Entrep Reviewer
Entrep Reviewer
2. Creation of Organizations - which means that because of 4. Opportunity seeker - an entrepreneur must have the ability
entrepreneurship many organizations will exist. to be the first to see business chances.
3. Improving Standard of Living - this means that 5. Proactive – an entrepreneur can control a situation by
entrepreneurship can lift up the economic status of an making things happen or by preparing for possible future
individual. problems.
4. Means of Economic Development - this means that not 6. Risk Taker – an entrepreneur has the courage to pursue
only the life of the entrepreneur is improved but also the business ideas.
society where the business is located.
7. Innovative - the entrepreneur has big business ideas and he
Concept of Entrepreneurship does not stop improving and thinking of new worthwhile
ideas for his business.
The word “entrepreneur” was derived from the French verb
enterprendre, which means “to undertake.” This is Core Competencies in Entrepreneurship
pinpointing to those who “undertake” the risk of enterprise.
The enterprise is created by an entrepreneur and the process 1. Economic and Dynamic Activity - Entrepreneurship is an
is called economic activity because it involves the creation and
operation of an enterprise with a view to creating value or
“Entrepreneurship.” wealth by ensuring optimum utilization of limited resources.
Entrepreneurs are innovators. They are willing to take the 2. Innovative – The entrepreneur constantly looks for new
risks and generate unique ideas that can provide profitable ideas, thus he needs to be creative.
solutions to the needs of the market and the society.
3. Profit Potential - The entrepreneur can be compensated by
Factors Affecting Entrepreneurship his profit coming from the operation.
1. Personality Factors which include: 4. Risk bearing – The entrepreneur needs to gamble but wise
enough to offset the risk.
a. Initiative - doing things even before being told.
Types of Entrepreneurs
b. Proactive - which means he can classify opportunities and
seize it. 1. Innovative Entrepreneurs - They are those who always
make new things by thinking of new ideas. They have the
c. Problem Solver - which means he can retain good relations ability to think newer, better and more economical ideas.
with other people.
2. Imitating Entrepreneurs - They are those who don’t create
d. Perseverance - meaning he will pursue things to get done new things but only follow the ideas of other entrepreneurs.
regardless of challenges.
3. Fabian Entrepreneurs - They are skeptical about changes to
e. Persuasion - means that he can entice people to buy even if be made in the organization. They don’t initiate but follow
they don’t want to. only after they are satisfied.
f. A Planner - he makes plans before doing things and does 4. Drone Entrepreneurs - They are those who live on the labor
not fail to monitor it. of others. They are die-hard conservatives even ready to
g. Risk-taker - which means that he is willing to gamble but he suffer the loss of business.
will calculate it first.
5. Social Entrepreneurs - They are those who initiate changes to the physical environment, societal environment, and
and drive social innovation and transformation in the various industry environment where the business operates.
fields such as education, health, human rights, environment
and enterprise development. 1.1 The Physical environment includes
2. Teacher - a graduate of an entrepreneurship can use his 1.2 The Societal environment includes the various forces like
knowledge in teaching. a. Political forces – includes all the laws, rules, and regulations
3. Researcher - the entrepreneur can be employed as a that govern business practices as well as the permits,
researcher by an enterprise. approvals, and licenses necessary to operate the business.
4. Sales - the entrepreneurship graduate can apply as a b. Economic forces – such as income level and employment
salesman. rate.
5. Business Reporter - the entrepreneur being expert in the c. Sociocultural forces – customs, lifestyles and values that
field, can be employed as a business reporter. characterize a society.
d. Employees
e. Government
f. Suppliers
Entrepreneurial mind frame. This allows the entrepreneur to 2. Technological discovery and advancement
see things in a very positive and optimistic way in the midst of A person with entrepreneurial interest sees possibility of
difficult situation. business opportunities in any new discovery or because of
Entrepreneurial heart flame. Entrepreneurs are driven by the use of latest technology.
passion; they are attracted to discover satisfaction in the act 3. Government’s thrust, programs, and policies
and process of discovery. Passion is the great desire of an
entrepreneur to achieve his/her goals. The priorities, projects, programs, and policies of the
government are also good sources of ideas.
Entrepreneurial gut game. This refers to the ability of the
entrepreneur of being intuitive. This also known as intuition. 4. People’s interest
The gut game also means confidence in one’s self and the
firm belief that everything you aspire can be reached. The interest, hobbies, and preferences of people are rich
sources of entrepreneurial ideas, like the increasing number
Sources of Opportunities of Internet Cafés at present could lead to the strong
attachment of young people to computers.
1. Changes in the environment
5. Past experiences
Entrepreneurial ideas arise when changes happen in the
external environment.A person with an entrepreneurial drive The expertise and skills developed by a person who has
views these changes positively. External environment refers worked in a particular field may lead to the opening of a
related business enterprise.
Forces of Competition Model Substitute – anything that takes the place or function of
another.
