TLE CHAPTER 1

ENTREPRENEURSHIP

THIS PROCESS ENTAILS ONE TO BE CREATIVE, RESOURCEFUL AND INNOVATIVE

ENTREPRENEURS

BUSINESS-MINDED PEOPLE WHO TRANSFORM IDEAS INTO BUSINESS OR ENTERPRISE

UNDERTAKING EFFECTIVE PLANNING

PROCESSES THAT ARE VITAL IN PUTTING UP ENTERPRISES OR BUSINESS VENTURES

ORGANIZING

REQUIRES ENTREPRENEURS TO COORDINATE, ASSEMBLE, AND SUPERVISE ALL THE NEEDED ELEMENTS OF PRODUCTION, MAKING SURE THINGS ARE IN ORDER

MAKING WISE DECISIONS

TO MINIMIZE THE RISKS, SHOULD MAKE WISE DECISIONS, MAKING SURE EVERYTHING IS THOUGHT THROUGH

MANAGING

GIVING PROPER INSTRUCTIONS TO PERSONNEL, MAKINGS RUE EVERYTHING IS WORKING FINE

INNOVATING

CREATION AND PROMOTION OF NEW PRODUCTS

PECS

PERSONAL ENTREPRENEURIAL COMPETENCIES AND SKILLS

VIRTUOUS

BEING HONEST AND HAVING STRONG AND CONSISTENT ETHICAL VALUES, GOOD MORALS

SELF-DISCIPLINED

MANAGE THEIR EMOTIONS PROPERLY, MANAGE TO STAY CALM AND FIRM UNDER PRESSURE

PROFESSIONAL

MUST BE HARDWORKING AND PUNCTUAL, DILIGENT AND PERSISTENT. STRONG WORK ETHICS, TAKES THINGS SERIOUSLY

COMPETITIVE

CURCIAL IN ATTAINING THE ENTREPRENEURS’ GOALS AND BUSINESS OBJECTIVES. SURVIVAL OF THE FITTEST

HARDWORKING

EXTRA EFFORTS, ENERGY, TIME, AND RESOURCES TO ACCOMPLISH A TARGET TASK OR PROJECT

SELF-CONFIDENT

BELIEVING IN ONE’S SELF AND HIS/HER CAPABILITIES

FORESIGHTED

CREATE BUSINESSES AND JOBS FOR THE FUTURE OF THEIR CHILDREN, THE COUNTRY AND THEMSELVES

GOAL-ORIENTED

GOOD IN SETTING REALISTIC TARGETS

PROFIT-ORIENTED

MANAGE THEIR PROFIT

ADAPTABLE

COPING MECHANISM TO AVOID DISAPPOINTMENTS AND ADJUST TO CHALLENGING CONDITIONS

SELF-EMPLOYED

ESTABLISHED THEIR OWN BUSINESS, THEY DO ALL OF THE WORK

OPPORTUNISTS

LOOK FOR OPPORTUNITIES, DOING BUSINESS ON THE RIGHT TIME

ACQUIRERS

TAKING OVER A BUSINESS ENTERPRISE THAT HAS BEEN OPERATING FOR QUITE SOME TIME BUT ABOUT TO CLOSE

SPECULATORS

BUY A PRODUCT AND RESELL IT FOR A HIGHER PRICE TO GAIN MORE PROFIT

FRANCHISEES

START AN ENTERPRISE FOR WHICH A WIDELY KNOWN PRODUCT BRAND HAS ALREADY BEEN ESTABLISHED (MERCH)

WANTREPRENEUR

TAKES 0 RISKS, ONLY WANTS, ALL TALK NO ACTION (NOT REALLY REAL)

SIDE-HUSTLER

REGULAR JOB WITH A BUSINESS ON THE SIDE, EXTRA JOB

CORPORATE RENEGADE

WILLING TO RISK IT ALL TO CHANGE AN “ORDINARY LIFE”

SOLOPRENEUR

THEY MAKE THE RULES, THEY COMBINE THEIR SKILLS TO MAKE THEIR OWN BUSINESS, THEY DO ALL JOBS

LIFESTYLE

BUILDS THEIR BUSINESS AROUND THEIR LIFESTYLE, MAKES A BUSINESS THAT FUNDS THEIR IDEAL LIFE, ALIGNS WITH THAT THEY LOVE THE MOST

