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.

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.

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.

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.

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.

Technology Entrepreneurs should be aware of the

presence of technology to improve their products or services, or introduce new innovations in the market.

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.

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.

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 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

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.

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.

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

Excellent knowledge about the life cycle of the products provides the entrepreneur business opportunities to continuously start in business.

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: The service-based business Trading or product-based business Manufacturing business Licensed business opportunities Distributorship Rack Jabber Wholesalers Subcontracting Vending machine routes

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.

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: 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.

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 an existing product The result of consumer dissatisfaction to the

existing product could open the door to introduce innovations or improvements.

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.

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 it first, then, develop it If you have the idea, study it and develop it to

something that is worth a business.

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.

The following are some tips in evaluating ideas: Use research as weapon against failure

this is an important fact in decision-making process; most business failed because of lack of information.

Make sure your idea has longevity 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 Venture into a business by using your own ideas.

Test your idea against the past, present and future 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.

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.

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

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.

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.

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.

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.

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.

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

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.

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

Within the organization, the orientation toward innovation must come primarily form the higher level of management.

The elements of innovation orientation are as follows: 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.

The most critical aspect in making a decision to go into self-employment 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.

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.