Entrep Mind (Chapter1-3) PDF

THE ENTREPRENEURIAL MIND THE PERSPECTIVE OF ENTREPRENEURSHIP WEALTH CREATION ISO 9001:2015 Certified  INTRODUCTION Building wealth and managing one's finances are rarely taught topics, so many individual...

THE ENTREPRENEURIAL MIND THE PERSPECTIVE OF ENTREPRENEURSHIP WEALTH CREATION ISO 9001:2015 Certified  INTRODUCTION Building wealth and managing one's finances are rarely taught topics, so many individuals or business owners suffer when it comes to wealth creation or end up hiring. Also, most of them hire professionals to manage their wealth. This lesson introduces the concept of wealth creation, how to manage income, manage and increase income, and choose a suitable investment. The lesson also presents wealth-creation opportunities that are applicable to all individuals. ISO 9001:2015 Certified  OBJECTIVES: At the end of the lesson, the students are expected to: 1. define the wealth creation; 2. explain the importance of wealth creation; 3. discuss the wealth creation plan; and 4. explain the reason of investing. ISO 9001:2015 Certified  What Is Wealth Creation? What is wealth creation, and how can you create a saving strategy that works? This question has probably crossed your mind at least once. During this pandemic, all nations struggle to obtain financial stability, which tremendously impacts our economy. The term wealth creation can mean a lot. To others, it may mean increasing the level of money, getting rich, or investing to increase money. It differs depending on the characteristics and behavior of a person. ISO 9001:2015 Certified  What Is Wealth Creation? In Economics, Wealth Creation is the increase in the number of assets owned by an individual, a family, community, organizations, and country. Since Economics is associated with scarcity, when there is an increase in the resources, especially scarce resources, that can also be considered as wealth creation. In Entrepreneurship, Wealth Creation is the combination of all financial planning and investment advice for the betterment of the assets owned by an individual, family, or company. It includes planning for the future like getting married, having children, the costs of education, tax services, estate planning, and retirement planning. ISO 9001:2015 Certified  What Is Wealth Creation? From this meaning, one can see that wealth creation is important in our lives and it entails different functions in our lifetime. Yet, one must remember that in order to be successful in wealth creation, needs, wants, and goals must be understood, organized, and prioritized first, to be able to meet the growth opportunities of wealth. Furthermore, wealth creation entails the use of one's imagination and hard work to be able to produce massive number of money. Hereby, wealth creation is all in the mind of a person; it is how a person thinks to do something unique that lead to wealth creation and possibly a way out of poverty. ISO 9001:2015 Certified  What Is Wealth Creation? On the other hand, wealth creation is also defined as producing a supply of assets like stocks, gold, cash, bonds, and real estate that are considered sufficient to generate a stable source of income to help in livelihood. As Robert Kiyosaki once said, "Don’t work for money; let money work for you." Also, it is essential to start early, as assets appreciate more in the long run. ISO 9001:2015 Certified  Importance of Wealth Creation Regular source of income. –Good investments provide a source of income; –they help individuals pay bills in the future or even after retirement and –provide emergency cash or fund in times of need or special events and occasions. Healthy Retirement. –Building wealth is a requirement for a healthy and happy retirement. –The wealth creation is essential to those near their retirement years because it can help them enjoy life without so many financial worries. ISO 9001:2015 Certified  Importance of Wealth Creation Goal-based investing. –the first step in wealth creation is determining your goal. –In this way, you know what to do, what to achieve, and how to push yourself harder to achieve that goal. –A goal-based investing help in achieving targeted wealth. Having a goal also works well with finances, for it helps individual to budget income and save more. ISO 9001:2015 Certified  Ideal Wealth Creation Plan Since Wealth creation is a part of a financial plan, here are some steps to consider in planning wealth creation. 1. Create a budget 2. Invest rather than just saving. 3. Understand the impact of inflation on saving. 