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Questions and Answers
Entrepreneurs think internally. Entrepreneurs think _______________.
incessantly
What does 'opportunity' refer to in the context of entrepreneurship?
What is the purpose of conducting market research in entrepreneurship?
to test hypotheses and determine the possible size of the target customers
Entrepreneurship is a 'no man is an island' concept.
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According to Socorro Ramos, what must businesses do to eventually achieve profits?
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Match the following entrepreneurial characteristics with their descriptions:
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What was one of the ways Israel conserves water as mentioned in the document?
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Elon Musk is known for creating America's first viable fully electric car company.
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According to Jack Ma, to change the world, one should invest in ________.
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What benefits do online platforms provide for entrepreneurs?
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What is the Risk neutral attitude about?
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Elon Musk believes in constantly thinking about how you could be doing things better.
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According to Ardy Roberto, what is mindset?
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According to Bill Gates, ______ is a key element of success.
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Match the following entrepreneurs with their respective companies:
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What is the role of entrepreneurship in economic development?
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What does Henry Sy, Sr. emphasize as components of success?
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Entrepreneurship solely focuses on making money.
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Entrepreneurs think in __________.
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Match the following common myths about entrepreneurship with the correct interpretation:
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What are some common threats encountered in the business industry?
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What are some common ingredients of PanUbe19 mentioned in the content?
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Writing a business plan helps in outlining how a business operates and setting goals.
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What is ideation in the context of product development?
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What does the 'Problem Statement' section in product ideation include?
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SWOT stands for Strengths, Weaknesses, Opportunities, and __________.
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Opportunities in a SWOT analysis refer to external factors that can positively affect a concept.
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What is the purpose of the 'Final Report' section in product ideation?
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Study Notes
Success Mindset of Entrepreneurs
- A mindset is a set of attitudes, thoughts, and beliefs that shape a person's thought habits, affecting their behavior and actions.
Importance of Entrepreneurship
- Entrepreneurship contributes to economic and social development by allowing new ideas and perspectives to flourish.
- It promotes competition, innovation, and quality products and services, driving prices down and benefiting consumers.
- Entrepreneurship creates new professions and opportunities, generates revenue, and contributes to national income.
- It also creates social change, contributes to community development, and drives economic growth.
Common Myths About Entrepreneurship
- Entrepreneurs don't quit; quitting can lead to becoming an entrepreneur.
- Entrepreneurs don't know everything; they learn from mistakes and solicit ideas for improvement.
- Entrepreneurs are not bosses; they need to report and establish historical transactions and decisions.
- Entrepreneurship is not unstructured and chaotic, but a system that needs coordination among market players.
How Entrepreneurs Think
- Entrepreneurs think in actions, possibilities, patterns, and ambiguity.
- They think internally, incessantly, and about value-add.
- Entrepreneurs think about giving meaning, solving problems, and making lives easier.
The Entrepreneurial Mind Process
- Identify an idea or opportunity that addresses a particular need or problem.
- Conduct market research to test hypotheses and determine the target customer size.
- Analyze and verify data to draw conclusions about the idea's worth.
- Build a competent human resource to run the business successfully.
- Launch the business and expect risks, learning from mistakes and improving.
Entrepreneurial Ecosystem
- An entrepreneurial ecosystem is a complex network of interconnected parts, including policy and finance.
- Each domain has its own functions, and failure in one domain can affect other parts.
Characteristics of Entrepreneurial Ecosystem
- Each ecosystem is unique and constantly changing.
- The success of the ecosystem depends on the number of people participating in market activities.
- The ecosystem is self-correcting and able to adjust to uncertainties.
Intrapreneurship and Intrapreneur
- Intrapreneurship refers to employees who think and act like entrepreneurs within an organization.
- Intrapreneurs take calculated risks, think innovatively, and research market potential for the benefit of their organization.
The Entrepreneurial Process
- Discovery involves idea generation, conducting market research, and searching for information to address a need.
- Developing a business plan is a crucial step in the entrepreneurial process.### The Evolution of Entrepreneurship and Opportunity
- The term "entrepreneurship" was invented in the 17th century, but archaeological evidence shows that business activities have existed since prehistoric times.
- Opportunities have evolved over time, influenced by changes in human activity and behavior.
Creating Value from Different Periods
The Hunter's Age
- People created value by exploiting natural resources, such as food and natural resources.
- During this period, people realized that it was easier to take other people's crops and resources, leading to the rise of war and a negative view of wealth.
The Warrior Age
- People created value by seeking refuge and creating stable societies, which led to the development of warriors to maintain safety.
- Kings awarded victorious warriors with land and slaves, creating a new form of value.
The Craftsman's Age
- People created value by offering their skills to create decorative crafts and beautiful items.
- Kings and warriors did not plunder or kill these craftsmen, allowing them to thrive.
The Explorers' Age
- People created value by seeking new lands and resources, leading to the construction of ships and exploration of unknown lands.
- Explorers brought back valuable raw materials, such as silks and spices, creating wealth and money.
The Merchants' Age
- People created value by trading valuable goods, such as spices, porcelain, gold, and salt, across long distances.
- Merchants took risks to travel and bring back valuable goods, creating a new form of value.
