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CHAPTER 5
SEARCH FOR BUSINESS OPPORTUNITY, IDEATION,
INNOVATION, AND CREATIVITY
INTRODUCTION:
There are many business opportunities for an individual with a

creative mind. All business starts with an idea, and it is said that
creativity, through innovativeness and the capacity of bringing
something new in the market, spells the difference between a
traditional businessman and an entrepreneur.
A smart entrepreneur may decide to have a small or large
business, but it is important to follow the process of identifying
and evaluating the various options in generating ideas that can be
transformed into a profitable business endeavor.
THE SEARCH FOR BUSINESS OPPURTUNITY

In selecting a business, option should not be based on luck and immature thinking, but on a
thorough evaluation and systematic process. Start by developing long and short lists of
potential business opportunities.
1. Markets- This refers to the number of prospective buyers, competitors, the price, and the
quality of goods and services that have to be analyzed.
2. Individual Interests- Business interest of individuals should match business opportunities.
For example, if one is a good cook, he could venture in the food business.
3. Capital- This serves as the fuel that keeps the business operating. The availability of
funds should fit the type of business to organize.
4. Skills- The entrepreneur should have the proper skills in the business he is going to
undertake.
5. Suppliers- of inputs It is important that there are steady suppliers of raw material and
other inputs to the business.
6.Manpower- The success of any business also depends on the efficiency of its employees.
7. Technology- Entrepreneurs should be aware of the presence of technology to improve
their products or services, or introduce new innovations in the market.
Other opportunity-seeking processes that can guide a prospective entrepreneur as to what
kind of business to establish are as follows:

1. Look at other successful businesses/entrepreneurs. Looking up at other entrepreneurs as a
role model that could be an inspiration, by doing what they have done or do it even better.
2. Respond to a problem area. The solution to a problem might be transformed into a
business venture.
3. Home-Based Business Option. These must not be taken for granted, for there are some big
businesses that started as a small business at home.
4. Linkage of Resources. The entrepreneur can produce his own input instead of buying
them.

The best way to evaluate business opportunity is through Market Research, which is defined
as the study of all problems in marketing a product.
The Steps in Market Research are:

•Defining the problem
•Making a preliminary
investigation
•Planning the research
•Gathering the data
•Analyzing the data
•Reaching a conclusion
•Implementation and evaluating
decision
To be able to translate business opportunities into profits, the SWOT analysis. Here are the
descriptions of various stages of product life cycle, particularly as sales volume and profit.

Introduction - If consumer awareness and acceptance of product are low, launch through the
use of marketing activities, which make the profit low due to cost of development and
marketing activities.

Growth - To meet the growing demand, product distribution is expanded. Sales rise rapidly as
product becomes popular. Maturity. Sales are still rising, but rate of increase has declined. At
the latter part, a sale reaches its peak, while profit begins to fall.

Decline - There is a sharp fall in sales volume, while profit curve becomes almost flat or
horizontal. There is also decline in the number of competitors. The only survivors are those
who specialize in marketing the product. Once product is no longer profitable, it is eliminated
from the market.
Venturing into a business project demands a timely and clear decision as to
which area or business concern to deal with. In the selection process, one
has to begin with choosing or focusing on a particular business by category
or sector.

1. The service-based business.
2. Trading or product-based business
3. Manufacturing business
4. Licensed business opportunities
5. Distributorship
6. Rack Jobber
7. Wholesalers
8. Subcontracting
9. Vending machines routes
goog l e ENTREPRENEURIAL
CREATIVITY
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Creativity, innovation, and entrepreneurs are inseparable. Creativity is an essential part of
innovativeness, the starting point of a process, which is skillfully managed, and brings an
idea into innovation.
a. Freedom - a sense of control over one's work ideas.
b. Good Project Management - a manager serves as a good role model.
c. Sufficient Resources - access to necessary resources.
d. Encouragement - management enthusiasm for new ideas.
e. Various Organizational Characteristics - a mechanism for considering new ideas.
f. Recognition - a general sense that creative work will receive appropriate feedback,
recognition, and reward.
g. Sufficient time - time to think creatively about problem.
h. Challenge - a sense of challenge arising from intriguing nature of the problem itself.
i. Pressure - a sense of urgency that is internally generated from competition as a personal
sense of challenge.
j. Outside Organization - from a general desire to accomplish something important.
THE CONCEPT OF

INNOVATION
Innovation is doing something different. It
could be introducing either something new or
different. Innovativeness is a characteristic of
an individual, team, or organization.
IMPACTS OF INNOVATION
1. Effecting a new policy
2. Finding new opportunities
3. Designing a new structure
4. Devising a fresh method

Innovation is not only for a change, but also
for the search in excellence, not only in
producing a product, but also in the form of
innovative systems and services.
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There are many business opportunities for an individual with a

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