Concept of Entrepreneurship Common Competencies in

Entrepreneurship
- The word "entrepreneur" was
derived from the French word 1 Decisive -an entrepreneur must be
“Entreprendre”, which means to firm in making decisions
undertake". 2. Communicator-an entrepreneur must
- Entrepreneur who "undertake the have a convincing power
risk of enterprise.
- The process of creating an 3. Leader- an entrepreneur an
enterprise by an entrepreneur is entrepreneur must have the charisma to
called "Entrepreneurship" be obeyed by his employees
- Entrepreneurs are innovator. 4. Opportunity seeker- an entrepreneur
Factors Affecting Entrepreneurship must have the ability to be the first to
see business chances
1. Personality Factors which includes:
5. Proactive- controlling a situation by
a. Initiative- which means doing things making things to happen or by preparing
even before being told. for possible future problems.
b. Proactive-which means he can 6. Risk Taker- they have the courage to
classify opportunities and seize it. pursue what is their business ideas.
c. Problem Solver- which means he can 7. Innovative- an entrepreneurs have big
retain good relations with other people. business ideas and they do not stop
d. Perseverance-meaning he will pursue improving and thinking.
things to get done regardless of Core Competencies in
challenges Entrepreneurship
e. Persuasion-means that he can entice 1. Economic and dynamic activity-
people to buy even if they don't Entrepreneurship is an economic
F. A Planner- meaning he makes plan activity because it involves the creation
before doing things and do not fail to and operation of an enterprise with a
monitor it view to creating value or wealth by
ensuring optimum utilization of limited
g. Risk-taker which means that he is
resources
willing to gamble but he will calculate it
first. 2. Innovative-Entrepreneurs constantly
look for new ideas, thus he needs to be
2. Environmental Factors which include
creative
political, climate, legal system windows.
3. Profit Potential- meaning the 2. Teacher- a graduate of an
entrepreneur can be compensated by entrepreneurship can be using his
his profit coming from the operation knowledge in teaching

4. Risk bearing-meaning the 3. Researcher- the entrepreneur can be

entrepreneur needs to gamble but wise employed as researcher by an enterprise
enough to offset the risk.
4. Sales- the entrepreneurship graduate
Types of entrepreneurs can apply as salesman

1. Innovative entrepreneur 5. Business Reporter- the entrepreneur

being expert in the field, he can be
- they are those who always make new
employed as business reporter.
things by thinking of new ideas
RELEVANCE OF ENTREPRENEURSHIP
2. Imitating entrepreneurs
TO AN ORGANIZATION
- they are those who don't create new
1. Development of Managerial
things but only follow the ideas of other
Capabilities
entrepreneurs
- gets is to develop his managerial skills.
3. Fabian entrepreneurs- they are those
skeptical. They don't initiate but follow 2. Creation of Organizations
only after they are satisfied.
- many organizations will exist.
4. Drone entrepreneur- they are those
3. Improving Standard of Living
who lives on the labor of others. They
are die-hard conservatives even ready to - can lift up the economic status of an
suffer the loss of business. individual.

5. Social entrepreneurs-they are those 4. Means of Economic Development

who initiate changes in the various
- this means that not only the life of the
fields such as education, health, human
entrepreneur is improved but also the
rights, environment and enterprise
society where the business is located.
development.
LESSON2: Determining the
Career Opportunities of
Entrepreneurship Product/Services that Local
Market Need
1. Business Consultant- with the
expertise of the entrepreneur he can be a Determining the products or services that
very good source of advices to other a local market needs involves
entrepreneurs and would be business researching, analyzing, and
man.
understanding the community’s unique 3. Analyze Spending Patterns
characteristics and demands.
Check what people are spending
Here’s a step-by-step guide money on, both essential and
to help identify opportunities: discretionary purchases.

1. Market Research Observe where residents shop—

local businesses, online, or out of
Demographics: Study the
town—and why.
population size, age groups,
income levels, education, and 4. Evaluate Unmet Needs
employment status.
Look for problems that the
Trends: Identify local and global community faces, such as lack of
trends that may influence access to certain goods, services,
consumer behavior. or convenience.

