GE 11 Entrepreneurial Mind PDF

GE 11: ENTREPRENURIAL MIND BACHELOR IN SCIENCE OF NURSING S.Y. 2024 – 2025 PRELIM & MIDTERM PRELIM 3. Fabian Entrepreneurs 4. Drone Entrepreneurs ENTREPRENEUR 5. Soci...

GE 11: ENTREPRENURIAL MIND BACHELOR IN SCIENCE OF NURSING S.Y. 2024 – 2025 PRELIM & MIDTERM PRELIM 3. Fabian Entrepreneurs 4. Drone Entrepreneurs ENTREPRENEUR 5. Social Entrepreneurs All entrepreneurs are business owners, SUCCESSFUL ENTREPRENEURS IN THE but not all business owners are PHILIPPINES entrepreneurs. Entrepreneurship is the process of 1. Manuel “Manny” Villar is a Filipino starting and developing a company, with Billionaire business with a net worth of $ the aim of delivering something new or 1.65B. Villar is the chairman of improved to the market. STARMALLS and VISTA LAND AND It is considered to be vital component in LANDSCAPES. the process of economic growth and 2. Lucio and Susan Co have a net worth of development for various reasons. It is a $1.8B. They are the owners of PUREGOLD mechanism by which society converts Price club store. The family has interest in technological information into products gaming, hotels and wine distribution. and services. Lucio is the group’s chairman, Susan Entrepreneur is someone who sets up a serves as the vice chairman, while their business or businesses, taking on son Vincent serves as the President. financial risks in the hope of profit. 3. Ramon Ang is the President and Vice (oxford dictionary) Chairman of one of the nation’s oldest The word “entrepreneur” was derived conglomerates, SAN MIGUEL with a net from the French verb enterprendre, which worth of $2.3B. He also owns a hotel with means: “to undertake”. Undertaking the 200 acres of prime real estate. risk of an enterprise. 4. Andrew Tan is a Chinese-Filipino The enterprise is created by an Billionaire with business interest in liquor, entrepreneur and the process is called fast food, and real estate. Tan runs the “entrepreneurship”. Alliance Global Group Inc. (AGI) composed of companies: Megaworld Corporation, COMMON COMPETENCIES EMPERADOR Distillers, Inc. 5. Tony Tan Caktiong is the man behind the 1. Decisiveness country’s famous bee. He is a Chinese- 2. Communicator Filipino Businessman and the founder of 3. Leader Filipino Fast Food Chain JOLLIBEE with a 4. Opportunity seeker net worth of $3.4 B. 5. Proactive 6. George TY is a Filipino banker and 6. Risk taker businessman with a net worth of $3.6B. 7. Innovative He was also the owner of the G.T. CORE COMPETENCIES International Tower in Makati, as well as the owner of hotels under GRAND HYATT 1. Economic and dynamic activity and MARCO POLO Brands. 2. Innovative 7. David Cosunji was born to a middle-class 3. Profit potential family in Hermos Bataan. Consunji is the 4. Risk bearing founder of DMCI Holding, Inc with a net TYPES OF ENTREPRENEURS worth of $3.68B. He also has stakes in the country’s largest coal miner, listed 1. Innovative Entrepreneurs subsidiary, SEMIRARA MINING. 2. Imitating Entrepreneurs Perez, A.M P a g e 1 | 11  GE 11: ENTREPRENURIAL MIND BACHELOR IN SCIENCE OF NURSING S.Y. 2024 – 2025 PRELIM & MIDTERM 8. Jaime Augustus Zobel de Ayala is the Top 1 Successful Social Entrepreneur in the Chairman and CEO of Ayala Corporation Philippines with a net worth of $3.7B. He succeeded JAIME ARISTOTLE B. ALIP is a Social his father as the company’s President and Entrepreneur and the Founder and CEO in 1994. Zobel is also the chairman of Managing Director of the CARD GLOBE Telecom and BANK OF THE MUTUALLY REINFORCING INSTITUTIONS, a PHILIPPINE ISLANDS (BPI). group of companies composed of a 9. Lucio Tan was one the longest running foundation, a bank, a microinsurance, a riches man in the Philippines not until his development institute, and a business great rival Henry Sy took over the throne. development service. The companies His net worth of $4.2B. In 1966 Tan started were established to empower poor his own cigarette company named women on the countryside, to help Fortune Tobacco. Also in 1993, Tan alleviate poverty in the Philippines. secured control of the country’s airline Award: Prestigious Ramon Magsaysay carrier PHILIPPINE AIRLINES (PAL). award in 2008 for public service. 10. Enrique Razon Jr. is a Filipino billionaire with a net worth of $4.3B. His CHARACTERISTICS OF AN ENTREPRENEUR investments came from their family business, the International Container 1. Visionary Terminal Servies (ICTSI), which is the 2. Confident largest port operator in the Philippines. 3. Feels a sense of ownership He is also the Chief Executive Officer and 4. Able to communicate President of INTERNATIONAL CONTAINER 5. Team player TERMINAL SERVICES, INC. 6. System oriented 11. John Gokongwei is the 2nd richest 7. Dedicated Businessman in the Philippines with a net 8. Grateful worth of $5.5B. He sold roasted peanuts 9. Optimistic and opened up a small stall in the market 10. Knowledgeable when he was 15 yrs. old. He even sold 11. Has a desire to succeed soap, candles, and threads to earn money. 