Opportunity Screening & seizing.docx

DAILY LESSON PLAN Date: November Date: November 26, 2018 Subject: ENTRPRENEURSHIP CS_EP11/12ENTREP-0a1 SUBJECT MATTER

Subject Teacher: Misan E. Valdeviezo Remarks

Topic: THREE PROCESSES IN BUSINESS

(Opportunity Seeking, Screening & Seizing) References: A Trilogy on Entrepreneurship Materials: Laptop, Video Presentation Value Focus: Live out the core value of “Makatao  & Makabansa”  A. Content Standards

B. Performance Standard  C. Learning Competency D. Specific Learning Objective

TIME ALLOTMENT 1. Introduction

The Learner demonstrate understanding of concepts , underlying principles, and processes in developing a business plan The learner independently or with his/her classmates presents an acceptable detailed business plan Identify the market problem to be solved or the market need to be met Discuss the 3S of opportunity spotting: a. Seeking b. Screening c. Seizing 1 hour LESSON OUTLINE Prayer Checking of attendance Review the previous lesson Discuss the lesson objectives 1. Why is it important to know and understand your target market? 

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Motivation

3. Activity

Video Presentation: https://www.youtube.com/wa https://www .youtube.com/watch?v=OWr4Ch05D_Q tch?v=OWr4Ch05D_Q&t=168s &t=168s 1. Group the learners into five. 2. Let the group identify the problems, needs and wants in their locality. 3. Base on their list of problems, needs & wants each group will list three opportunities in their locality and discuss the method of generating ideas; why they come up with the idea 4. Group presentation

2. Analysis

1. How do you come up with your business ideas? 2. Can you earn from this business idea?

3. What are the many sources of opportunities which the entrepreneur can tap? 4. If you were get into the business, what type of business would be most attractive to you? 5. After determining the type of business most attractive to you, how would you determine the micro market, the market industry, and the macro environment of the business? LESSON PROPER 1. How much do you know about the consumers in your chosen business that would allow you find new opportunities which others may not have seen yet? 2. What are the three essential features that an entrepreneur must possess to discover and get into business? 3. Discuss the 3S of opportunity spotting

3. Abstraction

Discussion: OPPORTUNITY SEEKING 

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Entrepreneurs are innovative opportunity seekers. They have endless curiosity to discover new or different ideas and see whether these ideas will work in the market place. Entrepreneurs create value by introducing new products or services or finding better way of making them. These may include innovation in terms of product designs or addition of new product features to existing ones. They may also tinker on improving their operational capability by employing new technologies that will bring them greater efficiency and better economies.

Essential to an entrepreneur’s opportunity seeking are the:

1. Entrepreneurial Mind Frame 2. Entrepreneurial Heart Flame, and 3. Entrepreneurial Gut Game 

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Entrepreneurial Mind Frame allows the entrepreneur to see things in a very positive and optimistic light in the midst of crisis or difficult situations. Entrepreneurial Heart Flame is driven by passion, they are drawn to find fulfillment in the act and the act of process discovery. Entrepreneurial Gut Game is the final ingredient. This refers to the ability of the entrepreneur to sense without using the five senses. This is also known as intuition.

OPPORTUNITY SCREENING Opportunity Screening is perhaps the most rigorous and yet, most important part of an opportunity-driven entrepreneurship. It takes a lot of time, effort and knowledge to discern which among the potential opportunities uncovered would be the one worth investing on or at least narrowing down the list to the few promising ones.

The Personal Screen It refers to the entrepreneur’s assessment of himself/herself in terms of preferences and capabilities. The entrepreneur could ask three basic questions: 1. Do I have the drive to pursue this business opportunity to the end? 2. Will I spend all my time, effort and money to make the business work? 3. Will I sacrifice my existing lifestyle, endure emotional hardship and forego my usual comforts to succeed in this business? If you answered “NO” to any of the three questions, then maybe the opportunity is not for you. You should move on to another opportunity that better suits your interests. But if you answered “YES” to all, then you could start to seriously consider the opportunity. By considering the opportunity means going through the more rigorous process of using the 12 R’s of Opportunity Screening. Some of these screens would prove to be more important than others. The 12 Rs of Opportunity Screening 1. Relevance to Vision, Mission and Objectives of the Entrepreneur: Will the opportunity bring the entrepreneur closer to his or her long-term goal? 2. Resonance to Values: Does the opportunity ring true to the value system of the entrepreneur? 3. Reinforcement of Entrepreneurial Interests: Does the opportunity strengthen whatever enterprise strategies, products and market the entrepreneur already has? 4. Revenues: What are the revenue or sales potential of the opportunity? Are they large enough to make it worth the while of the entrepreneur? 5. Responsiveness to Customer Needs and Wants: Does the opportunity answer to actual or related need or want of the envisioned customer? 6. Reach: Will the opportunity allow the enterprise to have a wide market reach or expansive geographic coverage? 7. Range: Will the opportunity allow the entrepreneur to come up with a wide range of products and services that would exponentially expand the market? 8. Revolutionary Impact: For the entrepreneurial game changers, will the opportunity create a revolutionary change in the industry, thus making old products obsolete?

9. Returns: Does the opportunity promise to leave a substantial profit or return on investment? 10. Relative Ease of Implementation: Is the opportunity relatively easy for the entrepreneur to do but harder for others to engage in? 11. Resources Required: Will the opportunity require massive resources or can it be pursued with very little investment? Many start-up entrepreneurs do not have huge resources to invest and this may pose an obstacle. 12. Risks: What are the risks involved in the opportunity? What are the market, technological, financial and legal risks? OPPORTUNITY SEIZING After Opportunity Seeking and Screening, the entrepreneur is ready for Opportunity Seizing, the final stage. By now, the entrepreneur has an idea as to where he or she will locate the business and how he or she will market the product or service. At this stage, the entrepreneur must be able to determine the critical success factors that enable other players in the same industry to succeed while, at the same time, be vigilant about those factors that cause these businesses to fail. Will I be able to manage to my advantage, the critical success factors and avoid critical failure factors? If YES, then seize the opportunity. Process of opportunity seizing 1. Crafting a positioning statement. 

The entrepreneur is advised to look at other competitors in the marketplace.

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Customer profiling will come into picture.

2. Conceptualizing the product or service offering. 

It is an idealized abstraction of the product or service to be offered to the preferred market of the entrepreneur.

3. Designing, prototyping, and testing the product 

The entrepreneur must render the concept and translate it into its very physical and very real dimensions.

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Be ready for the actual testing by the entrepreneur and then, later on, subject to testing by potential customers through FGD, surveys, product demo sessions, etc.

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Assess how much resources are available.

4. Implementing, Organizing and Financing 

Choose correct technology

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Choose the right people

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Design the operating work flow

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Specify the systems and procedures

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Design the organizational architecture

4. Application

Do an opportunity spotting in your own locality or barangay, identify the potential opportunities from the macro environmental and micro environmental sources.

5. Assessment

Discuss briefly the following: (5pts. Each) 1. Opportunity Seeking 2. Opportunity Screening 3. Opportunity Seizing

6. Assignment

REMARKS: ACTIVITY/LESSON REFLECTION:

Research on the following: 1. Opportunity Screening Matrix 2. Competitor Analysis PROCEED TO THE NEXT LESSON

CONTINUE THE