Successful Filipino Entrepreneurs

Introduction to Entrepreneurship

• An entrepreneur has a mindset for seeing opportunities.
• Businesses form the backbone of the economy.
• Entrepreneurs are important for economic development and solving unemployment.

Successful Entrepreneurs in the Philippines

• Henry Sy (Shoe Mart (SM)): Offers a wide range of services like shopping, theaters, and food courts.
• Tony Tan Caktiong (Jollibee Foods): Known for the "langhap sarap" tagline.
• Socorro Ramos (National Book Store): The National Book Store has about 3,000 employees with Ramos estimated to be worth USD 3.1 billion.
• John Gokongwei Jr. : He founded JG Summit, with interests in airlines, telecom, banking, food, power, and property.
• Edgar Sia (Mang Inasal): Credited as the pioneer of unlimited rice meals in the Philippines
• Mariano Que (Mercury Drug): Founder of the Mercury Drug pharmacy chain.
• Cecilio Kwok Pedro (Lamoiyan Corporation): Former president of Aluminum Container Inc., which made toothpaste tubes.
• Joe Magsaysay (Potato Corner): Founded Potato Corner in 1990, a food cart company.

Successful Entrepreneurs Worldwide

• Jeff Bezos: Founder of Amazon, the largest eCommerce marketplace.
• Bill Gates: Founder of Microsoft.
• Mark Zuckerberg: Founder of Facebook.
• Steve Jobs: An American entrepreneur and investor, creator of the iPhone.

Concept of Entrepreneurship

• The word "entrepreneur" comes from the French word "ENTREPRENDRE," meaning undertaker.
• An entrepreneur undertakes risks to create a new enterprise.

Entrepreneurship According to Economists

• Schumpeter (1934): Entrepreneurship involves new combinations of firm organization, products, services, resources, and markets.
• Hart, Stevenson, and Dial (1995): Pursuing opportunities regardless of current resources, considering founders' experience.
• Kurato (2009): A dynamic process of vision, change, and creation using energy and passion for new ideas and solutions.
• Dyck and Neubert (2012): Involves conceiving opportunities for new goods and services, taking initiative, and mobilizing resources.

Relevance of Entrepreneurship and Entrepreneurs

• Creates employment.
• Develops new markets.
• Introduces innovation.
• Generates new materials.
• Stimulates investment.
• Improves quality of life.
• Serves as a role model.
• Provides social benefit.
• Utilizes indigenous resources.
• Provides more consumer alternatives.

Businessman vs. Entrepreneur

• Businessman: Sets up a business with an existing idea, focuses on competition, traditional, profit-oriented, and may not have financial freedom.
• Entrepreneur: Starts an enterprise with new ideas, focuses on cooperation, innovative, risk-taker, and may have achieved financial freedom.

Core Competencies in Entrepreneurship

• Economic and dynamic activity: Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources.
• Innovative: Entrepreneurs constantly look for new ideas, thus he needs to be creative.

Types of Entrepreneurs

• Innovative: Creates new things with new ideas.
• Imitating: Follows the ideas of other entrepreneurs.
• Fabian: Skeptical of changes, follows only after satisfaction.
• Drone: Relies on others' labor, resists change.
• Social: Drives social innovation in fields like education and human rights.

Comprehensive Strategic Assessment: PESTEL and Porter's Five Forces Analysis

• Frameworks to understand the external environment and competitive landscape.

Understanding PESTEL Analysis

• Examines Political, Economic, Social, Technological, Environmental, and Legal factors.

Political Factors

• Considers government policies, stability, and regulations.

Economic Factors

• Includes inflation rates, interest rates, and economic growth.

Social Factors

• Reflects societal trends and consumer behavior.

Technological Factors

• Involves advancements and innovations.

Environmental Factors

• Includes ecological aspects and sustainability.

Legal Factors

• Encompasses laws and regulations for business operations.

Porter's Five Forces

• Analyzes competitive dynamics within an industry.

Threat of New Entrants

• Assesses how easy new competitors can enter the market.

Bargaining Power of Suppliers

• Determines suppliers' influence over pricing and quality.

Bargaining Power of Buyers

• Reflects customers' influence on pricing and quality.

Recognizing a Potential Market

• Determine possible products or services to meet needs.
• Associated needed market problem.
• Screen propose solutions based on viability and profitability
• Finding solutions matching needs.

Entrepreneurial Ideas

• It is a process of creating new ventures involving idea creation, identifying opportunities, and opening the venture.

Sources of Opportunities

• Changes in the environment create entrepreneurial ideas.
• New government programs and policies.
• People's interests, past experiences, technological discoveries

Technological discovery and advancement

• A person with entrepreneurial interest sees possibility of business opportunities in any new discovery or because of the use of latest technology.

Forces of Competition Model

• An industry operates within a competitive environment.

Five Forces Competing Within the Industry

• Buyers and their bargaining power depend on product differentiation and switching costs.
• Potential new entrants introduce new business.This depends on capital requirements and government policies.
• Rivalry among firms characterized by a state or situation in which people or groups are competing with each other.
• Substitute products can threaten if switching costs are low and customer preferences change.
• Suppliers and their power are strong when there are few suppliers and high switching costs.

Marketing Mix (4Ps)

• Product: Goods or services to satisfy customer needs.
• Price: What the customer pays.
• Place: Distribution and accessibility.
• Promotion: Gaining customer attention through advertising etc.

Importance of the Marketing Mix

• Helps understand customer needs and plan successful product offerings.
• Aids in planning and executing effective strategies.
• Helps businesses use strengths and avoid unnecessary costs.

Importance of Marketing Strategy

• Provides a competitive edge and helps develop profitable goods and services.
• Aids in market research and effective departmental coordination.

Role of Marketing Mix

• It is a significant tool for creating the right marketing strategy and its implementation through effective tactics.
• The mix helps in determining which marketing strategy is right for your organization.
• It is the first step before you even create your business or marketing plan.

Digital Marketing Mix

• It is how a business attains its marketing goals using digital technologies.

Explore the journeys of successful Filipino entrepreneurs like Henry Sy (SM), Tony Tan Caktiong (Jollibee), and Socorro Ramos (National Book Store). Learn from their experiences and contributions to the Philippine economy. Discover the mindset and strategies that drove their success.