SERIAL

BUSINESS IS THEIR LIFESTYLE, FINDS JOY IN BUILDING SOMETHING NEW, CONSTANTLY UPGRADING BUSINESSES

INVESTORPRENEUR

THEY USE THEIR RESOURCES TO HELP OTHERS BUILD COMPANIES AND PROFIT ALONG THE WAY

REAL-ESTATE

PROPERTY IS THEIR GATEWAY TO WEALTH, STRATEGY AND LONG TERM THINKING

TECH DISRUPTOR

ONE OF THE RISKIEST, WHEN TECH STARTUPS ARE A SUCCESS THEY MAKE A LEGACY AND EARN A LOT

TRADITIONAL BUSINESS OWNER

BASIC BUT ESSENTIAL BUSINESSES, CREATE JOBS AND CONNECT COMMUNITIES

SOCIAL

THEY START BUSINESSES TO MAKE THE WORLD A BETTER PLACE

INFLUENCER AND CELEBRITY

MAKE THEIR OWN PRODUCT AND SELL USING POPULARITY AND FANS

ARTIST

USE THEIR SKILLS TO MAKE MONEY, USING IDEAS AND EXPRESSIONS TO MAKE GOOD THINGS FOR MONEY

TREND CATCHER

TRYING TO SPOT THE NEXT BIG THING TO MAKE IT A TREND, JUDGEMENT AND TIMING

E-COMMERCE TYCOON

MAKING ONLINE BUSINESSES, USING THE INTERNET TO REACH MANY CUSTOMERS, JUST A FEW CLICKS, ONCE IT FAILS, YOU CAN JUST TRY AGAIN

ASPIRATION AND PERSONAL SATISFACTION

DESIRE AND ASPIRATION TO BECOME WEALTHY OR RICH

FAMILY AND VALUE-ORIENTEDNESS

PUTS PREMIUM FIRST AND FOREMOST ON HIS/HER FAMILY. NEVER LOSE SIGHT FOR THE REASON FOR STRIVING SO HARD TO MAKE SUCCESS

POSITIVE OUTLOOK

LEARN TO ACCEPT CHALLENGES WITHOUT RESERVATION

PRACTICALITY AND COMMON SENSE

SMART AND PRACTICAL EVEN WITHOUT EDUCATION

PASSION FOR BUSINESS

PASSIONATE AS THEY DWELL MOSTLY ON THE THINGS THEY LIKE THE MOST

LEADERSHIP AND INNOVATIVENESS

KNOW HOW TO LEAD, MOTIVATE, AND INFLUENCE THEIR WORKERS. THEY ALSO TRY OUT NEW IDEAS

HARD WORK

VALUE TIME AND EFFORT MORE THAN LEISURE TIME. DEDICATION

ADVENTURISM

FOND OF EXPLORING NEW THINGS AND TAKING RISKS TO ACHIEVE THEIR DREAMS AND GOALS

CONFIDENCE AND SELF-RELIANCE

HANDS-ON AND INDEPENDENT IN UNDERTAKING THE NITTY-GRITTY THINGS OF THEIR BUSINESS

PREFERENCE TO HAVING A FAMILY BUSINESS

ENTREPRENEURS WHO RUN FAMILY BUSINESSES ARE OBSERVED TO BE SUCCESSFUL AS RESPONSIBILITIES ARE DIVIDED AMONG THE FAMILY MEMBERS

LEADERSHIP, SELF-MANAGEMENT, SOCIAL, COMMUNICATION, ASSERTIVENESS

THESE ARE INTERPERSONAL (PEOPLE) SKILLS

CREATIVE THINKING, PROBLEM-SOLVING, OPPORTUNITY SEEKING

THESE ARE CRITICAL AND INNOVATIVE THINKING SKILLS

SETTING GOALS, ORGANIZING, PRACTICAL DECISION-MAKING

THESE ARE PRACTICAL SKILLS

LEADERSHIP SKILL

KNOW HOW TO LEAD AND CONVINCE POEPLE WITHOUT INTIMIDATION

SELF-MANAGEMENT SKILL

ABILITY TO MANAGE ONE’S EMOTIONS WHEN THESES ARE NOT APPROPRIATE FOR A GIVEN SITUATION

SOCIAL SKILL

ABILITY TO COMMUNICATE WITH OTHERS EFFECTIVELY WITH RESPECT, BUILDING TRUST

COMMUNICATION SKILL

ABILITY TO COMMUNICATE EFFECTIVELY, NOT ONLY TALK BUT ALSO LISTEN

ASSERTIVENESS SKILL

ONE WAY OF DEFENDING OR PUTTING ONE’S IDEAS FIRMLY

CREATIVE THINKING SKILL

VITAL TO CREATE PROJECT CONCEPTS AND DESIGN PRODUCTS AND SERVICES BASED ON THE NEEDS AND DEMANDS OF THE PROPSPECTIVE CLIENTS

PROBLEM-SOLVING SKILL

TO PROVIDE APPROPRIATE AND REALISTIC SOLUTIONS

OPPORTUNITY SEEKING SKILL

BEING ABLE TO EASILY OBSERVE MARKET TRENDS AS BIG FACTORS IN UNDERTAKING BUSINESS

SETTING GOALS SKILL

MUST SET ATTAINABLE GOALS

ORGANIZING SKILL

MUST ACQUIRE AND USE THE REQUIRED TALENTS, SKILLS, AND ABILITIES NEEDED TO ATTAIN THEIR BUSINESS GOALS

PRACTICAL DECISION-MAKING SKILL

MUST BE GOOD IN MAKING WISE AND PRACTICAL DECISIONS

DEMOGRAPHICAL FACTORS

KNOWING THE HUMAN POPULATION FOR VARIOUS SOCIAL SYSTEMS

ECONOMICAL FACTORS

THESE CANT BE CONTROLLED OR MANAGED BY THE ENTREPRENEUR

ECONOMIC LEVEL OR FINANCIAL CAPACITY OF CUSTOMERS

THE CUSTOMER’S ABILITY TO PAY, SOMETHING THE ENTREPRENEUR CANT CONTROLL

GEOGRAPHICAL AND ECOLOGICAL ENVIRONMENT

THE FOLLOWING OF A CERTAIN PLACE AFFFECTS THE NATURE AND TYPE OF BUSINESS THAT CAN BE ESTABLISHED (SURROUNDINGS, RESOURCES AND LOCATION)

