Types of Entrepreneurs

Depending upon the level of willingness to create innovative ideas, here are the following types of
entrepreneurs:

1. Innovative entrepreneurs

These entrepreneurs have the ability to think of newer, better and more economical ideas of business
organization and management. They are the business leaders and contributors to the economic development
of a country.
Inventions like the introduction of a small car 'Nano' by Ratan Tata, organized retailing by Kishore Biyani,
and making mobile phones available to the common man by Anil Ambani are the works of innovative
entrepreneurs.

2. Imitating entrepreneurs

These entrepreneurs are people who follow the path shown by innovative entrepreneurs. They imitate
innovative entrepreneurs because the environment in which they operate is such that it does not permit them
to have creative and innovative ideas on their own. Such entrepreneurs are found in countries and situations
marked with weak industrial and institutional bases which create difficulties in initiating innovative ideas.
In the Philippines, a large number of such entrepreneurs are found in every field of business activity and
they fulfill their need for achievement by imitating the ideas introduced by innovative entrepreneurs.
Development of small shopping complexes is the work of imitating entrepreneurs. All the small car
manufacturers now are imitating entrepreneurs.

3. Fabian entrepreneurs

These types of entrepreneurs are skeptical about the changes to be made in the organization. They do not
initiate any inventions but follow only after they are satisfied with its success rate. They wait for some time
before the innovation becomes well tested by others and do not result in a huge loss due to its failure

4. Drone entrepreneurs

Drone is "a person who lives on the labor of others". Drone entrepreneurs are those individuals who are
satisfied with the existing mode and speed of business activity and show no inclination in gaining market
leadership. In other words, drone entrepreneurs are die-hard conservatives even ready to suffer the loss of
business.

5. Social Entrepreneurs

Social entrepreneurs drive social innovation and transformation in various fields including education, health,
human rights, workers' rights, environment and enterprise development.
They undertake poverty alleviation objectives and dare to overcome traditional business practices and
innovate with the zeal of an entrepreneur.
Cecilio Pedro developed multi-flavored toothpastes for children that came brightly packaged in tubes and
boxes adorned with "Sesame Street" characters. Today, the market for the budget-friendly toothpaste brands
has expanded to neighboring countries like China, Vietnam and Indonesia.

Career Opportunities for Entrepreneurship Graduates

Given below is only a small snapshot of what can be done by some with an entrepreneurial degree. All of
these can be a source for valuable insights and hands-on experiences that can be used either for career
growth or for becoming a more effective leader. It can also be a requisite of deciding to put up one's own
business.

1. Mid-level management

At big companies, the C-level folks develop ideas, the ground force does the work, and mid-level
management converts the idea into execution. Graduates with entrepreneurial degrees are well suited for this
opportunity.

2. Business consultant

Businesses today need consultants who can go to a client site, identify problems and fix them. That is what
an entrepreneur does, and that is why this job is a perfect opportunity. Entrepreneurship graduates are
trained to help identify things that others may not pick up. They are also trained to know how to fix them.

3. Sales

Entrepreneurship graduates can work in sales or run the department of any businesses. It is a requirement for
Entrepreneurship graduates to have know-how to represent a company, manage accounts, and follow up on
leads.
4. Research and development

A good qualification to work in R&D is a training and education on understanding of business concepts,
procedures, and practices and entrepreneurship.

5. Not-for-profit fundraiser

Being able to raise funds requires understanding the importance of business and networking relationships.
This is a great place for someone with a degree in entrepreneurship because his/her experiences in studying
advanced concepts can be used to his/her advantage on the job.

6. Teacher

Those with entrepreneurship degrees are qualified to teach the core subjects in Senior High School and
teach students the entrepreneurial skills. They can also teach the benefits of math to business, history to
innovation, and literature to persuasive advertising.

7. Recruiter

College graduates who have courses that cover operations management, leadership and a variety of others,
and those with entrepreneurship degrees, most likely have a keen sense of what type of person is needed to
fill a position. Companies who use recruiters rely upon someone who is not just people-savvy, but also, one
who has an in-depth business sense as well.

8. Business reporter

Entrepreneurship graduates can write articles, or pick up a quick class to learn how to write articles. They
can take a prime position to take the lead in covering a local business beat. Understanding the field and
concepts of business can be used to make the business section much more interesting and appealing.
 Definition of a Business Plan

A business plan is a formal statement of a set of business goals, the reasons why they are believed attainable, and
the plan for reaching those goals. It may also contain background information about the organization or team
attempting to reach those goals''

THE NEED FOR A BUSINESS PLANS

A business plan is a formal statement or document that contains the plan for the business that is to be launched, if
it is a start-up business, or of the expansion of the business, if a business already exists. It contains a set of
business goals and the plan for reaching those goals. It evaluates all the aspects of the financial viability or
worthiness of the planned business. It serves as a road map for the business and provides direction.

Categories of a Business Plan:

1. Business Plan For Profit - Typically focuses on financial goals

2. Marketing Plan - Targets changes in perception and branding as its primary
Goals zz
3. Project Plan - Describes the goals of a particular project
4. Business Plan for Non-profit and government agency - Tends to focus on
service goals
5. Operational Plans - Describes the goals of an internal organization, working
group or department

Contents of Business Plan

A business plan has the following:

The business plan is actually the roadmap of the new business. Ilt is the roadmap of the entrepreneur. It is the only
single written document that must be prepared before opening a new business or expanding an existing business. It
provides a clear direction to any uncertain business endeavour.

