Lesson 2: Core Competencies in Entrepreneurship PDF

Lesson 2 Core Competencies in Entrepreneurship Entrepreneurship Senior High School Applied - Academic  Core Competencies defining characteristics that make a business or an individual stand out from the competition EVALUAT ENGAGE EXPLORE EXPL...

Lesson 2 Core Competencies in Entrepreneurship Entrepreneurship Senior High School Applied - Academic  Core Competencies defining characteristics that make a business or an individual stand out from the competition EVALUAT ENGAGE EXPLORE EXPLAIN EXTEND 2  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. EVALUAT ENGAGE EXPLORE EXPLAIN EXTEND 3  Core Competencies of Entrepreneur Entrepreneur as a missionary – The entrepreneur considers the business as a mission. EVALUAT ENGAGE EXPLORE EXPLAIN EXTEND 4 Core Competencies of Entrepreneur Entrepreneurs are goal-driven - Goal-oriented entrepreneurs achieve the maximum results of their efforts because they work towards clear and measurable targets. EVALUAT ENGAGE EXPLORE EXPLAIN EXTEND 5 Core Competencies of Entrepreneur Entrepreneur as a marketing man - Marketing is an important process for entrepreneurs. The process of acquiring and retaining customers is the focus of marketing. Entrepreneurs must design the product, set its price, EVALUAT ENGAGE EXPLORE EXPLAIN EXTEND 6 Core Competencies of Entrepreneur Entrepreneurs start small to big - Most successful entrepreneurs start small and think big. Many entrepreneurs start a small-scale business but with their managerial talents and persistence, they will be able to make the company grows. EVALUAT ENGAGE EXPLORE EXPLAIN EXTEND 7 Factors that Develop Entrepreneurial Activity Entrepreneur’s initiative Organization of capital resources Development of administrative machinery Development of entrepreneurial autonomy Development of SWOT analysis EVALUAT ENGAGE EXPLORE EXPLAIN EXTEND 8  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. EVALUAT ENGAGE EXPLORE EXPLAIN EXTEND 99  Examples Internal Elements Answers Strengths unique taste quality ingredients friendly staff Weaknesses low profits no business website less offerings than competitors EVALUAT ENGAGE EXPLORE EXPLAIN EXTEND 10 10  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 EVALUAT ENGAGE EXPLORE EXPLAIN EXTEND 11 11  The Making of a Filipino Entrepreneur Most Filipinos start a business when they see that other businesses are profitable. EVALUAT ENGAGE EXPLORE EXPLAIN EXTEND 12 12