Entrepreneurship Reviewer PDF

ENTREPRENEURSHIP REVIEWER Entrepreneurship - Is a term originated from French word “entreprende” which means “to undertake” - Is a businessman or businessperson, as well as the business itself - It refers to a particular field of business or process Entrepr...

ENTREPRENEURSHIP REVIEWER Entrepreneurship - Is a term originated from French word “entreprende” which means “to undertake” - Is a businessman or businessperson, as well as the business itself - It refers to a particular field of business or process Entrepreneur Unique ideas Change the world Crazy risk Business Man Existing ideas Sheer profit Calculated risks Character Traits 1. Vision and Mission- must have a clear vision oh his business and have ability to plan out his long term and short-term goals and objectives. 2. Innovative- one of the main characteristics of entrepreneurship. He is the one who introduces new producer and services in the market trying to fulfil customer needs. 3. Risk Taker- it is an integral part of any new business. One of the traits of an entrepreneur is being adventurous and has a risk-taking personality. 4. Leader- they have ability to motivate and lead their employees to success. 5. Persistent- entrepreneur is persistent by nature. A person who works tirelessly always has a greater chance of success. 6. Ethical- ethics and integrity are the cornerstones of any successful business in the long term. A sustainable business cannot be run by someone with compromised morals. 7. Competitive Spirit- it is an advantage for someone who is already competitive by nature and thrives in such situations of pressure. 8. Resilient- one of the most important traits. There is no smooth, straightforward path to success. There will always be some failures and roadblocks in the way. Entrepreneurship Skills 1. Business Management Skills- these are the attributes or abilities of an executive should possess to fulfill specific tasks in an organization. 2. Teamwork and Leadership Skills- the entrepreneur who leads his subordinates makes sure everyone that his team is going in the same direction and working towards the same goal. 3. Communication and Listening Skills- it is important to have a clear communication and the instructions are well understood by the employees. A good speaker is also a good listener. 4. Customer Service Skills- this refers to the personal relations skills that a manager or entrepreneur should possess. The ability to communicate with customers and provide them what they need will lead to make more customers. 5. Financial Skills- bookkeeping and accounting to keep track of records and the ability to manage financial cash flows as to when to purchase such material for the company. 6. Analytical and Problem-Solving Skills- the ability to analyze the problem and to find the best solution using a systematic procedure in decision making. 7. Critical Thinking Skills- the ability to think logically using all available data and resources to produce best solutions. 8. Strategic Thinking and Planning Skills- careful planning is very crucial in making decisions and it requires such strategy to counter-measure problems that are to be expected. 9. Technical Skills- these are the technical know-how of the managers, knowledge, and skills obtained through years of studies and experiences. 10. Time Management and Organization Skills- it is an essential skill for the workplace. An organizational and time management skills can help you to get your project done on time. 11. Branding, Marketing and Networking Skills- branding is all about presenting the product and company to customers. The ability to promote and market the product using different marketing skills. Networking is the exchange of information and ideas among people with a common profession or special interest, usually in an informal social setting. (Investopedia) Company Name -Is the name or legal name of the business that is registered and operates for the business. EXAMPLES: SAN MIGUEL CORPORATION, PROCTOR AND GAMBLE, JOLLIBEE FOODS CORPORATION, APPLE Brand Name -Is the type of product or services that the company offers to the consumers EXAMPLE: MAGNOLIA, COLGATE, JOLLIBEE, I-PHONE Logo -It is the visual representation of a company name or brand that customers usually remember. Branding -On the other hand, is the process of creating an identity for the company Product -is something that is created by man based on the specific needs of the society PHYSICAL GOODS (tangible items) – a tangible product is a physical object that can be perceived by touch. Services (intangible items) – are intangible items product because they can often not be seen, tasted, felt, heard or smelled before they are purchased.