Podcast
Questions and Answers
Which of the following is NOT a primary societal benefit of entrepreneurship?
Which of the following is NOT a primary societal benefit of entrepreneurship?
- It improves people's living standards.
- It reduces social conflicts and political unrest.
- It introduces new and innovative products and services.
- It guarantees equal distribution of wealth among all citizens. (correct)
Entrepreneurs should avoid taking risks at all costs to ensure the success of their business venture.
Entrepreneurs should avoid taking risks at all costs to ensure the success of their business venture.
False (B)
According to the levels of entrepreneurial development, what is the primary focus of an 'Investor'?
According to the levels of entrepreneurial development, what is the primary focus of an 'Investor'?
opportunity for business growth
An entrepreneur is a unique individual who has the innate ability and extraordinary dedication to establish and manage a business, acknowledging all the risks and reaping its ______.
An entrepreneur is a unique individual who has the innate ability and extraordinary dedication to establish and manage a business, acknowledging all the risks and reaping its ______.
Match the following entrepreneurs with their respective businesses:
Match the following entrepreneurs with their respective businesses:
Which of the following best describes an entrepreneur's role as an 'agent of change'?
Which of the following best describes an entrepreneur's role as an 'agent of change'?
Being 'proactive' as an entrepreneur means addressing issues only after they become significant problems.
Being 'proactive' as an entrepreneur means addressing issues only after they become significant problems.
In the context of the 'true entrepreneur', what does the acronym IVVM stand for?
In the context of the 'true entrepreneur', what does the acronym IVVM stand for?
Which method is NOT typically associated with generating initial business ideas?
Which method is NOT typically associated with generating initial business ideas?
External intent in opportunity screening primarily focuses on the entrepreneur's personal goals.
External intent in opportunity screening primarily focuses on the entrepreneur's personal goals.
What is the main purpose of 'opportunity screening' in the context of starting a business?
What is the main purpose of 'opportunity screening' in the context of starting a business?
__________ innovation involves positively improving an existing product or service.
__________ innovation involves positively improving an existing product or service.
Match the stage of product/service development with its description:
Match the stage of product/service development with its description:
Which of the following traits would be MOST helpful for an entrepreneur aiming to foster a positive company culture?
Which of the following traits would be MOST helpful for an entrepreneur aiming to foster a positive company culture?
An entrepreneur who avoids improving existing processes and disregards new ideas is demonstrating the 'innovative' core trait.
An entrepreneur who avoids improving existing processes and disregards new ideas is demonstrating the 'innovative' core trait.
What is the primary role of an entrepreneur as a 'communicator' within their business?
What is the primary role of an entrepreneur as a 'communicator' within their business?
A business arrangement where a business owner acquires distribution centers through affiliated dealers is known as ______.
A business arrangement where a business owner acquires distribution centers through affiliated dealers is known as ______.
Imagine an entrepreneur is opening a small business in a busy urban area in the Philippines. Based on the list, which of these options would likely have the LOWEST startup costs?
Imagine an entrepreneur is opening a small business in a busy urban area in the Philippines. Based on the list, which of these options would likely have the LOWEST startup costs?
Match the following core traits of entrepreneurs with their description:
Match the following core traits of entrepreneurs with their description:
Which attribute describes an entrepreneur who readily connects with individuals vital to the company's success?
Which attribute describes an entrepreneur who readily connects with individuals vital to the company's success?
An entrepreneur who is 'balanced' demonstrates purely creative thinking without analytical consideration.
An entrepreneur who is 'balanced' demonstrates purely creative thinking without analytical consideration.
Which of the following is the MOST expensive franchise opportunity according to the list provided?
Which of the following is the MOST expensive franchise opportunity according to the list provided?
Developing a business plan is the initial step in the entrepreneurial process.
Developing a business plan is the initial step in the entrepreneurial process.
What does the acronym STEEPLED stand for when analyzing microenvironmental sources?
What does the acronym STEEPLED stand for when analyzing microenvironmental sources?
According to the content, __________ is the most difficult process of all, due to the number of options that the entrepreneur will have to choose from.
