ENTREPRENEURSHIP REVIEWER 6. Identifies business opportunities- Entrepreneurs 7.

Business Reporters- Business reporters update us

always seek new business ventures that satisfy on business news and events, analyze economic
ENTREPRENEURSHIP- The process of creating new customer’s needs and improve livelihoods trends, and share innovative business ideas.
enterprise.
- Entrepreneurship is a dynamic field that encompasses RELEVANCE OF ENTREPRENEURSHIP TO SENIOR 8. Talent Recruiters- Some business organizations
various types of individuals with unique characteristics and HIGH SCHOOL STUDENTS rely on talent recruiters to hire skilled workers for
approaches. their company.
1. Prepares students to become entrepreneurs-
Key concepts that make up entrepreneurship: Students who choose entrepreneurship as a career Types of Entrepreneurs
1. Opportunity – it is an idea that has commercial should have practical and theoretical
understanding 1. Innovative Entrepreneurs - They are those who
potential.
always make new things by thinking of new ideas.
2. Resource use - The resources an entrepreneur needs to
2. Teaches Basic Life Skills- Entrepreneurship They have the ability to think newer, better and
start a business include capital, labor, equipment,
education teaches essential life skills such as an more economical ideas.
facilities, customers, among others.
innovative approach to solve a problem, strategic
3. Creation of something new – entrepreneurs always 2. Imitating Entrepreneurs - They are those who
planning skills, leadership skills, collaboration and
strive to offer new products and services to the market; don’t create new things but only follow the ideas of
working with a team.
4. The presence of risk – entrepreneurs should be willing other entrepreneurs.
to assume the risk arising from the creation and 3. Enhances Creativity- Creative people have
implementation of new ideas, whose results may not be different approach in solving problems. They don't 3. Fabian Entrepreneurs - They are skeptical about
instantaneous and positive. rely on popular ideas and just play it safe. changes to be made in the organization. They don’t
5. The desire to create value – entrepreneurs always strive initiate but follow only after they are satisfied.
to create valuable products to satisfy the needs and 4. Improves Financial Literacy- In this course,
wants of their customers. students should understand the principles and 4. Drone Entrepreneurs - They are those who live on
processes of starting and operating a business. the labor of others. They are die-hard
Enterprendre- a French word, which means “to undertake‟. conservatives even ready to suffer the loss of
CAREER OPPORTUNITIES FOR business.
Entrepreneur- the one who “undertakes” to organize, ENTREPRENEURSHIP 5. Social Entrepreneurs - They are those who initiate
manage, and assume the risk of an enterprise. changes and drive social innovation and transformation
1. Business Manager- Business managers plan, direct, in the various fields
RELEVANCE OF ENTREPRENEURSHIP and oversee the operations and employees of the
company.
1. Contributes to National Wealth- Entrepreneurial
activities make a significant contribution to 2. Financial consultant/advisor- Financial advisors Factors Affecting Entrepreneurship
national income. lend their expertise to people who want to improve
their finances. 1. Personality Factors which include:
2. Generates Employment- Business enterprises are
one of the biggest sources of jobs in a country. 3. Teacher - Teachers can teach the core concepts and 1. Initiative - doing things even before being told.
the necessary skills in entrepreneurship.
3. Improves standard of living- Entrepreneurs also 2. Proactive - which means he can classify
help drive change with innovation, where new and 4. Sales Manager- Sales managers play a key role in opportunities and seize it.
improved products and services are developed the success and failure of an organization.
3. Problem Solver - which means he can retain good
which results into higher standard of living for the
5. Research and Development- The research and relations with other people.
people.
development team are responsible in developing,
4. Perseverance - meaning he will pursue things to get
4. Brings innovation- Entrepreneurs are constantly in designing and enhancing its products, services,
done regardless of challenges.
search of new ideas to develop new and improved technologies, or processes.
products, services and markets. 5. Persuasion - means that he can entice people to
6. Not-for-Profit Fundraiser- Fundraisers organize
buy even if they don’t want to.
5. Promoters- Entrepreneurship is innovation and events and campaigns to raise money, not to make
hence the innovated ideas of goods and services profit, but for charity and to give back to the 6. A Planner - he makes plans before doing things
have to be tested by experimentation. community. and does not fail to monitor it.
 7. Risk-taker - which means that he is willing to environment. External environment refers to the 3. Rivalry among Existing Firms- Rivalry is a state or
gamble but he will calculate it first. physical environment, societal environment, and situation in which people or groups are competing with
industry environment where the business operates. each other.
2. Environmental Factors which include political, 1.1. The physical environment includes 4. Substitute Products- Substitute means anything that
climate, legal system, economic and social conditions a. Climate- the weather conditions. takes the place or function of another.
and market situations. b. Natural resources- such as minerals, forests, water, 5. Suppliers -The Suppliers are the one that provide
