MODULE 1 - Overview of Entrepreneurship both are:

ENTREPRENEURSHIP ★ Innovative
★ Ambitious
★ The act of creating a business or ★ Leaders
businesses while building and scaling it
to generate a profit. CORE COMPETENCIES - the resources and
capabilities that comprise the strategic
★ More modern entrepreneurship advantages of a business.
definition: transforming the world by
solving big problems like initiating social COMMON TRAITS OF AN ENTREPRENEUR
change, creating an innovative product
or presenting a new life changing ★ Proactive
solution. ★ Ants of Change
★ Risk Takers
★ Building a life on your own terms. ★ Sharp Eye on Opportunities
★ Sociable
ENTREPRENEUR - individual who creates a ★ Networkes
new business, bearing most of the risks and ★ Decisive
enjoying most of the rewards. ★ Balanced
★ Innovative
FIVE LEVELS OF ENTREPRENEURIAL
ENVIRONMENT CORE TRAITS OF AN ENTREPRENEUR

★ Philanthropist ★ Leaders
★ Investor ★ Communicators
★ Entrepreneur ★ Specialists
★ Self Employed ★ Problem Solvers
★ Employee

Intrapreneur vs. Entrepreneur

MODULE 1 - Becoming an Entrepreneur
INTRAPRENEUR
(innovate within a business) ENTREPRENEURSHIP - proactive process of
developing a business venture to make a profit.
★ Less risky
★ Access to resources ★ Involves seeking opportunities for the
★ Job security market.
★ Establishing and operating a business
ENTREPRENEUR out of the opportunity.
(build their own business) ★ Assessing risks and rewards through
close monitoring of operations.
★ Increased freedom ★ An entrepreneur is successful if the
★ More responsibility business that he or she envisioned has
★ Higher ROI materialized into a thriving industry with
regular customers and financial gain.
SOCIETAL AND ECONOMIC BENEFITS OF ★ self-reflection - a process of
ENTREPRENEURSHIP introspection and self-analysis that
helps entrepreneurs examine their
★ Produces more jobs that equate to an thoughts, feelings, and behaviors.
increase in national income
★ Creates job and wealth ★ reflection - examining how you
★ Improve people’s living standards observe, think, feel, react, reason out,
★ Disperses the economic power and make assumptions, draw conclusions,
creates equality evaluate outcomes, and act upon what
★ Controls the local wealth and balances you believe.
regional development
★ Reduces social conflicts and political ★ selective perception - the tendency for
unrest individuals to pay attention to things in
their environment that are only
ENTREPRENEURIAL MINDSET - a way of consistent with their own expectations or
thinking, reasoning, and behaving from a assumptions.
perspective on seizing an opportunity, adopting
a holistic approach, and building on leadership. SKILL OF EXPERIMENTATION - involves
taking a concrete action to test an approach or
ENTREPRENEUR several possible approaches. Experimentation is
a learning-by-doing approach.
★ an individual who establishes a
business to make profit, runs it even ★ experimentation - trying out an
through the risks, and enjoys most of approach or a solution and then learning
the rewards. from it.

★ a person as a group who creates SKILL OF CREATIVITY - unleashing your ideas,

something new such as a new idea, a concepts, or approaches that have not been
new product, or service, or new tried before. It allows you to innovate so as to
possibilities. differentiate your product or service.

TECHNOPRENEUR - idea + tech ★ creativity - being open to new

perspectives or other ways of looking at
COMMON COMPETENCIES things that are better or of higher quality.

★ Constantly seek opportunities and act SKILL OF EMPATHY - enables you to tailor
on them your product or service offerings to the needs
★ Recognize and prepare for risks and and wants of your customers.
uncertainties
★ Maintains flexibility or resilient ★ empathy - the ability to put yourself in
★ Develop and maintain social relations the shoes of another person to
understand how that other person thinks
Core Competencies of Entrepreneurs and feels. Enabling you to better relate
to that person.
SKILL OF REFLECTION - essential for an
entrepreneur to effectively discern what is going SKILL OF PLAY - about appreciating and
on around him or her and to ponder how he or developing a sense of fun and adventure as you
she could better respond to various stimuli. pursue your goals.
Careers in Entrepreneurship Phases in the Entrepreneurial Process

