Entrepreneurship 101

Relevance of the Course

• Entrepreneurship is a key component of a capitalist economy, thriving in economic systems that support innovation and hard work.

Core Competency in Entrepreneurship

• Entrepreneurship originates from the French word "entreprendre", meaning "to undertake".
• It involves the appropriation and management of human, physical, and financial resources to create, implement, and develop solutions that meet individual or societal needs.

Career Opportunities

• New venture creation: launching a company, buying a business or franchise, starting a new venture in a family enterprise, or commercializing a technology.
• Careers in existing entrepreneurial ventures: startup small business, corporate entrepreneur, strategic entrepreneurial unit, education, research, public policy, and accelerators.

Opportunity Recognition

• Opportunity: a situation or occasion that makes it possible to do something that you want to do, with three essential elements: wanting to do something, conditions for realization, and making decisions or taking action.
• 5 strategies of opportunity recognition: preconditioning, conception, and three more.

Marketing

• Marketing: a process through which a product or service is launched and promoted to possible customers.
• Without marketing, potential customers would be unaware of products, leading to sales collapse and potential business failure.
• Marketing Plan: a business document outlining marketing strategy and tactics, which needs to change and evolve with business growth and new marketing trends.

7 Ps of Marketing

• Product: a package of benefits, both physical and psychological, that satisfies consumer needs and wants.
• Product types: goods (provide physical and psychological benefits) and services (provide experiences).
• Examples of products: carwash, clothes, construction, furniture, cleaning, foods, salon.

Product Planning and Development Process

• Essential to consider target audience while working on products.

This quiz covers the basics of Entrepreneurship, including recognizing opportunities, creating a business plan, and understanding career paths. Key concepts and core competencies in Entrepreneurship are also assessed.