Entrepreneurship PDF

Introduction to Entrepreneurship - Was derived from the French verb entreprendre, which means to undertake. - Is a person with a unique idea, who takes initiative of developing a new venture, arranges all the resources and is ready to bear all the risks and takes all the necessary dec...

Introduction to Entrepreneurship - Was derived from the French verb entreprendre, which means to undertake. - Is a person with a unique idea, who takes initiative of developing a new venture, arranges all the resources and is ready to bear all the risks and takes all the necessary decisions to provide product and services that have value to the customers. - Is the process of creating , launching and managing the business operation. Different type of Entrepreneurship Innovative Imitating Fabian Drone Social Those who always Those who don't They are skeptical those who live on the A person who pursue make new things by create new things but about changes to be labor of others. They an innovative idea thinking of new ideas only follow the ideas made in the are die hard with the potential to have the ability to of other organization. They conservatives even solve a community think of newer, better entrepreneurs. don't initiate but ready to suffer the problem. and more economical follow only after they loss of business. ideas. are satisfied. PERSONAL ENTREPRENEURSHIP COMPETENCIES (PECs) Key skills, characteristics and attributes that the individual needs to possess in order to be a successful entrepreneur. Opportunity seeker; an entrepreneur must have the ability to be the first to see business chances. Innovative; has big ideas and he does not stop improving and thinking of new worthwhile ideas for his business. Risk-taker; who is willing to take bold action and make decisions even when the outcome is uncertain or potentially dangerous. Decisive; must be firm in making decisions. Communicator; must have convincing power Leader; must have the charisma to be obeyed by his employees. Recognizing the potential market Potential Market - A group of individuals or organizations who have the need, desire and purchasing power to acquire a particular product or service. - This segment of population represent a viable opportunity for businesses to target and sell their offering ENTREPRENEURIAL PROCESS Creation of entrepreneurial ideas innovative concept or solution for a new business venture that aim to create value and solve a problem in the marketplace Identification of entrepreneurial opportunities an idea that can become a commercial product or service in the future that capitalize on a potential market gap. Opening of entrepreneurial venture new business or business activity that entrepreneurs or institutions launch that involves the potential for a return and risk. OPPORTUNITY SPOTTING - The process of identifying potential business ideas that can be turned into profitable ventures. The process of spotting, evaluating and pursuing relevant and sustainable revenue and profit generating activities in the marketplace. Seeking Opportunity Most difficult process of all due to the number of option that entrepreneurs will have to choose from  Process of evaluating potential opportunities or ideas to determine their viability and sustainability for further pursuit. Screening the opportunity Main objective is to focus on opp that have the highest potential for success and are worth investing time, resources, and effort into. Risk appetite, the tolerance of business risk. Proactive and decisive action taken to capitalize on identified opportunities effectively. Seizing the opportunity When you seize an opportunity, you take advantage of it and do something that you want to do. MARKET SEGMENTATION Points to Consider in - A strategic marketing approach and process that is intended to define the Segmentation specific customer of the product. 1. Accessibility of the Market Segment - An entrepreneurial marketing strategy designed primarily to divide the market 2. Size of the Market into small segments with distinct needs, characteristics, or behavior. Segment (Kotler & Armstrong, 2014) 3. Distinction of the Market Segment - The entrepreneur must divide the total market and focus his or her business strategy to a smaller market that is considered homogeneous or have similar interests, preferences, wants and other preferences. 4 TYPE OF MARKET SEGMENTATION Geographic Demographic Psychographic Behavioral - Regions - Gender - Needs and Wants - Perception - Cities - Age - Attitude - Responses - Provinces - Income - Social Class - Reactions - Municipalities - Occupation - Personality - Benefits - Barangay Units - Education - Interest/Hobbies - Loyalty - Climate - Religion - Lifestyle - Spending Habits - Density - Ethnic Group - Marital Status - Family Size Market Targeting - a stage in market identification process that aims to determine the set of buyers which have common needs and characteristics. VALUE PROPOSITION CANVAS a powerful tool that helps businesses It helps businesses understand It describes the benefits customers ensure their product or service fits customer segments and how to can expect from your products and with what the customer needs and create products that meet those Service. wants. specific needs. Value Map product inspired innovation; can relieve those Customer Profile customer inspired innovation. pains and create gains