Entrepreneurship PDF

Entrepreneurship 1.​ Economic and Dynamic Activity - ​ Is a proactive process of developing a Entrepreneurship is an economic profit-making business venture. activity because it involves the creation ​ It inv...

Entrepreneurship 1.​ Economic and Dynamic Activity - ​ Is a proactive process of developing a Entrepreneurship is an economic profit-making business venture. activity because it involves the creation ​ It involves searching for market and operation of an enterprise with a opportunities, establishing and operating view to creating value or wealth by a business out of the opportunity, and ensuring optimum utilization of limited assessing its risks and rewards by resources. closely monitoring the operations. 2.​ Innovative - The entrepreneur constantly ​ The creation of a sound business plan, looks for new ideas, thus he needs to be together with the efficient and effective creative. operation of the business will benefit not 3.​ Profit Potential - The entrepreneur can only the entrepreneur but the whole be compensated by his profit coming society and the economy as well. from the operation. 4.​ Risk Bearing - The entrepreneur needs Entrepreneur to gamble but wise. ​ The term “entrepreneur” has a French source and was coined from the words Capitalism - which is an economic, political, and entre, which means “between”, and social system that has origins in the desire of prendre, which means, “to take”. private citizens to produce goods and services ​ An entrepreneur is a unique individual that the public needs. with the innate ability and extraordinary dedication to establish and manage a Adam Smith ( focused on the role of business, recognizing all the risks, and enlightened self-interest ( the “invisible hand” ) reaping their rewards. - FREE MARKET ECONOMY. Common Elements of Entrepreneurship The Philippine Constitution of 1987 recognizes 1.​ Innovation - The process of bringing to entrepreneurship as a driving force for an organization new concepts, economic growth. technologies, or methods. 2.​ Opportunity Seeking and Exploitation - Former President Gloria Arroyo issued E. O. The ongoing process of considering, 470 in 2005 established the Youth evaluating, and pursuing market-based Entrepreneurship Program as a response to the activities that are believed to be global call for youth people to become involved advantageous for the firm. in economic development and nation building. 3.​ Resource Mobilizing - Refers to all activities involved in securing new and Mr. Joey Concepcion is one of the Go Negosyo additional resources for your founders, a national organization that encourages organization. entrepreneurship. He also organizes YES ( 4.​ Encountering Risk and Uncertainties - Youth Entrepreneurs Seminars ) featuring Entrepreneurs live with uncertainty and business tips, advice, and opportunities for risk. young people who want to pursue 5.​ Economic and Personal Rewards entrepreneurship. Core Competencies Significance of Entrepreneurship to the Filipinos  ​ Improve the quality of life. ​ The three natural elements of the ​ Serve as a role model. physical environment: 1.​ Climate – the climatic Importance to the Local Community condition in a specific area ​ Entrepreneurs produce employment in where the business will be set the community. up must be assessed. ​ Entrepreneurs generate new demand in 2.​ Physical resources - the the market. availability or lack of raw ​ It makes a generous commitment to the materials will determine the cost raising and assortment of taxes. of the products. The availability ​ Entrepreneurs create new business of raw materials to be utilized opportunities in the market. for the business is sufficient for ​ Makes new sources of materials. long-term operation. 3.​ Wildlife - It incorporates the Significant to Philippine Economy general synthesis of the ​ It energizes competitiveness thus, ecological system. provokes challenges among Entrepreneurs must add to the entrepreneurs to continue innovating conservation of the biological their products and services. framework and set up corporate ​ It hurried the monetary recuperation social responsibility. procedure of the Philippines during the financial crisis. Social Environment ​ It facilitates the progression of money ​ Wheelen & Hunger (as cited in Aduana, flow in the market 2016, 86), the changes in the physical ​ It helps the national government in its environment have an impact on the longing to have positive financial societal environment first in terms of evaluations in the world market. resource availability and costs. ​ Morato (2016, 14) enumerated the Career Options: following social forces which 1.