Introduction to improving existing ones.

These might
involve adding new features to already-
Entrepreneurship: existing products or innovating the product
Opportunity Identification design. They may also experiment with
enhancing their operational capacity by
utilizing new technology that will increase
their efficiency, improve their economies,
One of the most important steps in
and even provide them the opportunity to
beginning a business is spotting business
achieve unmatched superiority. By
prospects. An entrepreneurial opportunity is
developing new markets or boosting the
typically a favorable set of circumstances
size of already existing ones, they might
that will allow the entrepreneurs to combine
also think about extending their reach. An
resources to produce new goods or
entrepreneur's entrepreneurial mindset,
services that will benefit not just the
heart burn, and gut game are crucial to
business but also society at large and the
opportunity searching.
environment.
In the midst of crisis or challenging
circumstances, the entrepreneurial mind
Business chances might take the frame enables the business owner to view
shape of novel goods or services, novel things in a highly positive and upbeat
organizational structures, novel raw manner. The entrepreneur is able to use
materials, novel markets, or novel these challenging circumstances as
production techniques, according to Shane motivation for coming up with something
(2003). The ability to recognize, seize, and novel, as opposed to becoming
pursue business opportunities is a must for disheartened by them. This is the capacity
entrepreneurs. Successful businesspeople of an entrepreneur to have an extremely
know how to take advantage of positive and upbeat outlook even in the
opportunities. face of disaster or challenging
circumstances.
If there is one thing that an inventor
Opportunity Seeking and an entrepreneur have in common, it is
Entrepreneurs are creatively their ferocious love for business. The
interested in new opportunities. They are entrepreneur has a strong ambition to
constantly seeking for novel or unusual accomplish a goal or carry out a mission. It
ideas to test if they can succeed in the refers to having a strong desire for
marketplace. This distinguishes something enough to fully dedicate oneself
entrepreneurs from regular businessmen to pursuing it. The entrepreneur is not
whose main goal is to merely make money easily discouraged after several setbacks or
by creating, acquiring, and reselling disappointments but is instead motivated to
commodities. strive even more. Emotional intelligence
(EQ), which frequently shows itself in an
Entrepreneurs provide value by entrepreneur's attempts to foster
developing new goods and services or by relationships with clients, associates, and
suppliers, is another aspect of the as their values, preferences, and
entrepreneurial heart flame. traditions.
The gut game of the entrepreneur is
2. Political Environment - This
the last component. This relates to the
describes the country's or the local
entrepreneur's capacity for perception
business community's system of
without the aid of the five senses. Intuition
government. It entails all of the laws,
is another name for this. The entrepreneur
rules, and regulations that control
doesn't need to use logic, organization, or
business activities as well as the
sequencing to know whether something will
authorizations, licenses, and permits
work or not. The phrase "gut game" also
required to run the enterprise. In
means "courage," or "lakas ng loob," in the
particular, it controls how natural
regional dialect (strong intestinal fortitude).
resources are used, how waste is
Simply put, it is self-assurance and the
disposed of, how income is taxed,
conviction that anything you set your mind
how goods and services are
to can be achieved.
imported, how business financial
statements are accounted for and
reported, how public funds are used,
Macro Environmental Sources of how both public and private
Opportunities education and health programs are
funded, and other issues of this
The term "macro environment" refers to the
nature.
significant or "macro" influences that have
an impact on the community, the sector,
3. Economic Environment - The
and the market where the business
macroeconomic environment is
operates. They have an impact on how
primarily driven by factors of supply
firms should operate, how customers will
and demand. The same reasons that
act, how supply and demand will change,
cause interest and foreign currency
how different competitors will position
rates to shift in response to changes
themselves, and how company costs would
in market dynamics also influence
develop.
those rates. Opportunities can be
Five categories—SPEET, or the Social, found in any nation depending on the
Political, Economic, Ecological, and purchasing power and income levels
Technological dimensions—are used to of its citizens as well as the
categorize macroenvironmental forces. competitiveness of its businesses
and industries.
1. Socio-cultural Environment -
Included in this are the demographic 4. Ecological Environment - All of the
and cultural factors that influence the natural resources, the ecology, and
pertinent entrepreneurial effort. By the homes of people, animals,
taking this into account, the plants, and minerals are included in
businessperson may better this. Today's globe is becoming more
understand the dynamics and trends and more knowledgeable, which will
of the larger customer group, as well
 increase the importance of this carry-on luggage.
aspect for nations, industries, and
businesses. Numerous opportunities, 2. The incongruous - When there are
including smoke and spill alarms, discrepancies in how they look or
filters and screens, pollution when there is a disconnect between
counters, and energy-saving what is and what should be in terms
gadgets, have been created as a of performance, incongruous
result of the concerns posed by circumstances occur. It might be a
ecological deterioration. great opportunity for you to improve
Opportunities abound for cleaner, your products or services or create a
healthier, and greener goods that new one that will undoubtedly satisfy
aim to preserve the environment and the needs of your target market
lengthen human lifespans. when you fall short of the standards
set by your clients or are unable to
5. Technological Environment - This live up to their expectations.
has to do with the emergence of new
technologies, which frequently result 3. The process needs - During the
in the introduction and marketability course of discovery, such as the
of new items. process of research and
development carried out by the
researchers and technicians of a
good or service, entrepreneurial
7 Potential Sources of chances may also present
Opportunity themselves.
1. The unexpected - unexpected
4. Industry and Market Structures -
situations and incidents often
An industry's and a market's
present opportunities. The event
structure might change as a result of
might be a surprise success or good
modifications in technology, societal
news for business owners, or it might
values, and consumer preferences.
be a surprise failure or terrible news.
However, these circumstances will
Entrepreneurs that can initially take
present business owners with
care of the needs of the people will
chances to reinvent their goods or
have a huge advantage when
services.
calamity comes. For instance, after
restrictions on the amount of liquid
5. Demographics - The target market
that passengers can bring on
and market segmentation of
airplanes in an effort to stop
industries and marketplaces will be
attempted terrorist bombings, tube-
impacted by changes in the
style shampoo, toothpaste, and even
demographics. Entrepreneurial
shaving cream were not permitted,
opportunities might be found in
powdered toothpastes and powdered
predicting and satisfying the
beauty products were permitted in
 demands of the people in it.

6. Change in perception - What

unexpectedly becomes popular, or a
hot new item frequently gains
traction in the market. Similar to the
last example, a product's sales may
be negatively impacted if it is linked
to a controversy, is seen as
outdated, or is otherwise deemed to
be out of style. A shift in public
opinion may bring about commercial
possibilities that businesspeople
should be aware of.

7. New Knowledge - Entrepreneurs

may find chances as a result of new
knowledge, such as through the
development of new technology and
scientific discoveries.