Lesson 1.6-2.0: Entrepreneurship

After screening several opportunities based on well-defined

criteria, the next step is?

Seize that opportunity.

It involves determining the critical

factors that could affect the outcome

of the chosen opportunity.

Opportunity Seizing

The easiest way to identify these critical

factors (Opportunity seizing) is by ______ what the competition

is doing.

Observing:

Why is a business successful?

Why is an enterprise a failure?

Entrepreneurs need to have an _________ in order to succeed in the marketplace.

innovation mindset:

1. Identify target market

2. Create positive impression

3. Design appropriate product or service

4. Execute business plan and strategy

It is a concise explanation of how

an entrepreneur wants the market to perceive his or her

brand. It includes a brief description of the product and services

and how it addresses the needs of the target market.

Positioning statement

Template for positioning statement

For (Target Market), the (Brand) is/are the

(Point of Differentiation) among all (Frame of Reference)

because/due to (Reason to Believe).

This describes how the brand benefits the target audience

in ways that set the business apart from the competitors.

Point of Differentiation

It is the market segment in which the business competes.

Frame of Reference

This is a statement providing compelling

reasons why target customers can have confidence in the

brand’s differentiation claims.

Reason to believe

It is the progression of a business in phases over time.

Enterprise Life Cycle

From the moment an entrepreneur conceptualizes a business,

he or she is already in the?

“life cycle”

Each phase of the life cycle highlights a unique set of

______ to deal with and overcome.

Challenges

Every successful entrepreneur goes through the following

phases of the enterprise life cycle:

1. Phase 1: Development

2. Phase 2: Start-up

3. Phase 2: Growth

4. Phase 4: Expansion

5. Phase 5: Maturity

Every new business begins

with an idea. However, before an entrepreneur launches the

business, he or she should assess its viability.

Phase 1: Development

Once chosen opportunity has

been decided, a ___ is needed to

maximize it.

Plan

Adaptability is the key at this stage.

The business concept must be tested and adjusted to meet end-

user expectations until such time when there is already

sufficiently compelling reasons to make it official and launch

the start-up.

Phase 2: Start-up

Entrepreneurs are also dealing

with the _______

in the marketplace.

Growing competition

At this stage, the emphasis has shifted from planning to

execution, and the business should now be generating

profits and moving towards sustainable performance.

Phase 3: Growth

This is characterized

by a new period of rapid growth and

increasing distribution channels.

The life cycle stage

The business has now firmly established its market and industry

presence and has been broadening its network and customer

Phase 4: Expansion

The final stage for enterprise

growth, it is not the finish line.

Phase 5: Maturity

Entrepreneur are faced two options:

1. To push further expansion

2. Exit the business

Phase 5: Maturity

If the business can sustain further growth and there

are enough opportunities for expansion, then the

entrepreneur may choose the first option.

To push further expansion

However, if there are no more room for growth, the market

already saturated and profitability is declining, then it is time

to call it quits and?

Exit the business

Which economist define entrepreneurial leadership as “organizing a group of people to achieve a

common goal using proactive entrepreneurial

behavior by optimizing risk, innovating to

take advantage of opportunities, taking

personal responsibility, and managing change

within a dynamic environment environment

for the benefit of an organization.”

British economist Chris Roebuck

The concept entrepreneurial leadership was introduced in

2000 by?

American business professors Rita Gunther

McGrath and Ian MacMillan.

American business professors Rita Gunther

McGrath and Ian MacMillan suggested that a new type of leader,

which they termed the _____ is required in dynamic markets

where there is increased uncertainty and

competitive pressure.

“entrepreneurial

leader”

Characteristic of Successful Entrepreneurial Leaders:

1. Effective communicators

2. Visionaries

3. Optimistic

4. Innovators

5. Problem-solvers

6. Risk-takers

7. Result-oriented