12. Passionate for the business Fortunately, with his determination, JG 13. Good at money management Summit Holdings, Universal Robina 14. Creative thinker Corporation, Robinsons Corporation, and 15. Has a positive mental attitude CEBU PACIFIC are all his fruits of labor. ENTREPRENEURIAL TRAITS, QUALITIES, AND 12. Henry Sy has a net worth of $18B. He is a FUNCTIONS Chinese-Filipino businessman and the founder of SM PRIME HOLDINGS. In 1958, Traits of a successful entrepreneur Sy opened the first Shoe Mart store and 1. Has mental ability has since evolved into a dynamic group of 2. Has clear objectives companies with five lines of business- 3. Has business secrecy shopping malls, real estate development 4. Human relations ability and tourism, retail, financial 5. Effective communicator service, hotels and conventions. Forbes 6. Has technical knowledge Magazine listed him as one of the richest 7. Decision-maker man in the Philippines for ten years in a 8. Risk-bearer row. 9. Self-confident Perez, A.M P a g e 2 | 11  GE 11: ENTREPRENURIAL MIND BACHELOR IN SCIENCE OF NURSING S.Y. 2024 – 2025 PRELIM & MIDTERM 10. Highly self-motivated 5. Economic independence 6. Improvement in living standards Qualities of an entrepreneur 7. Harnessing locally available resources 1. Planner and entrepreneurship 2. Technician 8. Innovations in enterprise 3. Motivator The entrepreneur’s task 4. Future-oriented 5. Interpersonal skills If all requirements in a capitalist economy are in 6. Disciplined place, the entrepreneur can assume his assigned 7. Competitive role in the development in the economy. 8. Creative Enterprises are responsible for providing the 9. Determined following: 10. Strong work ethics 1. Products and services for customers and Quality and trait are both characteristics producers that define a person or thing, but they 2. Employment differ in their nature. Quality refers to the 3. Taxes standard or level of excellence. On the 4. Demand for suppliers’ products and services other hand, a trait is a specific 5. Training facilities for future entrepreneurs characteristic or attribute that is inherent to an individual. THE ETHICAL AND SOCIAL RESPONSIBILITIES OF Functions of entrepreneurs ENTREPRENEUR 1. Risk taking and uncertainty bearing Entrepreneurs in different business 2. Taking business decisions sectors have continually encountered 3. Managerial functions issues that have brought about the need 4. Decision-making function to have ethical codes of conduct and 5. Innovation socially responsible behaviours for the 6. Coordination sake of continuing to exist as members of 7. Environmental analysis the society. The emergence of business 8. Identifying entrepreneurial opportunity ethics is thus traced back to this anxiety 9. Turning ideas into action where people are differentiated into good ROLES AND IMPORTANCE OF ENTREPRENEURS or bad in the world of business. IN ECONOMIC GROWTH Business Ethics Business ethics provide guidelines on Entrepreneurship Roles and Importance how to conduct oneself as an The position of the entrepreneur in entrepreneur which reflect general modern production is like that of the principles and expectations of the society. director of a play. Modern economic Different factors such as circumstances, development is closely linked with reward systems and individual production. The entrepreneur directs differences create public opinion, interest production and he must do whatever is groups, and professional organizations. necessary for its success. The Code of Ethics 1. Employment generation This is a formal document that outlines a 2. National income company’s principles regarding 3. Dispersal of economic power acceptable conduct. Companies 4. Balance regional development experience ethical dilemmas between Perez, A.M P a g e 3 | 11  GE 11: ENTREPRENURIAL MIND BACHELOR IN SCIENCE OF NURSING S.Y. 2024 – 2025 PRELIM & MIDTERM themselves and their customers, workers, other businesses and investors. Entrepreneurs need to respect customer and stakeholders their rights including MIDTERM safety, information choice, and voice among others. ENTREPRENEURIAL MINDSET MINDSET AND ITS CHARACTERISTICS AND 2 FACTORS THAT DETERMINE SUCCESS OR ESSENTIALS FAILURE IN AN ENTREPRENEURSHIP Mindset is a belief that qualities like 1. The Environment as a Factor – intelligence and talent are fixed or entrepreneurship will survive and grow changeable traits. only in economic environments of free A mindset of abundance will consider that enterprise. there is plenty of resources for everyone 2. The Personality of the Entrepreneur – and