What's Your Passion?

Creating a business idea would be easier if we will first determine what the things that we are most attached to or what things do interests us most. It is also vital to know on how much understanding we have on the things that interests us most. Sometimes, we may be passionate for a certain idea but we have too little knowledge about it. That is why deep understanding and practical skills are needed in really knowing what we are interested to.

In our Entrepreneurship 102 course, there are effective ways in determining the top business passion of all the business ideas we have been thinking of. First step is the Macro Screening Process and the Micro Screening Process.

In the Macro Screening Process, we mean looking at the social, technological, economic, environmental and political aspects of the business environment. It is a need for us to acknowledge these areas because primarily, business environment affect all types of enterprises.

  

We scan the business environment by looking closely to the market. We do supply and demand analysis. Check the import-export movement by evaluating its trends. We observe product substitution if how fast the market replaces an existing product from a new one. We study the forward-backward industry linkage in which we can participate in through a link up. We look up people’s skills and we look at available business assistance programs offered or try visiting the Department of Trade (DTI).

Moreover we can now move on to the Micro Screening Process, we mean screening business ideas through tailoring a business suitable to your situation. We will now do the personal level screening. And this includes your personal preference, educational background, work experience, your network business contacts and the support of your family.

In this stage, it is more effective to write down your top 20 business ideas, then cut it down to 10, then into 5 and finally into the final 3 business ideas. It is well chosen in accordance to the micro-screening aspects that you naturally set upon. From the top 3 business idea, there you will finally chose the top business idea. It may take some of your time but it is 100 % effective. It is chosen objectively. I hope you’ll find your passion. Good Luck!