Reviewer in Entrepreneurship PDF

REVIEWER IN ENTREPRENEURSHIP ​ CORE COMPETENCIES IN ENTREPRENEURSHIP 1.​ Economic and Dynamic Activity LESSON 1: INTRODUCTION TO Entrepreneurs...

REVIEWER IN ENTREPRENEURSHIP ​ CORE COMPETENCIES IN ENTREPRENEURSHIP 1.​ Economic and Dynamic Activity LESSON 1: INTRODUCTION TO Entrepreneurship is an ENTREPRENEURSHIP economic activity because it involves the creation and ​ Concept of Entrepreneurship operation of an enterprise The word “entrepreneur” was with a view to creating derived from the French verb value or wealth by ensuring enterprendre, which means “to optimum utilization of undertake.” This is pinpointing limited resources. to those who “undertake” the 2.​ Innovative risk of enterprise. The The entrepreneur enterprise is created by an constantly looks for new entrepreneur and the process is ideas, thus he needs to be called “Entrepreneurship.” creative. ​ COMMON COMPETENCIES IN 3.​ Profit Potential ENTREPRENEURSHIP The entrepreneur can be 1.​ Decisive - an entrepreneur must be compensated by his profit firm in making decisions. coming from the operation. 2.​ Communicator - an entrepreneur 4.​ Risk Bearing must have a convincing power The entrepreneur needs to 3.​ Leader - an entrepreneur must have gamble but wise enough to the charisma to be obeyed by his offset the risk. employees. 4.​ Opportunity Seeker - an ​ RELEVANCE OF ENTREPRENEURSHIP TO entrepreneur must have the ability AN ORGANIZATION to be the first to see business 1.​ Development of Managerial chances. Capabilities - this means that one of 5.​ Proactive - an entrepreneur can the benefits an entrepreneur gets is control a situation by making things to develop his managerial skills. happen or by preparing for possible 2.​ Creation of Organizations - This future problems. which means that because of 6.​ Risk Taker - an entrepreneur has entrepreneurship many the courage to pursue business organizations will exist ideas 3.​ Improving Standard of Living - this 7.​ Innovative - the entrepreneur has means that entrepreneurship can big business ideas and he does not lift up the economic stop improving and thinking of new status of an individual. worthwhile ideas for his business. 4.​ Means of Economic Development - this means that not only the life of the entrepreneur is improved but also the society where the business is located. ​ Types of Entrepreneurships ​ CAREER OPPORTUNITY OF 1.​ Innovative Entrepreneurs - ENTREPRENEURSHIP They are those who always 1.​ Business Consultant - with make new things by the expertise of in the field thinking of new ideas. They of entrepreneurship, he can have the ability to think be a very good source of newer, better and more advices to other economical ideas. entrepreneurs and would 2.​ Imitating Entrepreneurs - be business men. They are those who don’t 2.​ Teacher - a graduate of an create new things but only entrepreneurship can use follow the ideas of other his knowledge in teaching. entrepreneurs 3.​ Researcher - the 3.​ Fabian Entrepreneurs - entrepreneur can be They are skeptical about employed as a researcher changes to be made in the by an enterprise. organization. They don’t 4.​ Sales - the initiate but follow only after entrepreneurship graduate they are satisfied. can apply as a salesman. 4.​ Drone Entrepreneurs - They 5.​ Business Reporter - the are those who live on the entrepreneur being expert labor of others. They are in the field, can be die-hard conservatives even employed as a business ready to suffer the loss of reporter. business. LESSON 2: RECOGNIZE POTENTIAL MARKET 5.​ Social Entrepreneurs - They are those who initiate ​ ESSENTIAL IN ENTREPRENEUR'S changes and drive social OPPORTUNITY-SEEKING innovation and 1.​ ENTREPRENEURIAL MIND FLAME - transformation in the allows the entrepreneur to see various fields such as things in a very positive and education, health, human optimistic light in the midst of crisis rights, environment and or difficult situations. enterprise development. 2.​ ENTREPRENEURIAL HEART FLAME - the entrepreneurial heart flame is also about emotional intelligence or eq, which is often manifested in the entrepreneurs’ efforts to nurture relationships with customers, employees, and suppliers.  3.​ ENTREPRENEURIAL GUT FLAME - b. economic forces- refers to the ability of the income level and employment entrepreneur to sense without rate using five senses. this is also known c. sociocultural forces- as intuition. customs, lifestyles and The gut game also connotes values that characterize courage or, in the local dialect, a society. “lakas ng loob” (strong intestinal d. technology fortitude). environment- new ​ SOURCES OF OPPORTUNITY technology and new 1.