that resources will not run out every person has a personality that is because they are replaceable. unique and different from others. However, a mindset of scarcity shall think Personality refers to the pattern of that there is inadequate amount of things characteristics that distinguishes one around, so some people can either benefit person from another. or lose them. People with fixed mindset perceive that 6 Types of Personality their talents and abilities a set. 1. The realistic type People with growth mindset trusts that 2. The investigative type traits can be changed, developed and 3. The artistic type strengthened by working on them. 4. The social type 5. The enterprising type 6. The conventional type What motivate people to become entrepreneurs? 1. The desire to be one’s own boss. 2. The desire for financial rewards 3. The desire to create one’s own job security 4. the desire to improve one’s quality of life. Entrepreneurs and Managers Distinguished The entrepreneur feels confident in his CHARACTERISTICS OF AN ENTREPRENEURIAL ability to seize business opportunities MINDSET regardless of the resources under his current control. While the manager 1. Curiosity emphasizes the efficient utilization of - Leads to questions, and questions resources. lead to answers. - Strengthen the ability to understand things with a new standpoint. 2. Commitment Perez, A.M P a g e 4 | 11  GE 11: ENTREPRENURIAL MIND BACHELOR IN SCIENCE OF NURSING S.Y. 2024 – 2025 PRELIM & MIDTERM - Continuing to keep going and persist - Taking care of oneself daily through amidst problems. rest, exercise, and diet is essential. - Rejection and disappointments are ESSENTIALS OF THE ENTREPRENEURIAL essential elements of an MINDSET entrepreneur’s life which needs to be endured. 1. Passion first - The focus should be on achievements. The best ways to be involved and continue 3. Optimism doing business during difficult times is to - Tough attitude towards challenges have a sense of meaning and purpose. makes up successful entrepreneurs. This is the intention for starting business - Entrepreneurs should be hopeful in according to the entrepreneur’s passion. exploring its many learning 2. Everything is possible opportunities. Believing that entrepreneurs are capable - For successful entrepreneur, there is of accomplishing unexpected results. always a solution to every problem. They trust that an idea could be possible 4. Flexibility to turn into reality. - Helps to be supple to deal with a They examine first their goals and set series of difficult situations, solve things bigger. problems easily and make progress 3. 100% accountable from obstacles. The power to choose their responses to - Make a journal and timeline to any circumstance because they have this overcome difficulties. 100% accountable mindset. 5. Ownership They need to build a new start and form a - Success comes from their own ability. different conclusion. - The attitude to be responsible for the 4. We are connected things you do. Entrepreneurs believe they can achieve - Be confident that you can always fulfill their dreams not by being alone through your dreams. they love to be independent. 6. Leadership They take honor in competition because - Guides, motivates, and empowers the they believe that working with, for, and team. through others pushes their potentials. - Through convincing communication 5. Live life to give and involving his team, an effective As people in business profit more, they entrepreneur is able to attain his tend to give more, or what is known as visions. corporate social responsibility. - Able to create visions by constantly They believe that life is a cycle, hence being the model of the team those people with so much need to give to 7. Connection people with less. - Entrepreneurs must choose those 6. Attitude of gratefulness people that would form his collective Seldom do people give their attention to links so that he could breed his idea. their accomplishments and their present - There should be both emotional and experiences except for entrepreneurs. financial bonds. Even during problematic situations which 8. Self-respect entrepreneurs recognized as - It’s vital to take care of both the body, opportunities to learn and grow, they are mind, and spirit. still grateful about these situations. Perez, A.M P a g e 5 | 11  GE 11: ENTREPRENURIAL MIND BACHELOR IN SCIENCE OF NURSING S.Y. 2024 – 2025 PRELIM & MIDTERM 7. The times is now 2. Natural reward Recognizing that all their powers exist in - About making every tasks enjoyable the moment. by emphasizing the positive aspects of They believe that they cannot change each task and its importance. history and the future is uncertain. 