First Quarterly Examination

FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

I. ENTREPRENEURIAL CONCEPTS, SKILLS, AND o Problem Solver: Entrepreneur always tries to find out ways
and means to tide over the difficult times.
COMPETENCIES o Self-Confidence: Entrepreneur has a strong belief in his
- ENTREPRENEURSHIP strengths and abilities.
o Is a science of converting processed ideas into a remarkable o Assertive: Entrepreneur is always assertive.
business venture o Persuasive: Entrepreneur is able to successfully persuade
o It is a capacity for innovation, investment, and expansion in others to do what he actually wants from them.
new market, products, and techniques. o Efficient Monitors: Entrepreneur personally supervises the
o Entrepreneurship is the ability and readiness to develop, work so that it is done as per the desired standard.
organize and run a business enterprise, along with any of its o Employees’ Well-Wisher: Entrepreneur has great concern
uncertainties in order to make a profit. The most prominent and also takes the necessary steps to improve the welfare of
example of entrepreneurship is the starting of new the employees.
businesses. o Effective Strategists: Entrepreneur introduces the most
- ENTREPRENEURIAL COMPETENCIES effective strategies to affect employees to achieve the
o Initiative: It is an entrepreneur who initiates a business enterprise goal.
activity. - ENTREPRENEURIAL SKILLS
o Looking for Opportunities: Entrepreneur always looks for an o Business management skills
opportunity and takes appropriate actions accordingly. o Teamwork and leadership skills
o Persistence: He follows the Japanese proverb “Fall seven o Communication and listening
times; stand up eight”. He makes repeated efforts to o Customer service skills
overcome harriers. o Financial skills
o Information Seeker: Entrepreneur always searches for o Analytical and problem-solving skills
information from various researchers and consulting experts. o Critical thinking skills
o Quality Conscious: An entrepreneur always tries to beat the o Strategic thinking and planning skills
existing standard of quality. o Technical skills
o Committed to Working: Entrepreneur does every sacrifice to o Time management and organizational skills
get the task completed. o Branding, marketing and networking skills
o Efficiency Seeker: Entrepreneur always tries to get the task - CORE COMPETENCIES IN ENTREPRENEURSHIP
completed within minimum costs and time. o The Entrepreneur as Missionary
o Problem Planning: Entrepreneur always tries to develop o Entrepreneur is Goal-Driven
realistic and proper plans and then executes carefully to o Entrepreneur is a Marketing Man
accomplish the task. o Entrepreneur starts from Little
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

II. JOB OPPORTUNITIES o Freelance Writer: Freelance writers take on writing projects
and manage their own career by finding clients who need
- Entrepreneurial careers are jobs that can give you the
writing services.
experience and skills that help prepare you to start your
o Graphic Designer: A graphic designer creates original
own business or develop your own product. Certain
graphic content for a business or as a freelance professional.
careers can offer more training in the abilities and qualities o Photographer: A photographer often works as a freelance
necessary to take on the challenge of starting a business. professional, booking clients and managing their own
- BUSINESS CAREERS FOR ENTREPRENEURS business operations.
o Financial Manager: A financial manager is responsible for o Public Relations Specialist: Entrepreneurs can practice
analyzing the monetary resources of a company including building relationships with the press and public officials as a
investments, profits and costs. PR specialist.
o Business Development Manager: Business development - SALES AND MARKETING CAREERS FOR ENTREPRENEURS
managers act as a bridge between various departments to o Sales Representative: Sales representatives work in different
determine the ways a company can increase revenue and industries to sell products and services.
grow a customer base. o Sales Manager: A sales manager oversees other sales
o Financial Analyst: Financial analysts help companies make agents and sets goals for selling.
investment choices based on predictions of market trends. o Marketing Director: Marketing initiatives can drive sales and
They are involved in the buying and selling of stocks and help brands reach larger audiences.
other funds. o Advertising Executive: Advertising executives make
o Chief Executive Officer: A chief executive officer oversees the decisions that affect how a brand is promoted to consumers.
strategic operations of a company. CEOs set a vision for the o Social Media Specialist: Since business is often conducted
company by studying thought leaders and changes in through online platforms, social media plays a role in how a
business trends. company interacts with consumers and fellow businesses.
o Financial Advisor: A financial advisor manages their own - TECHNOLOGY CAREERS FOR ENTREPRENEURS
clients, serving as a guide and coach for both business and
o Computer and Information Systems Manager: A computer
individuals who need assistance in managing their
o systems manager supervises all the computer related
monetary resources.
activities of a business
- MEDIA CAREERS FOR ENTREPRENEURS o User Experience Designer: User experience (UX) designers
o B/Vlogger: A blogger creates original written content for plan how a user interacts with a software interface.
professional clients or for personal expression. o Computer Engineer: A computer engineer designs hardware
and software for computers.
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

