASSION It is doing what you love doing, even when it hurts.
  57. 57. Live an INTERESTING LIFE! It’s a wonderful world! You are the universe’s greatest miracle.