3. Constructive thought It is best to take action that simply waiting - Creating positive and productive on a perfect plan which does not exist. means of thinking that are advantageous to the performance of ENTREPRENEURSHIP AS A HABIT entrepreneurs. Habit is an unconscious behavior done 4. Creativity habit often and regularly. - Creativity is the capacity of turning Good habits can be acquired using “habit fresh ideas, insights, inventions, loop”, a process wherein the brain makes products or artistic objects that are decision whether to store or repeat such considered to be unique, useful, and of behavior. value to others into reality. Rewarded behavior is most likely - Creative people are open to repeated. experiments and do not fear to commit mistakes. 3 HABITS THAT REQUIRED MOST TO BE NURTURED AND BE PRACTICED FOR Example: The aristocrat, the famous ENTREPRENEURIAL MINDSET restaurant for its world-renowned 1. Self-leadership habit chicken BBQ and java rice Practice of purposely combination. influencing and controlling one’s behavior, actions, thinking, and feeling. Related to optimism, happiness, consciousness, and emotional intelligence among others. ENTREPRENEURSHIP AS A HABIT 3 Important strategies: 5. Improvisation habit 1. Behavior-focused - Improvisation is the unstructured way - Concerns enhancing self-awareness of creating something in the absence to manage behaviors especially when of planning. dealing with essential but not-so- - Entrepreneurs though start with good good tasks. ideas oftentimes possess limited - Ways to accomplish this include: resources, unpredicted market Self-observation situations or conflicts inside the Self-goal setting company that hinder them to realize Self-reward their initial plans. Self- punishment Self-cuing Perez, A.M P a g e 6 | 11  GE 11: ENTREPRENURIAL MIND BACHELOR IN SCIENCE OF NURSING S.Y. 2024 – 2025 PRELIM & MIDTERM OPPORTUNITY RECOGNITION USING MINDSET To explore a new perspective, entrepreneurs should think of the Opportunity is a means to generate opposite of something. profits by creating unique, innovative, and The ideas of a person not part of a desirable products or services which are situation could be also be taken not being found in the market yet. particularly those admirable Opportunity recognition is a process by personalities. which individuals and businesses make 5. Relationship-seeking use their entrepreneurial mindset to Establishing a link between establish new businesses or ideas. concepts that are not usually Entrepreneurs are able to see problems connected. as opportunities. They consider each Intention is to fuel the mind into problem, frustration, or unmet need they making connectivity that seems to face as a possible opportunity. be unnoticed. However, if the right mindset is not 6. Development utilized, then a missed opportunity is Employs the modification of expected. existing concepts to make improved choices and new potentials. HOW TO START WITH IDEAS? One way to do this is to brainstorm 1. Analytical 7. Interpersonal Breaking a problem into details or Nees interaction with a group to looking at a problem in a common generate ideas. way to produce ideas on improving Brainstorming is also commonly or innovating products or services. used to highlight creativity toward Only when thought analytically new opportunities. that correlation of problems is FOUR PATHWAYS TO OPPORTUNITY seen. IDENTIFICATION 2. Search Linking personal experiences that An opportunity could be in the form of a are significant to the existing new product and/or service, new found problem. markets, newly opened distribution Illustrates the ability to be channels, new ways of production or resourceful in looking for supply or new methods of organizing. connections between objects that 1. Find pathway appears to have no obvious Assumes that opportunities exist relationship at first. independent of entrepreneurs and are 3. Imagination-based waiting to be found. Interrupting doubts and dropping Generally, an opportunity is found when restrictions to produce fantasies the entrepreneur sees a clear problem or make believe situations. and develops a solution. Sometimes, entrepreneurs need to The problem is known to most, but the be playful in their minds so they entrepreneur is “the one who acts on the can think of ways that are potential solution” impossible. This is the experience of Socorro 4. Habit-breaking Ramos, the owner of National Perez, A.M P a g e 7 | 11  GE 11: ENTREPRENURIAL MIND BACHELOR IN SCIENCE OF NURSING S.Y. 2024 – 2025 PRELIM & MIDTERM Bookstore in Escolta with her Leelin started Goldilocks at a 70-sq-m husband with a capital of P200, selling building space in Makati. Sisters books and school supplies to Milagros and Clarita loved baking and students. At that time, Manila was decided to pursue their passion into under the control of the Japanese, business. With the help of their sister- who imposed censorship on books in-law Doris, the Leelin’s opened their and periodicals. The augment their first branch. In 1991, Goldilocks earning, she and her husband launched its franchising program. As resorted to selling other items like of 2015, the bakeshop chain had almost candles and soaps. 