and fertile land something that is needed or wanted.
Common Competencies in Entrepreneurship c. Wildlife- includes all mammals, birds, reptiles, fish,
1. Decisive - an entrepreneur must be firm in making etc., that live in the wild. Value Proposition (VP)- A business or marketing
decisions. 1.2. The Societal environment includes the various forces statement that summarizes why a consumer should
2. Communicator - an entrepreneur must have a like
convincing power.
buy a company's product or use its service.
a. Political forces- includes all the laws, rules, and
3. Leader - an entrepreneur must have the charisma BASIC ELEMENTS OF VALUE PROPOSITION
regulations that govern business practices as well as the
to be obeyed by his employees. permits, approvals, and licenses necessary to operate
• Target Customer
4. Opportunity seeker - an entrepreneur must have the business. • Needs/opportunity
the ability to be the first to see business chances. b. Economic forces- such as income level and • Name of the product
5. Proactive – an entrepreneur can control a situation employment rate. • Name of the enterprise/company
by making things happen or by preparing for c. Sociocultural forces- customs, lifestyles and values Unique selling proposition (USP)- It refers to how you
possible future problems. that characterize a society. sell your product or services to your customer.
6. Risk Taker – an entrepreneur has the courage to d. Technological environment- New inventions and
pursue business ideas. technology innovations Effective Unique Selling Proposition to the Target
7. Innovative - the entrepreneur has big business 1.3. The industry environment of the business includes:
ideas and he does not stop improving and thinking Customers:
a. Competitors d. Employees
of new worthwhile ideas for his business. b. Customers e. Government
Core Competencies in Entrepreneurship • Identify and rank the uniqueness of the product or
c. Creditors f. Suppliers
1. Economic and Dynamic Activity - services character
2. Technological discovery and advancement - A person with
Entrepreneurship is an economic activity because entrepreneurial interest sees possibility of business • Very Specific
it involves the creation and operation of an opportunities in any new discovery or because of the use of • Keep it short and simple (KISS)
enterprise with a view to creating value or wealth latest technology. Determine who the customers are in terms of:
by ensuring optimum utilization of limited 3. Government’s thrust, programs, and policies- The 1) Target Market- A sage in market identification
resources. priorities, projects, programs, and policies of the process that aims to determine the buyers with
2. Innovative – The entrepreneur constantly looks for government are also good sources of ideas. common needs and characteristics.
new ideas, thus he needs to be creative. 4. People’s interest- The interest, hobbies, and preferences of
3. Profit Potential - The entrepreneur can be
A. Geographic segmentation – the total market is divided
people are rich source of entrepreneurial ideas.
compensated by his profit coming from the 5. Past experiences - The expertise and skills developed by a
according to geographical location.
operation. person who has worked in a particular field may lead to the
4. Risk bearing – The entrepreneur needs to gamble Variables to consider:
opening of related business enterprise.
but wise enough to offset.
Essentials in Entrepreneur’s Opportunity Seeking a. Climate
Forces of Competition Mode- also known as the “five forces
1. Entrepreneurial mind frame. This allows the of competition,”.
b. Dominant ethnic group
entrepreneur to see things in a very positive and c. Culture
optimistic way in the midst of difficult situation Competition – it is the act or process of trying to get or win d. Density (either rural or urban)
2. Entrepreneurial heart flame. Entrepreneur's something. B. Demographic Segmentation – divided based
driven passion, they are attracted to discover consumers.
satisfaction in the act and process of discovery. Five forces of competition
3. Entrepreneurial gut game. This refers to the ability 1. Buyers- The buyers are the one that pays cash in Variables to consider:
of the entrepreneur of being intuitive. exchange to your goods and services.
Sources of Opportunities 2. Potential New Entrants -A new entrant is defined as the a. Gender
1. Changes in the environment- Entrepreneurial ideas one who enters something. b. Age
arise when changes happen in the external
c. Income
 d. Occupation
e. Education
f. Religion
g. Ethnic group
h. Family size
C. Psychological Segmentation- divided in terms for
customers think and believe. Variables to consider:
a. Needs and wants b. Attitudes
c. Social class d. Personality
traits
e. Knowledge and awareness f. Brand concept
g. Lifestyle

D. Behavioral Segmentation- divided according to

customers behavior pattern as they interact with a
company.

Variables to consider:
a. Perceptions
b. Knowledge
c. Reaction
d. Benefits
e. Loyalty
f. Responses

2) Customer Requirements- Customer requirements are

the specific characteristics that the customers need
from a product or a service.
a) Service Requirement- Intangible thing or
product that is not able to be touched but
customer can feel the fulfillment.
b) Output Requirements- Tangible thing or things
that can be seen.

3) Market Size- Entrepreneur’s most critical task is to

calculate the market size, and the potential value that
market has for their startup business.
- Market size is like a size of arena where the
entrepreneurs will play their business.