ENTREP REVIEWER 1ST QTR

Entrepreneurship

• Act of starting a business.

• Originates from a thirteenth-century French verb, "entreprendre" , meaning “to do something” or “to take control.”

• The act of creating and developing innovative ideas and transforming them into profitable business. (action)

Entrepreneur

• An individual who creates a new business, bearing all the risks and enjoying most of the rewards.

• A problem-solver.

• Not just a dreamer - he is a doer.

• Sees problems as opportunities.

Innovation

The primary motivator for an entrepreneur.

Curiosity

Entrepreneurs are driven by a desire to explore, learn, and understand new ideas, trends, and opportunities.

Willingness to Experiment

They embrace experimentation, testing new concepts and approaches to find what works best.

Adaptability

Entrepreneurs adjust quickly to changes and challenges in the market, modifying their strategies as needed.

Decisiveness

They make prompt, wellconsidered decisions, even in the face of uncertainty.

Self-Awareness

Successful entrepreneurs understand their own strengths and weaknesses, allowing them to leverage their talents and seek help where needed.

Risk-Tolerance

They are comfortable taking calculated risks, understanding that such risks are often necessary for growth and success.

Comfort with Failure

Entrepreneurs see failures as opportunities to learn and improve, rather than as setbacks.

Persistence

They remain determined and resilient, pushing forward towards their goals despite obstacles and difficulties.

Innovative Thinking

Entrepreneurs consistently think creatively to develop new solutions, products, and services that add value.

Long-Term Focus

They plan strategically for the future, making decisions that align with their long-term vision and goals

Entrepreneurial Mindset

The ability to think creatively, take initiative, and turn problems into opportunities—often with limited resources and high uncertainty.

Recognize Opportunities

Recognizing gaps, or unmet needs in the society or market that present possibilities that can lead to business ideas.

Be Solution Oriented

Focus on finding practical solutions to problems.

Think Innovatively

Willingness to think outside the box and develop new ideas or solutions.

Define a Strong Value Proposition

Clearly articulate the unique benefits your product or service offers to customers.

Conduct Market Evaluation

Conduct thorough research to understand the target market, customer demographics, competitors, and industry trends.

Develop the Business Idea

Design a viable business model that outlines how your venture will create, deliver, and capture value.

Plan Strategically

Create a detailed plan outlining goals, strategies, and actionable steps to achieve your objectives.

Build a Network

Entrepreneurs build and maintain strong networks of contacts and relationships, which provide support, opportunities, resources, and valuable insights.

Implement Effectively

Execute your plan by taking actionable steps.

Learn Continuously

Commit to lifelong learning through ongoing education, feedback, and experience which helps you stay informed, refine your skills, and innovate continuously.

Problem-based Ideation

• Great business ideas often start by solving real-life problems.

• Entrepreneurs observe or experience challenges, then create products or services as solutions.

• “What problems do people face—and how can I help solve them?”

Tip #1: Observe your surrounding

• Home, school, community, online

• What day to day problem to do people experience? What frustrates people? What do they wish was easier, faster, or better?

Tip #2: Talk to people

• Friends, classmates, family, neighbors

• What problems do you face every day? What would make your life easier?

Tip #3: Think your own struggles

• Yourself

• What annoys you? What are you tired of doing? Your personal experience can be the root of a solution.

Pain Points

An issue or a problem that is causing prospective customers of a business requiring a solution.

Financial Pain Point

People feel the product or service costs too much.

Product Pain Point

People are hindered by issues with a product' s functionality, features, or reliability.

Process Pain Point

People struggle with slow or confusing business processes.

Support Pain Point

People are unhappy with the help or customer service they receive.

Opportunity

• As defined by Dictionary.com, is a set of circumstances that makes it possible to do something.

• It refers to a chance to create a valuable solution by addressing a specific need, pain point, or gap in the market.

Innovative Product

Creating something new that solves a problem or meets a need

New Market

Sell to people or places that don’t have the product or service yet

Untapped Resources

Look for unused resources that can be used to create added value.

Technology

Using gadgets, apps, or machines to make things easier or better.

Competitive Opportunity

Introduce new and improve products or services that can provide more value than your competitors.

Strategic Partnership

Collaborate with business from complementary industries.

The Design Thinking Process

It is a creative problem-solving process that focuses on understanding people’s needs and finding innovative solutions.

Empathize

Compassionately understand the needs, problems, and experiences of potential customers by observing, interviewing, or immersing in their daily lives.

Define

Think critically and clearly state the specific problem or need based on the insights gathered during the empathy stage.

Ideate

Innoventively generate a wide range of creative ideas to solve the problem.

Prototype

Develop a high-quality sample product, model, or plan to explore the idea — demonstrating a strong commitment to excellence in execution.

Test

Test the prototype, gather feedback, and use the insights to continuously improve — embracing the mindset of lifelong learning.

From Business Idea to Business Plan

• Once an entrepreneur has a promising business idea, the next step is to determine how the business can actually operate.

• A business plan organizes the idea into a more structured plan for implementation.

• The lesson emphasizes identifying opportunities by observing problems and needs in the environment.

Feasibility Study

• Successful entrepreneurs do not rely only on guesses.

• Before investing money, they conduct a feasibility study to determine whether a business is worth pursuing.

• Its purpose is to help entrepreneurs make better decisions and reduce entrepreneurial risks.

Business Description & Organization

• what the business is

• why it exists

• who will manage it

• who will operate it

• how the business will be organized

Economic & Market Analysis

• customers

• competitors

• market demand

• market opportunity

Product Design & Marketing Plan

• what the business will sell

• the product or service

• pricing

• target market

• marketing strategies

Technical & Operational Plan

materials

● equipment

● production process

● suppliers

● resources

● operational requirements

Financial Plan

● costs

● sales

● capital needed

● expected profit