According to the content, __________ is the most difficult process of all, due to the number of options that the entrepreneur will have to choose from.
Match the ethical marketing principles with their descriptions:
Match the ethical marketing principles with their descriptions:
Which of the following demographic factors is MOST likely to influence the marketing strategy of a new product targeted at senior citizens?
Which of the following demographic factors is MOST likely to influence the marketing strategy of a new product targeted at senior citizens?
An entrepreneur notices several complaints about the long waiting times at local fast-food restaurants. How would you classify this observation?
An entrepreneur notices several complaints about the long waiting times at local fast-food restaurants. How would you classify this observation?
What is the relationship between 'Scanning the Marketing Environment' and the success of a new business venture?
What is the relationship between 'Scanning the Marketing Environment' and the success of a new business venture?
Flashcards
Sociable Entrepreneur
Sociable Entrepreneur
Ability to build relationships with important company assets.
Networking Entrepreneur
Networking Entrepreneur
Knowing the key people to connect with for business success.
Decisive Entrepreneur
Decisive Entrepreneur
Making timely decisions and resolving issues effectively.
Balanced Entrepreneur
Balanced Entrepreneur
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Innovative Entrepreneur
Innovative Entrepreneur
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Entrepreneurial Leaders
Entrepreneurial Leaders
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Communicative Entrepreneur
Communicative Entrepreneur
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Franchising
Franchising
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Focus Group Discussion
Focus Group Discussion
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Opportunity Screening
Opportunity Screening
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Internal Intent
Internal Intent
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Innovation
Innovation
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Product Development Stage
Product Development Stage
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Entrepreneurship
Entrepreneurship
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Entrepreneurship Involves:
Entrepreneurship Involves:
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Benefits of Entrepreneurship
Benefits of Entrepreneurship
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Entrepreneur
Entrepreneur
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Levels of Entrepreneurial Development
Levels of Entrepreneurial Development
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Proactive
Proactive
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Agents of Change
Agents of Change
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Risk Takers
Risk Takers
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Business Plan
Business Plan
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Scanning Marketing Environment
Scanning Marketing Environment
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Opportunity Seeking
Opportunity Seeking
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STEEPLED
STEEPLED
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Ethical Marketing
Ethical Marketing
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Demographic Factors
Demographic Factors
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Micromarket
Micromarket
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Marketplace Irritants
Marketplace Irritants
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Study Notes
- Entrepreneurship is a proactive process of developing a business venture to make a profit.
- It involves seeking market opportunities, establishing and operating a business, and assessing risks and rewards through monitoring.
Societal and Economic Benefits of Entrepreneurship
- Creates more jobs and boosts economic activities across different sectors.
- Introduces innovative products and services, improving living standards.
- Disperses economic power, fostering equality, and balances regional development.
- Reduces social conflicts and political unrest, promoting economic independence.
Entrepreneur Defined
- A unique individual who has the innate ability and extraordinary dedication to establish and manage a business, acknowledging risks and reaping rewards.
Famous Entrepreneurs in the Philippines
- Henry Sy (SM)
- Tony Tan Caktiong (Jollibee)
- Socorro Ramos (National Bookstore)
- John Gokongwei Jr. (Robinsons, JC Summit Holdings Inc., CebPac)
- Edgar Jaruda Sia II (Mang Inasal)
- Mariano Que (Mercury Drugstore)
- Cresida Tueres (Greenwich)
- Cecilio Kwok Pedro (Hapee)
- Alfredo M. Yao (Zesto)
- Joe Magsaysay (Potato Corner)
Five Levels of Entrepreneurial Development
- The self-employed do things their way and are in control.
- Managers delegate tasks and hire potential employees.
- Leaders help their people flourish and achieve great results.
- Investors seek opportunities for their businesses to grow.
- True entrepreneurs aim for excellence in their work through idealization, visualization, verbalization, and materialization.
Common Traits of an Entrepreneur
- Proactive entrepreneurs address issues and challenges preemptively.
- Agents of Change identify opportunities even in difficult situations.
- Risk takers consider potential threats.
