ENTREPRENEURSHIP 1ST SEM 1ST QUARTER

to undertake

The word "entrepreneur" means

entreprendre

the French word for entrepreneur

Entrepreneurship

the process of starting, organizing, managing, and assuming the responsibility for a business

enterprise

An undertaking or business organization; industrious (Business venture)

Filipino people, local community, Philippines economy

the flow of entrepreneurial benefits

E

E for Entrepreneur and B for Businessman: A risk-taker

B

E for Entrepreneur and B for Businessman: Market player

E

E for Entrepreneur and B for Businessman: Starts a business from a unique and innovative idea

E for Entrepreneur and B for Businessman: Starts a business from an existing idea

E

E for Entrepreneur and B for Businessman: Revolutionary

B

E for Entrepreneur and B for Businessman: Profit-oriented

E

E for Entrepreneur and B for Businessman: People-oriented

B

E for Entrepreneur and B for Businessman: avoids taking risks

B

E for Entrepreneur and B for Businessman: Traditional

People's interests, Past experiences, Change in the environment, Technological discovery and advancement, Governments' thrust, policies, and programs

Enumerate the sources of entrepreneurial ideas

Job opportunities

Opportunity for employment

Career

A long-term profession

Business consultant, Fundraiser, and Sales manager

Enumerate the 3 job opportunities you can get from entrepreneurship

Teacher, Business reporter, and New venture creator

Enumerate the 3 careers you can get from entrepreneurship

Business plan

It is a formal document that outlines the company's overall goals, strategies, and how it will achieve them.

To serve as a ROAD MAP, to serve as a ACTION PLAN, and to serve as a SALES TOOL

What are the 3 primary purposes of a business plan?

Short and simple, interesting, easy to understand, no typing errors, printed and bound, and usage of spreadsheets and graphs

What are the characteristics of a good business plan?

Proposed name of the business, Logo of the business, Description of the business, Name of the business owner/s, Location & Address of the business, Mission, and Vision

Enumerate the parts of a business plan (CHAPTER 1)

Proposed name of the business

Reflects the brand's identity and image, promotes philosophical viewpoints

Logo of the business

A symbol of your company's identity, no words needed to convey the meaning

Font-based logos, literal illustrations, and abstract symbols

Give the 3 types of logos

font-based logos

These logos rely mainly on stylized text or typography to represent the business name or initials.

literal illustrations

Logos that use a literal or realistic image to represent the company, product, or service. These are straightforward and easy to understand.

abstract symbols

Logos that use shapes, forms, or unique design elements that don't represent real-world objects directly but symbolize the brand's essence, values, or vision.

Sole Proprietorship, Partnership, and Corporation

give me the 3 forms of business organizations

Sole Proprietorship

a business owned and managed by a single individual

Partnership

A business in which two or more persons combine their assets and skills

Corporation

a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law.

Vision

What your company aspires to be

Mission

What your company actually does

Product, Price, Place, and Promotion

Give me the 4Ps of the marketing mix

Marketing Plan

An advertising strategy that a business will implement to sell its products or services.

Marketing Identification

The process of identifying a specific group of consumers who are the best potential customers for your product or service.

Market segmentation

Dividing the market into small segments with distinct needs, characteristics, or behavior

Demographic, Psychographic, Behavioral, and Geographic

Give me the 4 types of market segmentation

Behavioral Segmentation

Habits, Loyalty, Interactions, and Customer feedback

Demographic Segmentation

Age, Gender, Religion, Income

Geographic Segmentation

Climate, Culture, Language, Population

Psychographic Segmentation

Personal values, Political opinions, Aspirations

Market Targeting

Picking the target market from the entire market

Evaluating the market segments, then selecting the market segments

The process of market targeting

Market Specialization, Product Specialization, Full Market Coverage, and Single segment concentration

Give me the alt strategies for market targeting

Single segment concentration

One product for one segment

Market Specialization

Many products for one segment

Product Specialization

One product for many segments

Full Market Coverage

All needed products for all segments

Market Positioning

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers

Product use and application, Product attributes and benefits, Product Price, Product quality, and Competitors

Give me the 5 positioning strategies

Perceptual map

a technique to visually describe where brands are "located" in consumers' minds relative to competing brands

Product, Price, Place, Promotion, People, Physical, Evidence, Process

GIVE ME THE 7PS OF MARKETING

Product

The tangible good or intangible service offered by the business to the targetconsumer.

Quality, Features, Labeling, Packaging, Design, Product Support Services

Give the qualities that make up a product

Quality

Refers to the durability of the product

Features

Physical Characteristics and the benefits you get from a product

Design

A combination of how your product looks and how it works

Labeling

Product label

Packaging

The wrapper or container of your product

Product support services

These are important parts of the overall brand experience.

Price

Price is the amount of money that a buyer gives to a seller in exchange for a good or a service.

Price Skimming Approach, Price Penetration Approach, Cost-based model, Promotional pricing, Odd or Even pricing, Prestige pricing and Discount Pricing

Enumerate the pricing strategies

Promotion

mode of conveying the presence and attributes of the product to the target consumers.

sales promotion, publicity, public relations, advertising, and personal selling

Give me the different types of promotion

Advertising

This is defined as any paid and public presentation of products, services, or ideas by an identified sponsor through a medium

Personal selling

This occurs when an individual salesperson sells a product, service, or solution to a client. is necessary for products that are highly technical, fairly complex, durable, expensive, or not regularly sought out by buyers

Product placement, Transit advertising, point-of-purchase signs, posters, and leaflets

3 types of ADVERTISING

Sales promotion

These are activities that are intended to boost the sales of a product or service in the short term

Consumer promotions and Trade promotions

There are two types of sales promotion:

This involves creating and maintaining the goodwill of an organization's various publicsthrough publicity and other nonpaid forms of communication.

Publicity

These are communication written and produced by public relations professionals intended to create a favorable public image for a client.

People

This consist of each person who is involved in the product or service whether directlyor indirectly.

Training is essential, Proper customer service, On selling, and Keep the best

To ensure that people are making the right impact on the customers:

Physical evidence

everything the customers see when interacting with the business.

Physical environment, Spatial layout, Ambiance, Corporate Branding, and Consistency

Enumerate the components of physical evidence:

Physical Environment

The place and immediate surroundings where the customer uses or experiences the service or product.

Spatial Layout

arrangement of physical elements like furniture and equipment thatwork in conjunction with the physical environment

Ambiance

The overall atmosphere of a place or service setting

Corporate branding

VISUAL ELEMENTS used in a place or service setting to identify with its company

Consistency

it means that all areas of products or services should be consistent with each other

Processes

activities involved in delivering the product or service to customers

Technological Processes, Electronic Processes, Direct Activity, and Indirect Activity

Give the types of processes