Traditional vs. Intuitive Entrepreneurship

• "Entreprendre," means to undertake and it involves attempting to make value out of things that, to some, have none as well as the hope of profit.

Entrepreneurial Process

• It makes or breaks the business

Idea Generation

• It transforms an intangible idea into a tangible one.
• It involves deciding what industry to be part of through personal experience, skills, and training

Development of Concept

• It materializes an idea by analyzing the potential of the product, catering to what people want, defining objectives and how to sell, and creating a business plan.

Organizing Resources

• It involves checking if the plan will work using materials, financial sources, workforce, and ensuring that everything needed is readily available and affordable

Implementation

• It puts the plans into action

Reaping the Returns

• Getting a Return on Investment (ROI), profits, satisfaction, and expanding the benefits of the business

Characteristics of Entrepreneurs

• Common traits include empathy, passion, creativity, motivation, attention to detail, humility, servant leadership, adaptability, innovation, curiosity, risk-taking, discipline, persistence, and resourcefulness

Types of Entrepreneurs

Micro Entrepreneurs

• They start or operate a small business venture.
• Operate in industries that are underserved and often require special knowledge/skill.
• These are flexible and autonomous businesses with low ongoing overhead cost, promoting personal fulfillment, social impact and low initial investment

Macro/Mega Entrepreneurs

• They change the industry and become a dominant force by networking and building an empire

Generating Ideas

Decision-Making

• Includes strategic decisions, setting short-term goals to achieve bigger objectives.

Operational Decision Making

• This occurs day to day in all areas
• Also deals with capital, funds, investments, and rewards.

Marketing

• It identifies who will buy a product or service

Sources of Ideas

• Products or services with variations
• Processes of production and distribution by offering in different manners
• Personal skills, hobbies, and likes through relationships and family

Methods of Generating/Testing Ideas

• Logical thinking which is systematic and rational
• Statistical analysis determining how many people still want the product
• Market analysis identifying factors that affect demand
• Delphi analysis involving people who need something

Creative Thinking

• It’s the thought process that does not follow logical thinking

Factors

• Problem-solving skills
• Motivational factors
• Situational factors
• Organizational confluence approach of creativity

Methods

• Brainstorming
  • This is an unstructured discussion of a group

Checklist Method

• This involves listing all ideas that can be connected, reprocessed, and associated with free association to identify all possible problems then give alternative solutions
• This occurs when individuals express unconscious thoughts associated with words and ideas

SCAMPER Method

• Involves substitution, combination, adaptation, magnification, putting things together, elimination, and rearrangement.

Recognizing Opportunities

• This provides reasons as to why the business has opportunities, but look for modifications to better present it

Business Ideas

• This involves a concept that could be used to generate profit

Business Opportunities

• It identifies a situation or occasion that makes it possible to do something resulting in fitting the market gap
• It ensures the business can profit from a concept that has proven commercial value.

Stages of Opportunity Recognition

Precondition

• Gaining valuable information on the market to identify business opportunities

Conception

• When intentions and ideas are generated for "what to do with the idea."

Visioning

• Developing clearer ideas that connect with logic, leading to a new idea regarding the product's long-term future

Assessment

• Feasibility is analyzed to decide whether the idea can be realized, and resources are realistically allocated.

Realization

• This includes production and testing of a prototype.

Five Characteristics of Opportunities

• Clarity ensures a clear and well-defined business opportunity and helps understand its potential value.
• Relevance ensures the opportunity addresses existing problems and can reach its potential and customer expectations.
• Feasibility assesses if the opportunity is realistic and achievable.

Factors in Opportunity

Market Awareness

• Understanding the market needs, including current trends, customer needs, and opportunities.

Entrepreneurship Readiness

• The factors that allow one to determine if they are ready to start a business, and prepared for such venture

Connections

• Learning from experts, surrounding yourself with supportive people and building a strong network.