SOCIAL AND CULTURAL ENVIRONMENT

BUSINESSES SHOULD COMPLY WITH THE SOCIAL, CULTURAL ATTITUDES AND VALUES OF THE PEOPLE

POLITICAL AND LEGAL ENVIRONMENT

ANY BUSINESS HAS TO FOLLOW LEGAL SYSTEMS AND ADAPT GOVERNMENT-PRESCRIBED POLICIES OR GUIDELINES

TECHNOLOGICAL ENVIRONMENT

BUSINESSES NEED TO KEEP ON UPDATING THEIR PRODUCTS AND SERVICES TO COPE UP WITH RAPID ADVANCEMENT OF TECHNOLOGY

MARKET

A PLACE WEHRE PRODUCTS, SERVICES OR COMMODITIES ARE INTRODUCED, SOLD, OR DISTRIBUTED TO CUSTOMERS OR USERS

MARKETING

A SET OF ACTIVITIES THAT INCLUDES PROMOTING, ADVERTISING, ESTABLISHING RELATIONSHIPS, PACKAGING PRODUCTS AND CREATING VALUE

SELLING

THE LAST STEP OF MARKETING WHERE THE PRODUCT OR SERVICE IS PRESENTED TO BUYERS THROUGH SELLING, THE ACT OF CLOSING A SALE, EXCHANGE OF MONEY

PRODUCT MARKETING MIX

TANGIBLE GOODS, INCLUDES PRODUCT, PRICE, PROMOTION AND PLACE

SERVICE MARKETING MIX

DOING THINGS FOR PEOPLE, NOT GIVING ITEMS, INCLUDES PEOPLE, PROCESS AND PHYSICAL EVIDENCE

PRODUCT

GOODS THAT SATISFIES THE NEEDS OF THE CUSTOMERS

PRICE

PRESCRIBED VALUE OR COST OF A PRODUCT

PROMOTION

PROCESS OF PUBLICIZING A PRODUCT

PLACE

WHERE SELLING AND BUYING TAKES PLACE

PEOPLE

THEY DO THE WORK, FRONTLINERS

PROCESS

SYSTEMS, PROCEDURES, LOGISTICS

PHYSICAL EVIDENCE

WHERE THE SERVICE IS PROVIDED

MARKET RESEARCH

ORGANIZED WAY OF GATHERING, ANALYZING AND INTERPRETING INFO THAT IS VITAL IN SECURING SUCCESS

SWOT ANALYSIS

ASSESSES STRENGTHS, WEAKNESSES, OPPORTUNITIES AND THREATS FOR A BUSINESS TO IMPROVE

STRENGTHS

CAPABILITIES THAT EXCEL

WEAKNESSES

PREVENT FULL PERFORMANCE OF A BUSINESS

OPPORTUNITIES

FAVORABLE EXTERNAL FACTORS THAT GIVE ADVANTAGES

THREATS

EXTERNAL FACTORS THAT HAVE THE POTENTIAL TO HARM A BUSINESS

UNDERSTAND AND KNOW YOUR PRODUCT

KNOW WHAT YOURE SELLING, INCLUDING ITS FEATURES AND BENEFITS + OTHER ASPECTS

SHOW DONT TELL

TO SEE IS TO BELIEVE, CUSTOMERS ARE MORE INTERESTED TO SEE THE ACTUAL PRODUCT AND EXPERIENCE THE SERVICE ITSELF

KNOW YOUR POTENTIAL CUSTOMERS

BUYERS HAVE DIFFERENT PRODUCTS PREFERENCE AND PRIORITIES, KNOW YOUR TARGET CLIENTS

OBTAIN/TAKE REFERRALS

MAINTAINING YOUR OLD CUTOMERS CAN SUSTAIN THE DAY-TO-DAY OPERATIONS, INCLUDING NEW CUSTOMER REFERRALS CAN INCREASE PROFITS

PRICE COMPETITVELY

YOU SHOULD KNOW THE PRICE OF THE COMMODITIES OF OTHER ENTERPRISES SO YOU CAN PLACE A PRICE AT PAR WITH THEM, NOT TOO HIGH NOR TOO LOW

RESOURCES ARE MOVABLE, HELP OTHERS FINANCIALLY, NOT BEING BITTER ABOUT OTHER’S SUCCESS, THINK POSITIVE

THESE ARE PRINCIPLES OF AN ENTREPRENEUR