4. Invest in appreciating assets 5. Become Debt-free. 6. Cut on unnecessary expenses 7. Don’t mix insurance with investments ISO 9001:2015 Certified  What Is Budget? Budget is defined as the estimation of income and expenses over a period of time. It is commonly compiled and evaluated on a periodic basis to achieve a certain amount. Creating a budget is for everyone who wants to track their money and how they spend it. ISO 9001:2015 Certified  Creating a Budget in Five Steps 1. Figure out your after-tax income. –If you get a regular paycheck, the amount you receive after all the deductions, like loans, insurance, etc., is your after-tax income. –If you have other types of income, perhaps you make money from side gigs, deduct the costs and taxes you incur in those gigs, and that will be your after-tax income. 2. Select an appropriate budgeting plan. – The budget should be able to cover all your needs. –Choosing the appropriate budgeting plan to achieve your financial goals and fulfill your needs. ISO 9001:2015 Certified  Creating a Budget in Five Steps 3. Track your progress. – It is essential to track your progress constantly. – In this way, you will know how fast or slow you are in achieving your goals. 4. Automate your savings. – Always automate so that the money you've saved for a particular purpose goes with minimal effort on your part. – You can choose an accountability partner to support you in balancing your budget and meeting your financial goals. 5. Revisit your budget as needed. – You'll never know when to change your budget again. – It can be due to an increase in income, expenses, or priorities. – Therefore, do not forget to adjust your budget accordingly. ISO 9001:2015 Certified  Investment Investment is an asset or item gained to appreciate and produce income. In economics, investment is acquiring assets or goods that will not be consumed today but will be used in the future. In finance, investment is a monetary asset purchased to provide income in the future or to be sold at a higher price for a profit. Investment is an asset that allows money to grow over time. The wealth created from investment can be utilized as savings, income, payment of loans, purchase of another asset, etc. ISO 9001:2015 Certified  Categories of Investment 1. Ownership Investments – a type of investment that assets are owned and purchased by the investor. – Examples include stocks, real estate properties, bullion, and others. Having a business and funding it is also an example. 2. Lending Investments – Bonds are the main instrument when it comes to lending investment. – The money you invest is used to fund banks to give loans to other people and the government to fund some projects. 3. Cash Equivalents – These are liquid investments that can be converted into cash with a low level of risk. ISO 9001:2015 Certified  Reasons to Start Investing ✓To Keep Money Safe – Money conservation is one of the central reasons people invest. Most of the time, people save and invest money to have something to spend when they need to buy something or when there are unexpected expenses, to safeguard the future, and to save up for retirement. ✓To Grow Money – Another objective of investing is to ensure that it grows into a tremendous amount over time. – The appreciation of capital is usually a long-term goal that helps secure future finances. – To grow money into wealth, one must consider different investment options with a significant return depending on the amount invested. – Some of these investments are associated with high risk, but at the same time, the return on the money is also high. ISO 9001:2015 Certified  Reasons to Start Investing ✓To Have a Stable Income –Investing can also help in earning a steady source of income. –It can be your primary or secondary source of income. –Examples of investments that pay out regularly include fixed deposits with regular interest. –Another is buying stocks from companies that pay investors dividends. –This type of income-generating investment helps in paying your everyday expenses and save extra money in the future. ISO 9001:2015 Certified  Reasons to Start Investing ✓To Achieve Financial Goals –Investing can help you achieve short-term and long-term financial goals without experiencing trouble or too much stress. –There are some investment options with high liquidity levels with short lock-in periods; sometimes, there are also investment options with long lock-in periods that are not very liquid. –An individual can choose the most ideal type of investment to achieve financial goals. –It can be an investment with short lock-in periods if one wishes to use the money instantly, or it can also be an investment with long lock-in periods if one wishes to use the money in the future. ISO 9001:2015 Certified  Understanding the Impact of Inflation on Savings Inflation is the increase in the prices of goods and services in a particular economy. It can be the rise of food prices, clothing, transport, housing, etc. As prices increase, people’s capability to consume different goods and services decreases. Inflation that is too high