ENTREPRENEURSHIP ‘What is emerging today is a class of professional

 One of the key engines of economic growth entrepreneurs who rely more upon their brains
 Perceived to be the symbol of business innovation, determination, perseverance, than their guts-and who have been trained to use
and achievement both methods and technology to analyze the
The word Entrepreneur Is derived from the French word entreprendre, meaning business environment.” (Dollinger)
“undertake.”
The Entrepreneur is the founder and creator of the enterprise who make use of the Common Profile applicable for Filipino
opportunities that abound to start or grow a business, knowing that there are risks involved Entrepreneurs:
in such undertaking.
Definitions of Entrepreneurship from different perspective contain the following common Calculated Risk-taking
elements: Commitment
 Innovation Feedback-seeking
 Opportunity seeking and exploitation Resource Mobilizing Perseverance
 Encountering risks and uncertainties Drive
 Economic and personal rewards Self-confidence

Entrepreneurship has these contributions to the economy and society:

1. Creates employment. How Entrepreneurs Think?
2. Develops new market.
3. Introduces innovation Actuate Self-Assessment and
4. Generates new sources of materials. Choose Course of Action
5. Stimulates investment interest in the new business ventures being created Generate Multiple Decision Models
6. Improves the quality of life. Learn From Failure
7. Serves as the models.
8. Brings social benefits to the people. 6 Entrepreneurial Competencies:
9. Utilizes and mobilizes indigenous resources.
10. Provides more alternatives for consumers. 1. Opportunity Competencies
2. Relationship Competencies
3. Conceptual Competencies
ENTREPRENEURS AND ENTREPRENEURIAL COMPETENCIES 4. Organizing Competencies
5. Strategic Competencies
6. Commitment Competencies
 • Research and Development
• Not-for-profit fundraiser
• Teacher
Important factors that determine the entrepreneurial decision-making process: • Talent Recruiter
• Business Reporter
1. Rational/Scientific Method in Decision Making • New Venture Creation
• Careers in Existing Entrepreneurial
• Identify the problem Ventures
• Gather data • Fine Arts
• Analyze data • Artist
• Formulate alternative solutions • Graphic Designer
• Select the best alternative decision • Photographer
• Illustrator
• Film Director
2. Use of intuition in decision-making
• Art gallery manager
3. Affect infusion
4. Attribution style • Curator
5. Counterfactual thinking • Arts Administrator Secondary
6. Over-confidence School Teacher
7. Knowing style
8. Creative style Business Plan

A document that outlines the basic concept

underlying a business and describes how.
“Entrepreneurship is the best means of youth to adapt to a changing and highly
competitive job market in both rural and urban areas around the world. “ (OECD) Preparing a Business Plan: The Content and
Format
TRACK
•Like writing a term paper or report, getting
started writing a business plan is usually the
hardest part
• Business Consultant
• Sales
Cover Page
•Company name, logo, tagline, contact information, date prepared • Operating or manufacturing methods, operating
Table of Contents facilities (location, space, equipment) quality
•Listing of the key sections of the business plan control methods, procedures to control inventory
and operations, sources of supply, and
purchasing procedures
Executive Summary
Management team
•One to three pages overview of the significant points, intended to motivate the reader to
• Description of management team,
continue reading
outside investors and/or directors,
and plans for recruiting and
Industry, Target Customer and training employees
Competitor Analysis Critical/Risk