- They have a sharp eye for opportunities and assess net effects to decide intelligently.
- Sociable entrepreneurs know how to establish relationships with key company assets.
- Networkers know the key people to connect with.
- Decisive entrepreneurs resolve issues promptly.
- Balanced individuals have analytical and creative skills.
- Innovative entrepreneurs constantly improve and develop new ideas.
Core Traits for Entrepreneurs to Develop
- Leaders: Should be a source of inspiration for their employees.
- Communicators: Maintain open communication channels for smooth business operations with employees and customers.
- Specialists: Be experts in their chosen business, providing answers without relying on others.
- Problem Solvers: Use critical thinking to view problems as solvable challenges.
Most Common Small Businesses in the Philippines
- Sari-sari Store
- Rice Retailing
- Food cart Business
- Printing Business
- Buy-and-Sell business
- Street Food Business
- Flea Market Business (Tiangge)
- Online Business Selling
- Cellphone Loading Business
- Laundry and Dry Cleaning Business
- Hair-styling and Make-up Business
- Spa, Gym, and Nail care Business
- Video and Photography Business
- Tutorial Business
- Baking Business
- Website development and design/blogging
- Direct Selling Business
- Car wash and car care Business
- Bar, cafe and restaurant
- Water station and LPG Station
Franchising
- Definition: A business arrangement where the franchisor (business owner) distributes through franchises or affiliated dealers.
Top 10 Best Franchises in the Philippines
- Jollibee (25-32M)
- McDonald's (40-60M)
- Shell (5-8M)
- 7 Eleven (3.5-5M)
- LBC
- TGP (600-800K)
- KFC (19M)
- PCSO Lotto (500K-1M)
- Shakey's (18-25M)
- Pizza Hut (25-35M)
The Entrepreneurial Process
- Opportunity and spotting assessment requires entrepreneurs to note trends in their environment.
- Developing a Business Plan involves creating a comprehensive document detailing marketing, operations, human resources, financial strategy, and business tactics.
- Determining the capital needed involves calculating required resources.
- Running the Business means using resources allocated for new ventures effectively.
- Scanning the Marketing Environment is the starting point for understanding the microenvironment.
3S: Seeking, Screening, and Seizing
- Entrepreneurs should allocate resources appropriately for new ventures.
Seeking the Opportunity
- Opportunity seeking is the most difficult step due to numerous options.
- Microenvironmental Sources: STEEPLED (Sociocultural, Technological, Economic, Environmental, Political, Legal, Ethical, Demographic).
- Ethical Marketing: Empathy, Honesty, Transparency, Promise Keeping, and Sustainability.
- Demographic Factors: Age, Gender, Income Level, Geographic Location, Family Structure, Religion and Ethnicity, Occupation, and Educational Level.
- Industry insights come from current trends in the relevant industry.
- New discoveries or knowledge can form the core of a new venture.
- Futuristic Opportunities can affect new businesses.
- Micromarket includes consumer preferences, competitors, unexpected opportunities, and expertise.
- Irritants include deterrents, problems, complaints, delays, and location.
- Methods for Generating Ideas: Focus group discussions, brainstorming, internet brainstorming, and problem inventory analysis.
Screening the Opportunity
- Opportunity Screening is a process of carefully choosing the best opportunity.
- Internal Intent fulfills the entrepreneur’s life objectives.
- External Intent addresses the target audience's needs.
Business Opportunity Elements
- Has high value to customers.
- Solves a compelling problem or need.
- Has potential for cash generation.
- Aligns with the entrepreneur’s skills, resources, and risk appetite.
Seizing the Opportunity
- Opportunity Seizing is the act of pushing through with a chosen opportunity.
- Innovation improves an existing product or service and drives economic growth.
Three Types of Innovation
- Breakthrough, Technological, and Ordinary Innovation.
Product/Service Planning and Development
- Idea Stage: Determining feasible products or services.
- Concept Stage: Testing the developed idea for consumer acceptance.
- Product Development Stage: Providing samples to potential customers.
- Test Marketing: Using sales results to gauge consumer acceptance.
- Commercialization: The launch stage.
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