It is also known as the “five forces of competition”. An
industry environment is a competitive environment. Suppliers – are the ones who provide something that is
Regardless of what product or services you have, competition needed or wanted.
is always present.
Module3-Recognize and Understand the Market
Competition – it is the act or process of trying to get or win
something. For example, the prices are lower when there is a Value Proposition (VP) - is a business or marketing statement
competition among the stores. that summarizes why a consumer should buy a company's
product or use its service. This statement is often used to
These are the five forces competing within the industry: convince a customer to purchase a particular product or
service to add a form of value to their lives. In creating Value
Buyers Proposition, entrepreneurs will consider the basic elements:
Potential new entrants
Rivalry among existing firms Target Customer
Substitute products Needs/opportunity
Supplier Name of the product
Name of the enterprise/company
External environment - refers to the physical environment, d. Density (either rural or urban)
societal environment, and industry where the business 2. Demographic Segmentation – divided based on consumers
operates.
Variables to consider
Government - refers to the local government (municipality,
city, or provincial) or the national government and its a. Gender
branches.
b. Age
New entrants – the one who enters something.
c. Income
Opportunity – seeking – the process of considering,
evaluating, and pursuing market-based activities that are d. Occupation
accepted to be beneficial for the business. e. Education
Rivalry – is a state or situation in which people or groups are f. Religion
competing with each other.
g. Ethnic group
Sources of opportunity - can be attained by assessing and
looking at changes in the environment; technological h. Family size
discovery and advancement; government’s thrust, programs,
3. Psychological Segmentation – divided in terms of how
and policies; people’s interest, and past experiences.
customers think and believe
Variables to consider relevant to the message
Collect more data
a. Needs and wants Create more data
b. Attitudes Take note of interesting or significant data
c. Social class SURVEYS are the most common way to gather primary
research with the use of questionnaires or interview
d. Personality traits schedule. These can be done via direct mail, over the phone,
internet (e.g. Google) or email, face-to-face or on the Web
e. Knowledge and awareness (e.g. Skype or Viber).
f. Brand concept INTERVIEW is one of the most reliable and credible ways of
g. Lifestyle getting relevant information from target customers. It is
typically done in person between the
4. Behavioral Segmentation – divided according to customers’ researcher/entrepreneur and a respondent where the
behavior pattern as they interact with a company. researcher asks pertinent questions that will give significant
pieces of information about the problem that he will solve.
Variables to consider
Personal interviews are the traditional method of conducting
a. Perceptions an interview. It allows the researcher to establish relationship
b. Knowledge with potential participants and therefore gain their
cooperation. It generates highest response rates in survey
c. Reaction research.
d. Benefits Telephone interviews are less expensive and less time-
consuming, but the disadvantages are that the response rate
e. Loyalty
is not as high as the face-to-face interview, but considerably
f. Responses higher than the mailed questionnaire.
Promotional Mix
1. ADVERTISING
• Radio
• Television
Brochure Catalogs Fliers Newsletters Post cards This defines what the package should be or do for
the particular product in terms of size, shape,
Coupons Email Phone calls Text messages materials, color, text, and brand mark and
tamperproof ability
5. PEOPLE
ii. Engineering tests:
The fifth P in the Marketing mix is People. Your team, the
staff that makes it happen for you, your audience, and your This will ensure that the package stands up under
advertisers are the people in marketing. This consist of each normal conditions
person who is involved in the product or service whether
directly or indirectly. iii. Visual tests:
B. Physical protection:
C. Safety:
b. Intentional. This way focuses on fulfillment as it
relates to the capability to generate money and do
well in the world.
2) Consistency
3) Emotion
How to Create an Effective Market Positioning Strategy?
There should be an emotional voice, whispering "Buy me".
1. Determine company uniqueness by comparing to This means you allow the customers to have the chance to
competitors Compare and contrast differences between your feel that they are part of your brand.
company and competitors to identify opportunities. Focus on
4) Flexibility
your strengths and how it can exploit these opportunities.
Marketers should remain flexible too in this rapidly changing
2. Identify current market position
world. Consistency targets at setting the standard for your
Identify your existing market position and how the new brand, flexibility allows you to adjust and differentiate your
positioning will be beneficial in setting you apart from approach from your competition.
competitors.
5) Employee Involvement
3. Competitor positioning analysis
It is equally important for your employees to be well versed
Identify the conditions of the marketplace and the amount of in how they communicate with customers and represent the
influence each competitor can place on each other. brand of your product.
Through the preceding steps, you should achieve an Loyalty is an important part of brand strategy. At the end of
understanding of what your company is, how your company the day, the emphasis on a positive relationship between you
is different from competitors, the conditions of the and your existing customers sets the tone for what potential
marketplace, opportunities in the marketplace, and how your customers can expect from doing business with you.
company can position itself.
7) Competitive Awareness
Developing a Brand Name
Do not be frightened of competition. Take it as a challenge to
Brand Name is a name, symbol, or other feature that improve your branding strategy and craft a better value in
distinguishes a seller's goods or services in the marketplace. your brand.
1) Purpose