Entrepreneurship
Quarter 1 – Module 3
What’s More
Activity 3. Screening time!
1. What is business/product opportunity?
Product Opportunity exist when there is a gap between what is
currently on the market and the possibility for new or significantly
improved products that result to emerging trends.
2. Why is business/product opportunity spotting important in the making of
the business plan?
A business concept may involve a new product or simply a novel
approach to marketing or delivering an existing product. Once a
concept is developed, it is incorporated into a business plan.
3. How do we start finding business opportunity?
Entrepreneurs discover opportunities when they search for them in
existing markets. This means they observe technological, economic
or social trends. Recognizing opportunities is a cognitive process. It
relies on the ability of people to recognize patterns and connect the
dots. Entrepreneurs create opportunities when they engage with
others in bouncing ideas back and forth, and each time it becomes
more specific what the user needs are and how they are going to be
solved. Creating opportunities is a social process. It relies on the
ability of entrepreneurs to interact.
4. How can we find a market need?
To deliver products that solve your target customers’ problems, you
must first identify market problems. These problems may be stated
directly as customer needs or implied indirectly.
5. What are the sources of opportunity?
Internally Focused
- The unexpected (unexpected success, failure, or outside events)
- The incongruity between reality as it actually is and reality as it is
assumed to be or as it ought to be
- Innovation based on process need
- Changes in industry structure or market structure that catch
everyone unawares
Externally Focused
- Demographics (population changes)
- Changes in perception, mood, and meaning
- New knowledge, both scientific and non-scientific
6. What is the significance of knowing the sources of opportunities?
Entrepreneurs discover opportunities when they search for them in
existing markets. This means they observe technological, economic
or social trends. Recognizing opportunities is a cognitive process. It
relies on the ability of people to recognize patterns and connect the
dots.
What I Have Learned
1. To spot an opportunity is to find the problem.
2. To identify the market need is to make the solution to the problem.
3. To identify business opportunity is to know the market need.
4. To make sure that the spotted opportunity will be delivered, the entrepreneur
should identify the target market.
What I Can Do
Activity 4. Dig the Gold
Problem Solution Market Need Business Target Market
Opportunity
Access to Food Mobile Food Profit Housewives/
Food Budget-wise
consumer
ASSESSMENT
1. D 6. A 11. B
2. D 7. A 12. C
3. D 8. C 13. B
4. D 9. C 14. D
5. D 10. D 15. C
Additional Activities
What business am I What is the purpose of my Who are my target
interested to engage? business? customers?
If you want to begin your own - Aged from 18-32
business and you have a
passion for baking, - People who love to
enjoy a free life of
Bakery then starting a bakery sound
challenges
s like a great idea. It’s a way
to do something you love
while being able to earn what
you feel you’re truly worth.
Sample Picture
