P e r s o n a l

E n t r e p r e n e u r i a
l
C o m p e t e n c i e s

Module 1
Entrepreneurs
• Are people with skills and capabilities
to see and evaluate business
opportunities
• Individuals that can strategically
identify products or services needed
by the community and they have the
capacity to deliver these at the right
time and at the right place.
• Agents of economic change; they
organize, manage and assume risks of
a business.

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Good Qualities of
Entrepreneurs
• Opportunity seeker
• Risk taker
• Goal setter
• Excellent planner
• Confident problem solver
• Hardworking
• Persistent
• Committed worker

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 Entrepreneurshi
p
• It is not just a simple business activity. It
is a strategic process of innovation and
new venture creation.
• It is both an art and science of converting
business ideas into marketable products
or services to improve the quality of
living.

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 Personal Entrepreneurial
Competencies (PECs)

Entrepreneurial competencies refer to the

important characteristics that should be
possessed by an individual in order to
perform entrepreneurial functions
effectively.

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Characteristics, Traits,
Attributes of a Good
Entrepreneur
 Hardworking
• This means habitually
working diligently for a long
period of time.
Hardworking people keep
on improving their
performance to produce
good products and/or
provide good services.
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Characteristics,
Traits, Attributes of
a Good Entrepreneur
 Self-confidence
• Entrepreneurs have
confidence in one‘s ability
and own judgment. They
exhibit self-confidence in
order to cope with all the
risks of operating their own
business.

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Characteristics,
Traits, Attributes of
a Good Entrepreneur

 Discipline
• Successful entrepreneurs
always stick on the plan
and fight the temptation to
do what is unimportant.

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Characteristics,
Traits, Attributes of
a Good Entrepreneur
 Committed
• A good entrepreneur
accepts full responsibility
of everything in his/her
business. He/she gives
full commitment and
solid dedication to make
the business successful.

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Characteristics,
Traits, Attributes of
a Good Entrepreneur
 Ability to accept change
• Nothing is permanent but
change. Change occurs
frequently. When you own
a business, you should
cope-up and thrive on
changes. Capitalize on
positive changes to make
your business grow.
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Characteristics,
Traits, Attributes of
a Good Entrepreneur
 Creative
• An entrepreneur
should be creative and
innovative to stay in
the business and in
order to have an edge
over the other
competitors.
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Characteristics,
Traits, Attributes of
a Good Entrepreneur
• Has the Initiative
• An entrepreneur takes the
initiative. You must put
yourself in a position where
you are responsible for the
failure or success of your
business.

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Characteristics,
Traits, Attributes of
a Good Entrepreneur
 Profit-Oriented
• An entrepreneur enters into
the world of business to
generate profit or additional
income. This shall become the
bread and butter for you and
for your family as well.
Therefore, you must see to it
that the business can
generate income.
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Important Skills of a Successful
Entrepreneur
 Planner
• Planning is strategic thinking and
setting of goals to achieve objectives
by carefully maximizing all the
available resources. A good
entrepreneur develops and applies
step-by-step plans to realize goals. A
good entrepreneur knows that
planning is an effective skill only
when combined with action.
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Important Skills of a Successful
Entrepreneur
 People Skills
• It‘s a very important skill in order to be
successful in any kind of business.
People skills refer to effective and
efficient communication and relation to
people working in and out of your
business. In day-to-day business
transactions, you need to deal with
people. A well-developed people skill
can spell out the difference between
success and failure of the business.

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Important Skills of a Successful
Entrepreneur
 Decision Making
• Planning is strategic thinking and
setting of goals to achieve objectives
by carefully maximizing all the
available resources. A good
entrepreneur develops and applies
step-by-step plans to realize goals. A
good entrepreneur knows that
planning is an effective skill only
when combined with action.

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“The best way to
predict the future
is to create it.”

Peter Drucker

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E n v i r o n m e n
t a n d
M a r k e t

Module 2
 People who aspire to start a business need to
explore the economic, cultural and social
conditions prevailing in an area.
 To be successful in any kind of business
venture, potential entrepreneurs should always
look closely at the environment and market.
 One of the best ways to evaluate the
opportunities and constraints is to conduct
SWOT (Strengths, Weaknesses, Opportunities
and Threats) Analysis.

