ENTREPRENEURSHIP

50+ CUTIEEEEEEEEEEEEE

BETWEEN

The term “entrepreneur” has a French source and was coined from the words entre, which means _____.

TO TAKE

The term “entrepreneur” has a French source and was coined from the words prendre, which means _____.

ENTREPRENEUR

It is a unique individual with the innate ability and extraordinary dedication to establish and manage a business, recognizing all the risks, and reaping their rewards.

ENTREPRENEURSHIP

It is a proactive process of developing a profit-making business venture. It involves searching for market opportunities, establishing and operating a business out of the opportunity, and assessing its risks and rewards by closely monitoring the operations.

* INNOVATION
* OPPORTUNITY SEEKING AND EXPLOITATION
* RESOURCE MOBILIZING
* ENCOUNTERING RISK AND UNCERTAINTIES
* ECONOMIC AND PERSONAL REWARDS

What are the common elements of entrepreneurship?

INNOVATION

COMMON ELEMENTS OF ENTREPRENEURSHIP:

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It is the process of bringing to an organization new concepts, technologies, or methods. This may mean creating a new service, system, or process, or improving existing ones.

OPPORTUNITY SEEKING AND EXPLOITATION

COMMON ELEMENTS OF ENTREPRENEURSHIP:

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It is the ongoing process of considering, evaluating, and pursuing market-based activities that are believed to be advantageous for the firm.

Example: Lend money, good location.

RESOURCE MOBILIZING

COMMON ELEMENTS OF ENTREPRENEURSHIP:

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It refers to all activities involved in securing new and additional resources for your organization. It also involves making better use of existing resources and maximizing them. It is often referred to as 'New Business Development’.

Example: investment

ENCOUNTERING RISK AND UNCERTAINTIES

COMMON ELEMENTS OF ENTREPRENEURSHIP:

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Entrepreneurs live with uncertainty and risk. They have no choice. The future depends on them. They are responsible for their success and failures and never endures success.

Entrepreneurs Example: required hiring more must also learn to manage the pressure and uncertainty of having to assume responsibility for their business and their employees, purchasing more equipment, investing more money, and decision-making.

ECONOMIC AND PERSONAL REWARDS

COMMON ELEMENTS OF ENTREPRENEURSHIP:

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Example: Money, Benefits, and Perks

CAPITALISM

The origins of entrepreneurship can be traced to _____, which is an economic, political, and social system that has origins in the desire of private citizens to produce goods and services that the public needs. The main characteristics of this is the right to own private property, which can include lands, buildings, knowledge, patents, know-how, processes, and whatever assets that are used in creating profit.

MARCO POLO

The writers of entrepreneurship, Hirsch, Peter, and Shepherd regard _____ as an early entrepreneur looking for new routes of transport, and with the aid of capital-providing financiers, arranged journey leading to the procurement and selling of goods using the newly developed routes.

E.O. 470 IN 2005

Former President Gloria Arroyo issued _____ establishing the Youth Entrepreneurship Program as a response to the global call for young people to become involved in economic development and nation- building.

MR. JOEY CONCEPCION

He is one of the Go Negosyo founder, a national organization that encourages entrepreneurship. He also organizes YES (Young Entrepreneurs Seminars) featuring business tips, advice, and opportunities for young people who want to pursue entrepreneurship.

GLORIA MACAPAGAL ARROYO

Whose president issued E.O. 470 establishing the Youth Entrepreneurship Program as an answer to the global call to engage the young in the economic development and nation-building?

ADUANA (2017, 7)

Who highlighted that entrepreneurship is the art of watching the correct practices in supervising and working a self-guaranteed wealth making business undertaking by giving items and adventures that are critical to the customers.

* IMPROVE THE QUALITY OF LIFE
* SERVE AS A ROLE MODEL

What are the significance of entrepreneurship to the Filipinos?

* Entrepreneurs produce employment in the community.
* Entrepreneurs generate new demand in the market.
* It makes a generous commitment to the raising and assortment of taxes.
* Entrepreneurs create new business opportunities in the market.
* Makes new sources of materials.

