WEEK 1-2

6. A Planner - he makes plans before doing

ENTREPRENEURSHIP things and does not fail to monitor it.
7. Risk-taker - which means that he is willing
 may be defined as the visualization and to gamble but he will calculate it first.
realization of new ideas by insightful
individuals, who are able to use Environmental Factors
information and mobilize resources to
implement their vision. 1. Political
2. Climate
 Entrepreneurship is the ability 3. Legal System
(i.e.,knowledge plus skills) of a person to 4. Economic
translate ideas of commencing a business 5. Social Conditions
unit into reality by setting up a business on 6. Market Situations
ground to serve the needs of society and
the nation, in the hope of profits. COMMMON COMPETENCIES IN
ENTREPREURSHIP
RELEVANCE OF ENTREPRENEURSHIP TO
AN ORGANIZATION 1. Decisive - an entrepreneur must be firm in
making decisions
1. Development of Managerial Capabilities
2. Creation of Organizations 2. Communicator - an entrepreneur must have
3. Improving Standard of Living a convincing power.
4. Means of Economic Development
3. Leader - an entrepreneur must have the
CONCEPT OF ENTREPRENEURSHIP charisma to be obeyed by his employees.
The word “entrepreneur” was derived 4. Opportunity seeker - an entrepreneur must
from the French verb enterprendre, which have the ability to be the first to see business
means “to undertake.” This is pinpointing to chances.
those who “undertake” the risk of enterprise.
5. Proactive – an entrepreneur can control a
The enterprise is created by an situation by making things happen or by
entrepreneur and the process is called preparing for possible future problems.
“Entrepreneurship.” Entrepreneurs are
innovators. They are willing to take the risks 6. Risk Taker – an entrepreneur has the
and generate unique ideas that can provide courage to pursue business ideas.
profitable solutions to the needs of the market
and the society. 7. Innovative - the entrepreneur has big
business ideas and he does not stop improving
FACTORS AFFECTING and thinking of new worthwhile ideas for his
ENTREPRENEURSHIP PERSONALITY business.
FACTORS
CORE COMPETENCIES IN
1. Initiative - doing things even before being ENTREPRENEURSHIP
told.
2. Proactive - which means he can classify 1. Economic and Dynamic Activity -
opportunities and seize it Entrepreneurship is an economic activity
3. Problem Solver - which means he can because it involves the creation and operation
retain good relations with other people. of an enterprise with a view to creating value or
4. Perseverance - meaning he will pursue wealth by ensuring optimum utilization of
things to get done regardless of challenges. limited resources.
5. Persuasion - means that he can entice
people to buy even if they don’t want to.
2. Innovative – The entrepreneur constantly 5. Business Reporter - the entrepreneur being
looks for new ideas, thus he needs to be expert in the field, can be employed as a
creative. business reporter.

3. Profit Potential - The entrepreneur can

be compensated by his profit coming from the
operation.

4. Risk bearing – The entrepreneur needs

to gamble but wise enough to offset the risk .

TYPES OF ENTREPRENEURS

1. Innovative Entrepreneurs - They are those

who always make new things by thinking of
new ideas. They have the ability to think newer,
better and more economical ideas.

2. Imitating Entrepreneurs - They are those

who don’t create new things but only follow the
ideas of other entrepreneurs.

3. Fabian Entrepreneurs - They are skeptical

about changes to be made in the organization.
They don’t initiate but follow only after they are
satisfied.

4. Drone Entrepreneurs - They are those who

live on the labor of others. They are die-hard
conservatives even ready to suffer the loss of
business.

5. Social Entrepreneurs - They are those who

initiate changes and drive social innovation
and transformation in the various fields such as
education, health, human rights, environment
and enterprise development.

CAREER OPPORTUNITIES OF
ENTREPRENEURSHIP

1. Business Consultant - with the expertise of

in the field of entrepreneurship, he can be a
very good source of advices to other
entrepreneurs and would be business men.

2. Teacher - a graduate of an entrepreneurship

can use his knowledge in teaching.

3. Researcher - the entrepreneur can be

employed as a researcher by an enterprise.