is unsuitable for individuals and the economy. Furthermore, inflation reduces the value of money. Therefore, the value of the money you saved today will not have the same value in the future due to inflation. ISO 9001:2015 Certified 20 The Philippine Economy, Philippine Culture, Entrepreneurship and Development, and The Philippine Environment for Entrepreneurship The Entrepreneurial Mind ISO 9001:2015 Certified  INTRODUCTION Substantial improvements in the Philippine economy have been brought by infrastructures, investments, partnerships with other countries, etc. Businesses play a significant role in the growth and development of many countries, specifically in the Philippines. As claimed by many studies, businesses provide job opportunities and income to the people. With this, before having a thorough discussion on the importance and contribution of businesses in the Philippine economy, let us first talk about the Philippine economy's situation, its history, and some fundamental economic problems that could hinder the growth of businesses and the economy. ISO 9001:2015 Certified  OBJECTIVES At the end of the lesson, the students are expected to: 1. analyze the situation of the Philippine economy; 2. understand the process of economic development in the Philippines; and 3. familiarize the fundamental economic problems. ISO 9001:2015 Certified  The Philippine Economy Philippine national economy composed of: 1. Business Enterprises are said to be the leading provider of goods and services for the people. 2. Households consume goods and services. 3. Government is responsible for collecting taxes, promoting stability and growth, and regulating and controlling the economy. ISO 9001:2015 Certified  The Philippine Economy Three Major Economic Sectors 1. Industry sector –where the automotive, textiles, electronics, and food processing are the main products 2. Service Sector –focuses on construction, transportation, wholesale and retail trade, communication, insurance, and financing 3. Agriculture Sector –which is the primary provider of food resources in the Philippines and in other countries ISO 9001:2015 Certified  The Philippine Economy The strength or weaknesses of one sector affects the other sectors because of their interdependence. However, it is the government that provides leadership in improving the economy. ISO 9001:2015 Certified  The Philippine Economy The Philippines has a market economy or free enterprise type of economic system. This means economic freedoms, like free competition, free choice of investments, and interaction between demand and supply, determine prices. Demand is the consumers' willingness to buy goods and services at a given price, place, and time. Supply is the consumers' willingness to sell goods and services at a given price, place, and time ISO 9001:2015 Certified  Fundamental Economic Problems Scarcity – all countries have economic problems. We have economic problems because our resources – money, materials, and machines – are limited while our human needs are unlimited. Unemployment – is the most significant economic problem in our country. People who are abled willing cannot find jobs. Hundreds of thousands of Filipinos like to work in other countries for lack of job opportunities in our own country. Poverty – the grim faces of poverty are all around us. Grimy individuals, young and old, are begging in busy streets. ISO 9001:2015 Certified  Philippine Culture, Entrepreneurship, and Development Some people believe that only those wealthy countries can successfully operate a business. Likewise, other people believe that only those who are talented and have enough money can operate their own business and become entrepreneurs. Fortunately, there are still others who try their luck in operating and managing their business. This lesson presents the different development theories to why the process of development and growth in other countries is fast, and in others, slow. ISO 9001:2015 Certified  OBJECTIVES At the end of the lesson, the students are expected to: 1. know the reasons why growth and development differ between countries; 2. define the true meaning, purpose, and contribution of entrepreneurs; and 3. be knowledgeable about Filipino values and their effect on entrepreneurship ISO 9001:2015 Certified  Production and Productivity Production is a function of its inputs, or the factors of production (natural resources, labor resources, and capital resources), and the productivity of those factors (specifically the productivity of labor and capital) to produce outputs (goods and services). Productivity is the amount of output produced from a given amount of labor input. ISO 9001:2015 Certified  Development Growth Theories Laissez-Faire Theory – this theory explains that the government should not interfere in economic activities. It