Surveys and Interviews: Conduct Explore needs related to

surveys or interviews to ask people healthcare, education,
about their needs, preferences, and transportation, food,
spending habits. entertainment, or home services.
Competitor Analysis: Observe 5. Leverage Data
what businesses are already
Use government reports, market
operating and identify gaps or
analysis tools, or local business
underserved needs.
directories to assess economic and
2. Community Engagement industry data.

Local Feedback: Engage with Utilize online tools like Google

residents through forums, Trends or social media insights to
community events, or social media spot interests or gaps.
to understand what they lack or
6. Pilot and Test Concepts
wish for.
Introduce a small-scale version of
Partnerships: Collaborate with
the product or service to measure
local organizations or influencers
demand.
who understand the area better.
Gather customer feedback to or marketing strategy.
refine your offering. Market analysis
7. Cultural and Environmental Analyze the market you plan to
Considerations reach by researching supply and
demand, industry trends, and your
Understand cultural, religious, or target demographics.
environmental factors that
influence buying decisions. You can also run a SWOT analysis.

Focus on sustainability or ethical Competitive analysis

practices if they align with local Analyze your competitors to
values. understand their strengths and
weaknesses, strategies, and the
8. Economic Viability threats and opportunities they
Assess purchasing power and present. This can help you identify
price sensitivity to ensure gaps in the market and differentiate
affordability and profitability. your brand.

Explore local government You can also consider the

incentives or support for following when developing a
businesses in certain sectors. business plan:

To determine what products or Product description: Explain how

services a local market needs, you your product solves a problem or
can conduct market research and improves life, and emphasize its
analysis, and perform a unique features and benefits.
competitive analysis: Customer segmentation:
Understand who your customers
Market research
are or will be.
Research the viability of a new
Marketing plan: Define a marketing
product or service by directly
plan.
interacting with potential
customers. You can conduct LESSON 5: SCREEN THE
interviews to learn what customers PROPOSED SOLUTION BASED ON
think about your product, service,
VIABILITY, PROFITABILITY AND - Identify your target audience;
CUSTOMERS REQUIREMENTS: who are likely to buy your
product.
Failure of a product or service can
- Analyze your competitors:
produce an extremely negative
who are your direct and
impact on a small business.
indirect competitors.
The first step is if you decide but - Consumers Behavior: How do
will build this business: MAKE, your target make purchasing
MANUFACTURE, WHOLE SALE, a decisions.
OR DROPSHIP.
VALUE PROPOSITION
MAKE- your own product.
- Is a business on marketing
MANUFACTURE- consist of working statement that summarizes
with a manufacturing partner to why a consumer should buy a
develop a product. company's product.
WHOLESALE- purchasing common Basic elements
independent label of the product.
• Target costumer
DROPSHIP- if you don’t want to • Needs/Opportunity
carry any inventory yourself, you • Name of the product
could go drop shipping route.
• Name of the
LESSON 6: RECOGNIZE & enterprise/company.
UNDERSTANDING THE UNIQUE SELLING PROPOSITION
MARKET
Refers to how you sell your
- A crucial concept in business products or services to your
that involves gaining deep customers.
understanding of your target LESSON 7: RECOGNIZE A
audience, competitors and
POTENTIAL MARKET
the overall industry
landscape. - A consumer segment, region
or demographic that would
RECOGNIZE likely interest in buying
 product from a particular 1. BUYERS
brand but hasn’t yet. - Are the one that may cash
exchange of goods and
CHARACTERISTICS
services.
1. SIZE- a large market has 2. POTENTIAL NEW ENTRANTS
many customers, which can - Defined as companies or
create a high demand. businesses that have the
2. PROFITABILITY- a potential ability to penetrate or
market with high demand can enter into particular
create profitable options for industry.
producers. 3. RIVALVRY AMONG EXISTING
3. ACCESSIBILITY FIRMS
- That easy to access can be - A state of situations
beneficial for both wherein business
customers and organizations is competing
businesses. with each other in a
4. DEMOGRAPHIC- such as age, particular market.
gender, and income. 4. SUBSTITUTE PRODUCTS
- are that sees the same
purpose as another product
LESSON 7: FORCES OF in market.
COMPETITION MODEL 5. SUPPLIERS
- Are the one that provide
- It is also known as “five
something that enabled in
forces of competition”. An
business operating such
industry environment is a
as office suppliers and
competitive environment.
equipment.
COMPETITION
LESSON 8: MARKET RESEARCH
- is an act or process of trying
Market Research- is a systematic
to get or win something.
process of gathering analyzing and
THE 5 FORCES interpreting data about a market.
The main objective of a market - This type of interviews is
research is to asses customers' proving to be more cost-
needs and preferences. effective way to screen
candidates.
TYPES OF MARKET
3. INDIVIDUAL INTERVIEW
1. Primary- involves collecting - Often referred as “Personal
new data directly for the Interview” this is the most
sources. common type of interview
2. Secondary- involves and usually held face to face.
analyzing existing data from 4. SMALL GROUP OR
published sources, such as COMMITTEE INTERVIEW
report industry. - These type of interview
METHODS means meeting a panel of
decisions makers at once.
1. QUANTITATIVE- includes
5. THE SECOND OR ON-SITE
surveys and questionnaires
INTERVIEWS
that collect numerical data.
- You have been successfully
2. QUALITATIVE- focuses on
the first occasion and they
collecting on non-numerical
would know more to know
data to understand
more about you.
underlying reasons.
6. BEHAVIOR ALL-BASED
LESSON 9: CONDUCTING AN INTERVIEW
INTERVIEW - It's also known as critical
behavioral and the TV the
1. Informational Interview
theory performance in a
- is an informational interview
similar situations method of
that objective is to seek
interview deeper than the
advice and learn more about
than the usual interviewing
a particular employer, sector
techniques
or job.
7. TASK-ORIENTED OR
2. SCREENING OR TELEPHONE
TESTING INTERVIEW
INTERVIEW
 - Are structured in a way to that comments on the
allows you to demonstrate interactions.
and the analytic analytical 2. DUAL-MODERATOR FOCUS
problem solving through task GROUP.
or exercise. - the focus group is aged by
8. STRESS INTERVIEW two moderators. As a general
- This method of interview is rule, Le first moderator
rare add involves the ensures that the session runs
interviewer baiting you to see 3. DUELING MODERATOR
your response. To highlight FOCUS GROUP
your weaknesses and see - the moderators voluntarily
how under pressure. take opposing positions and
opinions on the subject at
hand.
LESSON 10: FOCUS GROUP
4. RESPONDENT MODERATOR
DISCUSSION
FOCUS GROUP
- Is an excellent method for - the objective is to have one of
generality and screening the focus group respondents
ideas and concepts. It can be participate as a moderator for
moderated group interviews a given period. Several
on brainstorm sessions that respondents can take turns
provide information on user’s being the moderator, or one
needs and behavior. can be designated.
THE DIFFERENT TYPE OF FGD 5. FOCUS GROUP WITH
CLIENTS
1. TWO-WAY FOCUS GROUP
- one or more clients
- Consist of conducting two
participate in the focus
focus group simultaneously,
group, either openly or
each with its moderator. The
covertly. On the one hand,
first group explores a given
this allows to observe the
topic, while the second group
interactions.
observes the first group and
6. MINI FOCUS GROUPS
- Here, the group comprises 4 Zoom. This remote option is
to 5 participants, whereas the closest to the traditional
traditional focus groups focus group.
include 6 to 12 participants.
This allows for a more private,
"intimate" atmosphere,
where respondents are more
likely to open up.
7. CREATIVITY FOCUS GROUP
- The objective of this type of
focus group is to elaborate on
an idea to create. Here,
several kinds of respondents
are brought in to contribute to
the same subject or project to
have experts in different
themes.
8. REMOTE FOCUS GROUP
• Teleconference focus
groups: are conducted by
telephone and can reduce
unintended biases, such as
those related to the social
affiliation. They also ensure
the participants' anonymity,
which can be particularly
valuable if the subject of the
discussion involves sensitive
topics.
• Videoconference focus
groups: are conducted via
tools such as Team, Skype, or