TLE ST1

Entrepreneurial competencies

Characteristics such as personality, traits, skills, and knowledge that are identified and considered important for entrepreneurial success

Entrepreneurial competencies

Attitudes and behaviors

Innovative and trendsetters

Entrepreneurs have creative minds and do not stick to one style for long. They experiment, try and imrpove new ideas and think better ways of doing things.

Problem solvers

Entrepreneurs have strong faith in their abilities. Optimistic individuals and positive thinkers

Enthusiastic

Entrepreneurs have a genuine interest in meeting and entertaining people.

Opportunity seekers

Seek and act on new business opportunities to obtain financing, equipment, or assistance.

Goal setters

establish specific, measurable, attainable, and realistic objectives

Reasonable risk takers

Entrepreneurs take reasonable risks after weighing situations that involve moderate risks that exist when results are not certain

Excellent planners

Plan for total operation of their business

Review all aspects of thier business in a related and coordinated manner

Service oriented

entrepreneurs gladly attend to the needs of their customers with efficiency and graciousness

Decision makers

Entrepreneurs are leaders, and the success of their business depends on their ability to make the right decisions

SWOT ANALYSIS

Widely used as a tool in analyzing all the factors that can have an impact on ones goals or objectives

Entrepreneurial tests

simple test that aims to gather information about your qualities or traits as an individual to give you clues on your chances of success in entrepreneurial activities

Case study

struggles of some entrepreneurs before their success, what they have been through, and their determination to succeed in their quest for a better life

Action plan

This is a list of activities and well defined steps that serve as a guide for the entrepreneur to help achieve business goals

Action plan

Resources needed in the business as well as the time frame

Business ideas

idea that is worth a business should be one that has a market in the present and the future.

Product

Service

system

Markets

Analyze the number of prospective buyers, the presence of competitors, and the prices and quality of goods and services.

Capital

Money is important in putting up a business.

Availability of funds should fit the type of business to be established

Skills

An entrepreneur should have the necessary skills in the business that he/she will undertake

Suppliers

Should be sufficient suppliers of raw materials and other inputs of the business

Indiviudal interests

Business interests of individuals vary.

Interests should match business opportunities

Technology

Should be aware of the presence of technology, particularly new technology needed to improve products or services or introduce new ones in the market

Manpower

setting up a business, make sure that experts or trained personnel are available to make the business feasible

PRODUCT DEVELOPMENT

Defined as the process of conceptualizing, creating, producing, introducing, and delivering new products and services to consumers or improving on the old

SIX STAGES OF PRODUCT DEVELOPMENT

1. Generating a new product idea

2. Screen ideas

3. Business Analysis

4. Product development

5. Market Tests

6. Commercialization

Generating a new product idea

involves continous search for new product opportunities

Screen ideas

The greater potential ideas are selected for further development.

Ideas deemed poor or unsuitable are rejected.

Business Analysis

The surviving idea is expanded into a concrete business proposal

Product development

Focuses on the production of the new product into a tangible form, from concept, to test stage, to development and marketing

Market tests

involve actual consumers, new product will be given to consumers

Commercialization

new product is introduced in the market

advertising, personal selling, and sales promotion

Unique selling proposition

Strategy used by businesses to encourage customers to buy from them

USP

What the consumer wants? What your competitors brand offer? What your brand can offer?

Search engine optimization

you make your website friendly for online advertisements.

Search engine marketing

use paid search, such as pay-per-click listings and advertisments to connect to users

Email marketing

You can increase the effectivenes of your email campagins by using personalization

Brands

brand cannot be copied

BRANDS

With a brand name, a relationship exists between the product and the consumer.- Consumer perception is measured by how they feel and think about the brand.

Brands

Refer to a name, term, symbol or design, or a combination of them, which identifies the goods or services of one entrepreneur and differentiates from their competitors product

Cash flow

Continuous proces and there should be a steady stream of cash coming in

Positive cash flow

there is enough money going in or being generated to be able to pay the debts and expenses of the business

Negative cash flow

cash available is not enough to pay its obligations because of poor sales of products

Savings

setting aside a portion of an income

Investment

process of making money grow and putting money where it can earn interst for a period of time

Money begets money

u put your money in an investmnet, it should earn more money as time passes by

Bank time deposit

low risk investment the bank locks your money for a certain period of time. Interest is paid monthly, quarterly or yearly

Goverment bonds / treasury bills

Monetary instruments offered by the goverment. Low risk because the government is guaranteeing it. ONly risk if the goverment goes bankrupt

Real estate

a person can buy a piece of land or properrty that may grow value after a long time. Property values do not increase overnight

Mutual funds or unit investment trust funds

investment offered by the bank or any authorzed entity. Pools of money from several investors

stock value

total value of the company

PSEI

official body that overseas and regulates the operation of the stock market