Entrepreneurship PDF

Concept of Entrepreneurship Common Competencies in Entrepreneurship - The word "entrepreneur" was derived from the French word 1 Decisive -an entrepreneur must be “Entreprendre”, which means to firm in m...

Concept of Entrepreneurship Common Competencies in Entrepreneurship - The word "entrepreneur" was derived from the French word 1 Decisive -an entrepreneur must be “Entreprendre”, which means to firm in making decisions undertake". 2. Communicator-an entrepreneur must - Entrepreneur who "undertake the have a convincing power risk of enterprise. - The process of creating an 3. Leader- an entrepreneur an enterprise by an entrepreneur is entrepreneur must have the charisma to called "Entrepreneurship" be obeyed by his employees - Entrepreneurs are innovator. 4. Opportunity seeker- an entrepreneur Factors Affecting Entrepreneurship must have the ability to be the first to see business chances 1. Personality Factors which includes: 5. Proactive- controlling a situation by a. Initiative- which means doing things making things to happen or by preparing even before being told. for possible future problems. b. Proactive-which means he can 6. Risk Taker- they have the courage to classify opportunities and seize it. pursue what is their business ideas. c. Problem Solver- which means he can 7. Innovative- an entrepreneurs have big retain good relations with other people. business ideas and they do not stop d. Perseverance-meaning he will pursue improving and thinking. things to get done regardless of Core Competencies in challenges Entrepreneurship e. Persuasion-means that he can entice 1. Economic and dynamic activity- people to buy even if they don't Entrepreneurship is an economic F. A Planner- meaning he makes plan activity because it involves the creation before doing things and do not fail to and operation of an enterprise with a monitor it view to creating value or wealth by ensuring optimum utilization of limited g. Risk-taker which means that he is resources willing to gamble but he will calculate it first. 2. Innovative-Entrepreneurs constantly look for new ideas, thus he needs to be 2. Environmental Factors which include creative political, climate, legal system windows. 3. Profit Potential- meaning the 2. Teacher- a graduate of an entrepreneur can be compensated by entrepreneurship can be using his his profit coming from the operation knowledge in teaching 4. Risk bearing-meaning the 3. Researcher- the entrepreneur can be entrepreneur needs to gamble but wise employed as researcher by an enterprise enough to offset the risk. 4. Sales- the entrepreneurship graduate Types of entrepreneurs can apply as salesman 1. Innovative entrepreneur 5. Business Reporter- the entrepreneur being expert in the field, he can be - they are those who always make new employed as business reporter. things by thinking of new ideas RELEVANCE OF ENTREPRENEURSHIP 2. Imitating entrepreneurs TO AN ORGANIZATION - they are those who don't create new 1. Development of Managerial things but only follow the ideas of other Capabilities entrepreneurs - gets is to develop his managerial skills. 3. Fabian entrepreneurs- they are those skeptical. They don't initiate but follow 2. Creation of Organizations only after they are satisfied. - many organizations will exist. 4. Drone entrepreneur- they are those 3. Improving Standard of Living who lives on the labor of others. They are die-hard conservatives even ready to - can lift up the economic status of an suffer the loss of business. individual. 5. Social entrepreneurs-they are those 4. Means of Economic Development who initiate changes in the various - this means that not only the life of the fields such as education, health, human entrepreneur is improved but also the rights, environment and enterprise society where the business is located. development. LESSON2: Determining the Career Opportunities of Entrepreneurship Product/Services that Local Market Need 1. Business Consultant- with the expertise of the entrepreneur he can be a Determining the products or services that very good source of advices to other a local market needs involves entrepreneurs and would be business researching, analyzing, and man. understanding the community’s unique 3. Analyze Spending Patterns characteristics and demands. Check what people are spending Here’s a step-by-step guide money on, both essential and to help identify opportunities: discretionary purchases. 