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 SWOT Analysis
 It is a managerial tool to assess the environment.This gathers
important information which in turn is used in strategic planning.
 Strengths and weaknesses are internal in an organization, they
relate to resources owned by the organization, by the things that
you have control over, and as well as to the extent of its marketing.
 Opportunities and threats exist in the external environment.
Opportunities relate to the market, to the development of new
technologies, and external factors such as government policies,
climate, and trends. Threats relate to what the competition is
doing, as well as legal and other constraints.

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Product
Development
• When we talk of product
development, we are referring to a
process of making a new product to
be sold by a business or enterprise to
its customers.
• The product development may
involve modification of an existing
product or its presentation, or
formulation of an entirely new
product that satisfies a newly defined
customer‘s needs, wants and/or a
market place.

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Product
Development
• The term development in this module
refers collectively to the entire
process of identifying a market
opportunity, creating a product to
appeal to the identified market, and
finally, testing, modifying and refining
the product until it becomes ready
for production.

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 Vital Questions in Product
Development
1. For whom are the product 3. How will the product differ from the
services aimed at? existing brand? From its competitor?

2. What benefits will the

customers expect from it?

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 • Needs in business are important
things that every individual cannot
live without in a society. These
include:
a) basic commodities for
consumption
b) clothing and other personal
belongings
c) shelter, sanitation and health
• Wants are desires, luxury and extravagance that signify
wealth and expensive way of living. Wants or desires are
considered above all the basic necessities of life.
 fashion  eating in an  wearing
accessories expensive expensive
 expensive shoes restaurant jewelries
and clothes  watching movies/  perfume
 travelling around concerts  living in
the world,  having luxurious impressive
cars homes, 24
 Needs and wants of people are the
basic indicators of the kind of
business that you may engage into
because it can serve as the measure
of your success.
 Some other good points that might
be considered in business
undertakings are the kind of people,
their needs, wants, lifestyle, culture
and tradition, and social orientation
that they belong to.
 To summarize, product development
entirely depends on the needs and
wants of the customers.

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Concepts of
Developing a Product
• Concept development is a critical
phase in the development of a
product. In this stage, the needs of
the target market are identified and
competitive products are reviewed
before the product specifications are
defined.
• The product concept is selected along
with an economic analysis to come
up with an outline of how a product
is being developed. Below is a figure
that shows the stages of concept
development of a product.
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 Concepts of Developing a
Product
1. Identify 2. Establish 4. Generate
customers needs Target Product Concepts
Specifications

3. Analyze
Competitive
Products 27
 Concepts of Developing a
Product
5. Select a 6. Refine
Product Concept Specifications

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 Concepts of Developing a
Product

8. Plan Remaining 7. Perform

Development Economic
Project Analysis

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Concepts of Developing a
Product
1. Identify customers
needs
• Using survey forms, interviews, researches,
focus group discussions, and observations,
an entrepreneur can easily identify
customers‘ needs and wants.
• In this stage, the information that can be
possibly gathered are product
specifications (performance, taste, size,
color, shape, life span of the product, etc.)
• This stage is very important because this
would determine the product to be
produced or provided.
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 Concepts of Developing a
Product
2. Establish Target
Specifications
• Based on customers' needs and reviews of
competitive products, you may now
establish target specifications of the
prospective new product and/or services.
Target specifications are essentially a wish-
list.

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Concepts of Developing a
Product
3. Analyze Competitive
Products
• It is imperative to analyze existing
competitive products to provide important
information in establishing product or
services specifications. Other products may
exhibit successful design attributes that
should be emulated or improved upon in
the new product or services.

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 Concepts of Developing a
Product
4. Generate Product
• After having Concepts
gone through with the
previous processes, you may now develop
a number of product concepts to illustrate
what types of product or services are both
technically feasible and would best meet
the requirements of the target
specifications.

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Concepts of Developing a
Product
5. Select a Product Conce
• Through the process of evaluation between
attributes, a final concept is selected. After
the final selection, additional market
research can be applied to obtain feedback
from certain key customers.

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 Concepts of Developing a
Product
6. Refine Product
Specifications
• In this stage, product or services
specifications are refined on the basis of
input from the foregoing activities. Final
specification as the results of extensive
study, expected service life, projected
selling price and among others are being
considered in this stage.

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Concepts of Developing a
Product
7. Perform Economic
Analysis
• Throughout the process of product
development, it is very important to always
review and estimate the economic
implications regarding development
expenses, manufacturing costs, and selling
price of the product or services to be
offered or provided.

