Business Strategies and Needs

Needs and Wants

• Needs encompass essential physiological requirements for survival, including shelter, clothing, air, food, reproduction, sleep, and water.
• Wants refer to non-essential desires that enhance quality of life, often considered luxuries.

Relevance of Entrepreneurship to Organizations

• Development of managerial capabilities fosters effective leadership and decision-making.
• Creation of organizations contributes to job creation and economic growth.
• Entrepreneurship plays a significant role in improving the standard of living.
• Acts as a means of economic development by promoting innovation and competitive markets.

Factors Affecting Entrepreneurship

• Personality traits influencing entrepreneurial success include:

  • Initiative: Proactively taking steps to achieve goals.
  • Problem Solver: Capable of finding efficient solutions to challenges.
  • Perseverance: Persistence in overcoming obstacles.
  • Persuasion: Ability to convince and influence others.
  • Planning: Strategic foresight in business operations.
  • Risk-taking: Willingness to take calculated business risks.

• Environmental factors impacting entrepreneurship encompass:

  • Political conditions: Government policies and regulations.
  • Climate: Local economic and weather conditions.
  • Legal system: Laws affecting business operations.
  • Economic conditions: Market dynamics and consumer behavior.
  • Social conditions: Cultural factors and societal trends.

Entrepreneurial Journey: Goldilocks

• Ana and Boy Manrique transitioned from social workers to entrepreneurs as their family grew.
• The couple initiated their business with a bakery named Goldilocks, which opened in 1966 in Makati with a focus on cake-making.
• The brand name suggests fortune and success, drawing from the meanings of "gold" and "luck."
• Starting with 10 employees and a limited product range, Goldilocks rapidly gained popularity among locals.
• The company began franchising in 1991, leading to the expansion of over 600 stores and employing more than 2,000 people.

Definition of Entrepreneurship

• Entrepreneurship stems from the French word "entreprendre," meaning "to undertake."
• It involves innovating and executing ideas to create profit-generating activities.

Importance of Entrepreneurship

• Essential for promoting social change and driving innovation.
• Entrepreneurs are characterized by their willingness to take risks and their commitment to constant improvement.

Core Competencies in Entrepreneurship

• Involves dynamic economic activities focused on creating and managing enterprises.
• Requires innovation and creativity to generate new ideas and solutions.
• Profit potential allows entrepreneurs to gain financial rewards from their enterprises.
• Involves risk bearing, requiring careful management of uncertainties.

Types of Entrepreneurs

• Innovative Entrepreneurs: Introduce new concepts and ideas to the market.
• Imitating Entrepreneurs: Replicate existing ideas without innovation.
• Fabian Entrepreneurs: Hesitate to adopt changes, lagging behind until necessary.
• Drone Entrepreneurs: Resist innovations and rely on conservative methods, risking business stability.
• Social Entrepreneurs: Drive change in social and environmental sectors through innovative solutions.

Career Opportunities in Entrepreneurship

• Numerous pathways available, including starting personal businesses, consulting, franchising, and engaging in social enterprises.