Topic 1 - IBO-Entrepreneurial Alertness in Opportunity Recognition and Development

Identification of
Business Opportunities
Entrepreneurial Alertness in Opportunity Recognition and Development
BUSINESS ENTERPRISE SIMULATION

Instructor: Alice Therese L. Caballeda
Objectives:
• reflect on the ways how opportunity recognition activity was executed

• scan the market and identify potential business opportunities to
capitalize on
• identify areas to consider when deciding what business to pursue
Questions:
What are the ways used to recognize business opportunities?
What are the things/areas you consider in choosing what

business to pursue?
When thinking about sustainability, what should be done to

make sure that the business will sustain in the market?
Why do people get into business?
• Earn more
• Time Freedom – controlling your own schedule
• Showcase their skills and talents
• Free money for investment
• Live their purpose
• Forced
Different Business Models
Business to Business (B2B) Customers to Business (C2B)

a business sells its product or service allow individuals to sell goods and services to
to another business companies.
Business to Customers (B2C) Customers to Customers (C2C)
sell to their end-user. also called an online marketplace — connects
consumers to exchange goods and services
and typically make their money by charging
transaction or listing fees
Business to Government (B2G)
A business sells and supply products and services to government
https://www.bigcommerce.com/articles/ecommerce/types-of-business-models/#selecting-your-ecommerce-business-model
How to recognize business opportunities?
• Scan the environment and identify the needs and

opportunities
• Validate the identified needs and opportunities
• Develop a pattern from your target market
• Create a Canvas
• Test
• Learn
Scan the Environment and Identify the Needs and
Opportunities
• Observation
• Immersion
• Listen to Pain-points
Let’s Play!
• Take a screenshot
• In 5 minutes, solve
the puzzle
• Send the answered
sudoku puzzle in
the GC
Validate the Identified Needs and Opportunities
• Too many entrepreneurs and innovators execute ideas prematurely
because they look great in presentations, make excellent sense in
the spreadsheet, and look irresistible in the business plan… only to
learn later that their vision turned out to be a hallucination.
• Ask questions
Develop a Pattern from your target market
• Insights must be recorded

• Who provided the same insights? (User Persona)
• What market do they belong?
Types of Market Segmentation
• Demographic segmentation: age, gender, education, marital status, race, religion, etc.
• Psychographic segmentation: values, beliefs, interests, personality, lifestyle, etc.
• Behavioral segmentation: purchasing or spending habits, user status, brand interactions, etc.
• Geographic Areas: neighborhood, area code, city, region, country, etc.
What is a Target Market?

• A target market refers to a group of customers to whom a company wants to sell
its products and services, and to whom it directs its marketing efforts.
• A target market is one part of the total market for a good or service.
• Identifying the target market is important for any company in the development of a
marketing plan.
• Not knowing who the target market is could cost a lot of money and time for a
company.
https://blog.alexa.com/targeting-in-marketing/
https://www.investopedia.com/terms/t/target-market.asp
Create a Plan or a Canvas
• Business Plan - A business plan is a written document that describes in
detail how a business—usually a startup—defines its objectives and how it is to go
about achieving its goals.
• Business Model Canvas - The business model canvas is a shared
language for describing, visualizing, assessing and changing business models. It
describes the rationale of how an organization creates, delivers and captures
value.
Series of Tests
Testing and reducing risk To test a big business idea you break it down into smaller
chunks of test able hypotheses. These hypotheses cover three types of risk.
1. That the customers aren’t interested in your ide a (desirability).
2. That you can’t build and deliver your idea (feasibility).
3. That you can’t earn enough money from your idea (viability).
You test your most important hypotheses (idea) with appropriate experiments. Each
experiment generates evidence and insights that allow you to learn and decide. Based
on the evidence and your insights you either adapt your idea, if you learn you were on
the wrong path, or continue testing other aspects of your idea, if the evidence
supports your direction.

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Identification of

BUSINESS ENTERPRISE SIMULATION

• reflect on the ways how opportunity recognition activity was executed

What are the ways used to recognize business opportunities?

What are the things/areas you consider in choosing what

When thinking about sustainability, what should be done to

Business to Business (B2B) Customers to Business (C2B)

• Scan the environment and identify the needs and

• Insights must be recorded

What is a Target Market?

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