ENTREP: Concepts of Entrepreneurship

Entrepreneurship

art of turning an idea into a business

Entreprende

a French word which means ‘to undertake’

Entrepreneur

a vision-driven individual who assumes significant personal and financial risk to start or expand a business

Factors Causing Business Failure

1. not knowing enough about the market/failure to innovate the business

2. lack of skills in management

3. failure to overcome the hard work, long hours, and stress in setting up

4. underestimating the finances

5. lack of passion

6. contending with strong and experienced competitors

7. sheer incompetence

Ways of Becoming a Good Entrepreneur

1. Learn enough about how a particular business is run.

2. Take entrepreneurship courses.

3. Learn about putting up a business through good industry, market, customer research, and planning.

Business Name

the legal name under which your business is registered for taxes and official government purposes

Importance of a Business Name

“Your company name plays a monumental role in a brand’s growth and perception, meaning it can completely make or break a company.” - Adam Fridman

Funny Business Names

“Using puns is risky, and probably best avoided.”

- Claro Ganac, marketing professor at De La Salle University

Characteristics of a Good Business Name

1. easy to pronounce

2. easy to spell

3. memorable

4. symbolic

5. personal

6. represents your brand

Business Logo

a logo or symbol/design used to identify a company or organization, as well as its products, services, employees, etc.

Business Tagline

• a brief phrase used to relay a brand’s value

• taglines tell customers about the overall company without mentioning the
  product or service they offer

Good Qualities of an Entrepreneur

1. Mind Frame

2. Heart Flame

3. Gut Game

Mind Frame

allows the entrepreneur to see things in a very positive and optimistic light in the midst of a crisis

Heart Flame

the entrepreneur is driven by passion or strong will to find fulfillment in the act or process of discovery

Gut Game

• the ability of the entrepreneur to sense without using the five senses

• Intuition

• “lakas ng loob”

Henry Sy Sr.

• Forbes Magazine named as the richest person in the country

• founder of SM (formerly known as Shoemart)

• owner of SMDC, Watson, China Bank, Banco De Oro (BDO), and Save More

• in 2008, the SM Group acquired the National University

• Aka as retail king of the philippines