ENTREPRENEURSHIP

LESSON 1: ENTREPRENEURSHIP 2. COMMUNICATOR - must have convincing

power
ENTREPRENEURSHIP 3. LEADERS - must have charisma to be obeyed
- The activity of setting up a business, Taking on by his employees.
financial risk in the hope of profit. 4. OPPORTUNITY SEEKER - must have the ability
- It is a process of creating, developing and to be the first to see business chances.
managing a business venture with the aim of 5. PROACTIVE - can control situations by making
generating profits or creating value. things happen or by preparing for future
possible problems.
RELEVANCE OF ENTREPRENEURSHIP ON 6. RISK TAKES - has the courage to pursue
ORGANIZATION business ideas.
DEVELOPMENT OF MANAGERIAL CAPABILITIES 7. INNOVATIVE - has a big business ideas and he
- this means that one of the benefits an does not stop improving and thinking of new
entrepreneur gets is to develop his managerial worthwhile ideas for his business.
skills.
CREATION OF ORGANIZATION CORE COMPETENCIES IN ENTREPRENEURSHIP
- because of entrepreneurship many 1. ECONOMIC AND DYNAMIC ACTIVITIES - it
organizations will increase. involve the creation and operation of an
IMPROVING STANDARD OF LIVING enterprise with a view of creating value or
- entrepreneurship can lift up the economic wealth by ensuring optimum utilization of
status of an individual. limited resources
MEANS ECONOMIC DEVELOPMENT 2. INNOVATIVE - constantly looks for new ideas ,
- not only the life of an entrepreneur is thus he needs to be creative.
improved but also the society where business 3. PROFIT POTENTIAL - entrepreneur can be
is located. compensated by his profit coming from the
operation
CONCEPT OF ENTREPRENEURSHIP 4. RISK BEARING - entrepreneur needs to gamble
The word Entrepreneur was derived from the french but wise enough to offset.
verb “ENTREPRENDRE” which means “TO UNDERTAKE”
CAREER OPPORTUNITIES
FACTORS AFFECTING ENTREPRENEURSHIP 1. BUSINESS CONSULTANT
2. TEACHER
1. PERSONALITY FACTORS WHICH INCLUDE: 3. RESEARCHER
● INITIATIVE - doing things before being told 4. SALES
● PROACTIVE-can easily classify opportunities 5. BUSINESS REPORTER
and seize it.
● PROBLEM SOLVER - retain good relationships TYPES OF ENTREPRENEUR
with other people. 1. INNOVATIVE ENTREPRENEUR - they are those
● PERSEVERANCE - will pursue things regarding who make new things by thinking of new
any problems. ideas.
● PERSUASION- can entice people to buy even if 2. IMITATING ENTREPRENEUR - follow the ideas
they don’t want it. of other entrepreneur
● A PLANNER - makes plans before doing things 3. FABIAN ENTREPRENEUR - skeptical about
and does not fail to monitor it. changes to be made in organization. They
● RISK TAKER - he is willing to gamble but he will don’t initiate but follow only after they are
calculate it first. satisfied.
4. DRONE ENTREPRENEURS- they are those who
2. ENVIRONMENTAL FACTORS live on the labor of others. They are die-hard
- which include political, climate, legal system, conservatives even ready to suffer loss of
economic and social conditions and market business.
solutions. 5. SOCIAL ENTREPRENEURS - They are the one
who initiates changes and drive social
COMMON COMPETENCIES IN ENTREPRENEURSHIP innovation and transformation in the various
1. DECISIVE - be firm in making decision fields such as education, health, human rights,
environment, and enterprise development.
 ENTREPRENEURSHIP
4. People’s interest - interest, hobbies and
LESSON 2: RECOGNIZE A POTENTIAL MARKET preferences of people
5. Past experiences- expertise and skills
THE ENTREPRENEURIAL IDEA OF CREATING A NEW developed by a person who worked in a
VENTURES particular field may lead to the opening of a
1. Creation of Entrepreneurial Ideas related business enterprise.
2. Identification of Entrepreneurial Opportunities
3. Opening of Entrepreneurial Venture FORCES OF COMPETITION MODEL
(Also known as the five forces competition)
ESSENTIALS IN ENTREPRENEURS OPPORTUNITY - - Industry environment is a competitive
SEEKING environment. Regardless of what product or
1. Entrepreneurial mind frame- see things in services you have.
optimistic and positive way in the midst of
difficulties ● Competition- act or process of trying to get or
win something.
2. Entrepreneurial heart frame - driven by
passions, they discover satisfaction in the act FIVE FORCES COMPETING WITHIN THE INDUSTRY:
and process of discovery 1. Buyers
3. Entrepreneurial gut game- ability to being 2. Potential new entrants
intuitive 3. Rivalry among existing firms
● Risk taker- can find a 4. Substitute product
● solution when problem arise 5. Supplier
● Passion - great desire to achieve a goal
BUYERS - the one who pay cash in exchange for goods
SOURCES OF OPPORTUNITIES or services.
1. Changes in the Environment - ideas arise
when changes happen in the external POTENTIAL NEW ENTRANTS - it is defined as
environment companies or businesses that
➔ Physical environment have the ability to penetrate or enter into a particular
● Climate - weather condition industry.
● Natural Resources - minerals, forest,
water RIVALRY AMONG EXISTING FIRMS - is a state or
● Wildlife - mammals, birds, reptiles situation are competing with each other in a particular
➔ Societal Environment market.
● Political Forces - laws, rules, permits,
licenses SUBSTITUTE PRODUCTS- is one that serves the same
● Economic Forces - income level & purpose as other products in the market.
employment rate
● Sociocultural forces- customs, SUPPLIER- the one that provides something that is
lifestyles needed in business
● Technological environment - new operation such as office supplies and equipment.
inventions & technology innovation
➔ The Industry environment of business
● Competitors CHAPTER 3: RECOGNIZE AND UNDERSTAND THE
● Customers MARKET
● Creditors
● Employees MARKET - Is where buyers and sellers can meet to
● Government facilitate the exchange of goods and services.
● Suppliers
2. Technological discovery and enhancement - VALUE PROPOSITION - summarizes why consumers
Ideas for the use of latest technology should buy a company’s product or use its service.
3. Government’s thrust, programs and policies -
priorities, projects, programs, and policies of UNIQUE SELLING PROPOSITION - how you sell your
the government are also good sources of product or services to your customers and how your
ideas. services and products different to your competitors.
 ENTREPRENEURSHIP

