ENTREP

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For the______, an entrepreneur is someone who is willing to bear and take the risk of creating a new venture if there is a substantial potential for growth and profit.

studied how he studied, the entrepreneurs are motivated to took, innovate and create new and better ways of doing business.

he describe an entrepreneur as someone who searches for things to change, respond to it by researching and taking new ideas and trends, and exploits these changes as an opportunity to create and deliver something better

Others believe that entrepreneur’s role is to be the ____ of new products and services.

PRODUCTS ARE CREATED BECAUSE OF A

he said “It is hard to fail, but it is worse never to have tried to succeed”

refers to the fundamental characteristics and traits possessed by successful entrepreneurs that made them succeed in their chosen enterprise.

Does things before being asked or compelled by the situation. Acts to extend the business into new areas, products or services

Sees and acts on new business opportunities Seizes unusual opportunities to obtain financing, equipment, land, work space or assistance

An entrepreneur is able to make repeated efforts or to take different actions to overcome an obstacle that get in the way of reaching goals. Takes actions to overcome an obstacle/problems encounter Takes action in the face of a significant obstacle

An entrepreneur is able to take action on how to seek information to help achieve business objectives or clarify business problems. Examples Does personal research on how to provide a product or service Consults experts or experienced persons to get relevant information Seeks information or asks questions to clarify a client's or a supplier's need Personally undertakes market research, analysis or investigation

An entrepreneur acts to do things that meet certain standards of excellence which gives him greater satisfaction. the entrepreneur should always strive to improving and enhancing the products or service in order to deliver the best work for its customers. This is the reason why companies have their Research and Development (R&D). a company that doesn’t innovate will for sure loose in the game. Examples States a desire to produce or sell a top or better quality product or service Compares own work or own company's work favorably to that of others

An entrepreneur places the highest priority on getting a job completed. an entrepreneur should always have in mind that company’s reputation builds by delivering great products and service to customer, and delivering on time is very important. Examples Makes personal sacrifice or expends extraordinary effort to complete a job Accepts full responsibility for problems in completing a job for customers Pitches in with workers or works in their place to get the job done Expresses a concern for satisfying the customer

A successful entrepreneur always finds ways to do things faster or with fewer resources or at a lower cost. Examples Looks for or finds ways to do things faster or at less cost Uses information or business tools to improve efficiency Expresses concern about costs vs. benefits of some improvement, change, or course of action

An entrepreneur develops and uses logical, step-by-step plans to reach goals. “Failing to Plan is Planning to Fail”. Examples Plans by breaking a large task down into sub-tasks Develops plans that anticipate obstacles Evaluate alternatives Takes a logical and systematic approach to activities

it is a requirement for an entrepreneur to know how to solve problems if he wants the business to be in the market for long time. Example Switches to an alternative strategy to reach a goal Generates new ideas or innovative solutions

A successful entrepreneur has a strong belief in self and own abilities. Examples Expresses confidence in own ability to complete a task or meet a challenge Sticks with own judgment in the face of opposition or early lack of success

An entrepreneur confronts problems and issues with others directly. as entrepreneur, you must have the courage in looking for solutions, and find for resources, and even people who can help in those tough times. Examples Confronts problems with others directly Tells others what they have to do Reprimands or disciplines those failing to perform as expected

An entrepreneur can successfully persuade or influence others for mobilizing resources, obtaining inputs, organizing productions and selling his products or services. means influencing others reach company goals. Great entrepreneurs are great salespeople. Examples Convinces someone to buy a product or service Convinces someone to provide financing Asserts own competence, reliability, or other personal or company qualities

An entrepreneur is able to make use of influential people to reach his business goals. developing a great relationship with other businesspeople is a very important task of an entrepreneur. Examples Acts to develop business contracts Uses influential people as agents to accomplish own objectives Selectively limits the information given to others Uses a strategy to influence or persuade others

is described as the process of creating something new whether it is a product or a service that brings benefit by devoting the time and energy needed to consider the financial, psychological and social risks, and achieving the possible incentives for financial and personal satisfaction and freedom.

an entrepreneur has a positive sense of values and personal beliefs.

an entrepreneur is prepared to use new approaches and comes up with new ideas that may enhance work.

an entrepreneur understands that risk taking means trying to anticipate future problems thus solve new problems that may arise in the business organization.

the entrepreneur understands that networking can provide access to information, collaboration and profits; and that careful planning and preparation help achieve desired results.

the entrepreneur understands that thinking using strategies can help achieve goals in the organization.

developments in the locality; seeks out best practice; and identifies and determines opportunities that are not common to others.

unavoidable situation and responds flexibly to deal with changing priorities set by the upper authorities.

the entrepreneur persists in pursuing goals despite hindrances and problems; performs in the hope of success rather than fear of failures; and manages difficult situation.

the entrepreneur develops and builds trust and long-term relationships with customers; collates an expectation of high level of customer service; and maintains regularly exceeds customer expectation.

they build the total capability of the people involved. They always consider the principles of inclusiveness in planning and dealing with others.

the ultimate reward of an entrepreneur. every business venture aim for profitability.