•Key characteristics of the industry, including the different segments, and the Any known inherent risks in the venture
niche where you plan to compete Offering
• Direct primary competitors • How much capital the
• Direct secondary competitors entrepreneur needs and how the
• Indirect competitors money will be used (section used
Company Description to attract investors)’
Financial Plan
• Projections of the company’s
• Company objectives, nature of the business, its primary product or service, its current
financial statement
status (start up, buy out, or expansion) and history (if applicable)
Cover page
Product/ Service Plan Table of Contents (not necessary today)
Executive Summary
•Justification for why people will buy the product or service, based on its unique features Industry, Target Customer, Competitor Analysis
Marketing Plan Company Description
•Marketing strategy, including the methods of identifying and attracting customers, selling Product/Service plan
approach, types of sales force, distribution channels, types of sales promotions and advertising, Marketing Plan
and credit and pricing policies Operations and Development Plan
Management Team
Operations and Development Plan Critical Risk
Offering
Financial Plan •Social needs or belonging and affection
• Individual needs for knowledge and self -
expression Wants:
• Want are the form taken by human needs as
What is a market?
they are shaped by culture and individual
•Markets are composed of:
personality.
• Buyers
• People have almost unlimited wants but limited
• Sellers
resources.
Institutions and infrastructure
• They want to choose products that provide the
• Others behind the scenes: importers processors, storage owners, wholesalers, credit supplier,
most valley and satisfaction for their money.
government officials and policies
Demands:
•Markets are where buyers and sellers come together to obtain information and exchange
• When backed by buying power, wants become
commodities.
demands
•A commodity is something tangible, that has value and can be exchanged. •A market chain
• Consumers view products as bundles of benefits
includes all levels of the market and actors that have a role in
and choose products that give them the best
The distribution and transformation of the commodity.
bundle for their money.
Why are markets important?
In a Market Chain Commodities flow from
• Markets are a part of everyone’s lives
producers to Consumers.
• Most people – especially the poo-rely on markets
Exchange, Transactions, and Relationship
To provide food, essential goods and services Markets also provide access to paid work and
marketing
mechanisms for selling commodities and services
Strengthening markets can improve everyone’s lives and livelihoods
The Goal of Marketing is:
Harming markets can have serious negative impacts, particularly on the poor
To attract new customer by promising superior
• Important to understand markets so we know if our programs are strengthening or harming
value, and to keep current customers by delivering
markets
satisfaction.:
Needs, Wants, and Demands
Exchange:
Needs:
• The act of obtaining a desired object from
• The most basic concept underlying marketing is that of human needs.
someone by offering something in return
•Human needs are states of felt deprivation.
• Human have many complex needs:
Transaction :
•Physical needs for food, clothing, warmth, and safety
 A trade between two parties that involves at least two things of value, agreed – upon conditions a People
time of agreement, and a place of agreement. Physical Appearance/
Environment
Relationship marketing : Process
The process of creating, maintaining, and enhancing strong, value – laden relationships with
customers and other stakeholders
Marketing Mix
Products and Services  The Marketing Mix is one of two
Product: interrelated components of strategy
Anything that can be offered to a market to satisfy a need or want.  The Marketing Mix, more popularly
The concept of product is not limited to physical objects – anything capable of satisfying a need referred to as the 7Ps of Marketing is a
can be set of controllable and interrelated
Called a product. variables composed of product, place,
price and promotions that a company
Services: assembles to satisfy a target group better
In addition to tangible goods, products also include services, which are activities or benefits than it’s competitor.
offered for • Marketing Mix strategy is choosing and
Sale that are essentially intangible and do not result in the ownership of anything. implementing the best possible course of action
to attain the organizations tong term objectives
Markets and gain competitive edge.
The set of all actual and potent al buyers of a product or service
Communication Values, Satisfaction and Quality
Industry (a collection of sellers) Values:
Products/ Services •Customer value is the difference between the
Money values the customer gains from owning and using
Market (a collection of buyers) a product and the costs of obtaining the products.
Information • Customers often do not judge product value
A simple marketing system and costs accurately or objectively. They act on
10 perceived value.
7Ps of Marketing Product Satisfaction:
Place • Customer satisfaction depends on a product’s
Promotions perceived performance in delivering value relative
Price to a buyer’s expectation.
• If the product’s performance falls short of the customers expectations, the buyer is dissatisfied.
Quality:
• Customer satisfaction is closely linked to quality.
•Quality has a direct impact on product performance
•Quality can be defined as “freedom from defects”
•TQM programs designed to constantly improve the quality of products, services, and marketing
processes.