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Entrepreneurship
may be defined as the visualization and realization of new ideas by insightful individuals, who are able to use information and mobilize resources to implement their vision.
BAUMOL’S
definition of entrepreneurship includes all kinds of opportunity-seeking behaviour- in his own words encompassing, for instance, political rent-seeing and “organised crime”.
WENNEKERS AND THURIK
Entrepreneurship is the manifest ability ang willingness of individuals, on their own, in teams, within and outside existing organizations to perceive and create new economic opportunities, and to introduce their ideas in the market, in the face of uncertainty and other obstacles, by making decisions on location, forma d the use of resources and institutions.
Entrepreneurship can be understood as, An economic process where an idea is generated or an opportunity is created, refined, developed and implemented, while exposed to uncertainty to realize a profit by effective utilization of resources.
Entrepreneurship can be understood as, An________ where an idea is generated or an opportunity is created, refined, developed and implemented, while _______________ by ___________________
1. an economic activity done to create, develop and maintain a profit-oriented business
•
2. It begins with identifying an opportunity as a potential to sell and make profit in the market
•
3. is the best utilization of available resources
•
4. is the ability of an enterprise and an entrepreneur to take risk
CHARACTERISTICS OF ENTREPRENEURSHIP
The emphasis of entrepreneurship is not merely on the idea but also on the creation and implementation of a new business environment.
1. The emphasis of entrepreneurship is not merely on the ________ but also on the ________ and implementation of new business environment.
Entrepreneurship is the best utilization of available resources.
2. Entrepreneurship is the best ______ of available resources
Entrepreneurship is an economic activity done to create, develop, and maintain a business (or a venture, or an enterprise).
Entrepreneurship is an economic activity done to create, develop and maintain a ____________.
1. Small Business Entrepreneurship
Involves individuals or small teams creating businesses primarily to support their families and maintain a modest lifestyle. These ventures typically do not aim for large-scale expansion or significant profits.
Large Company Entrepreneurship
Occurs within established companies that innovate and introduce new products or services to meet market demands and adapt to consumer preferences. This type often involves teams of executives and significant resources.
Scalable Startup Entrepreneurship
Entrepreneurs in this category aim to create companies that can grow rapidly and have a significant impact on the market. They often seek venture capital funding and focus on innovative solutions.
Social Entrepreneurship
Focuses on developing solutions to social, cultural or environmental issues. The primary goal is to make a positive impact on society rather than generating profit.
Innovative Entrepreneurship
Centers on bringing new ideas, products or services to the market. These entrepreneurs often challenge existing norms and create groundbreaking solutions.
Hustler Entrepreneurship
Characterized by hard work and determination, hustler entrepreneurs often start small and rely on their effort and persistence to grow their business.
Imitator Entrepreneurship
Involves copying or improving upon existing business ideas. _____________learn from others’ successes and aim to make enhancements to gain competitive edge.
Researcher Entrepreneurship
These entrepreneurs rely heavily on data and research before launching a business. They ensure they have a comprehensive understanding of the market and the feasibility of their ideas.
Buyer Entrepreneurship
Involves purchasing existing business and improving their profitability.________________have the capital to invest and the insight to recognize potential in undervalued business.
A market gap is an unmet
need or underserved segment
in a specific industry or market
A ______ is an unmet
need or underserved segment
in a specific industry or market
Market Gaps
It represents opportunities
for businesses to create value
by solving problems or fulfilling
needs
*Drive innovation by addressing
unmet needs.
*Gain a competitive edge in
saturated markets.
*Tap into new customer segments
and increase revenue potential.
Why Identify Market Gaps?
1. Customer Feedback : identify pain
points and frustrations
2. Competitor Analysis: Look for
areas your competitors aren’t
addressing.
3. Market Research: Study trends,
demographics and industry
reports.
