What is the first step and is the most difficult process of all due to the number of options that the entrepreneur will have to choose from?

the new or innovated product or service.S1: Seeking the OpportunityFirst step and the most difficult process of all due tothe number of options that the entrepreneur willhave to choose from.It involves development of new ideas from varioussources as follows:

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Entrepreneurship, B Industry

MODULE 1Opportunity spotting and assessment - This is the beginning of the process and is consideredthe most difficult. Entrepreneurs at this point take note of interesting trends in the environment.Developing a business plan - Entrepreneurs should formulate a business plan when they havealready spotted and assessed the opportunities for a market. Determining the capital needed - it is mandatory in the entrepreneurial process to calculate theresources needed to establish the business and compare this against the entrepreneur’s currentresources.Running the business - All aspects of the business plan should be critically observed fromoperations, marketing and sales, human resources, finance, and strategy implementation.Scanning the Marketing Environment - Scanning the marketing environment is the startingpoint of any new venture that involves understanding and knowing the intricacies of the macroenvironment, microenvironment, and internal environment.Seeking, SCREENING, & Seizing•The 3S of opportunity spotting and assessment is the framework that most of the promisingentrepreneurs use to finally come up with the ultimate product or service suited for a specificopportunity.Opportunity - is an entrepreneur’s business idea that can potentially become a commercialproduct or service in the future.Opportunity seeking - Is the first step and is the most difficult process of all due to the numberof options that the entrepreneur will have to choose from.MACROENVIRONMENTAL SOURCES•STEEPLED - This represents the general environment where the entrepreneur can identifybusiness opportunities from and where the future business is about to operate.•Industry - This is the source of current trend on what is happening in the industry wherethe future business will belong to. •New discovery or knowledge - These are new trends that can be the core businessmodel of a new venture.•Futuristic opportunities - These are projected new opportunities that can possiblyaffect the new business while it is running.MICROMARKET•Consumer preferences, interests, and perception- These are the current needsand wants of potential customers that should be discovered right away by a buddingentrepreneur. This way, he or she will be able to take chance of the opportunity.