ENTREP

Entrepreneurship

the activity of setting up a business or businesses, taking on financial risks in the hope of profit.

Entrepreneurship

the process of starting and developing a company, with the aim of delivering something new or improved to the market, or by organizing the means of production in a superior way.

Innovation

the introduction of new method, procedure, custom, among others.

Innovation

• new product

• a new process of production

• substitution of a cheaper material in an unaltered product.

• reorganization of production, internal function, or distribution arrangement.

• improvement in instruments and methods.

Invention

it is a discovery or devising of new products. Creating something entirely new that did not exist before.

Businessman

• stars a business from an existing idea.

• traditional

• avoids taking risks

• profit oriented

• market player

Entrepreneur

• starts a business from a unique and innovative idea.

• revolutionary

• risk taker

• customer oriented

• market leader

Traits of an Entrepreneur

• good leader

• optimistic

• confident

• passionate

• disciplined

• proactive

• open minded

• competitive

• kind

Business

an organization that uses economic resources or inputs to provide goods or services to costumers in exchange for money or other goods and services.

Services

provides intangible products, offer professional skills, expertise, advice and other similar products.

Merchandising

buys products at wholesale price and sells the same at retail price.

Manufacturing

the process of converting raw materials into finished products through the use of labor, machines, tools, and technology.

Mining

business of working mines and digging to obtain minerals, metals, jewels, etc.

Real Estate

the land along with any permanent improvements attached to the land, whether natural or man-made including water, trees, minerals, buildings, homes, fences, and bridges.

Financial

refers to all company that deals wit money management, investment, lending, insurance, or financial transactions.

Hybrid

companies that may be classified in more than one type of business.

Sole Proprietorship

one person is solely responsible for providing the capital and bearing the risk of the enterprise, and for the management of the business.

Partnership

owned by two or more persons who contribute resources into the entity.

Corporation

has a separate legal personality from its owners. Ownership is represented by shares in stock.

Cooperative

defined as “a society, which has its objectives for the promotion of economic interests of its members in accordance with cooperative principles.”

Cooperative

owned by a group of individuals and is operated for their mutual benefit. The persons making up the group are called members.

Marketing Management

the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals.

Human Resource Management

the practice of recruiting, hiring, deploying and managing an organization’s employees.

Operations Management

the administration of business practices to create the highest level of efficiency possible within an organization.

Financial Management

refers to the strategic planning, organizing, directing, and controlling of financial undertakings in an organization or an institute.

Sy Siblings

net worth: $11.8 billion

they control the SM group, which includes department stores, shopping malls (SM Malls), banking (BDO), real estate, hotels, and more.

Tony Tan Caktiong and Family

net worth: $2.9 billion

business: Jollibee Foods Corporation

John Adams

said that “Every Problem is an Opportunity in disguise.”

Market Gap

refers to an unmet need or opportunity in a market where demand exists but current supply does not fully satisfy it.

New Product Gap (Innovation Gap)

something entirely new that doesn’t exist in the market.

Improvement Gap (Upgrade Gap)

existing products or services can be enhanced to better meet customer needs.

Market Expansion Gap

a product already exists but hasn’t been introduced to a new market or audience.

How Might We?

a tool that encourages brainstorming and requires a change of perspective for you to come up with unique ideas with possible solutions.

Albert Einstein

said that “If i were given one hour to save the planet, I would spend 59 minutes defining the problem and one minute resolving it.”

Knowledge on the Problem

is it something that you are already familiar with? Is it in line with your field of expertise/discipline? Or is it something you need to research about to at least get the basic concepts of it?

Team’s Profile

what is the background of the team? Do the members have the relevant experience and necessary skills to come up with the solutions and carry it out?

Market Size

how big is the market? This factor is important as it shows if indeed the problem is worth solving.

Resources

do you have the right people (e.g. people, time, connection, network,

finance, etc.) to do the job/implement the project?

Design Thinking

a process for creative problem solving.

Human-Centered Design

a creative approach to a problem solving that starts with the needs of the user, emphasizes the importance of diverse perspectives and encourages solution-seeking among multiple actors.

Empathize

asks the questions: Who is my user? What matters to this person?

Define

asks the question: What are their needs?

Ideate

it is where wild ideas are encouraged.

Prototype

asks the question: how can I show my idea?

just a rough draft.

Test

asks the questions: What worked? What didn’t?

Customer Validation

a process to confirm the existence of the problem, the customer profile, the feasibility of our solution, and the product-market fit.

Value Proposition Canvas

a tool which can help ensure that a product or service is positioned around what the customer values and needs.

Customer Jobs

what customers are trying to get done.

Gains

the positive outcomes the customer wants.

Pains

negative experiences, frustrations, or risks customers want to avoid.

Value Proposition

this section describes how your product or service creates value for the customer.

Products and Services

what you offer — your actual solutions.

Gain Creators

how your offering creates or enhances customer gains.

Pain Relievers

how your offering reduces or removes customer pains.

Team’s Skill Set

do the members have the right skills in carrying out the activities or tasks for the development and deployment of the project/solution?

Problem - Solution Fit

does the solution directly address the identified problem?

Value

at the onset, is it clear to you what the value of your solution will be for the customers/beneficiaries?

Zen Statement

provides an overview of your startup in terms of the product/service it offers, key value, target beneficiaries and competitors.