4. Sales - the entrepreneurship graduate can

apply as a salesman.
WEEK 3 than a sequence of orderly steps. There are
three spaces to keep in mind: inspiration,
DEVELOPING A BUSINESS: Opportunity ideation, and implementation. Inspiration is
Spotting the problem or opportunity that motivates the
search for solutions. Ideation is the process of
Business Plan - A business plan won't generating, developing, and testing ideas.
automatically make you a success, but it will
help you avoid some common causes of Implementation is the path that leads from the
business failure, such as under-capitalization project stage into people’s lives.
or lack of an adequate market.
To deliver products that solve your target
Business concept - is an idea for a business customers problems, you must first identify
that includes basic information such as the market problems.
service or product, the target demographic,
and a unique selling proposition that gives a Stated needs are explicit statements from
company an advantage over competitors. A your market that declare, “I want a product to
business concept may involve a new product do X.” While stated needs are important, they
or simply a novel approach to marketing or are not as powerful as silent needs, which are
delivering an existing product. Once a concept problems with as yet undefined solutions.
is developed, it is incorporated into a business
plan. Your market consists of:
Existing customers: People who have
Product Opportunity - exist when there is a already purchased your product;
gap between what is currently on the market Prospects: People who have not yet
and the possibility for new or significantly purchased your product but are considering it
improved products that result to emerging Target market users: People in your target
trends. market who are not currently looking for a
solution.
Opportunity recognition is relevant to an
entrepreneur, it is the active, cognitive process Key factors in order to make solutions to
(or processes) through which individuals the problems:
conclude that they have identified the potential
to create something new that has the potential 1. Don’t focusing only on innovation and the
to generate economic value and that is not competition, focus in solving the problem.
currently being exploited or developed, and is
viewed as desirable in the society in which it 2. Don’t focus only on customers. Customers
occurs understand problems, but they cannot help you
to move your product forward. They know what
Recognizing Opportunities you provide, and tend to stay inside that
mindset.
There are two ways to recognize
opportunities: discovering or creating. It is 3. Don’t Focus only on revenue. It is critical to
up to you as an entrepreneur which way is find a balance between prospects and
most suitable for you and which actions to take customers to ensure that your future revenue
to enable opportunity recognition. is protected, while still keeping existing
customers happy.
Design thinking - is a human-centered
approach to innovation that draws from the
designer’s toolkit to integrate the needs of
people, the possibilities of technology, and the
requirements for business success – Tim
Brown, president and CEO.

The design thinking process is best thought

of as a system of overlapping spaces rather
SPEET FORCES 5. Responsiveness - to customer needs and
wants. If the opportunity that you want to
1. Social environment - includes the pursue addresses the unfulfilled or
demographics and cultural dimensions that underserved needs and wants of customers,
govern the relevant entrepreneurial behavior. then you have a better chance of succeeding.
The structure, social status, and dynamics of
the population at large, as well as the people’s 6. Reach - Opportunities that have good
beliefs, tastes, mores, customs, and traditions chances of expanding through branches,
dictate the major parameters of market distributorships, dealerships, or franchise
behavior. outlets in order to attain rapid growth are better
opportunities.
2. Political environment - defines the
governance system of the country or the local 7. Range - The opportunity can potentially lead
area of business. It includes all the laws, rules, to a wide range of possible product or service
and regulations on allowable and disallowable offerings, thus, tapping many market segments
business practices. of the industry.

3. Economic environment - is mainly driven 8. Revolutionary Impact - If you think that the
by supply and demand forces. It is the same opportunity will most likely be the “next big
factor that drives the interest and foreign thing” or even a game-changer that will
exchange rates to fluctuate with the movement revolutionize the industry, then there is a big
of the market forces. potential for the chosen opportunity.

4. Ecological environment - includes all 9. Returns - It is a fact that products with low
natural resources and the ecosystem that costs of production and operations but are sold
defines the habitat of man, animals, plants, at higher prices will definitely yield the highest
and minerals. returns on investments. Returns can also be
intangible; meaning, they come in the form of
5. Technological environment - makes or high profile recognition or image projection.
breaks competing participants in any industry.
New scientific and technological discoveries 10. Relative Ease of Implementation - Will
often lead to the launch and commercialization the opportunity be relatively easy to implement
of new products with superior attributes or to for the entrepreneur or will there be a lot of
rendering the old ones obsolete. obstacles and competency gaps to overcome?

The 12 Rs of Opportunity Screening 11. Resources Required - Opportunities

requiring fewer resources from the
1. Relevance - to vision, mission, and entrepreneur may be more favored than those
objectives of the entrepreneur. The opportunity requiring more resources.
must be aligned with what you have as your
personal vision, mission, and objectives for the 12. Risks - In an entrepreneurial endeavor,
enterprise you want to set up. there will always be risks. However, some
2. Resonance - to values. Other than vision, opportunities carry more risks than others,
mission, and objectives, the opportunity must such as those with high technological, market,
match the values and desired virtues that you financial, and people risks.
have or wish to impart.
3. Reinforcement - of Entrepreneurial
Interests. How does the opportunity resonate
with the entrepreneur’s personal interests,
talents, and skills?
4. Revenues - In any entrepreneurial endeavor,
it is important to determine the sales potential
of the products or services you want to offer.