is an absolute free- enterprise economy. Keynesian Theory – states that the government should play a key role in economic development, especially in low countries or those with depressed economic conditions. Ricardian Theory – this means that agriculture plays a significant role in economic development. ISO 9001:2015 Certified  Development Growth Theories Harrod-Domar Theory – the theory states that physical capital, like machines, are the key factor in achieving economic growth. Kaldor Theory – this theory states that the use of advanced technology in producing goods and services has been responsible for developed countries’ economic success like the United States. Innovation Theory – this stresses the role of innovators or entrepreneurs in economic development. Non-Economic Theories –Their key components are political stability, efficient public administration, open society, and positive cultural values. ISO 9001:2015 Certified  Entrepreneurship and Entrepreneur Defined Entrepreneurship is defined as the willingness and capacity to organize, develop, and carry off a business together with its risk to make a profit. An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. An entrepreneur is someone who is self-employed. ISO 9001:2015 Certified  Entrepreneurship and Entrepreneur Defined An entrepreneur may also be defined in terms of what he/she does. –Perceives business opportunities in the environment –Takes the risk of making use of these business opportunities. –Invests his/her own or borrows money to use in the business. –Introduces innovations. –Makes plans and decisions for the business. ISO 9001:2015 Certified  Entrepreneurship and Entrepreneur Defined On the other hand, an entrepreneur is not any of the following: –An entrepreneur is not the person who gives or lends money to another and then sits back and relaxes until his/her money returned with interest earnings. –An entrepreneur is not the person who is hired and paid hefty salaries to manage a business. –An entrepreneur is not the inventor of a product. –An entrepreneur is not the person who guides or advises another entrepreneur. ISO 9001:2015 Certified  Rewards and Risks of Being an Entrepreneur Rewards and Opportunities –entrepreneurs can make money –be your boss –can express your creativity Risks and Demand –risk of failure –long hours of work –unwanted responsibilities ISO 9001:2015 Certified  Philippine Cultural Values and Entrepreneurship According to some foreigners, Filipinos tend to be: – Lazy, indulgent, and prone to relax and take things easy (Juan Tamad) – Avoid taking risks (Segurista, Mahina ang loob) – Go along with the wishes of the group even if, personally, one wants to do something else (Sobrang makisama) – Oversensitive to criticisms so that one stops what he is doing when it does not meet the approval of others (balat-sibuyas) – Lack of perseverance and persistence (ningas-kugon) – Fatalistic (bahala na) – Put one over each other (gusto laging sikat o bida & alimango or crab mentality) – Lack of originality and creativity (Gaya-Gaya) ISO 9001:2015 Certified  Philippine Cultural Values and Entrepreneurship Filipino Values Favorable to Entrepreneurship 1. Pakikipagkapwa – is all about how we treat others and relate with other people. 2. Making Filipino values promote risk-taking or 3. Lakas ng loob 4. Bahala Na – is backed up by the belief that whatever happens, we will know what to do to help ourselves when the time comes. 5. Gaya-Gaya – our ability to learn and adapt to new ways of doing things may also be seen in our imitation talent. ISO 9001:2015 Certified  Philippine Cultural Values and Entrepreneurship Filipino Values Favorable to Entrepreneurship 6. Pakikipagsapalaran – Filipinos have a high sense of adventure, excited by the prospects of new things, new places, new people, or new jobs. 7. Katapatan – as a value promotes ethical business practices. Our values promote harmonious labor-management relations. Our values promote social mobility. 8. Sipag –one important Filipino characteristic is diligence, being hard working. 9. Katipiran 10. Pagkamatiisin – Filipinos, as a rule, are matiisin (enduring) in the face of suffering or adversity. 11. Pagtitimpi – or self-control is another manifestation of Filipinos endurance. ISO 9001:2015 Certified  Understanding the Business Environment It is essential for small business entrepreneurs to know the business environment. It is like asking the pilot or captain if it is important to know the weather condition before traveling. It operates in a very dynamic environment. It is affected by different factors such as population trends, peace and order, economic, social, technical, technological, government policies, and the global environment. In this day and age, businesses are affected by what is happening in the local, national, and international events. Similarly, the entrepreneur must know and monitor the business environment daily to determine if the business will operate smoothly or might encounter "rough weather. ISO 9001:2015 Certified Promoting Micro, Small, and Medium Enterprises (MSMEs) ISO 9001:2015 Certified  MSMEs strengths and weaknesses: 1. Employment Generation – many studies have claimed that MSMEs are the main provider of jobs for many people. Because of the growing number of businesses, more and more people are now employed. 