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    Entrepreneurship Chapter 2

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    Joseph John Sarmiento
    The document discusses factors to consider when searching for business opportunities, including markets, individual interests, capital, skills, suppliers, manpower, and technology. It also outlines processes for identifying opportunities, such as looking at other successful businesses, considering home-based businesses, and leveraging available resources. Finally, it examines the stages of a product life cycle as introduction, growth, maturity, and decline.

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    Entrepreneurship Chapter 2

    Uploaded by

    Joseph John Sarmiento
    271 views18 pages
    The document discusses factors to consider when searching for business opportunities, including markets, individual interests, capital, skills, suppliers, manpower, and technology. It also outlines processes for identifying opportunities, such as looking at other successful businesses, considering home-based businesses, and leveraging available resources. Finally, it examines the stages of a product life cycle as introduction, growth, maturity, and decline.

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    The document discusses factors to consider when searching for business opportunities, including markets, individual interests, capital, skills, suppliers, manpower, and technology. It also outlines processes for identifying opportunities, such as looking at other successful businesses, considering home-based businesses, and leveraging available resources. Finally, it examines the stages of a product life cycle as introduction, growth, maturity, and decline.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    271 views18 pages

    Entrepreneurship Chapter 2

    Uploaded by

    Joseph John Sarmiento
    The document discusses factors to consider when searching for business opportunities, including markets, individual interests, capital, skills, suppliers, manpower, and technology. It also outlines processes for identifying opportunities, such as looking at other successful businesses, considering home-based businesses, and leveraging available resources. Finally, it examines the stages of a product life cycle as introduction, growth, maturity, and decline.

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    WESLEYAN UNIVERSITY-PHILIPPINES

    COLLEGE OF BUSINESS AND ACCOUNTANCY

    ENTREPRENEURSHIP

    PREPARED FOR 4BSAT1


    SEARCH FOR BUSINESS
    OPPORTUNITY,
    IDEATION, INNOVATION,
    AND CREATIVITY
    THE SEARCH FOR BUSINESS OPPORTUNITY

    In discovering business opportunities, the following factors on


    resources have to be evaluated:

    ▰ Markets
    ▻ This refers to the number of prospective buyers, competitors, the
    price, and the quality of goods and services that have to be
    analysed. Business opportunities exist in areas where consumer
    satisfaction is weak or incomplete.

    CHAPTER 2
    THE SEARCH FOR BUSINESS OPPORTUNITY

    ▰ Individual Interests
    ▻ Business interest of individuals should match business
    opportunities.

    CHAPTER 2
    THE SEARCH FOR BUSINESS OPPORTUNITY

    ▰ Capital
    ▻ This serves as the fuel that keeps the business operating. The
    availability of funds should fit the type of business to organize.

    CHAPTER 2
    THE SEARCH FOR BUSINESS OPPORTUNITY

    ▰ Skills
    ▻ The entrepreneur should have the proper skills in the business he
    is going to undertake.

    CHAPTER 2
    THE SEARCH FOR BUSINESS OPPORTUNITY

    ▰ Supplier of inputs
    ▻ It is important that there are steady suppliers of raw material and
    other inputs to the business.

    CHAPTER 2
    THE SEARCH FOR BUSINESS OPPORTUNITY

    ▰ Manpower
    ▻ The success of any business also depends on the efficiency of its
    employee.

    CHAPTER 2
    THE SEARCH FOR BUSINESS OPPORTUNITY

    ▰ Technology
    ▻ Entrepreneurs should be aware of the presence of technology to
    improve their products or services, or introduce new innovations
    in the market.

    CHAPTER 2
    THE SEARCH FOR BUSINESS OPPORTUNITY

    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.

    CHAPTER 2
    THE SEARCH FOR BUSINESS OPPORTUNITY

    2. 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.

    CHAPTER 2
    THE SEARCH FOR BUSINESS OPPORTUNITY

    3. Linkage of Resources
    -The entrepreneur can produce his own input instead of buying
    them.

    CHAPTER 2
    ATTRIBUTES, QUALITIES, AND
    CHARACTERISTICS OF AN ENTREPRENEUR

    According to Fajardo, products have their own life cycle. It is


    composed of four stages: Introduction, Growth, Maturity, and Decline.
    Some products have long product life cycle, while others have short.
    PRODUCT LIFE CYCLE (PLC)

    Here are the descriptions of various stages of product life cycle:

    ▰ Introduction
    ▻ This is the stage in which the product has been introduced first
    time in the market. 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.

    CHAPTER 2
    PRODUCT LIFE CYCLE (PLC)

    ▰ Growth
    ▻ In this growth stage, the product is present already in the market
    and consumers of the product are habitual of the product and
    also there is quick growth in the product sales as more new and
    new customers are using and trying and are becoming aware of
    the product.
    ▻ To meet the growing demand, product distribution is expanded.
    Sales rise rapidly as product becomes popular.

    CHAPTER 2
    PRODUCT LIFE CYCLE (PLC)

    ▰ Maturity

    ▻ In maturity stage, the cost of the product has been decreased


    because of the increased volume of the product and the product
    started to experience the curve effects. Also, increase in
    competitors entering the market.
    ▻ Sales are still rising, but rate of increase has declined. At latter
    part, a sale reaches its peak, while profits begins to fall.

    CHAPTER 2
    PRODUCT LIFE CYCLE (PLC)

    ▰ Decline/Saturation Stage
    ▻ In this stage, 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.

    CHAPTER 2
    -END-

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