Entrep

Entrepreneur

A person who organizes, operates, and assumes the risk of business ventures, advocating and practicing entrepreneurship principles.

Entrepreneurship

The art of managing and operating a self-owned business enterprise, providing valuable goods and services to customers.

Small Business

A business adopting entrepreneurship principles, owned by one person with a limited workforce, including SMEs promoted for economic improvement.

Ordinary Small Business

Managed by an owner not practicing entrepreneurship principles, focusing on profit rather than wealth creation.

Successful Entrepreneur

Requires acquiring knowledge in entrepreneurship, applying principles to handle opportunities, and making correct entrepreneurial decisions.

Horizon of Business Operation

The scope within which a business operates, encompassing local and global perspectives.

Entrepreneur

A business owner with a global mindset, focusing on major economic events locally and globally.

Owner of an Ordinary Small Business

Concentrates on the local environment, with no intention of global expansion.

Sources of Business Funds

Ways to obtain funds, either internally or externally, for business operations.

Common Misconceptions on Entrepreneurship

False beliefs about entrepreneurship, such as its applicability only to manufacturing or small businesses.

Compounded Benefits of Entrepreneurship

The progressive impact of entrepreneurship from individuals to the economy.

Entrepreneurial Character Traits

Distinct attributes of entrepreneurs, including being opportunity-seekers and goal-setters.

Entrepreneurial Skills

Cognitive, technical, and interpersonal abilities crucial for entrepreneurial success.

Core Competencies

The harmonious blend of entrepreneurial concepts, character traits, and skills providing a competitive advantage.

Entrepreneurship Concepts

Understanding the principles and concepts essential for entrepreneurial success.

Core Competencies

Acquiring, developing, and focusing on entrepreneurial skills to establish a competitive advantage.

Physical Environment

Composed of natural elements like climate, physical resources, and wildlife.

Societal Environment

Influenced by social, political, cultural, economic, legal, and technological forces.

Environmental Scanning

Critical evaluation of the business environment for strategic decision-making.

Industry Environment

External layer impacting business operations, including government, suppliers, customers, competitors, employees, and creditors.

SWOT Analysis

Tool for assessing internal strengths, weaknesses, opportunities, and threats of a business.

BCG Analysis Matrix

Tool to classify products/services into Stars, Cash Cows, Question Marks, and Dogs based on market share and growth rate.

Entrepreneurial Competency

considered inherent in the entrepreneur and provides competitive advantage. 

Business Core Competency

harmonious coordination of competency in business resources, business structure and business culture.

Sole Proprietorship

A business venture owned by one person only.

Partnership

A business venture that is owned by two or more persons. The owners are called partners.

Geographical Segmentation

The total market is divided according to geographical locations in the Philippines like provincial regions, cities, provinces, municipalities, and barangay units.

Demographic Segmentation

The market is divided based on the demographic variables of the consumers.

Psychological Segmentation

The market is divided in terms of what the customers think and believe.

Behavioral Segmentation

The market is divided based on the following variables:

1. Perceptions

2. Knowledge

3. Reactions

4. Benefits

5. Loyalty

6. Responses

Market Targeting

a stage in market identification process that aims to determine the set of buyers with common needs and characteristics.

Market Positioning

the process of arranging a product to occupy a clear, distinct and desirable place in relation to other competing products in the mindset of target consumers