Introduction to Entrepreneurship PDF

INTRODUCTION TO ENTREPRENEURSHIP SY 2024-2025 ALMA DORIS B. GABOT Objectives: 1. discuss the relevance of the course; 2. explain the key concepts of common competencies; 3. explain the core competencies in Entrepreneurship; and 4. explore job opportunities for Entrepreneurship as a career. RELEV...

INTRODUCTION TO ENTREPRENEURSHIP SY 2024-2025 ALMA DORIS B. GABOT Objectives: 1. discuss the relevance of the course; 2. explain the key concepts of common competencies; 3. explain the core competencies in Entrepreneurship; and 4. explore job opportunities for Entrepreneurship as a career. RELEVANCE OF ENTREPRENEURSHIP TO AN ORGANIZATION Development of managerial capabilities Creation of organizations Improving standard of living Means of economic development Concept of Entrepreneurship there is no universally accepted definition “the art of observing correct practices in managing and operating a self-owned wealth-creating business enterprise by providing goods and services that are valuable to the customers” Concept of Entrepreneurship comes from entreprendre meaning “to undertake" a person who organizes, operates, and assumes the risk of business ventures a person who strongly advocates and correctly practices the concepts and principles of entrepreneurship Factors Affecting Entrepreneurship Personality Factors Initiative Persuasive Proactive Planner Problem solver Risk-taker Environmental Factors Political Technological Economic Environmental Social Legal  Core Competencies in Entrepreneurship 06 01 02 03 04 Economic Profit and Risk Innovative Potential Dynamic bearing Activity 05 Career Opportunities in Entrepreneurship 01 Business Consultant 02 Sales 03 Researcher 04 Teacher 05 Business Reporter Thank You  ENTREPRENEURIAL CHARACTER TRAITS, SKILLS, AND COMPETENCIES EN TREPREN EU RSH IP S Y 2024 - 2025 A LM A D O RIS B. G A BOT ENTREPRENEURIAL CHARACTER TRAITS Achievement Cluster Planning Cluster Power Cluster ENTREPRENEURIAL CHARACTER TRAITS Achievement Cluster – traits that are directly related to the entrepreneur’s desire to be an achiever in the field of entrepreneurship ENTREPRENEURIAL CHARACTER TRAITS Achievement Cluster – Opportunity-seeker – Committed – Persistent – Risk-taker – Efficient – Quality-oriented ENTREPRENEURIAL CHARACTER TRAITS Planning Cluster – traits that support the ones in the achievement cluster – blueprint of the actions to be undertaken by the entrepreneur ENTREPRENEURIAL CHARACTER TRAITS Planning Cluster – Goal-setter – Information-seeker – Systematic in planning and monitoring ENTREPRENEURIAL CHARACTER TRAITS Power Cluster – traits that reflect the degree of the interpersonal relations maintained by entrepreneurs in the community ENTREPRENEURIAL CHARACTER TRAITS Power Cluster – Persuasive – Positive networker – Self-confident SKILLS AND CORE COMPETENCIES SKILLS AND CORE COMPETENCIES Cognitive Skills Technical Skills Interpersonal Skills SKILLS AND CORE COMPETENCIES Cognitive Skills – mental ability of the entrepreneur to learn new things, generate new ideas, and express knowledge in both oral and written forms SKILLS AND CORE COMPETENCIES Cognitive Skills – ability to understand written materials – ability to learn and apply new information – ability to solve problems systematically – ability to create new ideas, and – ability to innovate new products and procedures or methods SKILLS AND CORE COMPETENCIES Technical Skills – knowledge and proficiency in a specialized field like computer technology, accounting, engineering, etc. SKILLS AND CORE COMPETENCIES Technical Skills – Information technology – Feasibility study and business plan preparation – Technical writing skills – Marketing – Management and finance SKILLS AND CORE COMPETENCIES Interpersonal Skills – relationship and interaction of the entrepreneur with the workers, suppliers, creditors, prospective customers, and other members of the business community SKILLS AND CORE COMPETENCIES Interpersonal Skills – Verbal communication skills – Non-verbal communication skills – Listening skills – Leadership – Negotiating skills COMPETENCIES Provides the necessary attributes to outperform competitors Distinguishes the venture from competitors Achieves superior performance in the industry, and Produces a product or develops production methods that can hardly be copied by competitors. HOMEWORK 1. What entrepreneurial character traits, skills, and competencies do you already possess? Cite instances where you show or use them as proof. 