Problem & Opportunity Recognition PDF

ENTREPRENEURIAL MIND PROBLEM AND OPPORTUNITY RECOGNITION Ms. Jizil B. Pacas, MBA PROBLEM 01 Introduction 02 Understanding Problems AND 03 Recognizing Opportunities OPPORTUNITY Techniques for...

ENTREPRENEURIAL MIND PROBLEM AND OPPORTUNITY RECOGNITION Ms. Jizil B. Pacas, MBA PROBLEM 01 Introduction 02 Understanding Problems AND 03 Recognizing Opportunities OPPORTUNITY Techniques for Problem and 04 Opportunity Recognition RECOGNITION Developing Problem and Opportunity 05 Recognition Skills 06 Conclusion TOPICS TO BE COVERED  INTRODUCTION ENTREPRENEURSHIP IS ABOUT IDENTIFYING PROBLEMS AND OPPORTUNITIES AND CREATING INNOVATIVE SOLUTIONS. PROBLEM AND OPPORTUNITY RECOGNITION ARE ESSENTIAL SKILLS FOR ENTREPRENEURIAL MINDS AS THEY FORM THE FOUNDATION OF SUCCESSFUL VENTURES.  Identifying pain points in the market UNDERSTANDING This involves conducting thorough market research, surveys, and interviews to understand the challenges people face. PROBLEMS Analyzing customer needs and wants By empathizing with customers, entrepreneurs can identify unmet needs and areas for improvement. Assessing existing solutions This provides insights into areas where innovation is needed and where new opportunities lie. RECOGNIZING OPPORTUNITIES Exploring emerging trends and technologies Entrepreneurs who keep abreast of emerging trends and technologies are better positioned to identify new opportunities. This may involve monitoring industry publications, attending conferences, and networking with experts. Leveraging personal interests and expertise Personal interests and expertise can often lead to unique business ideas. Entrepreneurs should capitalize on their passions and skills to identify niche markets and opportunities for innovation. Evaluating gaps in the market Identifying gaps in the market involves analyzing areas where demand exceeds supply or where existing solutions are inadequate. This requires a keen eye for detail and a thorough understanding of market dynamics.  MARKET RESEARCH METHODS Conducting comprehensive market research is essential for identifying problems and TECHNIQUES FOR PROBLEM AND opportunities. This may include analyzing OPPORTUNITY RECOGNITION industry reports, conducting surveys, and studying competitor strategies. SWOT ANALYSIS SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) is a useful tool for evaluating a business idea's viability. It helps entrepreneurs assess internal and external factors that may impact their venture's success. DESIGN THINKING AND BRAINSTORMING SESSIONS Design thinking methodologies encourage creative problem-solving by focusing on the needs of end-users. Brainstorming sessions with diverse teams can generate innovative ideas and uncover new opportunities. DEVELOPING PROBLEM AND OPPORTUNITY RECOGNITION SKILLS Training programs and workshops Educational institutions and entrepreneurial organizations offer training programs and workshops focused on problem and opportunity recognition. These programs provide students with the necessary tools and frameworks to develop their skills. Mentorship and networking opportunities Mentorship from experienced entrepreneurs and industry professionals can provide invaluable guidance and insights. Networking with peers and mentors exposes students to diverse perspectives and expands their professional connections. Continuous learning and adaptation Problem and opportunity recognition is an iterative process that requires continuous learning and adaptation. Entrepreneurs should remain curious, stay informed about industry trends, and be willing to evolve their strategies based on changing market dynamics.  CONCLUSION PROBLEM AND OPPORTUNITY RECOGNITION ARE FUNDAMENTAL SKILLS FOR ENTREPRENEURIAL SUCCESS. BY UNDERSTANDING CUSTOMER NEEDS, ANALYZING MARKET TRENDS, AND EMBRACING INNOVATION, ASPIRING ENTREPRENEURS CAN IDENTIFY LUCRATIVE OPPORTUNITIES AND CREATE IMPACTFUL SOLUTIONS. START IT UP! WHY: YOUR REASON FOR BEING WHAT PROBLEM DO YOU WANT TO SOLVE? ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________________________________________________________ ____________________________________________________________________________________ Big Spark Solutions | 2020  ALWAYS REMEMBER: PEOPLE DON'T BUY WHAT YOU DO; THEY BUY WHY YOU DO IT. - Simon Sinek, author and organizational consultant WHAT: THE BRAND ___________________________________________________ AND OFFERING ___________________________________________________ ___________________________________________________ ___________________________________________________ ___________________________________________________ Big Spark Solutions | 2020  ENTREPRENEURIAL MIND THANK YOU! Ms. Jizil B. Pacas, MBA