The-Entrepreneurial-Mind-Reviewer

entreprende

The term 'Entrepreneur' originates from the French word ___ meaning to undertake

Richard Cantillon

coined the term entrepreneur

he is a French economist.

Youth Entrepreneurship Act of 2015

Promote the sustained development of young Filipinos in finance and entrepreneurship.

Through this act, the government intends to change the mindset of filipinos from wanting to be employees to being business owners.

Initiatives under this law include standardizing the current programs of schools on entrepreneurship and financial literacy, providing government assistance and training programans to students.

Entrepreneurship

is viewed as change, which may include values beyond simply economic ones.

creation or extraction of value

Joseph A. Schumpeter

Who propounded the innovation theory

1. Entrepreneurs are born with a desire to establish their own industry

2. They desire to do something new

3. They take pleasure in creativity and experiences of skills.

What are key assumptions of the Innovation Theory?

McClelland

Who proposed the Need for Achievement Theory?

Socio-Cultural Value Theory

That during the period of economic transition, _ play a very important role.

Frank W. Young

Who propounded the Entrepreneurial Group Theory?

Entrepreneurial Group Theory

Expansion of entrepreneurial activities is possible only through entrepreneurial groups.

Social Change Theory

It is stated that the emergence and development of the entrepreneurs depend upon ethical values system of society.

Entrepreneurial Disposition Theory

Courageous entrepreneurial disposition is very important for entrepreneurial development.

1. Simulation

2. Identification of Entrepreneurial Abilities and Capacities

3. Development and Expansion of Entrepreneurs

4. Promotion

5. Follow-Up.

Process of Stage Theory

1. Need for high achievement

2. Fit the profile

3. Always ready to take risks

4. Ability to take uncertainties

5. Having a diverse behavior.

Five dimensions of Entrepreneurial Development

Max Weber

Propounded the Social Change Theory

B.F Hauslin

Coined Cultural Theory

Kroken

Developed Cultural value theory

Stokes

Propounded Socio-Cultural Value Theory

Pepuek and Hassis

propounded Economic Theory

Cultural Theory

This theory states that industrial entrepreneurial development is possible only that society, where social procedures are unstable, alternatives of employment to persons are widely available and the society which encourages personality development of enterprising persons

Cultural Value Theory

It emphasized _, expected rules, and social approvals have specific importance in entrepreneur development

T.V.S Rao

He coined the Entrepreneurial Disposition Theory

Venkat Rao

He also developed the process of stage theory into five following stages

Economic Theory

Their assumption is that physiological motivation for economic gains or increase in real income exists in every society.

Thomas Beagle and David P. Bayad

Propounded the five dimensions of entrepreneurial

John Kunkel

propounded Behavior Theory

Behavior Theory

This theory assumes that the entrepreneurial development of any society depends upon its past and exiting economic social aspirations

Survival Ventures

Provide basic subsistence for the entrepreneur and his/her family, in effect allowing for little more than a hand-to-mouth type of existence. The business exists to provide for basic personal financial needs, once costs are covered there is generally no capacity to reinvest into the venture

Lifestyle Ventures

Provide a relatively stable income stream for owners based on a workable business model and a maintenance approach to management. Usually, it has a single location, and employees, but does not seek meaningful expansion or growth

Managed Growth Ventures

Has a workable business model and seeks stable growth over time, as reflected in occasional new product launches, periodic entry into new markets, steady expansion of facilities, locations and staff, and development of a strong local and regional brand.

UNANTICIPATED MEANS

WHEN THE ENTREPRENEUR FINDS A BUSINESS IDEA WITHOUT SERIOUS EFFORT, THE METHOD IS REFERRED TO AS

Work, Hobbies, Acquaintances, A chance even encountered by the person

What are the four unanticipated means

sound business idea

is defined as the economic opportunity. It is essentially a plan or concept that has the potential to be successful and profitable. It's an idea that addresses a need or solves a problem in the market, has a clear target audience, and can be executed effectively within the constraints of resources available. In simple terms, it's a smart and practical idea for starting or growing a business

DELIBERATE SEARCH

A disadvantage of unanticipated means in idea generation is the difficulty of ascertaining the exact date when the ideas will come pouring in. To offset this problem, a __ for ideas is made.

SWOT ANALYSIS

Is an organized method of a firm's strength and weaknesses with external environment that confront the firm

STRENGTH

A valuable organizational resources or competitive capability or an achievement that gives the firm a market advantage

WEAKNESS

factors that are holding an organisation back and may hinder its ability to achieve its goals. These are the things that your organisation does poorly or lacks altogether

Opportunity

It refers to the chance offered by the external environment to improve the firm's situation significantly

Threat

It refers to a challenge posed by an unfavorable trend or development in the external environment that would lead to, in the absence of purposeful entrepreneurial action, the erosion of the entrepreneurship's position.

Search Questions

Business ideas are expected to provide answers to some needs. Answers can be obtained if the right questions are asked. When questions are used to draw out specific answers

Idea Prompting

Encounters with someone else's idea, or a customer request, or some other event may provide hints or cues leading to business ideas.

Screening Generated Ideas

The quest for good business ideas necessitates the creation of a list so that the best may be chosen. However, before making a selection, the concepts provided must be reviewed.