​ CHANGES IN THE ENVIRONMENT - innovations. Entrepreneurial ideas arise when ​ ​ 1.3. INDUSTRY ENVIRONMENT changes happen in the external environment. a person with ​ ​ ​ A. Competitors entrepreneurial drive views these B. Customers changes positively. C. Creditors 1.1.​PHYSICAL ENVIRONMENT D. Employees a. climate- the weather E. Government conditions. F. Suppliers b. natural resources such as minerals, forests, water and 2. TECHNOLOGICAL DISCOVERY AND fertile land ADVANCEMENT - a person with that occur in entrepreneurial interest nature and can be sees possibility of business used for economic opportunities in any new gain. discovery or because of the use c. wildlife - includes all of latest technology. mammals, reptile, fish etc. that 3. GOVERNMENT THRUST, PROGRAMS live in the wild. AND POLICIES - the priorities, projects, programs, and​ 1.2.​SOCIETAL ENVIRONMENT policies of the government are a. political forces- also good source of ideas. includes all the laws, 4. PEOPLE’S INTEREST - the interest, rules, and regulations hobbies, and preferences of people are that govern the rich sources of​ business entrepreneurial ideas, like practices as increasing number of internet cafes at well as the present could lead to permit, the strong attachment of the approval, and young people to computers. licenses ​ 5. PAST EXPERIENCES - the expertise necessary to and skills developed by a person who has open the worked in a business.  particular field may lead to the b. Output Requirement opening of a related business - Tangible thing or enterprise. things that can be seen.​ Characteristic ​ COMPETITION - it is the act or process specifications that a of trying to get or win something. consumer expects to be FIVE FORCES COMPETING fulfilled in WITHIN THE INDUSTRY the product. 1.​ Buyers 3.​ Market Size 2.​ Potential New Entrants LESSON 4: MARKET RESEARCH 3.​ Rivalry Among Existing Firm 4.​ Substitute Products ​ MARKET RESEARCH - can be 5.​ Supplier defined as the process of gathering, analyzing and LESSON 3: RECOGNIZE AND UNDERSTAND THE interpreting the information MARKET about the products or the ​ VALUE PROPOSITION (VP) - is a services to be, offered for sale business or marketing statement that to the potential consumers in summarizes why a consumer should buy the market. a company's product or use its service. ​ DATA COLLECTION - is the most This statement is often used to convince valuable tool in any type of a customer to purchase a particular research study. Inaccurate data product or service to add a form of collection may cause mistakes value to their lives. and ultimately lead to invalid ​ UNIQUE SELLING PROPOSITION (USP) - results. refers to how you sell your product or THREE DIFFERENT DATA services to your customer. You will COLLECTION TECHNIQUES address the wants and desires of your customers. 1. SURVEY - are the most common way to gather primary research with the use of questionnaires or THREE FACTORS THAT WILL interview schedule. These can DETERMINE YOUR CUSTOMERS be done via direct mail, over 1.​ Target Market the phone, internet 2.​ Customer Requirements (e.g. Google) or email, a. Service Requirement face-to-face or on the Web - An intangible thing or (e.g.Skype or Viber). product that cannot be 2. INTERVIEW - is one of the touched most reliable and credible ways but the of getting relevant customer can feel the information from fulfillment. target customers. It is typically done in person between the  moderated group researcher/entrepreneur and a interviews and respondent where the brainstorming researcher asks sessions that provide pertinent questions information on user's that will give significant pieces needs and of information about the behaviors. problem that he will solve. A. PERSONAL INTERVIEW - are the THE FOLLOWING ARE traditional method of CONSIDERATIONS IN THE USE conducting an OF FOCUS GROUP interview. It DISCUSSIONS IN MARKET allows the researcher to RESEARCH: establish relationship with ​ The length of the session is potential between 90 and 120 minutes. participants and ​ Conduct focus groups therefore gain their discussion with 8 to 10 cooperation. It participants per group. generates ​ Assign an expert moderator/ highest facilitator who can manage response rates in group dynamics. survey research. ​ Use a semi-structured or B. TELEPHONE open-format discussion INTERVIEW - are less ​ Strive for consistency in the expensive and less group's composition (for time-consuming, but example, it may not be the advisable to have business disadvantages customers and retail customers are that the response in the same focus group, their rate is not as high as needs are very different) the face-to -face interview, but considerably higher than the mailed questionnaire. 3. FOCUS GROUP DISCUSSION - is an excellent method for generating and screening ideas and concepts. It can be