o Software Developer: Software developers create the code o Analyze the Market Potentials
necessary for a software program to operate. o Determine the marketing Strategy
o Technical Director: A technical director oversees all o Know the Competitors
technology use within a company. o Do not set on your laurels
- MORE CAREERS FOR ENTREPRENEURS - ENVIRONMENTAL SCANNING
o Product Manager: When a company develops something
new, product managers oversee this process from initial
concept to finished item.
o Real Estate Broker: A real estate broker is an agent who
undergoes additional training, earning the right to run their
own real estate firm.
o Lawyer: Lawyers can become entrepreneurs by opening
their own law firm, using business skills and professional
expertise to attract clients.
o Private Duty Nurse: Private duty nurses provide in-home
health care services for clients, often as independent Fig. 1 – The Framework of Environmental Scanning
contractors.
o Project Manager: Project managers create the timeline and
assign roles and duties for tasks.
- TIPS FOR BECOMING AN ENTREPRENEUR
o Invest in your passion
o Be willing to take risks
o Collaborate
o Make a business plan
o Identify your strengths and weaknesses
o Believe in your ideas

III. DEVELOPING A BUSINESS PLAN AND

Fig. 1.1 – The Components of a Business Environment
ENVIRONMENTAL SCANNING
- FACTORS TO CONSIDER OF A NEW ENTREPRENEUR
o Know your Product or Service
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

IV. SWOT ANALYSIS o GENERIC PRODUCT – A version of the product containing

only those attributes or characteristics absolutely
- THE SWOT ANALYSIS:
necessary for it to function.
o Strength – an inherent capacity of an organization which
o ACTUAL PRODUCT – The set of attributes or characteristics
helps it g strategic advantage over its competitors.
that buyers normally expect and agree to when they
o Weakness – an inherent constraint or limitation which
purchase a product.
creates a strategic disadvantage for a business.
o AUGMENTED PRODUCT – The inclusion of additional
o Opportunity – a favorable condition in the organization’s
features, benefits, attributes or related services that serve to
environment enabling it to strengthen its position.
differentiate the product from its competitors. For example,
o Threat – an unfavorable condition in the organization’s
the computer comes pre-loaded with a high-end image
environment causing damage to the organization.
processing software for no extra cost or at a deeply
discounted, incremental cost.
V. 5 LEVELS OF PRODUCTS, TYPES OF o POTENTIAL PRODUCT – This includes all the augmentations
PRODUCTS and transformations a product might undergo in the future.
- THE 5 LEVELS OF PRODUCTS To ensure future customer loyalty, a business must aim to
surprise and delight customers in the future by continuing
to augment products. For example, the customer receives
ongoing image processing software upgrades with new
and useful features.