CORPORATE ENTREPRENEURSHIP - PHASE 1 - identify and develop the business

involves creating new products, ventures, or opportunity
organizational renewal within large
organizations. also known as ‘intrapreneurship’. PHASE 2 - develop a Business Plan

START-UP ENTREPRENEURSHIP - involves PHASE 3 - determine the resources required

the creation or setting up of a new small
business. PHASE 4 - manage/ implement the Enterprise

★ start-up entrepreneur marshals Two Main Approached for Opportunity

resources to seize a business Identification
opportunity to offer a product or a
service for the purpose of generating 1) FINDING APPROACH - involves scanning
profit (as a commercial enterprise) or the environment for information to provide ideas
generating both profit and creating a for starting up a business. This approach
social impact (as a social enterprise) assumes that business opportunities exist
“outside” of the entrepreneur.
BUYING A FRANCHISE - involves a franchise
that minimizes some business risks for an Macro Environmental Factors that Guide in
entrepreneur. Franchising involves a plan of Identifying Business Opportunities
distribution where an individually owned
business is run as a part of a large chain. SOCIOCULTURAL - changes in social
conditions such as educational needs, housing
★ franchise - a license purchased by an needs, food preferences, leisure, lifestyles.
entrepreneur allowing one to trade
under the name of that established TECHNOLOGICAL ADVANCEMENTS -
business. innovations in technology and inventions on
products and services.
BUYING A SMALL BUSINESS - buying an
existing business is exactly what it sounds like. ECONOMIC TRENDS - changes in economic
The buyer typically takes over full ownership of conditions that directly affect the business
the business. climate such as labor costs, unemployment
rates, interest rates, inflation rates,
SOCIAL ENTREPRENEUR - uses the business imports/exports.
methods of a commercial enterprise to generate
profit but it is more concerned in helping social INDUSTRY TRENDS - changes in the growth or
causes or improving the welfare of decline of specific industries belonging to
disadvantaged groups, such as the unemployed, manufacturing, services, and agriculture sectors.
farmers, fisherfolk, urban poor, and others.
ENVIRONMENTAL / ECOLOGICAL FACTORS
- risks related to natural disasters, health
pandemic.
MODULE 3 - Developing The Business Plan
POLITICAL SITUATION - changes in
government policies and regulatory standards
that directly affect the business.
Micro Environmental Factors MARKET POTENTIAL - if there are enough
customers to buy your product or service that
COMPETITOR MOVES - increase/decrease in will earn a profit so that the business can run
number of competitors, tactics of competitors continuously.
that impact the business.
OPERATING POTENTIAL - if the process,
SUPPLIERS - increase in the number of methods, technology are available for the
suppliers that affect production and inventory product or service.
levels.
FINANCIAL POTENTIAL - if the business will
INCREASE OF SUBSTITUTE PRODUCTS - generate a profit-expected revenues would be at
entry/exit of substitute products that affect least enough to cover expenditure costs; if the
competition. working capital required is minimum and can be
met.
2) Building Approach - involves creating a
business opportunity that does not exist in the THREAT FROM COMPETITORS - if the
environment. The business idea originates or presence or sudden moves of competitors would
builds on the entrepreneur’s creativity, talents, not severely threaten your business
skills, prior knowledge and experience, personal
network, and internal resources. POTENTIAL DAMAGE FROM UNFORESEEN
RISKS - if certain unforeseen events such as
Screening Business Opportunities to Select those related to weather, security, and public
the Business Venture health would not severely harm your business.

OPPORTUNITY SCREENING - the process of Developing the Business Plan

assessing potential business opportunities and
selecting the best opportunity to invest in. MARKETING PLAN - a plan of the strategies
that you will use to know your customers and
★ A compelling business opportunity must how to attract them to buy your product or
be viable and doable. service.