What are the importance of entrepreneurship to the local community?

* It energizes competitiveness thus, provokes challenges among entrepreneurs to continue innovating their products and services.
* It hurries the monetary recuperation procedure of the Philippines during financial crisis.
* It facilitates the progression of money flow in the market.
* It helps the national government in its longing to have positive financial evaluations in the world market.

What are the impact of entrepreneurship to the Philippine economy?

ENTREPRENEURS PRODUCE EMPLOYMENT IN THE COMMUNITY

IMPORTANCE TO THE LOCAL COMMUNITY:

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Entrepreneurs stimulate work development and employment opportunities by creating new job openings when they enter the market.

ENTREPRENEURS GENERATE NEW DEMAND IN THE MARKET.

IMPORTANCE TO THE LOCAL COMMUNITY:

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Entrepreneurs develop an opportunity searcher mentality. They extend their horizons towards marketing enhancement through the promotional campaigns, brand awareness, and product development.

IT MAKES A GENEROUS COMMITMENT TO THE RAISING AND ASSORTMENT OF TAXES.

IMPORTANCE TO THE LOCAL COMMUNITY:

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Vibal (2016, 13) discussed the significant role of entrepreneurs in payment of taxes, permits, and licenses of business activities. The government utilized this assortment particularly to acquire access to social administration for example streets, bridges, free education, and so forth.

ENTREPRENEURS CREATE NEW BUSINESS OPPORTUNITIES IN THE MARKET

IMPORTANCE TO THE LOCAL COMMUNITY:

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Way breaking contributions by entrepreneurs, as new products and enterprises, bring about new work, which can deliver a falling impact or upright hover in the economy. The incitement of related organizations or segments that help the new pursuit add to promote monetary turn of events.

MAKES NEW SOURCES OF MATERIALS

IMPORTANCE TO THE LOCAL COMMUNITY:

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Vibal (2016, 13) emphasized that entrepreneurs are consistently in a steady quest for better and less expensive wellsprings of materials they need. Finding new materials suppliers help in the financial development of the spot.

* Manufacturing
* Personal and Household goods
* Construction where the main driver of growth for the year.
* Services recorded the fastest growth
* Trade and repair of motor vehicles
* Industry ( agriculture, hunting, forestry, and fishing )

Industries that contributed to the growth of the Philippine Economy.

ARTS AND DESIGN TRACK

TRACKS:

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Graphic Designing

ACADEMIC TRACK

TRACKS:

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Wholesale and retail trade

TECHNICAL-VOCATIONAL LIVELIHOOD

TRACKS:

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Agricultural Crops Production

SPORTS TRACK

TRACKS:

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Physical Therapist

SPORTS TRACK

TRACKS:

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The students in this Track can have options using their Entrepreneurial Competencies as Health Club Manager, Sports Facility Manager.

ARTS AND DESIGN TRACK

TRACKS:

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The students in this Track can opt to be Artist and Graphic designing.

TECHNICAL VOCATIONAL TRACK

TRACKS:

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The students in this track can opt to be Cook/Chef and Automotive Mechanic.

ACADEMIC TRACK

TRACKS:

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Entrepreneurship Career Opportunities for this Track can be a business consultant and in the field of Sales.

PHYSICAL ENVIRONMENT

According to Aduana, (2016, 86) It is composed of the natural elements. It is partitioned into climate, physical resources, and wildlife. The three natural elements of it have significant critical commitments and impacts of business undertaking.

CLIMATE

PHYSICAL ENVIRONMENT:

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The climatic condition in a specific area where the business will be set up must be assessed.

PHYSICAL RESOURCES

PHYSICAL ENVIRONMENT:

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The availability or lack of raw materials will determine the cost of the products. The availability of raw materials to be utilized for the business is sufficient for long-term operation.

WILDLIFE

PHYSICAL ENVIRONMENT:

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It incorporates the general synthesis of the ecological system. Entrepreneurs must add to the conservation of the biological framework and set up corporate social responsibility.

