Relevance of Entrepreneurship to • Market Situation •Sale

Organization - can apply as sales man

Common competencies in •Business reporter
Development of managerial Entrepreneurship -expert in the field, can be employed
Capabilities •Decisive as business reporter
-one of the benefits an entrepreneur - must be firm in making decisions Recognize a Potential Market
gets is to develop his managerial •Communicator Entrepreneurial Ideas-
skills. - must have a convincing power identification of entrepreneurial
Creation of organization's •leader opportunities
-because of entrepreneurship many -must have the charisma to be
organizations will exist obeyed by his employees Entrepreneurial Process of
•Improving standard of living •Opportunity seeker Creating Venture
- entrepreneurship can lift up the -first to see business chances 1. Creation of entrepreneurial idea
economic status of an individual •Proactive 2. Identification of entrepreneurial
•Means of Economic Development -making things to happen opportunities
- not only the life of the entrepreneur -preparing for possible Future 3. Opening of entrepreneurial
is improved but also the society problems. venture
where the business is located • risk taker
-courage to pursue their business Essential in entrepreneurs
Concept of Entrepreneurship Ideas opportunity seeking
Entrepreneurship •Innovative Entrepreneurial mind frame
-derived from the french verb -have big business ideas -allows the entrepreneun to see
enterprendre which means to -do not stop thinking and improving things in a very positive and
"undertake". This is pinpoiting to new ideas for their business optimistic way
those who "undertake" the risk of •Profit potential Entrepreneurial Heart Flame
enterprise. The enterprise Created - profit coming from the operation -entrepreneur's driven passion
by an entrepreneur was and the •Risk bearing -Passion the great desire of an
process is called "entrepreneurship”. -needs to gamble but enough to entrepreneur to achieve his goals
•Innovators offset the risk •Entrepreneurial gut game
-willing to take risks and generate Types of entrepreneurs - the ability of entrepreneurs of being
new ideas •Innovative entrepreneur intuitive
-always make new things by thinking -also know as intuition
Factors affecting of new ideas. Sources of opportunities
Entrepreneurship Personality - ability to think something new Changes in the environment
Factors •Imitating Entrepreneur Physical environment
•Initiative -only follow the Ideas of others -external environment
-doing things before being told. entrepreneurs. The physical environment
Proactive •Fabian Entrepreneurs includes:
Can classify opportunities and seize - skeptical about changes to be A. Climate
it made -the weather conditions.
Problem Solver - they don't initiate but follow only B. Natural Resources
can retain good relations with other after satisfied. -minerals, forest, water and fertile
people •Drone entrepreneurs land that occur In nature and can be
• Perseverance -Iives on the labor of others. used for economic gain
- pursue things to get done -die hard conservatives even ready C. Wildlife
regardless of challenges to surfer the loss of business -includes all mammals, birds reptiles,
•Persuasion •Social Entrepreneurs gish etc. that live in the wild
-can entice people to buy even if - initiate changes and drive social 1.2 Societal environment
they don't want innovation A. Political Forces
A Planner -various fields such as health, -includes all the laws, rules and
- makes plan before doing things and education, human rights environment regulations that govern business
do not fail to monitor it and enterprise development practices as well as permits
Risk-Taker Career opportunities of B. Economic Forces
-willing to gamble but he will entrepreneurship -Income level and employment rate
calculate it first •Business Consultant C. Sociocultural forces
Environmental Factors - with the expertise - customs, lifestyles and values that
•Political •Teacher characterize a society.
•Climate -can use his knowledge in teaching D. Technological environment
•Legal System •Researcher -new inventions and technology
• Economic Condition -can be employed as researcher by Innovations.
•Social Conditions an enterprise
1.3. The Industry environment & the • Products and Services
business Includes • Pain Relievers Psychological Segmentation
A. Competitors – divided in terms for customers
B. Customers Customer Profile think and believe.
C. Creditors • Gains Variables to consider:
D. Employees • Customer Jobs A. Needs and wants
E. Government • Pain B. Attitudes
F. Suppliers C. Social class
2. Technological Discovery and Unique selling proposition (USP) D. Personality traits
Advancement - how you sell your product or E. Knowledge and awareness
- sees the possibility of business services to your customer. F. Brand concept
3. Government's thrust, programs, -address the wants and desires of G. Lifestyle
and policies your customer. Behavioral Segmentation – divided

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-programs and policies of the Unique Selling Proposition according to consumers behavior
government Winning Zone: Clear point of pattern as they interact with a
4. People's Interest difference that meets the needs, company.

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- hobbies of people rich preferences make it even bigger. Variables to consider:
of source of entrepreneurial ideas Losing Zone: Your competitor A. Perceptions
5. Past experience meets the consumer needs better B. Knowledge

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-expertise and skills developed by a then you do C. Reaction
person Risky: Competitive battle ground, D. Benefits
Forces of Competition Model use emotion, innovative, superior E. Loyalty
Competition execution. F. Responses
- process of trying to get or win Who Cares: competitors battle in B. Customer Requirements
something areas the consumer just doesn’t care - the specific characteristics that the
1.Buyers about. consumer need from a product or a
-the one that pays cash In exchange Some tips for the entrepreneur on service.
to your goods and services how to create an effective unique "WE UNDERSTAND YOUR NEEDS"
2. Potential New Entrants selling proposition to the target There can be two types of
-the one who enters something customers: customer requirements:
3. Rivalry among existing firms •Identify and rank the uniqueness of 1.Service Requirement
Rivalry the product or services character, 2.Output Requirement
-situation in which people of groups •Very Specific Service Requirement
are competing with each other •Keep it short and simple (KISS) - Intangible thing or product that is
4. Substitute Products Three factors that will determine not able to be touched but customer
-takes the place or function of your customers can feel the fulfillment.
another A. Target Market Examples of intangible assets:
5. Suppliers - determine the buyers with common Brands, Goodwill, Knowledge,
-provide something that is needed or needs and characteristics. Trademarks, Patents
wanted. Commonly used methods for Output Requirements
segmenting the market: - Tangible thing or things that can be
LESSON 3: Recognize and 1. Geographic segmentation seen. Characteristic specifications
Understand Market – total market is divided according to that a consumer expects to be
Value Proposition (VP) geographical location. fulfilled in the product.
- a marketing statement that Variables to consider: examples of tangible things: Land,
summarizes why a consumer should A. Climate Vehicles, Equipment, Machinery,
buy a company’s product or use its B. Dominant ethnic group Furniture, Inventory, Securities like
service. C. Culture, stocks, bonds, and cash...
-this statement is often used to D. Density (either rural or urban) C. Market Size
convince a customer to purchase a - Entrepreneur’s most critical task is
particular product or service Demographic Segmentation to calculate the market size, and the
In creating Value Proposition, – divided based consumers. potential value that market has for
entrepreneurs will consider the Variables to consider: their startup business. Market
basic elements: A. Gender research will determine entrepreneur
-Target Customer B. Age possible customers in one locality.
-Needs/opportunity C. Income What is Market Size?
-Name of the product D. Occupation - is like a size of arena where the
-Name of the enterprise/company. E. Education entrepreneurs will play their
F. Religion business. It is the approximate
Value Proposition G. Ethnic group number of sellers and buyers in a
• Gain Creators H. Family size particular market.