4. Observation: Analyse consumer
behaviour and emerging needs
Strategies to Find Market Gaps
SWOT ANALYSIS:
Surveys and Interviews
Social Media Listening
Industry Reports
Tools and Resources
SWOT ANALYSIS
Evaluate
strengths, weaknesses,
opportunities and threats
Surveys and Interviews
Collect direct insights from
target audiences
Social Media Listening
Monitor trends and customer
conversations
Industry Reports
Study
market data and projections
Airbnb
Addressed the gap in
affordable, unique
accommodations
Dollar Shave Club
Offered
affordable, subscription-based
razors.
Tesla
Met the demand for
sustainable, his performance
electric vehicle.
1. Misinterpreting customer needs.
2. Lack of detailed research or data
Obstacles in Identifying Market Gaps
• Identifying market gaps is
the key to
entrepreneurial success
• Use research, observation
and creativity to uncover
opportunities
• Act on insights to deliver
value and innovation
Final Thought
business model
A __________ describes how
a company creates, delivers and
capture value
* Value Proposition :
What problem does it solve?
* Revenue Streams:
How does it make money?
* Key Activities:
What does the business do?
* Customer Segments:
Who are the customers?
Key components:
Subscription Model
Kumu (social media app with premium
subscription: Enge with your favourite Filipino
influencers and earn from live
streaming with a subscription-based
model.
Freemium Model
A free design tool with premium templates
and features available for Pro users: CANVA
Marketplace Model
LAZADA: A convenient and secure online
shopping platform offering a variety of
local and international products
On-Demand Model
FOODPANDA: Order food from your favourite
restaurants and have it delivered quickly
anywhere in the city
E-commerce Model
MetroMart
Value value proposition: Get your groceries and essentials
delivered from your favourite local stores
straight to your doorstep
A statement that explains why a customer
should choose your product or service.
Example:
What is a Value Proposition?
Entrepreneurial skills
They include leadership, teamwork, communication, negotiation, and financial literacy.
*Clear : easy to understand
*Concise : no fluff
*Unique : differentiates from
competitors
Value proposition It should be:
a. Demographic Segmentation: (age, gender, income)
b. Geographic Segmentation: (Country, City, Climate)
c. Psychographic Segmentation: (Lifestyle, interest, values)
d. Behavioural Segmentation: (Buying habits, Brand loyalty)
Identifying Your Target Customers
Example:
Entrepreneurial skills
are essential competencies that help individuals start, manage, and grow a business.
Leadership
is the ability to guide, inspire, and influencea team toward achieving common goals.
involves working collaboratively to maximize efficiency and productivity
•Visionary Thinking
•Decision-Making Ability
•Motivation and Inspiration
•Adaptability
Key Traits of an Entrepreneurial Leader:
Henry Sy
(SM Group, Philippines)
Developed a strong business empire through leadership and teamwork, growing a small shoe store into a vast retail and real estate conglomerate
Jollibee Foods Corporation
Built a fast-food empire by fostering teamwork and innovation, competing with global brands like McDonald's.
Communication
is the ability to expressideas clearly.
Negotiation
involves reaching agreements that benefit all parties.
•Active Listening
•Clarity and Conciseness
•Emotional Intelligence
Key skills for Effective Communication
Win-Win Approach: Focus on mutual benefits.
BATNA (Best Alternative to a Negotiated Agreement):
Knowing your alternatives in a deal.
Persuasive Communication:
Using logic and emotion effectively.
Negotiation Techniques
Financial literacy
is the ability to understand and manage financial resources effectively.
Budgeting:
Tracking income and expenses.
Cash Flow Management:
Ensuring sufficient funds for operations.
Investment and Funding:
Understanding different sources of capital (loans, investors, crowdfunding).
Key Financial Concepts for Entrepreneurs
“Creating innovative solutions for future challenges.”
Summary
A characteristic of an Entrepreneurial leaders:
One of the negotiation technique focuses on achieving mutual benefits.
Why is financial literacy important for entrepreneurs?