The Mechanization Age
- People created value by developing machinery, allowing for mass production and faster creation of value.
- Owning machines became a key factor in creating wealth and value.
Famous Entrepreneurs and Their Philosophies
- Henry Sy, Sr. (Founder, SM): "There is no such thing as overnight success or easy money. If you fail, do not be discouraged; try again."
- Tony Tan Caktiong (Founder, Jollibee Foods Corporation): "Twenty-seven years ago, we didn't have a firm vision that we would be number one, but we had a rough vision that we would go outside the Philippines."
- Socorro Ramos (National Bookstore): "You have to adjust to the flow of business. If you're not open to change, your business can't move on."
Entrepreneurial Attitudes and Work Styles
- Risk-taking: entrepreneurs calculate the risk before entering the battlefield.
- Flexibility: entrepreneurs adjust to changes and are willing to diversify their networks.
- Vision: entrepreneurs perceive opportunities everywhere and have the ability to forecast the future.
- Self-profiling: entrepreneurs know themselves better and identify their strengths and weaknesses.
- Positive habits: entrepreneurs face problems and create a big realization that problems can be solved.
Entrepreneurial Tools and Philosophies
- Economics: entrepreneurs use economic tools to determine price, product, place, and promotion.
- Statistics/Mathematics: entrepreneurs use statistics and mathematics to collect, analyze, and test business data for sound decisions.
- Management: entrepreneurs critically plan, organize, direct, and control limited resources to attain objectives and goals.
- Accounting: entrepreneurs use accounting to record data and transactions, reflecting the entity's financial position and net profit or loss.
- Computer/Gadgets: entrepreneurs use modern computers and gadgets to make lives more convenient and efficient.
Successful Entrepreneurs and Their Philosophies
- Jeffrey Preston Bezos (Founder, Amazon): "You should be missionary in starting your career. Someone who loves to build his or her integrity and of the others, similar to building the customers."
- Elon Musk (Founder, PayPal and SpaceX): "No, I don't ever give up. I'd have to be dead or completely incapacitated."
- Bernard Arnault (Founder, LVMH Moet Hennessy Louis Vuitton): "All that interests me is promoting my brands, never myself."
- Bill Gates (Founder, Microsoft): "It's fine to celebrate success, but it's more important to heed the lessons of failure."
- Mark Zuckerberg (Founder, Facebook): "I started the site when I was 19. I didn't know much about business back then."### Creating Value from Different Periods
- Industrialization Age:
- Brought by electricity, production reached its fastest rate
- Industrialists became big players as they could predict what's next
- Oil Age:
- Mass production became visible, cheap things like cars created new opportunities
- Demand for oil increased at an unprecedented rate, and people like Getty and Rockefeller became successful
- Corporate Age:
- People realized they could serve multiple target markets by building corporations
- Corporations established production and distribution offices in different regions
- Consumers were exposed to new and sophisticated products
- Financial Age:
- Corporations aspired for growth and expansion, and capitalization became an issue
- Financial institutions like banks provided the necessary capital
- Corporations with less business activity and declining financial performance were opportunities for financial institutions to purchase, restructure, and revive
- Information Age:
- As corporations grew and employed more people, information became vital and significant
- Holding essential information, such as customer information, was a key to winning the game and competition
- This scenario led to the development of technology that could handle massive data and information
- Start-up Age:
- People realized that employment wasn't the key to success, and entrepreneurship was the way to fulfill their dreams
- People scanned their environment for opportunities and created value and made money from it
- Technology contributed to lowering the cost of starting a business
Documentaries and their Key Takeaways
- Documentary Video 1: For Survival: Scarcity or Ingenuity
- Israel conserves water through desalination, drip irrigation, and recycling
- Documentary Video 2: Turning Wild Imagination into Reality
- Elon Musk, the entrepreneur who helped create PayPal, built America's first viable fully electric car company, and started the nation's biggest solar energy supplier
- Top 10 World's Billionaires - Bloomberg Report
- Elon Musk's response to a Twitter request for internet access in Ukraine
- Five Life Lessons from Jack Ma's Talk
- Think ahead and have a dream
- Money isn't happiness, it's responsibility
- Expect the unexpected
- You don't need connections to achieve success
- Help young people and small businesses to create change
The Entrepreneurial Mind
- Format for Product Ideation Business Concept Paper
- Components include:
- Concept Name
- Problem Statement
- Key Stakeholders
- How does it work?
- Features and Benefits
- Timeline and Milestones
- SWOT Analysis
- Final Report
- Components include:
Example of a Product Ideation Business Concept Paper
- Sample Product Ideation: PANUBE 19
- Concept Name: PANUBE 19, a product that provides nutrients and happiness
- Problem Statement: Limited food options during the pandemic
- Key Stakeholders: Investors, employees, customers, and suppliers
- How does it work?: A step-by-step process of producing and delivering PANUBE 19
- Features and Benefits: Rich in vitamins, soft and creamy, with iron and low sodium content
- Timeline and Milestones: Year 1-5 plan for business development
- SWOT Analysis: Strengths, Weaknesses, Opportunities, and Threats of PANUBE 19
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Description
Test your knowledge on the success mindset of entrepreneurs, covering essential concepts and principles from renowned experts like Ardy Roberto and Quentin Hawkins.