1. Market Research Observe where residents shop— local businesses, online, or out of Demographics: Study the town—and why. population size, age groups, income levels, education, and 4. Evaluate Unmet Needs employment status. Look for problems that the Trends: Identify local and global community faces, such as lack of trends that may influence access to certain goods, services, consumer behavior. or convenience. Surveys and Interviews: Conduct Explore needs related to surveys or interviews to ask people healthcare, education, about their needs, preferences, and transportation, food, spending habits. entertainment, or home services. Competitor Analysis: Observe 5. Leverage Data what businesses are already Use government reports, market operating and identify gaps or analysis tools, or local business underserved needs. directories to assess economic and 2. Community Engagement industry data. Local Feedback: Engage with Utilize online tools like Google residents through forums, Trends or social media insights to community events, or social media spot interests or gaps. to understand what they lack or 6. Pilot and Test Concepts wish for. Introduce a small-scale version of Partnerships: Collaborate with the product or service to measure local organizations or influencers demand. who understand the area better. Gather customer feedback to or marketing strategy. refine your offering. Market analysis 7. Cultural and Environmental Analyze the market you plan to Considerations reach by researching supply and demand, industry trends, and your Understand cultural, religious, or target demographics. environmental factors that influence buying decisions. You can also run a SWOT analysis. Focus on sustainability or ethical Competitive analysis practices if they align with local Analyze your competitors to values. understand their strengths and weaknesses, strategies, and the 8. Economic Viability threats and opportunities they Assess purchasing power and present. This can help you identify price sensitivity to ensure gaps in the market and differentiate affordability and profitability. your brand. Explore local government You can also consider the incentives or support for following when developing a businesses in certain sectors. business plan: To determine what products or Product description: Explain how services a local market needs, you your product solves a problem or can conduct market research and improves life, and emphasize its analysis, and perform a unique features and benefits. competitive analysis: Customer segmentation: Understand who your customers Market research are or will be. Research the viability of a new Marketing plan: Define a marketing product or service by directly plan. interacting with potential customers. You can conduct LESSON 5: SCREEN THE interviews to learn what customers PROPOSED SOLUTION BASED ON think about your product, service, VIABILITY, PROFITABILITY AND - Identify your target audience; CUSTOMERS REQUIREMENTS: who are likely to buy your product. Failure of a product or service can - Analyze your competitors: produce an extremely negative who are your direct and impact on a small business. indirect competitors. The first step is if you decide but - Consumers Behavior: How do will build this business: MAKE, your target make purchasing MANUFACTURE, WHOLE SALE, a decisions. OR DROPSHIP. VALUE PROPOSITION MAKE- your own product. - Is a business on marketing MANUFACTURE- consist of working statement that summarizes with a manufacturing partner to why a consumer should buy a develop a product. company's product. WHOLESALE- purchasing common Basic elements independent label of the product. Target costumer DROPSHIP- if you don’t want to Needs/Opportunity carry any inventory yourself, you Name of the product could go drop shipping route. Name of the LESSON 6: RECOGNIZE & enterprise/company. UNDERSTANDING THE UNIQUE SELLING PROPOSITION MARKET Refers to how you sell your - A crucial concept in business products or services to your that involves gaining deep customers. understanding of your target LESSON 7: RECOGNIZE A audience, competitors and POTENTIAL MARKET the overall industry landscape. - A consumer segment, region or demographic that would RECOGNIZE likely interest in buying  product from a particular 1. BUYERS brand but hasn’t yet. - Are the one that may cash exchange of goods and CHARACTERISTICS services. 1. SIZE- a large market has 2. POTENTIAL NEW ENTRANTS many customers, which can - Defined as companies or create a high demand. businesses that have the 2. PROFITABILITY- a potential ability to penetrate or market with high demand can enter into particular create profitable options for industry. producers. 