VISABILITY - the business has the ability to UNIQUE SELLING PROPOSITION

start, grow and survive. It factors in the ff: market
aspects, production sourcing, competition, ★ a statement that describes the most
financial potential. compelling attribute of your product or
service that sets it apart from your
competitors.
FEASIBILITY - the business means that it is ★ refers to how you will sell the product or
achievable, practical, or workable given the service to your customers.
resources and time you have to implement it. ★ the marketing statement you use to sell
your products and services to
prospective customers.
Opportunity Attractiveness Matrix

ALIGNMENT WITH PERSONAL VALUES,

INTERESTS, RESOURCES - if the business
concept is aligned with your values (your guiding
principles of life), abilities (tasks you perform
quite well), passion (what drives your energy),
interests (activities you find exciting or
enjoyable), and family or friends’ support (your
social network).
VALUE PROPOSITION Preparing the Marketing Mix

★ definitive statement that clearly 7 P’S - a set of controllable and connected

identifies the benefits or value that a
variables that a company gathers to satisfy a
product or service can offer to the
customers. customer better than its competitor's marketing
★ states why a customer should buy a mix.
certain product or service.
★ a value proposition has to be direct in 1) PRODUCT / SERVICE - indicates a
addressing the problems of the description of the product or service that you are
customers, should have quantifiable
benefits, and should differentiate itself selling.
from the competitors.
★ it should always focus on how 2) PLACE - pertains to the distribution strategy
customers define your value. of your business.
TARGET MARKET - allows you to differentiate
your marketing strategies across customer 3) PRICE - a marketing decision that combines
segments. market research with financial analysis. This
MARKET SEGMENTATION - the process of pertains to decisions on the pricing strategy for
dividing the market into small homogenous your product or service.
groups.
4) PROMOTION - enables the entrepreneur to
★ market segmentation creates subsets of
a market based on demographics, inform potential consumers about the product’s
needs, priorities, common interests, and availability, or to educate the consumer about
other psychographic or behavioral the product. Promotion uses advertising media.
criteria used to better understand the
target market.
5) PEOPLE - focuses on the role of human
resources in propelling the growth of the
CONDUCTING A MARKET RESEARCH business.

★ Define the purpose or objectives of the 6) POSITIONING - gives consideration to how

market research.
★ Gather data from secondary resources. your product or service offering is positioned in
★ Gather data from primary resources: the minds of your target customers.
observation, experimentation,
networking. 7) PROCESS - the standard procedures or
★ Analyze and interpret the results:
interviews, focused group discussion, systems involving internal marketing-related
surveys. activities and external marketing-related
activities.

BUSINESS ENVIRONMENT - the factors or

MODULE 3 - Expounding the Marketing Plan
elements affecting business organization.

BRANDING - a brand is the name or symbol EXTERNAL BUSINESS ENVIRONMENT - the

associated with the product or service offering factors and elements outside the organization.
that communicates messages to target
customers. STAKEHOLDERS - are parties likely to be
affected by the activities of the organization.

POLITICO-LEGAL - national or local laws,

international laws and rules and regulations.
BUSINESS ENVIRONMENT - divided into the Validation of Market
External and Internal Environment.
ACCEPTABILITY - a process of finding out if
INTERNAL BUSINESS ENVIRONMENT - the the intended primary target market will be
factors or elements within the inside of the buying the product or availing the services.
organization.
SUCCESSION PLAN - plans that ensure the
continued business operation in the absence of
SOCIOCULTURAL SITUATIONS - the
the key employees.
customers' changing values and preferences.

CUSTOMERS - those who patronize the

organizations' services and products.
FINANCIAL PLANNING - a critical aspect of
entrepreneurship. It involves creating a
SUPPLIERS - those who ensure the
comprehensive strategy for managing your
organization's continuous flow of needed and
business' finances to ensure its long-term
reasonably priced inputs or materials required
success and sustainability.
for producing their goods and rendering their
services.

Three M’s of Production

1) MANPOWER - the human labor force

involved in the manufacture of products.
Manpower is measured as the most serious
and main factor of production.

2) MATERIAL - raw materials necessary in

the production of a product.

3) MACHINE - the manufacturing equipment

used in the goods or delivery of services.

METHOD - the process or way of transforming

raw materials to finished products.

PRODUCT DEVELOPMENT - the process of

developing, testing, and commercializing a
product or service with the ultimate objective
observing the problem of the primary target
market.

PROTOTYPE - a preliminary model or sample

of a new product or service that is created to
test a product concept in our service process.