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 Concepts of Developing a
Product
8.Plan the Remaining
Development Project
• In this final stage of concept development,
you may prepare a detailed development
plan which includes list of activities, the
necessary resources and expenses, and
development schedule with milestones for
tracking progress.

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Finding Value
• People buy for a reason. There should
be something in your product or
service that would give consumers a
good reason to go back and buy for
more. There must be something that
has to make you the best option for
your target customers; otherwise,
they have no reason to buy what
you’re selling. This implies further,
that you offer something to your
customers that they will make them
value or treasure your product or
service.
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 Finding Value
• The value that you incorporate to
your product is called value
proposition. Value proposition is ―a
believable collection of the most
persuasive reasons people should
notice you and take the action you’re
asking for. Value is created by
fulfilling deep desires and solving
deep problems. This is what gets
people moving, what people get
spending for your product or service.

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Innovation
• Innovation is the introduction of
something new in your product or
service. This may be a new idea, a
new method or a device. If you want
to increase your sales and profit, you
must innovate. Some of the possible
innovations in your products are
change of packaging, improve taste,
color, size, shape and perhaps price.
Some of the possible innovations in
providing services are application of
new improved methods, additional
featured services and possibly
freebees.
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 Unique Selling
Proposition (USP)
• Unique Selling Proposition is the
factor or consideration presented by
a seller as the reason that one
product or service is different from
and better than that of the
competitions. Before you can begin to
sell your product or service to your
target customers, you have to sell
yourself on it. This is especially
important when your product or
service is similar to those around you.

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 Unique Selling
Proposition (USP)
• USP would require careful analysis of
other businesses' ads and marketing
messages. If you analyze what they
say or what they sell, not just their
product or service characteristics, you
can learn a great deal about how
companies distinguish themselves
from competitors.

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 How to discover your USP and use it to
increase your sales and profit?
 Use empathy
• Put yourself in the shoes of your
customers. Always focus on the needs
of the target customers and forget
falling in love with your own product
or service.
• Always remember, you are making
this product or providing for the
target customers to eventually
increase sales and earn profit and not
making this product or service for
you.
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 How to discover your USP and use it to
increase your sales and profit?
 Use empathy
• Essential question such as what could
make them come back again and
ignore competition should be asked
to oneself.
• Most possible answers may be
focused on quality, availability,
convenience, cleanliness, and
reliability of the product or service.

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How to discover your USP and use it to
increase your sales and profit?
 Identify what motivates your
customers
• It is very important for you to
understand and find out what drives
and motivates your customers to buy
your product or service.
• Make some efforts to find out,
analyze and utilize the information
that motivates the customers in their
decisions to purchase the product or
service.

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 How to discover your USP and use it to
increase your sales and profit?
 Discover the actual and genuine reasons
why customers buy your product instead of
a competitor's
• Information is very important in
decision making. A competitive
entrepreneur always improve this
products or services to provide
satisfaction and of course retention of
customers.
• As your business grows, you should
always consider the process of asking
your customers important information
and questions that you can use to
improve your product or service.
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 Generating Ideas
for Business
• The process of developing and
generating business idea is not a
simple process. Some people just
come with a bunch of business ideas
but are not really feasible. There are
two problems that arise; first is the
excessive generation of ideas that can
forever remain in the dreaming stage
and the second is when they don’t
have ideas and don’t want to become
entrepreneurs.

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 Generating Ideas
for Business
• The most optimal way is to have a
systematic approach in generating
and selecting business idea that will
be transferred in real business. Here
are some basic yet very important
considerations that may be used to
generate possible ideas for business

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1. Examine existing
goods and services
• There are many ways of improving a
product from the way it is made to
the way it is packed and sold. You can
also improve the materials used in
crafting the product.
• In addition, you can introduce new
ways of using the product, making it
more useful and adaptable to the
customers’ many needs.