However, there is another written document that must be prepared and is of equal importance as the business plan.
This is the feasibility study which serves as the forerunner of the business plan.

What Are Some Information That an Entrepreneur Must Research and Know in Order to Write the
Business Plan?

An entrepreneur has to do some research, analysis, and decision making in order to obtain the essential
information about his business which should be contained in the business plan. These include the following:

1. The business' product or service

2. The problem it is trying to solve or the need that it is trying to provide.
3. The customers of the business, and how the business will market and sell its products to them.
4. The size of the market
5. The business model or the way the business will make money
6. The competitors
7. The operations-personnel, processes, machine, and equipment.
8. The management and the business structure.
9. The capital and resources needed, and where to source them
10. The financial statements

MAJOR PARTS OF THE BUSINESS PLAN

Though there are no universally accepted standard format or structure of the business plan, this book adopts the
following format for the major parts of the business plan:

1. Introduction
2. Executive summary
3. Environmental analysis
4. Business description
5. Organizational plan
6. Production plan
7. Operation plan
8. Marketing plan
9.Financial plan
10. Appendix

Introduction

The introduction presents the general perspective of the business. It may consist of one to two pages. It includes,
among others, the following sections:

1. Proposed name of the business

2. Address of the business
3. Name of the owner or owners
4. Description of the business
5. Location of the business
6. Funding requirement and source

Proposed Name of the Business

The formulation and drafting of the proposed business name is not as simple as it sounds. It is a delicate and
important entrepreneurial task. Remember that the name of the business may exist in the market for many years.
Careful and in-depth planning is of prime importance.

The proposed business name must:

1. reflect the business identify and image,

2. promote the philosophical values and culture that the business values the most
3. profess the brand identity of the product, and
4. attract or influence the target consumers.
Address of the Business

It is important that the address of the business is correctly written because all business correspondence are mailed
to the business address. Raw materials and other manufacturing supplies are also shipped by the seller to the
designated business address.

Nowadays, it is also necessary for the business to have an email address to facilitate electronic communication
between the business and the customers, suppliers, creditors, and other significant parties.

Name of the Owner

The name of the owner must be properly stated. In a sole proprietorship, there is only one owner. In case the
venture is a partnership, the names of the partners, including the extent of their liabilities, must be indicated. For
example, if a partner' s contribution takes the form of a service, a description like industrial partner or limited
partner must be properly mentioned

Description of the Business

A brief description of the business must include information about the type of product or service that the business
intends to produce or provide. It may include a brief information about the ultimate mission, vision, and objectives
of the business. The other products or services that the business plans to produce or provide must also be
mentioned in the description of the business.

Location of the Business

There are no rigid rules in the selection of the business location since several variables affect the selection of the
business location. The basic entrepreneurial consideration is to place the proposed business in a strategic location
that will assure competitive advantage

The following factors should be considered when deciding on the location of the proposed business:

1. Proximity to the target consumers

2. Distance from the sources of raw materials, labor, and utilities
3. Availability and cost of transportation
4. Peace and order situation
5. Presence of direct competitors
6. The geographic and climatic conditions

Funding Requirement and Source

The estimated total initial cost of the business venture must be clearly indicated. It should include the projected
breakdown or allocation of total cost, e.g., how much will be for building fixtures equipment, supplies, and
working capital. This section also presents the
source or sources of funds. The initial cost of the investment may be provided solely by the owner or owners or
partly by the owner and creditors. The estimated period to settle the funding source provided by creditors must
also be mentioned.
 CHAPTER II- EXECUTIVE SUMMARY

● Vision
● Mission
● Goals
● Objectives
● Key to Success
● Capital Needs/How the money will be used?

At the very outset, the business plan must depict the fundamental characteristics, nature, philosophical values,
identity, and image of the business. Those important concerns are embodied in the vision, mission, goals and
objectives (VMGO) of the business. The VMGO must be clearly stated and easily understood. They must be
reviewed and revisited at least every three years to determine whether they are still reasonable and achievable in
the view of rapid changes in the business communities.

VISION:

A business vision is your goal for what your business will be in the future. It will align with your business goals
and aspirations. It is the formal way of communicating your business goals and commitments to others. The
business vision statement should capture the key elements of what business success looks like to you.

The purpose of a business vision statement is to:

● define what the business does and why it is important

● inspire and create a sense of optimism about the business for the future.

MISSION
A business plan mission statement is a description of why your company exists. It gives you clarity which helps
drive action, inspire people, and motivate employees. It can also provide you with guidance when making tough
business decisions and help stay on the right track.

Goals
Business goals are a predetermined target that a business or individual plans to achieve in a set period of time.
These goals are often split into short-term goals and long-term goals. Business goals can be general and high level,
or they can focus on specific measurable actions.

Objectives
Business objectives are the specific and measurable results companies hope to maintain as their organization
grows. Entrepreneurs and business leaders must track performance in every part of their business to make sure
they’re moving in the right direction.

Business objectives act as a compass for the company, dictating how the organization should allocate strengths,
weaknesses and opportunities that may be available. Most of the time, objectives remain the same until the
company’s circumstances change.

Keys to success

CAPITAL NEEDS/HOW THE MONEY WILL BE USED?

Capital needs refer to the financial requirements of a business to operate, grow, and meet its objectives. Identifying
and addressing capital needs is a crucial aspect of business planning.