Fig. 2 – 5 Levels of Products

o CORE PRODUCT – The fundamental need or want that

consumers satisfy by consuming the product or service. For
example, the need to process digital images. - Fig. 2.1 – 3 Levels of Products
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

- TYPES OF PRODUCT o VARIABILITY - Firms have systems and procedures to

ensure that they provide a consistent service but it is very
difficult to make each service experience identical.
o PERISHABILITY - Services last a specific time and cannot be
stored like a product for later use.
o LACK OF OWNERSHIP - You can not own a service and you
can not store a service like you can store a product.
Services are used or hired for a period of time
o USER PARTICIPATION - Users take part in service production
even in cases where they are not required to be near places
of service production
- PRODUCT FEATURES:
o Function – Functions work toward maximizing customer
Fig. 2.2 – Types of Product
satisfaction, addressing pain points, and providing the tools
buyers need to complete tasks.
VI. PRODUCT / SERVICE CHARACTERISTICS / o Experience – A customer’s experience with a product or
FEATURES service over time is part of its features. The user experience,
- CHARACTERISTICS OF SERVICES from onboarding customers to gathering customer
feedback after purchases, is also an integral aspect of a
product’s features.
o Quality – Quality ties into the durability and reputation of a
product. Companies that continually produce products with
reliable features build customer loyalty.
o Design – Design refers to the ease of use and how clearly
steps are laid out for product interaction.
o INTANGIBILITY - You cannot hold or touch a service unlike a o Added Value – a saleable commodity that has been
product. enhanced with additional qualities that make it worth a
o INSEPARABILITY - Services cannot be separated from higher price than the raw materials used to make it
service providers. A product can be taken away from the
producer but a service cannot be taken away as it involves
the service provider or its representatives doing something
for the customer.
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

VII. VISIBILITY, PROFITABILITY, AND CUSTOMER VIII. BEST PRODUCT FOR MARKET NEED,
REQUIREMENTS, VISIBILITY > CREDIBILITY ⇏ PRODUCT LIFE CYCLE
PROFITABILITY - BEST PRODUCT FOR MARKET NEED
- VISIBILITY, PROFITABILITY, AND CUSTOMER o Avoid hard-to-spell names.
o Don’t pick a name that could be limiting as your business
REQUIREMENTS
grows.
o Visibility – Be seen otherwise out of sight, out of mind.
o Conduct a thorough Internet search.
o Credibility – Develop the relationship so that people o Get the .com domain name.
understand your value and how to refer business to you. o Use a name that conveys some meaning.
o Profitability – Cultivating relationship with the right referral o Conduct a trademark search.
sources will result in profitable business relationships. o Conduct a Secretary of State search.
o Customer Requirements - the specifications or features of a o Assess if the name is catchy.
product or service that are deemed necessary by customers. o Get feedback on the name.
- VISIBILITY > CREDIBILITY ⇏ PROFITABILITY o Make sure the name sounds good when said aloud.
o Use resources available for brainstorming names.
o Make sure you are personally happy with the name.
- PRODUCT LIFE CYCLE
o A product life cycle is the length of time from a product
first being introduced to consumers until it is removed
from the market. A product's life cycle is usually broken
down into four stages; introduction, growth, maturity,
and decline.
- VISIBILITY > CREDIBILITY > PROFITABILITY o INTRODUCTION STAGE
▪ The introduction phase is the first-time customers
are introduced to the new product. A company must
generally include a substantial investment in
advertising and a marketing campaign focused on
making consumers aware of the product and its
benefits, especially if it broadly unknown what the
good will do.
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

