ENTREP MODULE 1-6 cute_si_jasmin.
Entrepreneurs are innovators, willing to take risks and generate new ideas to
make it unique and profitable solutions to the present-day problems.
Factors Affecting Entrepreneurship
1. Personality Factors which includes:
a. Initiative- doing things even before being told
b. Proactive- can classify opportunities and seize it.
c. Problem Solver- can retain good relations with other people
d. Perseverance- pursue things to get done regardless of challenges
e. Persuasion- entice people to buy even if they don’t.
f. A Planner- makes plan before doing things and do not fail to monitor it.
g. Risk-taker- willing to gamble but he will calculate it first.
2. Environmental Factors which include:
political, climate, legal system, economic and social conditions and market
situations.
Common Competencies in Entrepreneurship
1. Decisive- firm in making decisions.
2. Communicator- convincing power.
3. Leader- must have the charisma to be obeyed by his employees
4. Opportunity seeker- ability to be the first to see business chances.
5. Proactive- controlling a situation by making things to happen or by preparing
for possible future problems.
6. Risk Taker- they have the courage to pursue what is their business ideas.
7. Innovative- the entrepreneurs have big business ideas and they do not stop
improving and thinking of new worthwhile ideas for their business.
Core Competencies in Entrepreneurship
1. Economic and dynamic activity- involves the creation and operation of an
enterprise with a view to creating value or wealth by ensuring optimum utilization of
limited resources.
2. Innovative- constantly look for new ideas, thus he needs to be
creative.
3. Profit Potential- meaning the entrepreneur can be compensated by his profit
coming from the operation.
4. Risk bearing –meaning the entrepreneur needs to gamble but wise enough
to offset the risk
Types of entrepreneurs:
1. Innovative entrepreneur- always make new things by thinking of new ideas.
2. Imitating entrepreneurs- don’t create new things but only follow the ideas of
other entrepreneurs.
3. Fabian entrepreneurs- They don’t initiate but follow only after they are satisfied.
4. Drone entrepreneur- they are those who lives on the labor of others. They
are die-hard conservatives even ready to suffer the loss of business.
5. Social entrepreneurs-they are those who initiate changes in the various
fields
Career Opportunities of Entrepreneurship
1. Business Consultant- with the expertise of the entrepreneur he can be a very
good source of advices to other entrepreneurs and would be business man.
2. Teacher- a graduate of an entrepreneurship can be use his knowledge in teaching
3. Researcher- the entrepreneur can be employed as researcher by an enterprise.
4.Sales- the entrepreneurship graduate can apply as salesman
5. Business Reporter- the entrepreneur being expert in the field, he can be
employed as business reporter.
Entrepreneurial mind frame
-This allows the entrepreneur to see things in a
very positive and optimistic way in the midst of difficult situation. Being a risk - taker,
an entrepreneur can find solution when problems arise.
Entrepreneurial heart flame
- Entrepreneur's driven passion, they are
attracted to discover satisfaction in the act and process of discovery. Passion is the
great desire of an entrepreneur to achieve his/her goals
Entrepreneurial gut game
-This refers to the ability of the entrepreneur of
being intuitive/intuition
External environment - refers to the physical environment, societal environment,
and industry where the business operates.
Government - refers to the local government (municipality, city, or provincial) or the
national government and its branches.
Competition – it is the act or process of trying to get or win something.
Substitute – anything that takes the place or function of another.
New entrants – the one who enters something.
Suppliers – are the one that provide something that is needed or wanted.
Buyers – are the one that pays cash in exchange to your goods and services.
Rivalry – is a state or situation in which people or groups are competing with each
other.
Value Proposition (VP)
- WHY a consumer should buy a company's product or use its service.
Unique selling proposition (USP)
- HOW you sell your product or services to your customer. You will address the
wants and desires of your customers.
A.Target Market
-is a sage in market identification process that aims to determine the buyers with
common needs and characteristics
METHOD OF MARKET SEGMENTATION:
Geographic segmentation
– the total market is divided according to geographical location.
Variables: Climate
Demographic Segmentation
– divided based consumers.
Variables: Gender,Age
Psychological Segmentation
- divided in terms for customers think and believe.
Variables:Needs and wants, Attitudes
Behavioral Segmentation
- divided according to customers behavior pattern as they interact with a company.
Variables: Perceptions
B. Customer Requirements
Customer requirements are the specific characteristics that the customers
need from a product or a service.
two types of customer requirements:
1. Service Requirement- Intangible
2. Output Requirement- Tangible
C. Market Size
-Entrepreneur’s most critical task is to calculate the market size.
SURVEYS
- most common way to gather primary research with the use
of questionnaires/interview schedule. Can be done via direct mail, over the
phone, internet or email, ftf.
INTERVIEW
- is one of the most reliable and credible ways of getting relevant
information from target customers.
FOCUS GROUP DISCUSSION (FGD)
- is an excellent method for generating and screening
ideas and concepts.
7PS OF MARKETING MIX:
PRODUCT
- goods or services that are produced to meet the consumers’ wants.
PLACE
- represents the location where the buyer and seller exchange goods.
PRICE
- amount or value that a customer gives.
PROMOTION
- refers to the complete set of activities, which communicate the product.
PEOPLE
- team, a staff that makes it happen for you, your audience, and your advertisers.
PACKAGING
- the outside appearance of a product and how it is presented to the customers.
POSITIONING
- a process used by marketers to create an image.
Four M’s
• Manpower
• Method
• Machine
• Materials
PROTOTYPING
-A duplication of a product as it will be produced
SUPPLIER
-An entity that offers goods and services to another business