THE REWARDS OF ENTREPRENEURSHIP

is a quantitative and qualitative assessment of a market ability to respond positively.

Dividing the total people in the market based on the customer demographics.

m Demographic segmentation portions the arket on parameters like age of the customer, gender, income, family life cycle, educational qualification, socioeconomic status, religion, etc.

A target market is a group of customers that a business has decided to aim its marketing efforts towards. Target markets can be divided into primary and secondary target markets. Primary target markets are those market segments to which marketing efforts are primarily directed and secondary markets are less important.

To build a solid foundation for a business, the entrepreneur must identify first the business’ target market. There is no such thing as “one size fits all” when it comes to recognizing a market niche. The clearer the business can identify its target customer, the more effective it could become in tailor-fitting its strategies in getting customers.

By knowing the competitor, an entrepreneur will be able to compare themselves to see what things that are effective and works for the other companies in the industry.

BARRIERS TO ENTRY

Establishing branding and assuring the market of the quality of the new product. An initial low pricing policy to get into the market, though with little competition, price may be high initially to recoup development costs.

Adding features that will make the product differ from the inevitable competitors that enter the market. Cutting price to counter competition.

Maintaining the quality of the product and adding any extra services or support that becomes obvious during introduction. Keeping the price at a good level to maintain sales growth.

Keeping the product on the market but adding or removing features or finding new uses for it. Reducing costs and production and keeping it just for a niche segment of the market.

LEVELS OF PRODUCT

TYPES OF PRODUCT GOODS

TYPES OF PRODUCT SERVICES

CONSUMER PRODUCTS

INDUSTRIAL PRODUCTS

Study Notes

Entrepreneurship

  • An entrepreneur is willing to take risks to create a new venture with potential for growth and profit.
  • Entrepreneurs are motivated to innovate, take new ideas, and create new and better ways of doing business.

Characteristics of Successful Entrepreneurs

  • Take action before being asked or compelled by the situation.
  • Act to extend the business into new areas, products, or services.
  • Seize unusual opportunities to obtain financing, equipment, land, workspace, or assistance.
  • Make repeated efforts to overcome obstacles.
  • Take action to seek information to achieve business objectives or clarify business problems.

Entrepreneurial Traits

  • Act to improve and enhance products or services to deliver the best work for customers.
  • Place the highest priority on getting a job completed.
  • Find ways to do things faster or with fewer resources or at a lower cost.
  • Develop and use logical, step-by-step plans to reach goals.
  • Solve problems to ensure the business stays in the market for a long time.
  • Have a strong belief in oneself and one's abilities.
  • Confront problems and issues with others directly.
  • Persuade or influence others to mobilize resources, obtain inputs, organize production, and sell products or services.
  • Use influential people to reach business goals.

Entrepreneurial Process

  • Creating something new that brings benefits by devoting time and energy to consider financial, psychological, and social risks.
  • Having a positive sense of values and personal beliefs.
  • Being prepared to use new approaches and come up with new ideas that may enhance work.
  • Understanding that risk-taking means trying to anticipate future problems and solve new problems.
  • Understanding that networking can provide access to information, collaboration, and profits.

Entrepreneurial Skills

  • Persisting in pursuing goals despite hindrances and problems.
  • Performing in the hope of success rather than fear of failure.
  • Managing difficult situations.
  • Developing and building trust and long-term relationships with customers.
  • Maintaining regularly exceeds customer expectations.
  • Building the total capability of the people involved.
  • Considering the principles of inclusiveness in planning and dealing with others.

Business Venture

  • Every business venture aims for profitability.
  • The ultimate reward of an entrepreneur is profitability.

Market Analysis

  • Demographic segmentation partitions the market based on customer demographics such as age, gender, income, family life cycle, educational qualification, socioeconomic status, religion, etc.
  • Target markets can be divided into primary and secondary target markets.
  • Primary target markets are those market segments to which marketing efforts are primarily directed.
  • Identifying the target market is essential for building a solid foundation for a business.
  • Knowing the competitor helps entrepreneurs compare themselves and identify effective strategies.

Barriers to Entry

  • Establishing branding and assuring the market of the quality of the new product.
  • Initial low pricing policy to get into the market.
  • Adding features that will make the product differ from competitors.
  • Cutting price to counter competition.
  • Maintaining the quality of the product and adding extra services or support.
  • Keeping the price at a good level to maintain sales growth.
  • Keeping the product on the market but adding or removing features or finding new uses for it.
  • Reducing costs and production and keeping it just for a niche segment of the market.

Product Types

  • Consumer products
  • Industrial products
  • Goods
  • Services

Discover if you have what it takes to be an entrepreneur! This quiz will test your knowledge and understanding of the characteristics and mindset required to successfully launch a new venture. Determine if you have the willingness to take risks and the drive for growth and profit. Find out if you have the entrepreneurial spirit within you!

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