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1. Examine existing
goods and services
• When you are improving the product
or enhancing it, you are doing an
innovation. You can also do an
invention by introducing an entirely
new product to replace the old one.
• Business ideas may also be generated
by examining what goods and
services are sold outside of the
community. Very often, these
products are sold in a form that can
still be enhanced or improved.
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2. Examine the present
and future needs
• Look and listen to what the
customers, institutions, and
communities are missing in terms of
goods and services.
• Sometimes, these needs are already
obvious and felt at the moment.
Other needs are not that obvious
because they can only be felt in the
future, in the event of certain
developments in the community.
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2. Examine the present
and future needs
• Other needs are not that obvious
because they can only be felt in the
future, in the event of certain
developments in the community. For
example, an area will have its
electrification facility in the next six
months.
• Only by that time will the entrepreneur
could think of electrically-powered or
generated business such as photo copier,
computer service, digital printing, etc.
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3. Examine how the
needs are being
satisfied
• Needs for the products and services
are referred to as market demand. To
satisfy these needs is to supply the
products and services that meet the
demands of the market.
• The term market refers to whoever
will use or buy the products or
services, and these may be people or
institutions such as other businesses,
establishments, organizations, or
government agencies.
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3. Examine how the
needs are being
satisfied
• There is a very good business
opportunity when there is absolutely
no supply to a pressing market
demand.
• Businesses or industries in the locality
also have needs for goods and
services. Their needs for raw
materials, maintenance, and other
services such as selling and
distribution are good sources of ideas
for business.
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 4. Examine the available
resources around you
• Observe what materials or skills are
available in abundance in your area. A
business can be started out of available
raw materials by selling them in raw form
and by processing and manufacturing
them into finished products.
• A group of people in your neighborhood
may have some special skills that can be
harnessed for business. For example,
women in the Mountain Province possess
loom weaving skills that have been passed
on from one generation to another.

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 4. Examine the available
resources around you
• Some communities there set up weaving
businesses to produce blankets,
decorative and various souvenir items for
sale to tourists and lowland
communities.
• Business ideas can come from your own
skills. The work and experience you may
have in agricultural arts, industrial arts,
home economics, and ICT classes will
provide you with business opportunities
to acquire the needed skills which will
give you extra income, should you decide
to engage in income-generating activities.
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 4. Examine the available
resources around you
• With your skills, you may also tinker
around with various things in your
spare time. Many products were
invented this way.

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5. Read magazines, news
articles, and other
publications on new products
and techniques or advances
in technology.
• You can pick up new business ideas
from Newsweek, Reader‘s Digest,
Business Magazines, ―Go Negosyo,
KAB materials, and Small-Industry
Journal.
• The Internet also serves as a library
where you may browse and surf on
possible businesses. It will also guide
you on how to put the right product
in the right place, at the right price, at
the right time.
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Key Concepts of
Selecting a
Business Idea
• Once you have embarked on
identifying business opportunities,
you will eventually see that there are
many possibilities that are available
for you. It is very unlikely that you will
have enough resources to pursue all
of them at once.

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Key Concepts of
Selecting a
Business Idea
• You have to select the most
promising one among hundreds of
ideas. It will be good to do this in
stages. In the first stage, you screen
your ideas to narrow them down to
about few choices. In the next stage,
trim down the choices to two
options. In the final stage, choose
between the two and decide which
business idea is worth pursuing.

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In screening your ideas,
examine each one in terms of
the following factors:
• How much capital is needed to put up
the business?
• How big is the demand for the
product? Do many people need this
product and will continue to need it
for a long time?
• How is the demand met? Who are
processing the products to meet the
needs (competition or demand)?
How much of the need is now being
met (supply)?

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 In screening your ideas,
examine each one in terms of
the following factors:
• Do you have the background and
experiences needed to run this
particular business?
• Will the business be legal, not going
against any existing or foreseeable
government regulation?
• Is the business in line with your
interest and expertise?

Your answers to these questions will be helpful in

screening which ones among your many ideas are worth
examining further and worth pursuing.
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 Branding
• Branding is a marketing practice of
creating name, symbol or designs that
identifies and differentiates product or
services from the rest. It is also a
promise to your customers.
• It tells them what they can expect
from your product or service and it
differentiates your offerings from other
competitors. Your brand is derived
from who you are, who you want to be
and what people perceive you to be.

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 Branding
• Branding is one of the most
important aspects of any business. An
effective brand strategy gives you a
major edge in increasingly
competitive markets.

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Features of a Good
Product Brand
• Delivers the message clearly
• Confirms your credibility
• Connects your target prospects
emotionally
• Motivates the buyer
• Concretizes user loyalty

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Tips to Publicize Your
Brand
• Develop a tagline. Write a meaningful,
unforgettable, and easy to remember
statement that captures the essence of
your brand.
• Get a great logo. Create a logo suitable
to your business and consistent with
your tagline and place it everywhere.
• Write down your brand messaging.
Select key messages you want to
communicate about your brand.
• Be true to your brand. Deliver your
brand promise
• Be consistent. Be reliable and consistent
every time. 66
THANK
YOU

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