THREE FACTORS THAT WILL DETERMINE YOUR

CUSTOMERS; CHAPTER 4: MARKET RESEARCH
TARGET MARKET- is a sage in market identification
process that aims to determine the buyers with Market research or Marketing Research process - the
common needs and characteristics process of gathering, analyzing and interpreting the
information about the product or the services to be
COMMONLY USED METHODS FOR SEGMENTING THE offered for sale to the potential consumer to the
MARKETS ARE FOLLOWS: market (De Guzman, 2018)
1. Geographic segmentation - the total market
according to geographical location DATA COLLECTION
Variables to consider: - the most valuable tool in any type of research
a. Climate study.
b. Dominant ethnic group - The process of collecting and evaluating
c. Culture information or data from multiple sources.
d. Density (rural or urban)
3 DIFFERENT DATA COLLECTION
2. Demographic segmentation - divided based on 1. SURVEYS - most common way to gather
consumers primary research with the use of
Variables to consider: questionnaires or interview schedules.
- Gender, age, income, occupation, education, 2. INTERVIEW- most reliable and credible ways
religion, ethnic group, family size of getting relevant information from target
customers. Customer feedback provides the
3. Psychological segmentation - divided on how entrepreneur a glimpse of what the customers
customer thinks and believe think about the business.
Variables to consider - TELEPHONE INTERVIEW- less
- Needs and wants, Attitudes, Social Class, expensive, and less time-consuming,
Personality traits, Knowledge and awareness, but the response rate is not as high as
Lifestyle the face-to-face interview.
- PERSONAL INTERVIEWS- traditional
4. Behavioral Segmentation - according to method of conducting an interview. It
customers behavior as they interact with a company. allows the researcher to establish
Variables to consider: relationship with potential
-Perceptions, Knowledge, Reaction, Benefits, Loyalty, participants and therefore gain their
Response cooperation
3. FOCUS GROUP DISCUSSION (FGD)- excellent
CUSTOMER REQUIREMENT- the specific method for generating and screening ideas
characteristics the customer needs from a product or and concepts. With trained leaders
services.
CHAPTER 5: 7 p’s of marketing and branding
2 type of customer requirements
1. Service Requirement - intangible product that The 7 p’s of marketing mix
cannot be touched or feel but can feel the There are several important frameworks which you
fulfillment of the customer. can utilize for the purpose of marketing your product
2. Output Requirement- Tangible thing that can and services. A very structure among these is the 7 p’s
be seen and felt. Characteristics specification of marketing.
that a consumer expects to be fulfilled in the
product. 1. PRODUCT - it refers to any good and services
are produced to meet consumer wants, tastes
MARKET SIZE - is like the size of the arena where the and preferences
entrepreneurs will play their businesses. Approximate 2. PLACE - represent the location where the
numbers of buyers and seller in a particular market buyer and seller exchange good and services.
3. PRICE - is the value of money exchange for a
product and service.
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4. PROMOTION - refers to a complete set of
activities, which communicate the product DEVELOPING A BRAND NAME
brand or service to the user. - Brand name a name, symbol or other feature
that distinguishes a seller’s goods or services
TYPES OF PROMOTION: in the marketplace. Your brand is one of your
a. Advertising - used to call the attention greatest assets, because your brand is your
of the public. customer’s overall experience of your business
b. Public relations or PR - the article that
features your company is not paid for. COMMONLY USED IN BRANDING STRATEGIES
c. Personal selling - when an individual 1. PURPOSE - Every brand makes a promise , but it’s
salesperson sells a product or service not just the promise that separates one brand from
to a client another, but having a significant purposes.
d. Sales Promotion - initiative a. FUNCTIONAL - way to focuses on
undertaken by an organization to assessment of success in terms of fast
promote an increase in sales or trial of and profitable reasons,
a product or service b. INTENTIONAL - way to focus on
. fulfillment as it relates to the
5. PEOPLE - Your team, staff that makes it capability to generate money and do
happen for you, your audience, and your well in the world.
advertisers are the people in marketing.
People are the ultimate marketing strategy. 2. FLEXIBILITY - markers should remain flexible too in
6. PACKAGING - it is a silent hero in the this rapidly changing world
marketing world. It refers to the outside
appearance of your product and how it is 3. COMPETITIVE AWARENESS - Do not be frightened
presented to a customer. of competition
FIVE BASIC FUNCTIONS OF PACKAGING
a. Protection
b. Containment
c. Information
d. Utility of use
e. Promotion
7. POSITIONING - when a company presents a
product or a service in a way that is
differentform the competitors, they are said to
be positioning it.