ENT_PS_Unit1_Lesson2_Final Entrepreneurship PDF

Unit 1: Understanding the Concept of Entrepreneurship Lesson 2 Core Competencies in Entrepreneurship MR. ERN VINCENT S. LAGMAY, LPT QUICK REVIEW!!! 22 What should be the characteristics of entrepreneurs in order to sustain the profitabi...

Unit 1: Understanding the Concept of Entrepreneurship Lesson 2 Core Competencies in Entrepreneurship MR. ERN VINCENT S. LAGMAY, LPT QUICK REVIEW!!! 22 What should be the characteristics of entrepreneurs in order to sustain the profitability of their business? 3  What is your favorite restaurant? 4 Why do you like their products and services? 5  Core Competencies defining characteristics that make a business or an individual stand out from the competition 6  3 General Conditions in Core Competencies 1. The activity must provide superior value or benefits to the consumer. 2. It should be difficult for a competitor to replicate. 3. It should be rare. 7 Explain the core competencies in entrepreneurship. 88 A core competence is something unique that a business has or can do strategically well. 9  Core Competencies of Entrepreneur 1. Entrepreneur as a missionary 2. Entrepreneurs are goal-driven 10  Core Competencies of Entrepreneur 3. Entrepreneur as a marketing man 4. Entrepreneurs start small to big 11 What are the factors that develop entrepreneurial activity? 12 Factors that Develop Entrepreneurial Activity Entrepreneur’s initiative Organization of capital resources Development of administrative machinery Development of entrepreneurial autonomy Development of SWOT analysis 13 SWOT (Strengths, Weaknesses, Opportunities, and Threats) is a tool used in evaluating a business. Entrepreneurs should know how to analyze their business using this tool. 14  Example A young entrepreneur, who has a business offering milk tea, wants to evaluate his business in order to know the challenges encountered and identify new markets. 15 15  Examples Internal Elements Answers Strengths unique taste quality ingredients friendly staff Weaknesses low profits no business website less offerings than competitors 16 16  Examples External Elements Answer Opportunities market boom expansion of branches can implement a loyalty program Threats rising cost of ingredients negative reviews increasing number of competitors 17 17  The Making of a Filipino Entrepreneur Most Filipinos start a business when they see that other businesses are profitable. 18 18 All growth starts from the beginning. The same applies to the world of business. There are a lot of entrepreneurs who start their business from a small enterprise into a big company. 19  Activity “A journey of a thousand miles begins with a single step”. Explain your point of view on the saying. Answer the questionnaire in the Extend part of the study guide. 20  Questions Part A. Explain the meaning of the following statements. 1. Entrepreneur as a missionary. 2. Entrepreneur as a marketing man. 3. Entrepreneurs are goal-driven. 4. Entrepreneurs start from small to big. 5. Entrepreneur is excellent in obtaining resources. 21  Questions Part B. 1. Why do core competencies matter to every business and entrepreneur? 2. How do entrepreneurs determine the core competency of their business? 3. Why are entrepreneurial competencies considered as entrepreneurial distinctive? 22 Core Competencies are the defining characteristics that make a business or an individual stand out from the competition. A core competence is something unique that a business has or can do strategically well. 23 An entrepreneur must be equipped with the following core competencies so that his planned business will really stand out among other competitors. 24 25 “Are you an entrepreneurial missionary or mercenary?” Edology. Accessed from March 8, 2020. https://www.edology.com/blog/business/entrepreneur-missionary-or-mercenary/. “Eight successful Filipino entrepreneurs who started small.” Business Inquirer. Accessed from March 8, 2020. https://business.inquirer.net/273445/eight-successful-filipino-entrepreneurs-who-star ted-small. Kotler, Philip & Gordon McDougall. Marketing Essentials. Prentice-Hall Canada Inc., 1985. Peters, Michael & Robert Hisrich. Entrepreneurship 4th Edition. McGraw-Hill Book Co., 1999. 26