3. RIVALVRY AMONG EXISTING 3. ACCESSIBILITY FIRMS - That easy to access can be - A state of situations beneficial for both wherein business customers and organizations is competing businesses. with each other in a 4. DEMOGRAPHIC- such as age, particular market. gender, and income. 4. SUBSTITUTE PRODUCTS - are that sees the same purpose as another product LESSON 7: FORCES OF in market. COMPETITION MODEL 5. SUPPLIERS - Are the one that provide - It is also known as “five something that enabled in forces of competition”. An business operating such industry environment is a as office suppliers and competitive environment. equipment. COMPETITION LESSON 8: MARKET RESEARCH - is an act or process of trying Market Research- is a systematic to get or win something. process of gathering analyzing and THE 5 FORCES interpreting data about a market. The main objective of a market - This type of interviews is research is to asses customers' proving to be more cost- needs and preferences. effective way to screen candidates. TYPES OF MARKET 3. INDIVIDUAL INTERVIEW 1. Primary- involves collecting - Often referred as “Personal new data directly for the Interview” this is the most sources. common type of interview 2. Secondary- involves and usually held face to face. analyzing existing data from 4. SMALL GROUP OR published sources, such as COMMITTEE INTERVIEW report industry. - These type of interview METHODS means meeting a panel of decisions makers at once. 1. QUANTITATIVE- includes 5. THE SECOND OR ON-SITE surveys and questionnaires INTERVIEWS that collect numerical data. - You have been successfully 2. QUALITATIVE- focuses on the first occasion and they collecting on non-numerical would know more to know data to understand more about you. underlying reasons. 6. BEHAVIOR ALL-BASED LESSON 9: CONDUCTING AN INTERVIEW INTERVIEW - It's also known as critical behavioral and the TV the 1. Informational Interview theory performance in a - is an informational interview similar situations method of that objective is to seek interview deeper than the advice and learn more about than the usual interviewing a particular employer, sector techniques or job. 7. TASK-ORIENTED OR 2. SCREENING OR TELEPHONE TESTING INTERVIEW INTERVIEW  - Are structured in a way to that comments on the allows you to demonstrate interactions. and the analytic analytical 2. DUAL-MODERATOR FOCUS problem solving through task GROUP. or exercise. - the focus group is aged by 8. STRESS INTERVIEW two moderators. As a general - This method of interview is rule, Le first moderator rare add involves the ensures that the session runs interviewer baiting you to see 3. DUELING MODERATOR your response. To highlight FOCUS GROUP your weaknesses and see - the moderators voluntarily how under pressure. take opposing positions and opinions on the subject at hand. LESSON 10: FOCUS GROUP 4. RESPONDENT MODERATOR DISCUSSION FOCUS GROUP - Is an excellent method for - the objective is to have one of generality and screening the focus group respondents ideas and concepts. It can be participate as a moderator for moderated group interviews a given period. Several on brainstorm sessions that respondents can take turns provide information on user’s being the moderator, or one needs and behavior. can be designated. THE DIFFERENT TYPE OF FGD 5. FOCUS GROUP WITH CLIENTS 1. TWO-WAY FOCUS GROUP - one or more clients - Consist of conducting two participate in the focus focus group simultaneously, group, either openly or each with its moderator. The covertly. On the one hand, first group explores a given this allows to observe the topic, while the second group interactions. observes the first group and 6. MINI FOCUS GROUPS - Here, the group comprises 4 Zoom. This remote option is to 5 participants, whereas the closest to the traditional traditional focus groups focus group. include 6 to 12 participants. This allows for a more private, "intimate" atmosphere, where respondents are more likely to open up. 7. CREATIVITY FOCUS GROUP - The objective of this type of focus group is to elaborate on an idea to create. Here, several kinds of respondents are brought in to contribute to the same subject or project to have experts in different themes. 8. REMOTE FOCUS GROUP Teleconference focus groups: are conducted by telephone and can reduce unintended biases, such as those related to the social affiliation. They also ensure the participants' anonymity, which can be particularly valuable if the subject of the discussion involves sensitive topics. Videoconference focus groups: are conducted via tools such as Team, Skype, or