o GROWTH STAGE IX. VALUE PROPOSITION / UNIQUE SELLING

▪ If the product is successful, it then moves to the
PROPOSITION
growth stage. This is characterized by growing
- VALUE PROPOSITION (VP)
demand, an increase in production, and expansion
o is a business or marketing statement that
in its availability. The amount of time spent in the summarizes why a consumer should buy a company's
introduction phase before a company's product product or use its service. This statement is often used
experiences strong growth will vary from between to convince a customer to purchase a particular
industries and products. product or service to add a form of value to their lives.
o MATURITY STAGE o In creating Value Proposition, entrepreneurs will consider
▪ The maturity stage of the product life cycle is the the basic elements:
most profitable stage, while the costs of producing ▪ Target Customer Needs/opportunity
▪ Name of the product
and marketing decline. With the market saturated
▪ Name of the enterprise/company
with the product, competition now higher than at
- UNIQUE SELLING PROPOSITION (USP)
other stages, and profit margins starting to shrink,
o refers to how you sell your product or services to your
some analysts refer to the maturity stage as when
cusomer. You will address the wants and desires of your
sales volume is "maxed out".
customers. As an entrepreneur, you should think of
o DECLINE STAGE
marketing concepts that persuade your target
▪ As the product takes on increased competition as
customers.
other companies emulate its success, the product
o You may ask the following questions in doing this: What
may lose market share and begin its decline.
do the customers want?
Product sales begin to decline due to market o What brand does well? What does your competitor sell
saturation and alternative products, and the well?
company may choose to not pursue additional o Some tips for the entrepreneur on how to create an
marketing efforts as customers may already have effective unique selling proposition to the target
determined themselves loyal to the company's customers are:
products or not. ▪ Identify and rank the uniqueness of the product or
services character
▪ Be very Specific
▪ Keep it Short and Simple (KISS)
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

X. TARGET MARKET / CUSTOMER •VARIABLES TO CONSIDER IN PSYCHOLOGICAL

SEGMENTATION:
REQUIREMENT / MARKET SIZE o Needs and wants
- TARGET MARKET o Attitudes
o Market Targeting is a sage in market identification o Social class
process that aims to determine the buyers with o Personality traits
common needs and characteristics. Prospect customers o Knowledge and awareness
are a market segment that an entrepreneurial venture o Brand concept
o Lifestyle
intends to serve.
▪ BEHAVIORAL SEGMENTATION
▪ GEOGRAPHIC SEGMENTATION
• divided according to customers’ behavior pattern
• the total market is divided according to
as they interact with a company.
geographical location.
• VARIABLES TO CONSIDER
• VARIABLES TO CONSIDER
o Perceptions
o Climate
o Knowledge
o Dominant ethnic group
o Reaction
o Culture
o Benefits
o Density (either rural or urban)
o Loyalty
▪ DEMOGRAPHIC SEGMENTATION
o Responses
• Divided based on the consumers
• VARIABLES TO CONSIDER - CUSTOMER REQUIREMENTS
o Gender o Customer requirements are the specific characteristics
o Age that the customers need from a product or a service.
o Income ▪ Service Requirement
o Occupation ▪ Output Requirement
o Education - MARKET SIZE
o Religion o The entrepreneur’s most critical task is to calculate the
o Ethnic group market size, and the potential value that market has for
o Family size
their start-up business. Market research will determine
▪ PSYCHOLOGICAL SEGMENTATION
the entrepreneurs’ possible customers in one locality.
• Divided in terms of how customers think and
believe. o Market size is like a size of the arena where the
entrepreneurs will play their business. It is the
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

approximate number of sellers and buyers in a - WHAT IS AN OPPORTUNITY?

particular market. o In a business sense, it is an idea that has commercial
• The first step is to estimate the potential potential.
market o Something you can make money with, develop a
• The second step is to estimate the business around it, or create value with it.
customers who probably dislike to buy your
product or avail the services.
• The third step is for the entrepreneur to
estimate the market share.
XI. OPPORTUNITY SEEKING / SCANNING /
SEIZING
- TAKING ADVANTAGE FROM OPPORTUNITIES
o Stay Alert
o Act Quickly
o Be Flexible
o Collaborate with Others
o Learn from Failure - CHALLENGING TOPIC!
o "In a world that changing really quickly, the only strategy o How can we find business opportunities when we are in
that is guaranteed to fail is not taking risks.“ - Mark crisis?
Zuckerberg o Isn’t the Philippines in crisis?
- OPPORTUNITY SEEKING o Isn’t the world in crisis?
o Entrepreneurs are innovative opportunity seekers. They o Leading to runaway oil prices.
have endless curiosity to discover new or different ideas o Tsunami and earthquake that hit Japan.
and see whether these ideas will work in the - THE PHILIPPINES!
marketplace. o There are nearly 100,000 OFWs in Taiwan.
o Entrepreneurs create value by introducing new products ▪ Many will lose their jobs because of the current RP-
or services or finding better ways of making them. These Taiwan spat.
may include innovation in terms of product design or o Many workers from the Middle East are being sent home.
addition of new product features to existing ones.
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