2. Flexibility and lower capital cost per job – in terms of the microbusinesses, you do not necessarily need a higher capital to build one. Furthermore, you can build whatever field of business you want, and if you want to expand it or closed it, you can also easily do so because of its flexibility. 3. Niche services that may not be profitable for large businesses – niche services are the small businesses that are seasonal or those that are not always needed. Yet these niche businesses have many opportunities for they can work under the MSMEs. They can be the supplier or provider of different goods and services. 4. Distribution of income – since MSMEs employ people, so as income. ISO 9001:2015 Certified  MSMEs strengths and weaknesses: 5. Utilization of local resources – the handicraft industry such as hand-made paper, piña cloth, seashells for fashion and jewelry, etc. can make their way to enter the business field by joining the MSMEs. In this way, they can make a profit and, at the same time, advertise and support the local. 6. Export earnings – the Philippines is one of the many countries that export raw materials to other countries. Aside from that, the Philippines also exports MSMEs products like furniture, household accessories, agricultural products, and processed foods. ISO 9001:2015 Certified  MSMEs strengths and weaknesses: 7. "Seedbed" for entrepreneurs – seedbed refers to the nursery where the seedlings grow and nurture to mature and become assertive when transferred to other fields. MSMEs serve as a seedbed for entrepreneurs, specifically those who are beginners in the field of business. They start as a small business, then eventually grow stronger then become medium-sized companies or even large enterprises. ISO 9001:2015 Certified  Major Challenges and Issues for Philippine MSMEs The Department of Trade and Industry acknowledges the major challenges for Philippine MSMEs and the obstruction standing in the way of their growth. These include: a. Competition in export markets b. Existence of small domestic markets and limited local market c. Need for imported parts and materials d. Lack of essential management techniques e. Barriers to starting up businesses f. Limited economic activities at the local level ISO 9001:2015 Certified  International Institutions 1. World Trade Organization – WTO is the only international organization that deals with global trade rules between nations. Its function is to assure that trade flows as smoothly, predictably, and freely as possible. 2. ASEAN – the Association of Southeast Asian Nations, aims to accelerate economic growth, social progress, and cultural development in the region through joint endeavors in the spirit of equality and partnership to strengthen the foundation for a prosperous and peaceful community of Southeast Asian nations. 3. The AFTA – the ASEAN Free Trade Area, which lays out a comprehensive regional tariff reduction. 4. APEC – the Asia Pacific Economic Cooperation is the premier in facilitating economic growth, cooperation, trade, and investment in the Asia Pacific Region. ISO 9001:2015 Certified  Filipino Entrepreneurial Economy One of the crucial projects of the government is the development and promotion of Filipino entrepreneurship. Many government agencies and private organizations which extend financial and technical assistance to MSMEs. ✓ Free enterprise or Market Economy ✓Individuals are risk-takers ✓One of the national government's main thrust is the creation of the spirit of entrepreneurship among the poor. ISO 9001:2015 Certified  Factors that Contribute to the Emergence of Entrepreneurs 1. Views on Competition – entrepreneurs are not afraid of competitors but are instead challenged by their presence to do better. 2. Time Orientation – when the entrepreneur is time conscious or always thinking about the right timing in doing business. 3. Conferment of social ranks – a culture that encourages entrepreneurship is one that bestows social ranks in terms of actual accomplishments rather than circumstances of birth. 4. Work ethics – a culture with good work ethics mirror a society where entrepreneurs prosper. 5. Attitude towards money – clearly breed entrepreneurs. People who will not spend their money on building a new house or buying the latest car model but will instead invest it in a productive activity like a small business. ISO 9001:2015 Certified 30  What is an Entrepreneur?  