Entrepreneurship

entrepreneur

an owner of a business who invests his/her resources to bring an idea to life, setting the direction that transforms the idea into reality, thus providing and gaining value that balances effort, purpose and profit.

innovator

a person who introduces either a new process, product, service or business model to the marketplace that becomes commercially successful.

new, commercial success

two elements of innovation

cash, inventories, and receivables

three essential elements to create profit for a business idea

business + personal plans

Any firm needs to have a business plan, whether it is a written document or simpler outline of a business model, as a business plan provides the direction

Profit

is a requisite for a business.

Squad, Spread, Speed

3S's Requisites to Prosperity

squad

Before the entrepreneur converts cash to inventories, they need to form a team, which includes his or her choices of business partners. This is an important initial decision since major disagreements with busuness partners may lead to venture dissolution as experienced by many entrepreneurship in the past.

spread

Before the entrepreneur converts inventories to receivables by way of transactions, they need to ensure that the products sold are priced higher than the cost it was bought or manufactured, with the difference known as spread of margin.

speed

In order for the entrepreneur to convert receivables to back to cash by way of collection, they need to create a system to manage account receivables effectively, also known as speed.

commitment, coordination, competency

3 c’s key factors to successful entrepreneurship

commitment

Is a strong drive to achieve goals and objectives through focus and pro-active follow-through.

coordination

Is the organization of different people or groups coming from various functions to attain attair efficiency, effectiveness and/or impact.

competency

Is having a combination of ability, attitude and behavior to do a particular role or job repetitively well.

preparation, marketing, execution, self leadership

The 4 gate model to prosperity

Money, Model and Mentors

Gate 1: preparation

Mindset, Market and Message

Gate 2: Marketing

Machinery, Management Skills and Methods

Gate 3: Execution

Moving Forward, Mission and Mastery

Gate 4: Self leadership

risk appetite, sense making, customer focus, initiative, influence, adaptability, grit

7 competencies of an entrepreneurship

risk appetite

sees rewards for taking on opportunities that have potential positive (or negative) consequences.

sensemaking

scanning the environment to detect and interpret what is happening today in order to connect and take actions on potential future outcomes.

customer focus

choosing, initiating, and sustaining relationships with costumers.

initiative

being proactive in taking prompt actions to attain objectives.

influence

ability to use personal branding and interpersonal styles to gain buy-in from constituents.

adaptability

adjusting to to external changes while initiating internal changes to attain objectives.

grit

persistency to attain long-term goals despite adversity.

creativity, critical thinking, collaboration, communication

4 C's Competencies to be innovators

creativity

forming a mental image or new idea about the future.

critical thinking

offering unique ways to solve defined problems.

collaboration

developing relationships with the right partners to attain objectives.

communication

engaging constituent to make them understand and accept your message

corporate level, business level, functional level

3 levels of strategy

personal branding

a term used to describe the image of one's self in the public's mind from previous choices made that will affect the future level of personal influence, which is part of self-awareness and self-mastery.

integrity issue, planning issue, priority issue, political issue

bad practices of business partners

operational, functional, personal, strategic

4 different types of mentors needed by entrepreneurs

three elements of franchisors

Quality of product value, Quality of company, Quality of ROI (Return on investment)

Quality of product value

it icludes the product and its packaging, the brand and its pricing. Doing this well mitigates search risk risk for for a winning concept.

Quality of company

it icludes having systems and manuals, regular training, franchise support and prompt communication.

Quality of ROI (Return on investment)

it icludes fees and royalty, stocks availability, terms and conditions as well as having the right location.

Quantity of prospects, For quality of local efforts, for quality of leadership

three elements of franchisee

Quantity of prospects

it includes foot traffic and capture rate.

For quality of local efforts

it icludes local promotions and local area supervision.

for quality of leadership

it icludes the backgroud of the franchisee as well as his/her KASH (Knowledge, Attitude, Skills and Habits).

A business model

is a description of the means and methods a firm employs to generate sales revenue, profit, and cash flow,

business model

It has 10 building blocks subdivided into two parts: offering model and operating model.

Offering model

is composed of what people in the marketing and sales departments typically handle-target market, value proposition, channel, customer bonding strategy and revenue model.

Operating model

is what people in the operations department, like supply chain and customer fulfillment, oversee-value chain, resources and processes, complementors, configuration