o Poverty in the Philippines remain at all time. (We are

behind in the UN goal of fighting poverty compared to
other ASEAN countries.)
- FREQUENT QUESTIONS

- OPPORTUNITY SEEKING
- THE ENTREPRENEURIAL MINDSET SEES A HOLE!
o Sources of Opportunity;
o “CHERCHEZ LE CRANEU” – An opportunity to be in that
▪ Internal – Innovation / Creativity
market.
▪ External – Macromarket, Micromarket Analaysis,
Irritants in the marketplace
- IRRITANTS IN THE MARKETPACE
o D – Deterrents, Delays
o I – Irritants
o P – Problems
o C – Complaints
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

- FOOD INDUSTRY
o Fresh Food (raw)
o Packaged Food
o Food eaten inside the house
o Food eaten outside the house.

- TOOLS – EXTERNAL / ENVIRONMENTAL ANALYSIS

o PESTE – Political, Economic, Social, Technological,
Ecological
o PESTEL – P.E.S.T.E. + Legal
o EPISTE – Economic, Political, Informatics, Technological,
Ecological
o STEER – Sociological, Technical, Economic, Ecological,
Regulatory
o SWOT / TOWS
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

- INNOVATION – MGA PAGBABAGO - TYPES OF PRODUCT INNOVATION

o DISRUPTIVE – NAGBABABGO o Create an entirely new product
▪ SOCIAL o Alter / modify an existing product.
• Food cart o Rebrand / Reformulate an existing / old product.
• Street food - INTERNAL / PERSONAL
• Noodle meals o Past jobs
• Sachet marketing o Hobbies
• E-load / Daily Load o Social network
▪ TECHNOLOGY o Travel
• VHS → DVD - WAYS TO INNOVATE
• FILM → DIGITAL CAMERAS o MAKE IT LARGER!
• Fax machines? ▪ Pinakamalaki, pinakamalakas
• Telephone landline → Cellphone, VolP o MODIFY – CHANGE THE
• Wi-Fi ▪ Name
• Satellite communication ▪ Color
▪ CRISIS ▪ Container
• As the Tsunami and Earthquake that hit Japan ▪ Shape
• Effects on construction technology, nuclear power, o CREATIVE COPYING
disaster preparedness o MAKE IT STRONGER / FASTER
- INNOVATION (SOFT) o MAKE IT SMALLER / LIGHTER
o What pisses you off? o SUBSTITUTE
o What needs are not satisfied? ▪ Materials
o What are new satisfactions? ▪ Method
- OTHER METHODS (INTERNAL)
o SERENDIPITY WALK
▪ Walk along an avenue or street.
▪ Observe, Observe, Observe
▪ Observe competition
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

• REMEMBER ALWAYS TO:

o START WITH THE CUSTOMER NEEDS!
▪ Be sure there would be a large number who share
the same aspiration / frustration
▪ The customer cannot be completely satisfied.
▪ “I can’t get no satisfaction.”
• TECHNIQUES ON SEEKING, SCREENING, AND SEIZING
OPPORTUNITIES
o ENTREPRENEURIAL MIND FRAME
o ENTREPRENEURIAL HEART FLAME
o ENTREPRENEURIAL GUT GAME.
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

FINAL STRETCH NA TOMORROW!

YOU CAN DO THIS!
Alam ko pagod na kayo magreview, pero let’s
exert our effort here ha? Kaya mo ‘to, dasal at
tiwala lang kasabay ng pag-aral. Padayon
bestie.