WEEK 2
The
Entrepreneurial
Process
“The most difficult part of
every task is where and how
you start.”
Four Aspects of the Entrepreneurial
Process
01 02
Opportunity Spotting
Developing Business Plan
and Assessment
03 04
Determining the capital
Running the business
needed
#1
Opportunity SEIZING
Spotting and
Assessment SCREENING
SEEKING
S1 - Seeking STEP 1
SEEKING
the Opportunity
The first step is the most difficult STEP 2
process of all due to the number of SCREENING
options that the entrepreneur will have
to choose from. It involves the
development of new ideas from various STEP 3
sources as follows: SEIZING
• Opportunity Spotting and
Assessment
RELIABLE MAJOR
SOURCES
• Consumers
• Glaring problems in the environment
• Problems encountered by the co-
entrepreneur
• New trends
• Developments in the environment
MINOR SOURCES
• Feedback from distribution or business
partners such as retailers, wholesalers,
manufacturers, and technical people
that the entrepreneur is working with
S2 - Screening
STEP 1
SEEKING
the Opportunity
STEP 2
Opportunity screening is the process of SCREENING
cautiously selecting the best opportunity.
The selection will depend on the
entrepreneur’s intent.
STEP 3
SEIZING
S2 - Screening the Opportunity
INTERNAL INTENT
This is the main objective that
the business will accomplish in
the entrepreneur’s life.
EXTERNAL INTENT
This addresses the
compelling needs of the
market.
S2 - Screening the Opportunity
FOUR BUSINESS
OPPORTUNITY ELEMENTS
• Has superior value to
customers
• Solves a compelling problem,
issue, need or a want
• Is a potential cash cow
• Matches with the
entrepreneur’s skills,
resources, and risk appetite.
S3 - Seizing the STEP 1
SEEKING
Opportunity
STEP 2
It is the last step in opportunity spotting SCREENING
and assessment. Also, the “pushing
through” with the chosen opportunity.
STEP 3
SEIZING
What is the best opportunity
that you have chosen?
#2 The business plan is a
Developing comprehensive paper that
details the marketing,
a Business financial, strategic direction,
Plan and tactics of the business.
This will serve as the core
guide and direction of the
entrepreneur in venturing
into a business.
CONTENTS
• General Company
Business Description
Plan • Marketing Plan
• Operational Plan
• Organizational Plan
• Financial Plan
#3 It is mandatory in the
Determining entrepreneurial process to
calculate the resources
the Capital needed to establish the
Needed business and compare this
against the entrepreneur’s
current resources.
#4 This is the part where the
entrepreneur should use the
Running the resources allocated for the
Business new venture. The business
plan prepared should already
have been implemented.