Learning Objectives (1 of 2) 1.1 Describe entrepreneurship, corporate entrepreneurship, and the characteristics of entrepreneurial firms. 1.2 Discuss three main reasons people decide to become entrepreneurs. 1.3 Identify four main characteristics of successful entrepreneurs. 1.4 Explain five common myths regarding entrepreneurship. 1.5 Describe three types of start-up firms. Learning Objectives (2 of 2) 1.6 Changing Demographics of Entrepreneurs 1.7 Discuss the positive effects of entrepreneurship and entrepreneurial firms on economies and societies. 1.8 Explain the entrepreneurial process. 1.9 Learn how understanding entrepreneurship and the entrepreneurial process can facilitate career success. Introduction to Entrepreneurship 01 02 Market Research Networking Conduct thorough market research Build a strong network of contacts to identify customer needs and within your industry, as this can gaps in the market, ensuring that lead to mentorship, partnerships, your business idea meets real and potential funding sources demand and stands out from essential for launching and competitors. growing your business.  Defining Entrepreneurship and Its Importance Entrepreneurship drives innovation, creates jobs, and stimulates economic growth, improving living standards. By fostering entrepreneurial skills, societies can adapt to changing market demands and embrace technological advancements, benefiting communities and enhancing career opportunities for individuals.  Corporate Entrepreneurship Explained Innovation Focus 01 Encourage a culture that fosters innovation and creativity within established organizations to drive growth. Resource Allocation 02 Allocate resources strategically to support intrapreneurial projects that align with corporate goals and market needs. Employee Empowerment 03 Empower employees to take initiative, make decisions, and pursue new ideas that could lead to business advancement.  Characteristics of Entrepreneurial Firms 01 Innovative Entrepreneurial firms constantly seek new solutions and improvements. Risk-Taking 02 These firms embrace calculated risks to achieve competitive advantages. 03 Customer-Focused The main priority is understanding and fulfilling customer needs and preferences. Agile 04 Entrepreneurial firms quickly adapt to market changes and emerging trends.  Reasons to Become an Entrepreneur Independence 01 Ability to make decisions and control one's own destiny. Financial Opportunities 02 Potential for higher income compared to traditional Problem Solving employment. 04 Ability to address gaps in the market with unique solutions. Creative Freedom 03 Opportunity to pursue personal passions and innovative Flexibility ideas. 05 Freedom to choose work hours and project direction. Contribution 06 Chance to make a positive impact on society and communities.  Exploring the Motivation for Entrepreneurship 01 Global Trends Identify entrepreneurship trends shaping the global economy. Industry Insights 02 Explore sectors with growing entrepreneurial opportunities. 03 Regional Factors Understand local economic conditions influencing Personal Factors entrepreneurship. 04 Assess personal goals driving entrepreneurial ambitions. 05 Assessment Recognize essential skills required for successful Actions 06 entrepreneurship. Outline actions to launch and manage a business.  Key Traits of Successful Entrepreneurs Vision 01 Ability to see opportunities where others see challenges or risks. Resilience 02 Capable of bouncing back from setbacks and persisting through difficulties. Adaptability 03 Financial Savvy Willingness to adjust strategies based on market changes 06 or feedback. Understanding of financial principles to manage resources effectively and sustainably. Decisiveness 04 Customer Focus Ability to make timely decisions, even with incomplete 07 information. Prioritize understanding customer needs to create products or services that deliver value. Networking 05 Innovation Establishing connections that foster collaborations and 08 open doors to opportunities. Constantly seeking better solutions that enhance productivity and drive market growth.  Common Myths About Entrepreneurship Success Is Instant Age Matters Entrepreneurial success often takes time Entrepreneurs can be successful at any age, and continuous effort. not just the young. Risk Takers You Must Be Innovative Successful entrepreneurs manage risks Many successful entrepreneurs build on rather than blindly take them. existing ideas and improve them. No Need for Formal Education You Always Work Alone While helpful, formal education is not a Collaboration and networking are key necessity for success. aspects of entrepreneurship. Women are more Successful Entrepreneurs Work Less Women are increasingly successful and Entrepreneurs often work longer hours than impactful in entrepreneurial ventures. traditional employees.  