ENTREP. 11: Entrepreneurship

Entrepreneurship

It is the art of turning an idea into a business.

Entrepreneur

A vision-driven individual who assumes significant personal and financial risks to start and expand a business.

Enterprise

It refers to the product or service that is created as a result of the entrepreneurial process.

1. Take control of your destiny

2. Choosing who to work with

3. Be your own boss

4. Flexible schedule

5. Making a difference to serve the society

6. Lead an exciting life

7. Meeting like-minded people

8. Leadership experience

The benefits of being an entrepreneur.

1. Entrepreneurship

2. Entreprise

3. Entrepreneur

The 3 concepts of entrepreneurship.

1. Not knowing about the market

2. Lack of skills

3. Failure to overcome hard work, long hours, frequent shifts in trends, etc.

4. Underestimating the finances needed

5. Lacking tenacity, persistence, self-discipline, and passion

6. Going against experienced competitors

7. Sheer incompetence

The factors that cause failure in a business.

1. Learn enough about how to run a business

2. Take entrepreneurship courses

3. Learn good industry, market, customer research, and planning

Ways to become a good entrepreneur.

1. Risk bearing

2. Communication

3. Economic Activity

4. Leadership

5. Profit

6. Innovation

Core competencies.

Business Name

It is the legal name under which your business is registered for taxes and official government purposes. Furthermore, it plays a monumental role in a brand’s growth and perception, so this needs to stand out.

1. Easy to pronounce

2. Easy to spell

3. Memorable

4. Symbolic

5. Personal

6. Represents your brand

Characteristics of a Good Business Name.

Claro Ganac

He is a marketing professor at De La Salle University who stated that using puns in a business name can be risky and is probably best avoided.

Business Logo

It is a symbol/design used to idnetify a company.

Business Tagline

It is a brief phrase used to relay a brand’s value.

Business Plan

It is a document that defines a business's objectives and strategies, which usually includes a business summary, market research, and plan for execution.

Henry Sy Sr.

He was a Filipino business magnate and the founder of SM Group, one of the largest retail, banking, and real estate companies in the Philippines. He is known as one of the most successful entrepreneurs in the country.