2. What entrepreneurial traits, skills, and competencies do you still need to learn, hone, or master? How do you plan to do so? The Environment of the Entrepreneurial Venture Entrepreneurship SY 2024-2025 Alma Doris B. Gabot Environments Physical environment Societal environment Industry environment 2 PHYSICAL ENVIRONMENT Climate Physical resources Wildlife 3 ENVIRONMENTAL SCANNING (PESTEL) Political forces Technological forces Economic forces Ecological forces Sociocultural forces Legal forces 4 ENVIRONMENTAL SCANNING PEST Environmental forces STEEPLE matrix STEEPLED 5 INDUSTRY ENVIRONMENT Government Competitors Suppliers Employees Customers Creditors 6 INDUSTRY ANALYSIS Forces of Competition Model Competitive Forces Matrix 7 SCANNING OF THE INTERNAL ENVIRONMENT Resources, culture, and structure SWOT Analysis BCG Analysis SWOT ANALYSIS 7 BCG ANALYSIS 7 -end- INTRODUCTION TO MARKETING MRS. ALMA DORIS B. GABOT SY 2024-2025  TODAY Marketing Definition Basic Components Scope of Marketing Traditional Approaches to Marketing Definition American Marketing Association: “...the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” Basic Components 1. Needs a state of felt deprivation 2. Wants needs shaped by culture, personality, etc. 3. Demands wants backed by buying power 4. Exchange between buyer and seller 5. Market people with both desire and ability to buy Maslow's Hierarchy of Needs Maslow's Hierarchy of Needs  1. Goods 2. Services 3. Experiences 4. Events 5. Persons 6. Places 7. Properties 8. Organizations 9. Information 10. Ideas SCOPE  SOURCE Camilar-Serrano,A. O. (2016). Principles of Marketing. Unlimited Books Library Servicesand Publishing Inc. Marketing Segmentation, Targeting, and Positioning Entrepreneurship SY 2024-2025 Alma Doris B. Gabot  composed of individuals or organizations with the The Market ability and willingness to make purchases to fill their needs or wants MARKET SEGMENTATION Market individuals or organizations with the ability and willingness to make purchases to fulfill their needs or wants Market Segment a part of the overall market with specific and distinctive characteristics Market Segmentation grouping various customers into segments that have common needs or will respond similarly to a marketing action  1. Sustainable 2. Measurable Criteria for Useful Market 3. Accessible Segmentation 4. Differentiable 5. Actionable BASES FOR SEGMENTING CONSUMER MARKET Geographic Segmentation Demographic Segmentation Psychographic Segmentation Behavioral Segmentation  BASES FOR SEGMENTING CONSUMER MARKET https://www.businessstudynotes.com/marketing/principle-of-marketing/consumer-market-segmentation/ BASES FOR SEGMENTING CONSUMER MARKET BASES FOR SEGMENTING CONSUMER MARKET BASES FOR SEGMENTING CONSUMER MARKET  involves breaking a market into segments Market and concentrating marketing efforts on Targeting one or a few key segments  Undifferentiated Targeting Strategies for Concentrated Targeting Market Targeting Multisegment Targeting Customized Targeting  developing a product Market and brand image in the Positioning minds of customers PERCEPTUAL MAPPING determining through graphing how different product brands are perceived by the consumers  1. Attribute 2. Price and quality Bases for 3. Use or application Positioning 4. Product user 5. Product class 6. Competitor 7. Emotion  1. Geographical location Segmenting 2. Company size 3. Usage rate Business 4. End user application Markets 5. Type of buying situation -end- The Marketing Mix (7 Ps) Entrepreneurship SY 2024-2025 Alma Doris B. Gabot Definition marketing program or strategy that will deliver the value of your product/service to the target customers mode, means, or tools used by the entrepreneur to position the product in the target market segment to efficiently and effectively deliver it to the customers  the tangible good or Product intangible service offered by the business to the consumers  where the target consumers are Place business must be established in a strategic place  Affected by: 1. Availability of competing products 2. Cost of making the product Price 3. Type of product 4. Presence of substitute products 5. Stages of the product in the market 6. Demographic profile of target customers  Mode of conveying the presence and attributes of the products to the target market Promotion ○ Advertising ○ Publicity ○ Personal selling ○ Sales promotion ○ Direct marketing  individual employees or workers who are People directly involved in the production, marketing, and sale of the product  the process of putting the product in a package or container Packaging Includes the kind of material used for the wrappe, label, and product information printed on the package  the place occupied by Positioning the product in the minds of the customers Integrated Marketing Mix: The Customer-oriented Perspective Customer satisfaction for product Customer convenience for place Customer cost lowered Customer information for promotion Customer quality assurance for people Customer safety for packaging Customer decision for positioning -end-