Entrepreneur Reviewer

ENTREPRENEUR
ENTREPRENEURSHIP
 -It is a science of converting processed ideas into a remarkable business venture.
Entrepreneurial competencies
 Specific Goal Setting (SMART)
 Self-Efficacy
 Ambition
 Willingness to Learn
 Strong Initiative
 Adaptability & Flexibility
 Willingness to Take Risk
SPECIFIC GOAL SETTING
 Entrepreneurs should be motivated to set goals, particularly business growth objectives, have been found to
increase firm growth resulted in the firm performance and innovation.
 Goal: (SMART) Specific Measurable Attainable Realistic Time Bound
SELF-EFFICACY
 Entrepreneurs must believe in their own ability or self-confidence.
AMBITION
 Entrepreneurs must be motivated, persistent, and persevere even in the face of situational challenges.
Willingness to learn
 Entrepreneurs should have a strong willingness to learn often pursue opportunities to acquire new skills and
competencies.
Strong initiative
 Entrepreneurs must have a high initiative. They frequently work hard independently to achieve task.
Adaptability & flexibility
 Entrepreneurs must learn how to be a highly flexible and adaptable often deal very well with a unique
ability to choose actions even without all necessary information.
Willingness to take risks
 Not only are successful learners willing to take a consequences, they can also identify and calculate risk.
ENTREPRENEURIAL SKILLS
 Creative/Critical Thinking
 Organizing
 Checking, Examining, & Recording
 Planning
 Computer Competency
 Risk Assessment and Management
 Financial Management
 Problem Solving & Decision Making

JOB OPPORTUNITIES
 A. Employment is One Great Factor in Economic Development.
 B. Income Opportunity in the Countryside is Still Subsistence in Nature.
DEVELOPING A BUSINESS PLAN
FACTORS TO CONSIDER OF A NEW ENTREPRENEUR

1. Know your Product or Service.
a. First, you must believe on the product or service that you will offer to your customer. If it is new
ides or concept then you have to convince that you have a unique product that would satisfy
customers’ needs and wants.
2. Analyze the Market Potentials.
a. The customer base will determine the success of your business venture. The wider the market
potential, the more chances of growth and success. The entrepreneur must know his needs and wants
and figure out how to satisfy these needs. Analyse customers’ profile as to their buying habits, their
income, and social status.
3. Determine the Marketing Strategy
a. A unique product or service needs effective distribution strategy to get customer into the basket of
demand potential. Continuous supply determines product growth. Customers must have access to
the product when they need it.
` 4. Know the Competitors.
 In launching a product with existing competitors you must know their strengths and weaknesses.
Develop new product and marketing strategy and turn their weaknesses as new opportunity for your
product.
ENVIRONMENTAL SCANNING
The following factors are contributory to the development of customer satisfaction:
1. Business Location for Small Entrepreneurs.
- A retail outlet would need site that is convenient to prospective customers in terms of parking space or
availability of transportation.
Factors to consider in choosing location:
a) Rent and Space
a. the cost of rent is a regular monthly expense and it must be sustained with the possible income that
will be generated. It is the operating cost that will be added to the price of the product or service.
The price input must be competitive enough with those in the same location.
b) Terms of Lease Agreement
i. The term of lease must be studied carefully as some owners of space might take advantages
of lessee. The owners increase the rent of the space when the business condition becomes
favourable and take over the business.
c) Type of Goods or Merchandise
i. A convenient store is located where there are pedestrians passing by. They need quick and
easy access to the store and would not spend a lot of time to purchase their goods.
d) Income level of Prospective Customer
i. The type of pedestrians and the income level of customer must be taken into account.
e) Location of Areas
i. The area must be free from flood and other calamities that will endanger the business. It
must be free from fire hazards or other environmental factors that will disturb the operation
of the business.
2. Location for Small Industrial Plant or Manufacturing Facilities
- A retail outlet would need site that is convenient to prospective customers in terms of parking space or
availability of transportation.
Factors to consider in choosing location:
a. Land and area
a. It must be free from flood and environmental hazards that will disturb the operation.
b. Facilities for expansion
i. The land area must have ample space for plant expansion and provisions for parking
facilities for customers and employees.
c. Power and utilities
a. Availability of power supply and the cost of electricity involve in the operation are a great factors
in the production of goods. Continuous power supply is needed to keep the plant in operation for its
target production.
d. Building and Other Utilities
a. The building must be within the restriction code of the municipality or city. Fire safety and hazards
signs are mandatory requirements.
e. Plant Site Accessibility
f. Plant Site Accessibility
IDENTIFY THE MARKET PROBLEM