Types of Start-Up Firms Description Target Market Growth Potential Funding Sources Business Model Impact Focus Small Business Local clientele, Personal savings, Traditional business Local communities Limited growth Low social impact Start-Ups community-focused loans model Innovative, tech- Venture capital, Potential high social Scalable Start-Ups Global audience High growth Scalable model driven solutions angel investors impact Targeting social Social enterprise Focus on social Social Start-Ups Nonprofit sectors Varies widely Grants, donations issues model change Innovative projects Existing company Internal funding, Leveraging Corporate social Corporate Start-Ups Moderate growth within firms customers R&D budgets corporate resources responsibility  Emerging Trends and Demographics in Entrepreneurship Diverse Founders Social Enterprises 01 03 Increasing representation of women and minorities in Rise of businesses focusing on social impact alongside profits. entrepreneurship. Tech Integration Remote Startups 02 04 Growing reliance on technology for business operations and customer Increase in location-independent startups driven by the remote work engagement. trend.  Positive Economic and Social Impact of Entrepreneurship Strengths Weaknesses Entrepreneurship drives innovation and Starting a business requires significant creates new markets and job investments and can lead to financial opportunities. strain. Successful entrepreneurs often inspire Entrepreneurs may face difficulties in others, fostering a culture of creativity achieving work-life balance during initial and resilience. growth phases. SWOT Threats Opportunities Economic downturns can severely impact Emerging technologies provide new startup viability and growth potential. avenues for business growth and societal impact. Increased competition from established Rising global trends emphasize social firms may hinder new entrants from entrepreneurship, offering unique funding gaining market share. opportunities. Understanding the Entrepreneurial Process Identify Recognize opportunities in the marketplace for innovation. 01 Scale Research 08 02 Expand the business for broader market reach and Conduct thorough research on market trends and needs. impact. Adjust Plan 07 03 Make necessary adjustments based on feedback Develop a solid business plan to outline goals. and data. Evaluate Launch 06 04 Assess business performance and areas for Start the business and bring your product or service to improvement. market. 05 Operate Manage day-to-day operations efficiently for growth.  Facilitating Career Success through Entrepreneurship 05 Resilience Building 01 Skill Development Develop resilience by navigating challenges and learning Cultivate key skills like problem-solving and leadership for from failures. career advancement. Market Awareness 02 Networking Opportunities 06 Stay informed about industry trends and customer needs Engage with other entrepreneurs to expand professional for better decision-making. connections and resources. Strategic Thinking 03 Financial Independence 07 Enhance strategic planning abilities to drive business Achieve financial stability through business ownership success and growth. and diverse income streams. 04 Innovative Mindset Foster creativity and innovation to tackle industry challenges effectively.  Challenges and Opportunities in Entrepreneurship Challenges Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Market Risks Financial Challenges Competition Pressure Time Management Skill Acquisition  Value of Innovation in Entrepreneurship Market Advantage 01 Innovative products differentiate offerings and attract more customers. Efficiency Gains 02 Implementing innovations streamlines processes, reducing time and costs. Customer Engagement 03 Creative solutions enhance customer interaction and build loyalty. Risk Mitigation 04 Innovation allows entrepreneurs to adapt to market changes and uncertainties. Economic Growth 05 New ideas lead to job creation and contribute to overall economic development. Role of Risk in Entrepreneurship Informed Decisions 01 Making calculated decisions based on market research and risk assessments helps reduce uncertainty and improve the likelihood of business success. Mitigating Strategies 02 Implementing risk management strategies such as diversification and contingency planning can safeguard the business from potential setbacks and enhance resilience.  Networking and Its Importance for Entrepreneurs Olivia Sara Mike Marketing Manager Operations Lead Financial Analyst Emma Liam John Sales Coordinator Product Designer Business Strategist  Entrepreneurial Mindset and Attitude 01 02 Embrace Failure Innovative Thinking View setbacks as learning Encourage creative problem- opportunities, fostering resilience solving to identify unique solutions and continuous improvement in that differentiate your business in entrepreneurial ventures. the marketplace. 