ENTREP - REVIEWER who brought together the

factors of production in such way

LESSON 1: ENTREPRENEURSHIP that new wealth could be created

1897
ENTREPRENDE -​ OXFORD ENGLISH
-​ FRENCH WORD: means “to DICTIONARY
undertake” -​ Adopted the word “entreprende”
-​ To pursue opportunities as “entrepreneur”
-​ To fulfill needs and wants -​ “Director or manager of a public
through innovation and starring musical institution; one who gets
businesses up entertainments, especially
musical performance.”
First appeared in FRENCH
DICTIONARY in 1723 1961
-​ WEBSTER’S THIRD NEW
17,000 BCE INTERNATIONAL
-​ First human trade DICTIONARY
-​ NEW GUINEA -​ An organizer of an economic
venture, especially one who
OBSIDIAN organizes, owns, manages, and
-​ Volcanic glass coveted for its use assumes the risk of a business
in hunting tools (new definition)
-​ Locals traded OBSIDIAN for
other necessities like TOOLS, TODAY
SKINS, and FOODS. -​ Entrepreneurship is used with
different meanings, such as
RICHARD CANTILLION innovating, risk-bearing,
-​ First person who used adventurism, wealth creation,
‘entreprende’ in economics thrill seeking, etc.
-​ Defines it as an agent who
assembles materials/inputs for ENTREPRENEUR
producing goods at a specific -​ A person who starts, and or
price through the coordination of operates a business.
those inputs. -​ CREATIVE AND INNOVATIVE

JEAN-BAPTISTE SAY​
-​ First used the term
‘entrepreneur’ as economic agent
 LESSON 2: FACTS AND MYTHS PATIENCE
-​ Example: waiting for suppliers
WHAT MAKES A SUCCESSFUL
ENTREPRENEUR? RISK TAKER
-​ Personally traits and -​ The risk they take are calculated
characteristics
SYSTEMATIC PLANNING
COURAGE -​ Meticulously asses how today’s
-​ Willingness to take risk activity can contribute to his
long term goal
CONFIDENCE
-​ Does not doubt his own self. WHAT MOTIVATES AND
Earned through positive thinking ENTREPRENEUR
-​ EARN PROFIT
DEMAND OF EFFICIENCY AND -​ MAKE ONE’S OWN CHOICES
QUALITY -​ ATTAIN SUCCESS
-​ Always strives to do things -​ GRAB AN OPPORTUNITY
faster at lower cost -​ GIVEBACK/ PAY IT FORWARD

DECISIVENESS ADVANTAGES OF BECOMING

-​ A decision has to made often and ENTREPRENEUR
immediately -​ Opportunity to create your
destiny
ENTHUSIASM -​ Opportunity to be financially
-​ Eagerness of excitement to do well-off
things -​ Opportunity of knowing yourself
better
INFORMATION SEEKINGS -​ Opportunity to excel, be
-​ Not ashamed to consult experts recognized, and contribute to
society
INNOVATION
-​ Creative

INTEGRITY
-​ Adherence to strict or moral
ethical code

OPPORTUNITY SEEKING
-​ Identify opportunities
 LESSON 3: BUSINESS IDEATION
OPPORTUNITY SEEKING
WHAT IS BUSINESS IDEATION?
-​ is the process of coming up with
an idea
-​ it involves seeing problems and
opportunities, brainstorming
around the problems you
identify, and doing research to
test your assumptions about the
market, your customers, and your
idea. (MICHELLE FERRIER)

3S OF OPPORTUNITY
-​ SEEKING
-​ SCREENING
-​ SEIZING

BUSINESS OPPORTUNITY
-​ Terminology and definitions

OPPORTUNITY SCREENING
There is no BUSINESS DISCOVERY,
(thus opportunity is not yet validated)

They jump to doing the BUSINESS

“If one of the required 3 parts PLAN (CONCLUSION from
is missing, you do not have a SOMETHING FALSE)
business opportunity.”
And fail in BUSINESS
IMPLEMENTATION
BUSINESS HYPOTHESIS
(APPLICATION of
SOMETHING FALSE)
Say, it’s nice if our propose
product solves global warming... LESSON 4: The Business Model Canvas
but do customers willing to buy your
product? -​ is a business tool used to
visualize all the building blocks
We need to validate the of starting a business, including
Business Opportunity. customers, route to market,
value proposition and finance.
VALIDATION METHOD (FACT
FINDING) ALEX OSTERWALDER
• DATA ANALYSIS -​ invented the Business Model
• SURVEYS Canvas , co-founded
• COMPETITIVE strategyzer.com and led
ANALYSIS authored Business Model
• USER REVIEWS Generation which sold a million
• FIELD RESEARCH copies in 30 languages.

SCREENING THE VALID Customer Segments

OPPORTUNITIES -​ Who are the customers? What
-​ “WITH LIMITED TIME AND do they think? See? Feel? Do?
BUDGET, WHICH ONE IS THE
BEST?” Value Propositions
-​ What’s compelling about the
Opportunity screening is the proposition? Why do customers
process of evaluating and buy, use?
filtering potential business ideas
based on their feasibility, Channels
desirability, and viability. -​ How are these propositions
promoted, sold and delivered?
Opportunity-seizing Why? Is it working?
-​ “mobilization of resources to
address needs and opportunities” Customer Relationships
(Teece et al., 2016) -​ How do you interact with the
customer through their
‘journey’?

Revenue Streams
-​ How does the business earn
revenue from the value propositions?
Key Activities SWOT ANAYLSIS
-​ What uniquely strategic things -​ STRATEGIC TOOL THAT
does the business do to deliver MATCHES INTERNAL
its proposition? ORGANIZATIONAL
STRENGTHS AND
Key Resources: WEAKNESSES –WITH
-​ What unique strategic assets EXTERNAL OPPORTUNITIES
must the business have to AND THREATS.
compete?
STRENGTH
Key Partnerships: -​ The advantages or the internal
-​ What are the business’ major attributes that support a
cost drivers? How are they positive result, or the edge that
linked to revenue? you have over the competitor.
-​ Company’s capabilities and
LESSON 5: SWOT ANALYSIS resources that are used to
generate economic value and
Types of Business Environment competitive advantage.
-​ Internal or micro environment
events or situations that occur WEAKNESSES
within an Organization -​ The disadvantage or internal
-​ Management method characteristics that work against
-​ Management of Marketing Mix a successful outcome compared
(product, price,promotion to competitors
distribution) ○ Lack of resources or capabilities that
-​ Financial issues or changes can stop it from
creating economic value or gaining a
External or macro environment competitive
-events that take place outside of the advantage
organization and are more difficult to
predict or control. External
environmental factors can be more OPPORTUNITIES
dangerous for an organization given the -​ Current external factors or
fact they are unpredictable trends that can be used to be
- Social Factor taken advantage
- Political/Legal Factor -​ Factor that enhances
- Economic Factors organizational performance if
- Environmental/Ecological Factor taken advantage by the company
- Technological Factor
 -​ ome opportunities may be
projected, other may occur
unpredictably

THREATS
-​ Current external factors which
may cause problem to cause a
negative impact and can
jeopardize the business
-​ It can be an individual, group, or
organization external to the
company that intends to diminish
the level of the company’s
performance.
-​ Every company faces threats in
its environment