Market Feasibility

A business idea must pass the test of _. This means that there must be some positive indication about the following: 1. 2. Stable and sufficient demand; and Potential competitive strength of the firm

1.Prior studies of the market or related markets by other companies, government agencies, and entrepreneurs
2.Actual polls of population samples representing typical customers. The means used include the following; a. mail questionnaires; b. advertisements incorporating feedback mechanism such as mail responses; c. phone interviews; and d. personal interviews.

3. Negotiations with prospective customers to solicit orders and determine whether or not they will actually buy

Sources of Market Information

Technical Feasibility

Business ideas oftentimes appear easy to execute, but it is not really so when converting them into real products or services with the required quality or quantity. Anything can go wrong in the attempt to assemble the needed resources. Difficulties may be encouraged in the procurement of materials and manpower

Financing Feasibility

One of the factors necessary in determining whether a business idea should be considered or not is financing. This means that there must be sufficient funds to finance operations

Projected Financial Statements

The forecast of something which will happen in the future is referred to as a _

Final Selection

refers to the process of screening the best generated business ideas that pass the adapted critea and eliminating those aren’t from the list.

STRATEGIC PLANNING

refers to the process of determining the primary objectives of the entrepreneurship and then adopting courses of action and allocating resources to achieve those objectives

Forecasts

It is an estimate or prediction of the future sales or income of the firm. _ may be short-term (one year or less), medium-term (one to five years), long- term (over five years)

Sales forecasts

are often determined through a combination of statistical and intuitive forecasts tempered by the experience of the entrepreneur.

Devising market strategy

Involves creating a comprehensive plan to achieve your business objectives by effectively reaching and engaging with your target audience.

Market Strategy Planning

Is the process of developing a detailed plan to achieve specifiv marketing objectives and goals. It involves analyzing market conditions indentifying target audiences, determining positioning and messaging, and outlining tactics to reach and engage with customers.

Target Marketing

Businesses identify specific segments of the market that they want to reach with their products or services.

Price

Refers to the amount of money customers are willing to pay for a product or service.

Place

Also known as distribution, relates to the channels and methods used to make the product or service available to customers.

Promotion

Involves the communication activities used to inform, persuade, and influence customers to purchase the product or service.

Market Research

Is the process of gathering, analyzing, and interpreting information about a market, including its consumers, competitors, and overall industry trends.

Primary Research

It involves collecting data directly from the source for a specific purpose. This type of research is conducted firsthand and is customized to address specific research objectives.

Secondary Research

It is when gathering and analyzing existing data that has already been collected and published by other sources. This type of research relies on information that is readily available and does not involve direct interaction with the target audience.

Forecasting Company Sales

Involves predicting future sales figures based on historical data, market trends, and various internal and external factors that may influence sales performance

Methods on Forecasting Company Sales

Market factor analysis

Surveys of buyer intentions

Test marketing

Past sales analysis

Trend analysis Sales force

The Marketing Mix

It is often referred to as the 4Ps, is a strategic framework used by business to define the elements of their marketing strategy.

Product

This refers to the tangible goods or intangible services that a business offers to its customers.

Financial feasibility

The purpose of entrepreneurship is to provide a source of income to the entrepreneur. This will not be possible if the venture will not be profitable. Any business idea that cannot provide some indication of profitability must be screened out.

Innovation

Which includes generating the idea, innovation, identifying a market opportunity, information search, conception, screening ideas for feasibility, identifying where to extract value and the development of the product or service.

Triggering Event

Which includes gestation, the motivation to start a business, the decision to proceed, the business planning, identifying the different resources required, risk assessment, resource acquisition and assembling.

Implementation

Which includes infancy, incorporation, setting up, and launching the new venture, business strategy, implementation the business plan, running the business, deploying of resources, building success and managing venture.

Growth

Which includes adolescence, maximizing profits, harvesting the rewards and continually growing the venture to include other opportunities.

Marketing

Refers to the activities and processes involved in promoting, selling, and distributing a product or service.

Small Business

Refers to a privately owned and operated enterprise that has a relatively small number of employees and generates modest revenue.

Theory of Need of Achievement

assumption is that the Desire of high achievements obtaining specific achievements, making the best performance, touching the heights of excellence, developed Entrepreneurial tendencies in the individuals

Integrity
Labour
Clientele
Environment

THE IMPORTANCE OF ETHICS IN KEY AREAS OF BUSINESS

Open Communication

The free-flowing exchange of ideas between the members of an organization is referred to as

allowance for errors

Innovation thrives in an environment that provides _. It is not right to expect any activity to be devoid of imperfections. When an error is detected, a move should be made to correct it.

A climate of participation

When somebody feels that the organization espouses participation, that person will not hesitate to make a contribution to the creative efforts of the organization.

Rewards for Creativity

When an activity is rewarded, there is an assurance that such activity will continue existing. Creativity is no exception.

DETERMINATION OF PRIMARY OBJECTIVE

fundamental to strategic planning for small businesses as it provides clarity, alignment, and direction. By clearly defining the overarching goal, small business owners can make informed decisions, prioritize activities, and rally their team towards achieving long-term success in a competitive marketplace

STRATEGIC OBJECTIVE

This term refers to the specific performance targets that the entrepreneurship hopes to accomplish. The objectives define, in specific terms, how the firm’s mission will be realized.

ADOPTION OF COURSE

strategy is a carefully designed plan for achieving the firm’s objectives. A strategy indicates how the entrepreneur will attempt to accomplish the goals with the resources available