400 stores across the country, with 2. Search pathway other branches in the USA, Canada, Used when entrepreneurs are not and Southeast Asia. From the modest quite definite what type of capital of P66,000, Goldilocks is now a business they want to jump in. multi-million food enterprise with hence, they engage in an active more than 4,000 employees. search to discover new 4. Design pathway opportunities. Most difficult yet the most-value The story of Ragnarok by the company creating pathway. LevelUp! is a good example. During a By focusing on the unsatisfied need business trip in Korea, Nonoy Colayco of the market particularly the latent smelled the opportunity of online ones, the entrepreneur is able to gaming in the Philippines. He knew discover valuable opportunities. very well that Filipinos are fond of Here the entrepreneur is really gaming. Through the help of his son creating a new market. Ben Colayco, a person passionate with LATENT NEEDS – needs that games, the father and son team customers do have but do not know brought gaming to a whole new level they have. called Massively Multiplier On-line The craze for potato fries is Games (MMOG). The Internet and everywhere now. Perhaps, this craze gaming was really progressing that evolved from the Westernization of the time with Counterstrike as the popular Philippines through the entry of foreign online game. They got the publishing companies in the country introducing rights with Oz World and 3D Chat, but it American-style meals such as burgers was with Ragnarok from Korea that and fries. Seeing an opportunity for served as the accomplishment of success, a local entrepreneur LevelUp! developed an idea instead of 3. Effectuate pathway competing against these much larger Uses the entrepreneur’s skills, companies with the same product. knowledge, and abilities to unearth An entrepreneur of humble beginnings, an opportunity that suits him. Jose Magsaysay Jr., is the current Such opportunity comes from the president of Potato Corner. He worked experiences, abilities, networks at Wendy's as a dishwasher, eventually and entrepreneur’s confidence to climbing his way up to become a make action especially during district manager of Wendy's before times of uncertainty opening his first Potato Corner stall in With only 2 cake displays and 10 1992. A unique selling proposition is employees, Milagros, Clarita, and Doris what makes a given product one of a Perez, A.M P a g e 8 | 11  GE 11: ENTREPRENURIAL MIND BACHELOR IN SCIENCE OF NURSING S.Y. 2024 – 2025 PRELIM & MIDTERM kind like Potato Corners. The factors combination with broad network inherent in Potato Corner's USP are are able to recognize better the low costs and high efficiency. opportunities around them. What Potato Corner did in order to Victoria Belo, more commonly known in increase sales and further expand the the Philippines as Dra. Vicki Belo, was a company was by introducing victim of bullying in her childhood years. franchising to the company. By means She was usually pestered for being ugly of franchising, interested partners and fat. This experience made her all the could help expand the business by more fascinated in the field of beauty. She paying royalties, and this in turn made imagined herself of becoming somebody Potato Corner an even morepublicly- who could make people feel gorgeous and recognized company. As a result, adored. This led her to be in the medical Potato Corner became a 75% publicly- profession, particularly in the field of owned company with franchisees from dermatology. Hence, she obtained a all over the globe. Diploma in Dermatology in Bangkok, Thailand in 1990. It was in 1990-when Dra. ALERTNESS, PRIOR KNOWLEDGE AND PATTERN Belo established her first clinic at the RECOGNITION Medical Towers in Makati. The clinic was Alertness the first to make known liposuction and Ability to easily pinpoint opportunities lasers in the Philippines. in the environment. The Dra. Belo's Belo Medical Group was Information is everywhere and are also the first recognized "ambulatory just waiting to be discovered. cosmetic surgicenter in the Philippines" However, only entrepreneurs that and certified by the Department of Health possess alertness could possibly do (DOH). She is now the noted this thing. dermatologist and "Doctor to the Stars". With their usual activities everyday, In addition, Dr. Belo was hailed entrepreneurs turn to be alert to "Ambassadress of Beauty" for the existing