​ Arts and Design significantly impact the business 2.​ Sports Track venture: 3.​ TVL 1.​ Sociocultural Environment - it 4.​ Academic Track includes the demographic and cultural dimensions such as DITO START NG COVERAGE values, traditions, family structure, social status, SA LONG QUIZ!!! ↓↓↓ religions, customs, education, and dynamics of the population Physical Environment at large. ​ Physical environment according to 2.​ Political Environment - Aduana, (2016, 86) physical or the Aduana (2016, 87) underscored natural environment is composed of the political forces such as political natural elements. parties, political systems, and other related political groups  generously impact the political ward over the significant exercises soundness of a nation. within the territory. 3.​ Economic Environment – it is 2.​ SUPPLIERS - Morato (2016, 16) driven by supply and demand emphasized that it incorporates forces. Basically, it brought providers of contribution for instance about by changes in the gas, power, and crude materials. Philippine economy wherein it Providers of machinery and equipment, is a similar factor that drives suppliers of manpower and expertise, remote foreign exchange rates and supplies of merchandise assume a to fluctuate with other market vital job in the creation of merchandise forces. and enterprise 4.​ Ecological Environment – It 3.​ CUSTOMERS - it incorporates the includes resources and the purchasers of goods and administrations ecosystem that defines the given by the business. habitat of a man, animals, 4.​ COMPETITORS - According to Zarate plants, and minerals. (2017, 63) competitors are rival firms 5.​ Technological Environment - that offer similar goods and services as It refers to the trends and the organization. Competitors are development in information classified either direct or indirect. technology, scientific 5.​ EMPLOYEES - Are the genuine work discoveries, and technological power of the business who are liable for advancement. It includes the use the creation of merchandise or of the internet, social media, and conveyance of administrations to the E-commerce. clients. 6.​ Legal Environment - 6.​ CREDITORS - It refers to financial According to Aduana (2016, 93) institutions, banks, financial emphasized that legitimate intermediaries engaged in lending powers are components money to the borrower usually for a fee associated with enactment and in a form of interest. understanding of laws and ordinances influencing the Five (5) Forces According to Michael Porter business. Barriers to Forces of Competition: The purpose of Porter's Five Forces analysis is Industry Environment to help businesses understand the competitive ​ The industry environment is viewed as dynamics of their industry and make more the prompt condition of the business informed strategic decisions. The model where it leads to its different operational provides a framework for analyzing the five key exercises factors that determine the competitive intensity Aduana (2016, 100-103) discussed Six industry and profitability of an industry. forces which include: 1.​ Threat of New Entrants 1.​ GOVERNMENT - it alludes to the 2.​ Supplier Bargaining Power entire framework that handles the 3.​ Internal Competition (Rivalry) undertaking of the nation and has the 4.​ Threat of Substitute 5.​ Customer Bargaining Power  providing services rather than making SWOT goods. ​ According to Tibon (2016, p. 24-25) SWOT is an acronym for Strengths, 12 R’s of Opportunity Screening help you to Weaknesses, Opportunities, and Threats. select the best product/service needed in the ​ This is a tool to dissect environmental market. factors. These are things inside the 1.​ Relevance - Opportunity must be organization that you have some aligned with the vision, mission and command over and can change. objectives of an entrepreneur to attain the long term goal of the business. STRENGTHS 2.​ Resonance - It is essential that the ​ Strength refers to the strong attributes or opportunities you choose to pursue capabilities of the business that provide matches with your values and desired an advantage in exploiting the business virtues. opportunity. 3.​ Reinforcement - it is best to select an ​ It also includes the company's valuable opportunity close to your interests to attributes that give it a competitive develop your skills. advantage. 4.​ Revenues - Revenues depend not only on the quality of the opportunity, but on WEAKNESSES the future enterprise’s ability to ​ Weaknesses as defined by Zarate (2016, strategize and develop a saleable p.151) refers to attributes that need to be product or service. improved. 