Entrepreneurial Opportunity Seeking

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Questions and Answers

What quality primarily characterizes entrepreneurs as opportunity seekers in the business industry?

An emphasis on competition

A tendency to follow trends

A spirit of inquiry (correct)

A focus on immediate profits

What is one major aspect that influences consumer purchasing behavior?

Brand loyalty

Availability of alternatives

Personal income levels (correct)

Quality perception

In the context of entrepreneurship, what does opportunity screening involve?

Identifying trends in social media

Launching a product immediately

Evaluating the potential of various opportunities (correct)

Investing in all available options

Which of the following factors does NOT shape opportunities in the business environment?

Personal entrepreneurial skills Signup and view all the answers

What is the purpose of opportunity seizing in entrepreneurship?

To implement viable opportunities into action Signup and view all the answers

What type of environmental source provides valuable information for identifying entrepreneurial opportunities?

External macroenvironmental sources Signup and view all the answers

Which characteristic is NOT typically associated with entrepreneurial opportunity seekers?

Risk aversion Signup and view all the answers

What is a key benefit of identifying high-demand products and services?

Insight into consumer needs Signup and view all the answers

Which macroenvironmental source considers the characteristics and trends of populations?

Demographic Signup and view all the answers

What economic factor was identified in the example as a potential opportunity for the milk tea shop?

High average monthly household income Signup and view all the answers

Which socio-cultural factor is emphasized in the example as beneficial for a milk tea shop?

Preference for milk tea among teenagers Signup and view all the answers

What is indicated as a macroenvironmental source of opportunity related to ecological factors?

The city’s prohibition on plastic bags Signup and view all the answers

Which of the following macroenvironmental sources directly pertains to technological advancements?

Technological Signup and view all the answers

Which of the following is NOT an internal/microenvironmental source of opportunity?

Market regulations Signup and view all the answers

In what way can ecological factors create opportunities for the milk tea shop?

By promoting environmentally sustainable practices Signup and view all the answers

What is necessary for a business to operate in a city regarding political and legal factors?

A business permit and DTI registration Signup and view all the answers

How does the political and legal macroenvironmental source influence business opportunities?

By enforcing strict regulations on food safety Signup and view all the answers

How might changes in consumer preferences become a source of opportunity?

By allowing businesses to innovate and reformulate products Signup and view all the answers

What demographic trend could potentially hinder the success of the milk tea shop?

A declining birth rate in the area Signup and view all the answers

Which of these factors is part of the microenvironment affecting opportunity sources?

General public opinions Signup and view all the answers

Which of the following factors is NOT a macroenvironmental source of opportunities?

Market structure Signup and view all the answers

What does deregulation in a market represent?

Reduction in government controls over business operations Signup and view all the answers

What impact do supply chain changes have on market opportunities?

They can create new niches for businesses to exploit Signup and view all the answers

What is one way that online ordering platforms benefit shops?

They ease long queues and improve customer service Signup and view all the answers

Why is opportunity seeking considered a crucial phase in entrepreneurship?

It helps to identify gaps in the market. Signup and view all the answers

What is likely to occur if an aspiring entrepreneur does not utilize various sources of business opportunities?

They will miss out on emerging trends. Signup and view all the answers

What characterizes an entrepreneur as different from an ordinary businessman?

Entrepreneurs focus on innovation and opportunity. Signup and view all the answers

What is the first step one must take when seeking a business opportunity?

Opportunity seeking. Signup and view all the answers

How can macroenvironmental sources of opportunities be defined?

Trends and forces that affect the industry as a whole. Signup and view all the answers

Which of the following is not one of the 3S of Opportunity Spotting?

Opportunity Management Signup and view all the answers

What should an entrepreneur consider when thinking about shopper purchasing means?

Adapting to current technological trends. Signup and view all the answers

What role does continuous advancement in technology play in business opportunities?

It provides a foundation for innovative opportunities. Signup and view all the answers

Study Notes

Business Opportunity Seeking, Screening, and Seizing

Lesson 1: Opportunity Seeking: Entrepreneurial Imperatives and Sources
Learning Objective: Propose solutions in terms of products and services that meet needs using opportunity seeking techniques.
Opportunity seeking is considered a crucial phase in entrepreneurship.
Entrepreneurs are "innovative opportunity seekers" with an inquiring spirit to identify needed products/services.
External (macroenvironmental) sources of opportunities include demographic factors, economic factors, socio-cultural factors, technological factors, ecological factors, and political/legal factors.
- Demographic: Residents are primarily 15-50 years old and Filipino, employed in private/public sectors.
- Economic: Average monthly income is Php40,000-50,000.
- Socio-cultural: Teenagers prefer milk tea over coffee.
- Technological: Shops use online delivery/ordering services.
- Ecological: Plastic bags are not permitted.
- Political/Legal: Business registration (DTI) and permits are required.
Internal (microenvironmental) sources include customers, suppliers, resellers, competitors, and the general public.
Industry and market disparities (e.g., regulations, deregulations, supply chain changes) can be sources of opportunity.
Recognizing consumer preferences and interests is crucial; outdated products can lose sales as perceptions change.
Technological advancements can lead to new or innovative business opportunities.
Entrepreneurs should understand shopper purchasing methods to remain relevant in the digital age.
Students are encouraged to consider a business idea and identify 5 applicable opportunity sources.

Questions

Part A:
- Why is opportunity seeking crucial in entrepreneurship?
- What happens when an entrepreneur doesn't fully utilize business opportunities?
- How is an entrepreneur different from an ordinary businessman?
- What is the first step in seeking a business opportunity?
- How do you contrast macroenvironmental and microenvironmental sources of opportunities?
Part B:
- Identify a first business establishment outside of school.
- Using the provided matrix, outline how 5 macroenvironmental sources would help in establishing a similar business.

Wrap-Up

3S of Opportunity Spotting: Opportunity Seeking, Opportunity Screening, Opportunity Seizing.
Opportunity seeking is the essential first step for budding entrepreneurs to develop business ideas.

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Description

This quiz focuses on Lesson 1 of entrepreneurial opportunity seeking, which highlights the importance of identifying products and services that meet consumer needs. Learn about the various external sources of opportunities—including demographic, economic, socio-cultural, technological, ecological, and political factors—all vital in the entrepreneurial process.

Entrepreneurial Opportunity Seeking - Lesson 1

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