ENTREPRENEURSHIP REVIEWER to enter a larger market or customer base more

quickly
 Sole Proprietorship- the most basic type of
business organization wherein an individual  Compete – challenging the established
person owns the business industry players provides more freedom to
build desired value chains, works with
 Partnership -Partners are personally underserved or neglected customers, and
responsible for the debts and obligations of the brings innovations to the marketplace.
partnership.

 General Partnership- wherein business  Building a Moat – means creating a long-

partners share unlimited liability for the debts lasting competitive advantage over
and obligations of the partnership. competitors in terms of protecting products,
profit, and market share.
 Limited Partnership – wherein some partners
will have unlimited liability but limited  Storming a Hill – means working to speed up
partners’ liability is only equal to the amount the commercialization of a product, service, or
of their capital contribution technology

 Corporation-an artificial being created by

operation of law, having the right of  Buss. Goals- describe what a company wants
succession, and the powers, attributes, and to accomplish over a specific period of time.
properties expressly authorized by law or  give business directions, help measure success,
incident to its existence. provide guidance for decision-making, and
help reassess plans and targets

 One-person corporation -is a corporation  Vision- speaks of what the entrepreneur wants
with a single stockholder to attain in the future. Must align with the
organization’s mission, objectives, strategic
 Cooperative- is an autonomous and duly directions, culture, and core values.
registered association of persons with a
common bond of interest who have voluntarily
joined together to achieve their social,  Mission- is the action plan or strategy to
economic, and cultural needs and aspirations achieve the vision.
by making equitable contributions to the
capital required. (must have at least 15  Objectives- should be SMART (Specific,
members.) measurable, assignable, realistic, and time-
related)

 Organizational strategy- sums up all the

actions that a company intends to take in order  Key result areas- pertain to a short list of
to achieve its business goals and objectives. overall goals that guide how company
employees do their jobs.is translated from the
 Four domains in decision making (1- objectives.
Customer,2- technology,3-identity, culture and
capabilities,4-competitors)  Key performance indicators- is a quantified
performance measurement used to measure the
company’s success versus a set of targets and
 Collaborate – working with established objectives. Helps determine a company’s key
industry players provides access to resources
and supply chains that may enable the business
 financial, marketing, and operational -The entrepreneur must determine, attain and match
achievements. the most competent and skilled employees with the
jobs at the most appropriate time period.
-Educational qualifications and experience, status
of employment, numbers of workers required,
 Following statements describes what a unique
skills and expertise required for the job are some of
selling proposition is EXCEPT- summarizes how
the manpower criteria that must be highly
the benefits will be delivered.
considered by the entrepreneur

 ultimate marketing strategy- positioning

 MATERIAL-Talks about raw materials necessary
 concepts of operations management involves in the production of a product
quality control, manufacturing standards, brand -Materials mainly form part of the finished product.
recognition and consistency of production outputs Just in case the resources are below standard, the
finished product will be of unsatisfactory as well.
 Standardization- brand is essential in marketing -The entrepreneur may consider cost, quality,
EXCEPT-. It restricts employee motivation. availability, credibility of suppliers and waste that
 first step in strategic brand developmet - Create a the raw material may produce.
dedicated brand team
 MACHINE-Discusses about manufacturing
 Brand development- is a strategic process of equipment used in the production of goods or
creating a company product or service image that is delivery of services.
distinct from its competitors. -In the process of selecting the type of equipment
-includes aligning the brand with the objectives of to purchase, the entrepreneur may consider types of
the business, communicating the brand to its target products to be produced, production system to be
audience, and maintaining the brand’s consistency adopted, cost of the equipment, capacity of the
in terms of value and quality. equipment, availability of spare parts in the local
-is a continuous process. market, efficiency of the equipment and the skills
required in running the equipment.
 Marketing mix- are key factors involved in the
marketing of a product or service.  METHOD-Discusses the process or way of
transforming raw materials to finished products
 refers to the appointment of efforts, the -The resources undergo some stages before it is
combination, the designing, and the integration of finalized and becomes set for delivery to the target
the elements of marketing into a program or mix buyers.
which, on the basis of an appraisal of the market -The selection of the method of production is
forces, will best achieve an enterprise at a given dependent on product to produce, mode of
time production, manufacturing equipment to use and
required skills to do the work.
 Price, quality, availability, and supplier credibility-
consideration we need to check in selecting product  promotion that explains what a product is and
why it’s worth buying?
-Its purpose is to provide customers with details
 The most serious issues in the whole production around the features and benefits of the product so
system are the inputs and the transformation they’re obliged to buy.
process. Their quality determines the quality of the
output. The factors involved in the input and the  Prototyping- A duplication of a product as it
production process are usually referred to as the will be produced, which may contain such
Four M’s of production, namely Manpower, details as color, graphics, packaging and
Method, Machine, and Materials. directions.
- One of the important early steps in the inventing
 MANPOWER-Talks about human labor force process
involved in the manufacture of products -Benefits are the reasons why customers will
-Measured as the most serious and main factor of decide to buy the products such as affordability,
production efficiency or ease of use.
 -The features of the product or service merely
provide a descriptive fact about the product or
service.
-Pretesting of the product or service is similar to a
sample of the product or service given to the
consumer free of cost in order that he/she may try
the product before committing to a purchase.

 As an entrepreneur, you have to choose a potential

supplier that has loyalty and value your
partnership; a supplier that would lead you to the
fulfillment of your business objectives, mission and
vision.

 Value Chain-a method or activities by which a

company adds value to an item, with production,
marketing, and the provision of after-sales service.
Its goal is to make or support a competitive
benefit.

 Supply Chain-a structure of organizations, people,

activities, data, and resources involved in moving a
product or service from supplier to customer. The
main objective of supply chain management
includes management of a varied range of
components and procedures, for instance, storing
of raw materials, handling the inventory,
warehousing, and movement of finished product
from the point of processing to the point of
consumption.

 Buss. Models- describes the reasons of how an

organization creates, delivers, and captures value in
economic, social, cultural or other contexts. It is a
company's plan for how it will make revenues and
make a profit. It describes what products or
services the business plans to manufacture and
market, and how it plans to do so, as well as what
expenses it will incur