SOCIAL ENVIRONMENT

Wheelen & Hunger (as cited in Aduana, 2016,86), the changes in the physical environment have an impact on the societal environment first in terms of resource availability and costs. It is seen that all progressions that occur in the various layers of the environment encompassing the endeavor straightforwardly influence the business operations.

SOCIOCULTURAL ENVIRONMENT

SOCIAL ENVIRONMENT:

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It includes the demographic and cultural dimensions such as values, traditions, family structure, social status, religions, customs, education, and dynamics of the population at large.

POLITICAL ENVIRONMENT

SOCIAL ENVIRONMENT:

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Aduana (2016, 87) underscored political forces such as political parties, political systems, and other related political groups generously impact the political soundness of a nation. Political forces include trade regulations, taxation, government stability, unemployment, worker’s benefits, and election practices.

ECONOMIC ENVIRONMENT

SOCIAL ENVIRONMENT:

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It is driven by supply and demand forces. Basically, it brought about by changes in the Philippine economy wherein it is a similar factor that drives remote foreign exchange rates to fluctuate with other market forces.

ECOLOGICAL ENVIRONMENT

SOCIAL ENVIRONMENT:

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It includes resources and the ecosystem that defines the habitat of a man, animals, plants, and minerals.

TECHNOLOGICAL ENVIRONMENT

SOCIAL ENVIRONMENT:

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It refers to the trends and development in information technology, scientific discoveries, and technological advancement. It includes the use of the internet, social media, and E- commerce.

LEGAL ENVIRONMENT

SOCIAL ENVIRONMENT:

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According to Aduana (2016, 93) emphasized that legitimate powers are components associated with enactment and understanding of laws and ordinances influencing the business.

PESTEL ANALYSIS

This is a tabular framework commonly utilized in environmental scanning tools. It represents Political, Economic, Sociocultural, Technological, Ecological, and Legal forces. There are no particular guidelines on the best way to introduce this model yet it very well may be changed depending on the need and significance of a specific factor for the business.

ENVIRONMENTAL FORCES MATRIX

It is a shortlist of the patterns, issues, and advancements in the distinctive environmental forces that add to any business dynamic. It recognizes the level of its effect on the business. This matrix classifies environmental forces into their frequency of occurrence and level of effect on the proposed business or existing business.

* GOVERNMENT
* SUPPLIERS
* CUSTOMERS
* COMPETITORS
* EMPLOYEES
* CREDITORS

Six Industry Forces

GOVERNMENT

INDUSTRY FORCES:

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It alludes to the entire framework that handles the undertaking of the nation and has the ward over thesignificant exercises within the territory.

SUPPLIERS

INDUSTRY FORCES:

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Morato (2016, 16) emphasized that it incorporates providers of contribution for instance gas, power, and crude materials.

CUSTOMERS

INDUSTRY FORCES:

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It incorporates the purchasers of goods and administrations gave by the business.

COMPETITORS

INDUSTRY FORCES:

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According to Zarate (2017, 63) it is the rival firms that offer similar goods and services as the organization.

EMPLOYEES

INDUSTRY FORCES:

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Are the genuine work power of the business who are liable for the creation of merchandise or conveyance of administrations to the clients.

CREDITORS

INDUSTRY FORCES:

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It refers to financial institutions, banks financial intermediaries engaged in lending money to the borrower usually for a fee in a form of interest.

* POTENTIAL NEW ENTRANTS
* BUYERS
* SUPPLIERS
* RIVALRY
* SUBSTITUTE PRODUCTS

Five Forces of Competition

POTENTIAL NEW ENTRANTS

FORCES OF COMPETITION:

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An organization that is willing and ready to enter a market given the correct condition. The threat of new entrants alludes to the danger of new contenders' posture to existing rivals in the industry.

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BUYERS

FORCES OF COMPETITION:

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They have solid and amplified dealing power in the business. In any case, the danger of its dealing force will be less if the accompanying elements exist.

