Orca Share Media1679975058230 7046326106641791415

Developing a
Business Plan:
Opportunity
Spotting
Business Plan
• A written document describing the nature of the
business, the sales and marketing strategy, and the
financial background, and containing a projected
profit and loss statement.
• A guide to help you define and meet your business

goals.
Business Plan
•It will help you avoid some common
causes of business failure, such as
under-capitalization or lack of an
adequate market.
IMPORTANT KEY POINT:
One could not write a business plan
without going into the first process
which is looking into the business
concept.
Business Concept
•An idea for a business that includes
basic information such as the service or
product, the target demographic, and a
unique selling proposition that gives a
company an advantage over
competitors.
Business Concept
•This may involve a new product
or simply a novel approach to
marketing or delivering an
existing product.
Once a concept is
developed, it is
incorporated into a
business plan.
Product Opportunity
•This exist when there is a gap between
what is currently on the market and the
possibility for new or significantly
improved products that result to
emerging trends.
Systematic innovation involves
“monitoring seven sources for
innovative opportunity” (Drucker,
1985, p. 35).
Internally Focused
•An entrepreneur may be able to discover
to discover opportunity such as in
failures like overproduction of fresh
tomatoes and preservation of tomatoes
through drying or boiling.
Internally Focused
•The incongruity between reality as
it actually is and reality as it is
assumed to be or as it ought to be.
Internally Focused
•Innovation based on process need.
•Changes in industry structure or market

structure that catch everyone unawares.
Externally Focused
•Demographics like age, status, race, sex
is an entrepreneurial bases for
opportunity for each factor needs to be
considered in providing goods and
services.
Externally Focused
•Changes in perception, mood, and
meaning. The uniqueness of every
individual creates differentiation of the
offered goods and services like the
choice of perfume scents.
Externally Focused
•New knowledge, both scientific and
non-scientific. Acquired information
both from scientific or in non-scientific
way can easily get into the ideas of an
entrepreneur.
Entrepreneurs discover
opportunities when they
search for them in existing
markets.
This means they observe
technological, economic, or
socisl trends.
Recognizing opportunities is
a cognitive process.
It relies on the ability of
people to recognize
patterns and connect the
dots.
Entrepreneurs create
opportunities when they
engage with others in
bouncing ideas back and
forth.
Creating opportunities is a
social process.
It relies on the ability of
entrepreneurs to interact.
2 Ways to Recognize
Opportunities
Discovering
Creating
Design Thinking
•According to Tim Brown, this is a
human-centered approach to innovation
that draws from the designer’s toolkit to
integrate the needs of people, the
possibilities of technology, and the
requirements for business success.
Design Thinking
There are three spaces to keep in mind:
> inspiration;
> ideation; and
> implementation.
Inspiration
•is the problem or the opportunity that
motivates the search for solutions.
Ideation
•is the process of generating, developing,
and testing ideas.
Implementation
•is the path that leads from the project stage
into people’s lives.
To deliver products that
solve your target customers’
problems, you must first
identify market problems.
State needs are explicit
statements from your
market that declare, “I want
a product to do X.”
While stated needs are
important, they are not as
powerful as silent needs,
which are problems with as
yet undefined solutions.
MARKET IS
CONSISTS OF:
Existing customers:
People who have already

purchased your product.
Prospects:
People who have not yet

purchased your product but
are considering it.
Target Market Users:
People in your target market

who are not currently looking for
a solution.
Key Factors in
Order to Make
Solutions to the
Problem
Don’t focus only on
innovation and the
competition, focus on
solving the problem.
customers.
revenue.
Spotting Business Opportunities.
Anyone can spot the opportunities
either by watching a problem or find
a solution to their own problem which
many others may also be facing.
THANK YOU!

Orca Share Media1679975058230 7046326106641791415

Uploaded by

Copyright:

Available Formats

Orca Share Media1679975058230 7046326106641791415

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Orca Share Media1679975058230 7046326106641791415

Uploaded by

Copyright:

Available Formats

Developing a

• A guide to help you define and meet your business

•Changes in industry structure or market

People who have already

People who have not yet

People in your target market

You might also like