SEARCH FOR BUSINESS OPPORTUNITY, IDEATION, INNOVATION AND CREATIVITY
FACTORS AFFECTING BUSINESS OPPORTUNITY The following factors on resources have to be evaluated in discovering business opportunities: Markets Individual Interests Capital Skills Supplies of inputs Manpower Technology.
FACTORS AFFECTING BUSINESS OPPORTUNITY 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.
FACTORS AFFECTING BUSINESS OPPORTUNITY Individual Interests - Business interest of individuals should match business opportunities. For example, if one is a good cook, he could venture in the food business. Same is true when one is good in arts and crafts, he could engage himself in a business focusing on arts and crafts.
FACTORS AFFECTING 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.
FACTORS AFFECTING 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. Google offers the Philippines Business Stimulus Package. Businesses here in the Philippines can avail of the said package which helps them advertise their goods and/or services through Google for only Php2,000. Increasingly more companies use Twitter for business to do market research, do brand advocacy and reputation management and provide selected highlights from a conference or event. Twitter allows them to expand their brand and thus generate new opportunities.- Andra Picincu
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.
OPPORTUNITY-SEEKING PROCESSES Other opportunity-seeking processes that can be a guide to prospective entrepreneurs as to what kind of business to establish are as the 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.
TWO KINDS OF BUSINESS Other opportunity-seeking processes that can be a guide to prospective entrepreneurs as to what kind of business to establish are as the 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.
Steps in Market Research 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
SELECTING THE LOCATION 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.
The Search for Business Opportunity Excellent knowledge about the life cycle of the products provides the entrepreneur business opportunities to continuously start in business.
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 an existing product. The 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 is 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 it first, then, develop it. If you have the idea, study it and develop it to something that is worth a business.
EVALUATING IDEAS 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 idea 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 a 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 factors that affect the buying process. Your idea will depend on this.
PROTECTING IDEAS 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.
PROTECTING IDEAS 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.
PROTECTING IDEAS 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.
PROTECTING IDEAS 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.