5.​ Responsiveness - If your choice fits well with unfulfilled customer wishes, then OPPORTUNITIES you have a better chance to succeed. ​ Opportunities are business 6.​ Reach - Opportunities that can be circumstances as products or services expanded by adding similar products or that must be maximized given their services, branches or franchise outlets potential as far as benefit and have good visions for attaining rapid development. development. 7.​ Range - The broader the variety of THREATS potential product or service offerings, ​ Threats are considered conditions in the the more attractive is the opportunity. environment that will have an adverse 8.​ Revolutionary Impact - The next big effect on the business activities. thing in the market is likely to be the opportunity. It can be a game changer What are Goods? that revolutionizes industries and makes ​ Tangible products that consumers can old products and services obsolete. observe with their senses. 9.​ Returns - Opportunities with low production or servicing costs but higher What is Service? prices would most likely yield higher ​ Intangible offerings that are abstract. returns on sales and return on ​ Key characteristic of Service “act of investment. delivery” itself is the product and  10.​ Relative Ease - The best opportunities WHO is the target market? are those that are easy for you to ​ A target market is a specific group of implement, but very difficult for others. potential customers who a business aims 11.​ Required Resources - Opportunities to reach with its products or services. requiring fewer resources from an entrepreneur may be more profitable Market Targeting than those requiring more resources. ​ Market targeting - is a process of 12.​ Risks - Some opportunities are riskier choosing and identifying the specific than others because they are untested or target market from the entire market. have a very small market base. Sales might be seasonal or cyclical. The basic entrepreneurial marketing strategies relative to the selected segment are the Market Segmentation following: ​ Process of dividing the market into 1.​ Individual or One-on-One Marketing - homogeneous parts or groups. Products/Services are tailored to the 1.​ Geographic Segmentation - needs of the individual consumer. Markets are into cities, regions, 2.​ Segmentation marketing rural and urban areas based on ​ Concentrated Marketing - location. Niche Marketing. Select only 2.​ Demographic Segmentation - one segment but the Personal traits of the customers Products/Services are for the like Age, Gender, Occupation, majority of the market. Religion. ​ Differentiated Marketing - 3.​ Psychographic Segmentation - Several segments but to serve a Market is divided based on few customers only in each mental and emotional segment. characteristics of what the 3.​ Mass or Undifferentiated Marketing - customers think and believe in. Undifferentiated marketing strategy 4.​ Behavioral Segmentation - takes into consideration the fact that the Market is divided on the way customers have common needs and customers used and acted wants. Products/services are toward the products. It is based mass-produced for the whole market on the customers’ knowledge, where consumers are not differentiated. responses, perceptions, reactions, benefits and loyalty. A company may finalize the selection of its ideal target market by considering the following Three Strategic Marketing Approaches element: 1.​ Market Segmentation 1.​ Substantial – The selected target 2.​ Market Targeting markets must be huge enough in terms 3.​ Market Positioning of quantity and or total consumption capability. Are there enough people who fit my criteria? 2.​ Financially capable - The target customer must have the financial means  or paying capacity to purchase the product/service. Can they afford my product/service? 3.​ Reachable - must be within reach to permit product distribution, It should be reachable by various marketing activities (advertising, promotion, internet, and digital marketing) 4.​ Homogenous – Must react similarly to specific marketing stimuli. A homogenous market is an ideal target market. Since companies employ various marketing stimuli to attract, persuade, or retain the loyalty of their target market. Factors that will help you define your target market: 1.​ Analyze your product or service 2.​ Check out the competition. 3.​ Consider the psychographics of your target. 4.​ Choose specific demographics to target. Facebook: Christian Andal Instagram: _sincostian X: @_sincostian Discord: _sincostian Telegram: @sincostian Tiktok: @_sincostian GOOD LUCK AT DAPAT PAKAK !!! :))