In identifying market problem, the following can be considered:
1. Existing Customers
- they are the people who have already purchased the product you are selling.
2. Target Market Users
- are the people in your target market
3. Prospects
- are the people who have not yet purchased but have an intention to buy.
PROBLEM-IDENTIFICATION RESEARCH
You could discover any of the following factors through problem-identification reasearch:
1. Brand Image
- it developed over time through advertising campaigns with a consistent ideas, this is authenticated
through the consumers’ direct experience.
2. Market Characteristics
- describes attributes of the buyers in making decision related in purchasing a certain product.
3. Market Potential
- it is the estimated maximum total sale srevenue of all suppliers of a product in a market during a
certain period.
4. Market Share
- is a percentage of total sales volume in a market captured by a brand, product or company.
PROBLEM-SOLVING REASEARCH
1. Distribution Research:
- determining on how to transfer the product from the manufacturer to ultimate user.
2. Market Segmentation:
- Grouping customers by similar charactetristics or similar purchase behaviours.
TECHNIQUES ON SEEKING, SCREENING, AND SEIZING OPPORTUNITIES
FACTORS IN DETERMINING ECONOMIC GROWTH
Determinants to our slow growth in economic development
1. The Filipino Values and Culture
a. Love for imported Products
b. Our Values of BAHALA NA
c. Our Crab Mentality
d. The MAÑANA HABIT
e. The Value of Time
f. Our Values of HIYA
g. Fiesta and Social Occasions
2. Availability of Needed Capital
a. Republic act 6977, known as the Magna Carta for Small enterprises provided the necessary funds
for the development of entrepreneurs in the countryside.
- The intention of the Law is to provide the promotion, growth and development of SMALL AND MEDIUM
ENTERPRISES by assisting government and relevant agencies in tapping local and foreign capital and the use of
existing guarantee funds.
ENTREPRENEUR AND SOCIO-ECONOMIC DEVELOPMENT
Contributions of the entrepreneur in our socio-economic development:
1. The Entrepreneur Provides Employment
2. The Entrepreneur Pay taxes
3. The Entrepreneur Profits
4. The Entrepreneur Provides Healthy Competition
MARKET NEED ANALYSIS
In analyzing the market need, the following question should be asked:
1. Who will get interested in my product?
2. What does the market need or want?
3. Who is buying the product? What and how much? Or how, where and why are they buying those
goods and services?
Market Analysis
- is a quantitative and qualitative assessment of a market ability to respond positively.
How to do a market Analysis?
1. Demographics and Segmentation
2. Target Market
3. Market Need
4. Competition
Product: Its nature and sustainability
Types of Product
1. Goods
-these are the tangible products that can measure the satisfaction with result or evidences as manifested
through physical development.
a. Durable Goods (Steel, stainless, Appliances)
b. Non-durable Goods (Products made with plastics)
2. Services
- are intangible products that satisfaction can be measured in future preferences. (Ex: Relaxation is salon spa,
education from school)
a. Rented-goods Services
-are the consumer rented facility of the seller in a certain period of time. (Ex: Car rental, space or office for rent)
b. Owned-goods services
-are the repair and maintenance services rendered by the sellers to the products of the customer. (Ex: laundry business,
car wash)
C. Non-good service
- Is personal service on the part of the seller; most common are the expertise and profession of the seller. (Ex: Teacher
as tutor, accountant as bookkeeper, lawyer as legal consultant)
PRODUCT SATISFYING FEATURES
1. Design
2. Product Colors
3. Product Quality
4. Product Warrantees
BEST PRODUCT FOR MARKET NEED
Tips in choosing the business name:
1. Easy to Recall or Remember
2. Pleasant Meaning Creates Pleasant Feelings
3. Easy to pronounce
4. Easy to spell
5. Related to the product
Product Life Cycle
 It describes a product’s sales, profits, customers, competitors, and marketing emphasis from its begging until
it is removed from the market.
Stages of product life cycle
 I. Product Development
The new product planning process involves a series of steps:
1. Idea generation
-searching and looking for new product or business opportunities.
2. Idea Screening
-ideas which are unsuitable, unattractive, or poor are junked.
3. Concept Testing
-ideas which have passed the screening stage will now require feedback from the customer.
4. Business Analysis
-is a review of market factors, revenues, cost and trends.
5. Product Development
-Ideas are converted into tangible form.
(Product construction, Packaging, Branding, Product positioning, Consumer attitude and usage testing)
6. Marketing
-involves a selling of a fully developed product in a selected city and observing the actual or on the spot
performance under the chosen marketing plan.
7. Commercialization
-this involves the actual marketing of the product in the target market.

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ENTREPRENEUR

 Checking, Examining, & Recording

 Risk Assessment and Management

 Problem Solving & Decision Making

FACTORS TO CONSIDER OF A NEW ENTREPRENEUR

IDENTIFY THE MARKET PROBLEM

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