opportunities. Philippines and tasked to endorse the Like many travelers Mr. Jonathan Jay country as a world-class cosmetic Aldeguer has a natural impulse to surgery destination. purchase souvenirs. With his entrepreneurial eye, he spotted the Pattern Recognition universality and huge potential for a new Identifying relationships between business with souvenirs. The souvenir seemingly isolated things or industry from his entrepreneurial lenses occasions could become a multi-billion-dollar Happens when people make industry given the twist. connections of dots to pinpoint and create opportunities. Prior Knowledge Often, when “connecting dots” Information gathered from the there are constraints that block combined life and work the way. Real entrepreneurs experiences. ignore these things and try to find Studies show that entrepreneurs ways to look beyond constraints. that have knowledge about the Filipina scientist Aisa Mijeno is an industry and market in example of an entrepreneur that knows pattern recognition. After resigning from Perez, A.M P a g e 9 | 11  GE 11: ENTREPRENURIAL MIND BACHELOR IN SCIENCE OF NURSING S.Y. 2024 – 2025 PRELIM & MIDTERM her job in the IT industry and volunteering Discover, Enhance, Anticipate, Target, and with Greenpeace, Mijeno was exposed to Evaluate. “off-grid” living conditions. Once she had 1. Identify seen the restrictions no electricity had on Identifying problems that day-to-day living. Hence, she decided to customers are trying to solve, are find a way to figure out how to produce a spending money to solve, but still light source that did not depend on unsolved to the satisfaction of electricity, batteries or fuel to work. customers. This is also about In partnership with Philippine incubator, identifying solutions to this Ideaspace Foundation, Mijeno was able to problem. design and create Sustainable Alternative After quitting his job, Brian Chesky drove Lighting or simply SALt. The SALt Lamp is to San Francisco to crash with a college an environment Friendly and viable friend, Joe Gebbia, who also recently quit alternative light source that makes use of his job. They were both having trouble saltwater, making it appropriate to those making the upcoming rent payment. Then residing in coastline areas. It can also they realized that the 2007 Industrial function well in far-flung barrios. Using Design Society of America conference only two table spoons of salt and one was coming up and that hotel rooms glass of tap water, this ecologically would be hard to get. designed lamp lights for eight hours. The 2. Discover concept of the SALt lamp is the chemical Actively searching for ideas in conversion of energy. It uses the scientific problem-rich environment where process behind the Galvanic cell. there is social and demographics However, in place of, electrolytes the SALt change, technological change, lamp utilizes saline solution, thus it is political and regulatory change harmless and non-toxic. and/ or change in the industry structure. FROM IDEA GENERATION TO OPPORTUNITY Gebbia, who had three air mattresses RECOGNITION suggested they turn their apartment into In order for an idea to be feasible, it must an "air bed and breakfast." be fresh or inimitable or at least a twist 3. Enhance from an existing concept that will be Taking the ideas and expanding to acceptable and adoptable in the market. new applications or adding The concept should be something of value innovative twists. Or simply to consumers, because it is a need, a enhancing existing ideas. desire, useful and has the capacity to earn After setting up a simple website profit. Not all idea could be an (airbedandbreakfast.com), they managed opportunity. to book out their whole apartment in The best ideas are those that could be threedays, solving their rent problem. transform into doable opportunity. 4. Anticipate The IDEATE Method is an ideation process Studying change and analyzing empirically proven to help budding future scenarios as they relate to entrepreneurs recognize problems, social, technological, and other cultivate innovative solutions, and choose global changes and trends. the best creative entrepreneurial idea. The duo, who had met at college at the This model follows the process of Identify, Rhode Island School of Design, thought Perez, A.M P a g e 10 | 11  GE 11: ENTREPRENURIAL MIND BACHELOR IN SCIENCE OF NURSING S.Y. 2024 – 2025 PRELIM & MIDTERM acting as tour guides to designers would be a fun way to make money. 5. Target Defining and understanding a particular target market, validating new ideas with early adopters. A customer for Airbnb is the one who adds up to the company's revenue. He can be a host who offers his space for rent and lists it on the platform or he can be a traveler who books a space. Perez, A.M P a g e 11 | 11