Market opportunity

• This involves understanding potential demand, gaps & needs, looking forward, and assessing the size and growth potential of the market

Different Market Opportunities

• Identified Gaps -These exist but are not currently available locally.
• Customer Needs
  • Need to make them want it even though they don’t need it
• Size & Growth Potential
  • The Product becomes well-known to the public so you begin building up on it

Resources To Operate

• Raw materials that are resources to produce a aproduct
• Labor consists of the amount paid by an employer
• Overheads are factors that are not directly linked to the business but ensure the business remains operational

Analysis of Costs and Pricing

• Costs = Fees to produce the product
• Price = Based on the costing of the product

Pricing

• The expense (materials, labor, overhead)
• Process of setting the price based on cost

Factors

• Costing of resources
• Market conditions

Risks and Strategies

• This consists of mitigating and addressing potential threats through SWOT analysis

Commitment

• Involves commitment investment of time, effort, and resources that assesses yourself

Opportunity Pathways

Rational Approach

• Identify, evaluate, and pursue business opportunities

Evaluate

• Base on logical reasons and identify the problems by rational reasons
• Considered as the best alternative for entrepreneurs who prefer structured processes and evidence-based decision-making

Traditional Approach

• Based on established practices, conventional wisdom, and proven methods
  • This involves trust in oneself & confidence
• It is able to recognize patterns and opportunities and make quick decisions without data

Business Organization

• Businesses are structured and helps meet their goals to generate profit and improving society

Forms of Business Ownership

Sole proprietorship;

• Owned and operated by a single person
• The Owner has full control and authority and profits exclusively
• However, there is unlimited liability, limited capital, skills, and continuity risk

Unique Selling Proposition

• Makes the business to be different from competitors which comes with a secret sauce
• Understanding customers through exceptional service of a strong brand story

Partnership

• An association of two or more persons as coworkers that eliminates disadvantages
• Shared responsibility which needs strong communication, trust, and clear agreement

General & Limited Partnerships

• All partners in general situations share responsibilities, profits, and liabilities
• Liabilities are managed when easy to form and have flexiblity
• It helps in better decision making, but needs more work load

Legal requirements

• It does not involved in daily management
• There is a general manage liable for debts who is only liable for investment

Types of Partnerships

Active partners

• Actively participate in daily operations and management, and decision-making

Silent Sleeping partners

• These kinds of partner invest but not participate in management
• Only share in profits

Secret partners

• These partners involve themsleves in business
• They are not publicly known to make decision-making or interfere with running

Corporation

• An enterprise with legal rights of a person that conduct a business, own/sell property, borrow money, sue and be sued

Limited Liability

• Shareholders are not responsible for the debts

Stock

• Increased stock valuation or financial profits

Advantages / Disadvantages of a Corporation

• Limited liability, ease of expansion and transferring property
• More expensive and complicated with government restrictions on employees

Entrepreneurial Activites

• Enterprising human action in the pursuit of value
• Creating or expanding business
• Identifying new products,process or markets

Retailing

• Directing it’s marketing efforts towards satisfying the final consumer
• Can use the word ''re-tailler'' to sell goods in small quantities
• Evolving into a global high-tech business with educational experiences

Elements in Retail Strategy

• Businesses must choose goods that appeal to a target customer
• Position the retailer in the market
• Businesses must position a certain location to consumers

Advertising

• A traditional media that can use digtital ads to raise awareness
• There can be incentives for customer loyalty
• This occurs by rewarding people for their loyalty

E-commerce Platforms

• Supply can disrupt by using new AI
• These can include cashless payments to incresing competition

Impact of Retail in the economy

• Creates more jobs and consumer spending which in turn adds tax revenue
• Innovation that provides support and investment

Manufacturing

• Can create goods from materials and assmebly of product
• Depending on the materials it can be customized

Material processing

• Transformation of raw materials that involves chemical or mechanical methods
• These can sold as products

Service

• Transportation, cleaning, traveling, hospitality, maintenance and consulting

Business Ethics

• The guidelines moral policies will govern values and activities
• It is also important that their business policies are appropriate

Corporate & Ethical Expectations

• It is possible to manage these expections by being honest
• It is encouraged to be ethical between workers and customers and be loyal when needed
• The more authentic the brand, the better

Explore the challenges and advantages of traditional entrepreneurship. Understand the risks of relying solely on intuition without market research. Learn how established businesses adapt to competition and changing markets.