LONG QUIZ AND EXAM POINTERS • Resource Availability: Confirm that the required Competitive Analysis:

resources can be accessed or acquired.

• Competitor Products: Study existing products and
MULTIPLE CHOICE: Business Plan Creation: services to find opportunities for differentiation and
Characteristics of a Good Business Opportunity: improvement.
• Executive Summary: Summarize the business
• Market Demand: There must be a clear need or opportunity, vision, and strategy. • SWOT Analysis: Assess competitors' strengths,
desire for the product or service. weaknesses, opportunities, and threats to uncover
• Market Analysis: Provide detailed insights into the
market gaps.
• Feasibility: It should be realistically achievable with target market, competition, and trends.
available resources. Personal Experiences and Observations
• Marketing Strategy: Plan how to attract and reach
• Profitability: There should be a potential to generate customers. • Everyday Problems: Reflect on personal frustrations
profit. or challenges and consider how they might be
• Operational Plan: Describe daily operations,
addressed with a new product or service.
• Scalability: It must have potential for growth and including production and customer service.
expansion.
Customer Feedback and Needs • Observation of Daily Life: Pay attention to
• Competitive Advantage: The offering should be inefficiencies and unmet needs in your daily life and
• Survey and Questionnaires: Collect insights directly
unique compared to existing solutions. those of others.
from customers about their needs, pain points, and
Evaluating Business Opportunities preferences. Exporting/Importing
Market Validation:
• Direct Exporting: Selling your products or services
• Customer Reviews and Complaints: Analyze
• Proof of Concept: Develop a prototype or pilot directly to a foreign market.
feedback on existing products or services to identify
version of the product/service to test market
gaps and areas for improvement.
response. • Indirect Exporting: Partnering with an intermediary
who handles the international sales process.
• Customer Validation: Collect feedback to confirm • Focus Groups: Conduct discussions with target
demand and willingness to pay. audiences to explore their experiences and
• Importing: Sourcing products from international
expectations.
Financial Feasibility: manufacturers to sell in your home country.
• Cost Analysis: Estimate costs for development,
Market Trends and Industry Reports:
production, and marketing. Choosing a Business Structure
• Industry Analysis: Review industry reports and - Selecting the right legal structure is crucial for liability,
• Revenue Projections: Forecast revenue and
market research to identify emerging trends, growth taxation, and governance:
profitability based on market size.
areas, and evolving consumer behaviors.
• Sole Proprietorship: One person owns and operates
Strategic Fit:
• Trend Websites and Publications: Follow sources the business, but personal assets are at risk.
• Alignment with Vision: Ensure the opportunity fits like Trend Watching, Nielsen, and industry-specific
with the entrepreneur's vision and goals. publications for insights into market shifts.
 • Partnership: Two or more individuals share • Health and Fitness: Gyms, fitness programs like • Resource Availability: International expansion
ownership, responsibilities, and profits. Pilates and CrossFit. provides easier access to affordable raw materials,
lowering overall production costs.
• Corporation: A legal entity separates from its • Real Estate and Property Management: Managing
owners, providing strong liability protection but more rental properties, especially in growing urban areas, Access to New Markets and Customers
regulatory requirements. is a strong business opportunity. • Market Saturation at Home: Expanding
internationally helps access larger or untapped
Registering the Business IDENTIFICATION markets with demand.
1. After selecting your structure, you'll need to register
Policy Support and Regulatory Reforms
the business legally. The steps vary by country but • Growth Opportunities: Entering new regions allows
generally include: 1. Ease of Doing Business Act (RA 11032): This act, for business growth by offering products or services
passed in 2018, aims to simplify business operations where they're unavailable or underrepresented.
2. Choose a Business Name: Check for trademarks or by reducing red tape and promoting transparency
other companies using the name and ensure it's through online platforms for quicker registration. • Population Size and Consumer Base: Global
unique.
2. CREATE LAW (RA 11534): Enacted in 2021, this law expansion opens access to larger, diverse
lowers corporate income tax from 30% to 25% (20% populations, creating opportunities for more revenue.
3. Register with Government Authorities: Register the
business name with local and national authorities, for MSMEs) and offers tax incentives to attract foreign
such as the Chamber of Commerce or Company investments and aid pandemic recovery.
PESTEL
Registrar. 3. BMBE Law (RA 9178): This law provides tax - Environmental Scanning: Understanding external factors
exemptions and incentives for barangay-level that impact business operations using the PESTEL
4. Get Necessary Permits and Licenses: Depending businesses, simplifying registration and offering framework:
on your industry and location, you may need specific financial assistance and marketing support.
licenses (e.g., food handling, liquor license, health 1. Political: Changes in Government policies, taxation,
permits). and stability.
ENUMERATION 2. Economic: Inflation, exchange rates, and economic
growth.
The opportunities for business like local and global Access to Cheaper Production and Operational Costs 3. Social: Demographic changes, cultural trends,
Local Business Opportunities
lifestyle shifts, educ, social attitudes.
• Lower Manufacturing Costs: Setting up production
• Service-Based Businesses: Growing demand for 4. Technological: Innovations and emerging
in countries with lower labor costs, like Southeast
home improvement, landscaping, and plumbing. technologies, R&D advancement, automation and
Asia or Latin America, reduces production expenses
tech adoption
to produce goods more cheaply.
• Retail: Small shops selling local or artisanal 5. Environmental: Sustainability and climate change,
products, fashion, or home decor items can attract • Outsourcing and Offshoring: Businesses can resource availability.
community-focused consumers. outsource functions such as customer service and 6. Legal: Laws on Business operations, labor laws,
manufacturing to countries with lower operational consumer protection, intellectual property and
costs. compliance.
Business Plan Development: A solid business plan
is essential for organizing your thoughts and guiding
your startup.

1. Executive Summary: Overview of the business,

vision & goals.

2. Business Description: Explain the business what

will do, the industry, target market.

3. Market Analysis: Detailed research on your

market, customer and competitors.

4. Organization and Management: Outline the

structure of your business (LLC, Corporation,
Partnership) and define leadership roles.

5. Products or Service: Describe what you’re

offering, including key features and benefits.

6. Marketing and Sales Strategy: How you’ll attract

& retain customers.

7. Financial Plan: Financial projections, funding

requirements, a budget.

8. Operational Plan: Details about day-to-day

operations, suppliers, production, and location.