SUPPLIERS

FORCES OF COMPETITION:

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The severity of the threat of the it is solid if the following variables remain valid:

* If the product or service is exclusive and special.
* The cost of changing brands, suppliers, or products is very continuously high.
* Substitutes’ items are not promptly accessible in the market.
* Few suppliers but sales volume are generally high

RIVALRY

FORCES OF COMPETITION:

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Among existing firms in the industry is ascribed to the accompanying:

* Diversity of competing industry
* A great number of competing organizations
* Characteristics of product offerings
* Management styles and leadership

SUBSTITUTE PRODUCTS

FORCES OF COMPETITION:

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It present incredible dangers in the business condition if the accompanying variables are noticeable.

* Lower cost of a substitute product.
* Changing customers buying behavior.
* The innovation of substitute products.
* Switching cost is generally low.

Strengths, Weaknesses , Opportunities, and Threats

According to Tibon (2016, p. 24-25) SWOT is an acronym for _____. This is a tool to dissect environmental factors. These are things inside to the organization things that you have some command over and can change.

Internal Environment

It refers to environment within the business.

STRENGTH

SWOT:

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It refers to the strong attributes or capabilities of the business that provide an advantage in exploiting the business opportunity.

WEAKNESSES

SWOT:

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As defined by Zarate (2016, p.151) it refers to attributes that need to be improved or enhanced such as inaccessibility of required technology, limited access to the channel of distribution, poor transportation system, poor leadership, incompetent labor force, lack of capital or inefficient business process and operations.

OPPORTUNITIES

SWOT:

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Business circumstances as products or services that must be maximized given their potential as far as benefit and development.

THREATS

SWOT:

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It is considered conditions in the environment that will have an adverse effect on the business activities.

SWOT ANALYSIS

It is a method of summing up the present status of an organization and assisting with conceiving an arrangement for what's to come, one that utilizes the current qualities, reviews existing shortcomings, misuses openings, and guards against dangers.

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GOODS

It refer to tangible products that consumers can observe with their senses.

SERVICES

It refer to intangible offerings that are abstract and cannot be observed with our senses.

1. Relevance to Vision Mission and Objectives of the Entrepreneur
2. Resonance to Values
3. Reinforcement of Entrepreneurial Interests
4. Revenues
5. Responsiveness to Customer Needs and Wants
6. Reach
7. Range
8. Revolutionary Impact
9. Returns Relative Ease of Implementation
10. Required
11. Resources
12. Risks

12 Rs of Opportunity Screening

Relevance to Vision, Mission and Objectives of the Entrepreneur.

12 RS OF OPPORTUNITY SCREENING:

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Opportunity must be aligned with the vision, mission and objectives of an entrepreneur to attain the long term goal of the business.

Resonance to Values

12 RS OF OPPORTUNITY SCREENING:

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It is essential that the opportunities you choose to pursue matches with your values and desired virtues.

Reinforcement of Entrepreneurial Interests

12 RS OF OPPORTUNITY SCREENING:

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As a potential entrepreneur, it is best to select an opportunity close to your interests to develop your skills.

Revenues

12 RS OF OPPORTUNITY SCREENING:

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It depend not only on the quality of the opportunity, but on the future enterprise’s ability to strategize and develop a saleable product or service.

Responsiveness to Customer Needs and Wants

12 RS OF OPPORTUNITY SCREENING:

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If your choice fits well with unfulfilled customer wishes, then you have a better chance to succeed.

Reach

12 RS OF OPPORTUNITY SCREENING:

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Opportunities that can be expanded by adding similar products or services, branches or franchise outlets have good visions for attaining rapid development.

Range

12 RS OF OPPORTUNITY SCREENING:

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The broader the variety of potential product or service offerings, the more attractive is the opportunity.

Revolutionary Impact

12 RS OF OPPORTUNITY SCREENING:

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The next big thing in the market is likely to be the opportunity. It can be a game changer that revolutionizes industries and makes old products and services obsolete.

Returns

12 RS OF OPPORTUNITY SCREENING:

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Opportunities with low production or servicing costs but higher prices would most likely yield higher returns on sales and return on investment.