03 04 Calculated Risks Networking Focus Analyze potential risks versus Build strong professional rewards, making informed relationships that can lead to decisions to capitalize on collaborations, mentorship, and opportunities effectively. new business opportunities.  Financial Aspects of Starting a Business Startup Costs Monthly Revenue Breakeven Point P20,000 P5,000 6 months Profit Margin Mark-up Funding Sources 15% P50 Savings  Marketing Strategies for Start-Up Firms Leverage social media platforms to build brand awareness and engage with your target audience, utilizing content marketing, influencer partnerships, and targeted advertising to effectively reach potential customers and create community around your brand.  Building a Sustainable Business Model Key Elements Importance Challenges Opportunities Best Practices Clarifies what makes Differentiating from Conduct market Tailoring offerings to Identify Your Value your business unique competitors and research to understand specific customer needs Proposition and valuable to articulating value customer needs and can enhance loyalty. customers. effectively. preferences. Gathering accurate data Building strong Essential for targeting Use surveys and Understand Your and insights about customer relationships marketing efforts and analytics to gather Customer Base customers can be can lead to repeat product development. customer feedback. difficult. business. Identifying viable New revenue models Diversifies income Experiment with Develop Revenue revenue streams can be can open up additional sources, reducing different pricing Streams complex and time- markets and customer financial risk. strategies and offerings. consuming. bases. Balancing short-term Aligning business Guides long-term Regularly review and Create a Sustainable gains with long-term practices with planning and adjust strategies based Business Strategy sustainability can be sustainability trends can operational decisions. on performance metrics. tricky. attract customers.  Scaling Up: Growth Strategies for Entrepreneurs Recognize market gaps and emerging Execute your strategies while ensuring demands that align with your business. quality and customer satisfaction. Develop Strategies Evaluate Success 01 02 03 04 Recognizing Opportunities Implement Growth Create actionable plans to target the Analyze results to refine processes and identified opportunities effectively. identify new growth avenues.  Technological Impact on Entrepreneurship Technological Influence on Entrepreneurship 100 90 80 70 Impact Level (%) 60 50 40 Impact of Technology on Startups 30 20 10 0 Innovation Efficiency Market Reach Cost Reduction Key Factors  Global Perspectives on Entrepreneurship 2 01 High rate of tech startups emerging 1 02 Significant growth in women entrepreneurs 3 4 03 Rise in social entrepreneurship initiatives 5 04 Increased focus on sustainable businesses 05 Youth entrepreneurship gaining momentum globally  Government Support and Resources for Entrepreneurs Access grants, loans, and funding programs designed for startups can significantly help entrepreneurs manage costs and support growth. Local and national government agencies often provide resources, mentorship, and networking opportunities tailored to promote innovation and sustainability in new business ventures.  Future Trends in Entrepreneurship Digital Transformation 01 Leverage digital tools to enhance business efficiency and customer experience. Sustainability Focus 02 Integrate sustainable practices into core business models for competitive advantage. Remote Work 04 Adopt flexible work models to attract top talent and increase productivity. Diverse Teams 03 Embrace diversity to drive innovation and address broader market needs. Health and Wellness 05 Incorporate health-focused initiatives to promote employee well-being and retention. Social Impact 06 Develop business strategies that prioritize societal benefits alongside profitability. Conclusions and Key Takeaways Reasons to become Entrepreneurships Entrepreneurs 01 02 Entrepreneurship encompasses innovation, People pursue entrepreneurship for risk-taking, and creating value. independence, financial gain, and passion. Success Factors Myths about Enttepreneurs 03 04 Successful entrepreneurs exhibit Common myths include it's easy, requires a resilience, adaptability, and strong vision. lot of money, and is solitary. Types of Start-ups Impact on Economy 05 06 Start-ups can be scalable, lifestyle, or Entrepreneurship drives economic growth, social oriented depending on goals. job creation, and social advancement. 31