Relative Ease of Implementation

12 RS OF OPPORTUNITY SCREENING:

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The best opportunities are those that are easy for you to implement, but very difficult for others.

Required Resources

12 RS OF OPPORTUNITY SCREENING:

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Opportunities requiring fewer resources from an entrepreneur may be more profitable than those requiring more resources.

Risks

12 RS OF OPPORTUNITY SCREENING:

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Some opportunities are riskier than others because they are untested or have a very small market base. Sales might be seasonal or cyclical.

Market Segmentation

It is an entrepreneurial marketing strategy designed primarily to divide the market into small segments with distinct needs, characteristics, or behavior (Kotler & Armstrong, p. 12)

Geographic Segmentation

MARKET SEGMENTATION:

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Total markets are into cities, regions, rural and urban areas based on location.

Demographic Segmentation

MARKET SEGMENTATION:

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Market is divided according to personal traits of their consumers like Age, Gender, Income, Religion, Nationality. It is the easiest and most common used in market segmentation.

Psychographic Segmentation

MARKET SEGMENTATION:

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Market is divided based on mental and emotional characteristics of what the customers think and believe in. Their needs, wants, lifestyles, attitudes, personalities, social classes and other variables should be considered.

Behavioral Segmentation

MARKET SEGMENTATION:

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Market is divided on the way customers used and acted toward the products. It is based on the customers’ knowledge, responses, perceptions, reactions, benefits and loyalty.

1\. Accessibility of the market segment. It must be accessible to the business.

2\. Size of the market segment. It must be wide to provide wealth to the Entrepreneurial venture.

3\. Distinction of the market segment. It must be easily differentiated from the total market.

Important Factors to Consider In Market Segmentation

1\. Improves campaign performances

2\. Informs product development

3\. Reveals areas to expand

4\. Improves business focus

5\. Informs other business decisions

Benefits of Market Segmentation

d. Gender

Which of the following is the common demographic variables?

a. Needs and wants

b. Lifestyles

c. Reactions

d. Gender

b. Perception

What is an example of behavior graphic segmentation?

a. Social class

b. Perception

c. Attitude

d. Religion

a. Demographic

What is the most widely used and easiest method for segmenting the market?

a. Demographic

b. Behavior graphic

c. Psychographic

d. Geographic

d. It helps the Entrepreneur to devise appropriate marketing strategies and promotional schemes according to the taste of individuals for a particular market segments.

Why is there a need for Market Segmentation?

a. It helps consumers with enough purchasing power.

b. It is the process of dividing the market into homogenous parts.

c. It involves the decision to select segments and choosing the best action plans.

d. It helps the Entrepreneur to devise appropriate marketing strategies and promotional schemes according to the taste of individuals for a particular market segments.

Market Targeting

It is a process of choosing and identifying the specific target market from the entire market.

1\. Individual to one-on-one marketing

2\. Segmentation marketing (Differentiated or concentrated marketing)

3\. Mass or undifferentiated marketing

The basic entrepreneurial marketing strategies relative to the selected segment are the following:

INDIVIDUAL or ONE-ON-ONE MARKETING

MARKET TARGETING:

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Products/Services are tailored to the needs of the individual consumer.

DIFFERENTIATED MARKETING

MARKET TARGETING:

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Several segments are covered and products/services are designed to suit the specific needs of a particular segment.

CONCENTRATED MARKETING

MARKET TARGETING:

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Sometimes called niche marketing is another variation of segmentation marketing where the business selects only one or few segments to cover but the products/services are designed for the majority of the consumer in the segment of the market.

MASS OR UNDIFFERENTIATED MARKETING

MARKET TARGETING:

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Undifferentiated marketing strategy takes into consideration the fact that the customers have common needs and wants. Products/services are mass-produced for the whole market where consumers are no differentiated.

1\. Substantial

2\. Financially capable

3\. Reachable

4\. Homogenous

A company may finalize the selection of its ideal target market by considering the following element:

Substantial

ELEMENTS OF TARGET MARKET:

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The selected target markets must be huge enough in terms of quantity and or total consumption capability.