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Entrepreneurship
Learning to think
Rational, Sequential and Analytical Thinking - Needs reason, sequence and analysis.
Rational - With proof
Sequential - Needs order or is done orderly
Analytic - Breaking information or data down into parts
Classification & Categorization - Includes making graphs and charts showing the grouping of data.
Venn Diagram - Consist of multiple overlapping closed curves that show all possible
logical relations between a finite collection of different sets.
Sequencing & Ordering - Shows the process on how a certain action is done.
Flowchart - Shows how a certain action is done from start to finish in different
situations.

Critical Thinking - This is the art of asking the right questions.

Who, What, Where, When, Why, How - These questions may revolve around these parameters.
Benchmarking - This is hunting for best practices, applies critical thinking and
synthesis of ideas.
Competitors, Related and unrelated industries- ^ measures and compares other businesses such as the following.
What can be attained
Objectives -^ determines this. Hence will determine the possible approaches,
strategies and options to reach it.
Significant Variables/Factors - These affect the issues at hand and the accomplishment of the
objectives.
Proof - This can justify or challenge the alternative strategies or options.
Facts/figures/evidences/supporting premises/researches -^ can be in the form of this
Casual Relationships - This can be between each of the alternatives and their impact on the
objectives.
5 Information Screening Devices or Data Sifters
Magnitude - This indicates where the trends, patterns and cycles of client’s needs are.
Relevance - Means that the strategy should address its mission faithfully.
Importance - Isolates the most critical ingredients to achieve one’s mission.
Urgency - Means immediacy of response, especially in crisis situation.
Doability - Refers to the capacity of an organization to implement its strategy.

Logical Thinking - Deals with correct thinking.

Logic - Doesn’t deal with thinking in general. Is the subject which teaches us
the rules for correct and proper reasoning. Science of
principles, laws and methods which the mind of man in its
thinking must follow the accurate and secure attainment of
truth.
Training in Logic - This should enable us to develop the skills necessary to think correctly.
Fishbone Diagram - This is an analysis tool that provides a systematic way of looking at
effects and the causes that create or contribute to those effects.
Cause and Effect Diagram - ^ AKA
Fishbone Diagram - Its value is to provide a method for categorizing the many potential
causes of problems or issues in an orderly way and in
identifying root causes.
Five Why’s - Refers to the practice of asking, five times, why the problem exist in
order to get to the root cause of the problem.
Premises - These are the facts
Argument - This is the process of making a conclusion based from the premises.
Deductive Reasoning - Universal to Particular. Reasoning from general to specific.
Certainty - With ^, this is possible.
Syllogism - an instance of a form of reasoning in which a conclusion is drawn
from two given or assumed propositions, each of which shares
a term with the conclusion, and shares a common or middle
term not present in the conclusion
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Major Premise - General truth about life/humans “All mammals are warm-blooded animals”
Minor Premise - Specific fact that falls under the truth “No lizards are warm-blooded animals”
Conclusion - Can be drawn about the specific fact based on the first generalization
“ Therefore, no lizards are mammals”
Inductive Reasoning - Particular to Universal. Reasoning from sensory observation of
specific facts to general conclusion.
Certainty -^ can never have this for only one example can modify or refute the
conclusion.
Accumulation of Many Facts -^ is based on this. The more the merrier.

Creative Thinking - This can be done by thinking outside of the box

Brainstorming - Group creativity technique by which efforts are made to find a
conclusion for a specific problem by gathering a list of ideas
spontaneously contributed by its members.
Brainstorming
1. One idea at a time
2. Encourage wild ideas
3. Go for quantity over quality
4. Build on others ideas
5. Defer Judgement
6. Merging and Sorting
Metaphoring - Translating business ideas into metaphors, symbolizes the problem
after s pacifying it. Through this one can solve the problem, by
relating the solution of the metaphor to the problem.
Associative Thinking - Allows the mind to freely “connect the dots”. Externalize internal
mental pictures into drawings, words, symbols, etc.
Mindmapping - A hierarchal diagram that shows relationships visually, among pieces
of the whole, to organize information.
Systematic Thinking - Gain deeper insights by surfacing the interaction patterns that
underly, drive and govern them.
Creation - This can be done by possible sources of cash.
Owner - Source of cash, provides a portion of the cash needed for business.
Bank/ Financer - Provides a loan or some cash for the business
Supplier of Goods and Services - Who provides raw materials and other services through credit.
Procreation - With the initial cash on hand,other requirements needed are purchased
Other materials/services/ land/machine/ etc - These materials include the following.
Labor Service - These are who will help produce the goods/services
Work-in-progress inventory - Raw materials/labor and other assets are combined to produce this.
Finished Goods Inventory - Once the items in the work in progress inventory are finished, it is
not computed as this.
Exit and Re-entry - The leaving of goods/services from the procreation stage and the
return of investment.
Cost of Goods Sold - As the finished goods are sold, they leave the enterprise and are
entered in the Income Statement as this.
Sales or Revenue - The customer pays the enterprise and is recognized as this.
Cash or Credit - The payment can be made via these methods.
Profit and Loss - The gaining and losing of assets/income
Non-Operating Expenses - These are payments such as loans.
Operating Expenses - These are payments made during an operating period.
Back to Cash - After the transaction of the enterprise from the customer
Cash - As the enterprise sells its products/services they receive this from clients
Credit - Some clients purchase through this.
Accounts Receivable - ^ may also be called this
Accounts Payable - These are the cash paid to the suppliers.
Loan and Interest - Cash paid to the bank
Dividends - Cash paid to the owner
Integrative Thinking - Ideas that solve multiple problems. Ability to put multiple dimensions
of a broad issue together into a coherent and comprehensive whole.
Synthesis - Combining ideas to form a new whole
Segmentation - Regrouping of elements
Demographic - Diving base on age, gender, social class, occupation, reference groups
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Who he is -^ answers this question
Geographic - Divide base on residence, work, shop, use
Where he is -^ answers this question
Behavior - Divide base on users, buyer, adviser. Decision maker.
What he does -^ answers this question
Psychographic - Divides base on attitudes towards products and brands, core values,
aspirations and personality.
Why he does it -^ answers this question
Niche Market -^ I s needed to develop this

Learning to be and entrepreneurial mindset

NOTES:
 Entrepreneurship
o Key driver of economic growth and job creation
o Provides people with jobs right for them
o Good career choice in the Philippines
 Educated Filipinos seek employment abroad
 Via entrepreneurship, this can be prevented
o A rollercoaster ride, both scary and exciting.
 People who are motivated are passionate about their product or service.
 As an entrepreneur one must be aware of their interest.

Entrepreneur - Someone who enters business in time to form or change substantially

that business’s nerve center.
Entre - Latin word for enter
Pre - Latin word for before
Neur - Latin word for center
Entrepreneurship - Key driver of economic growth and job creation.
Self-employment/Business start-up - This is a response by significant numbers of people to job losses in
the current global economic crisis.
Adaptive Execution - This is when people can adapt through out their time, the type of
execution on entrepreneur must focus on.

What is Stopping you to be an Entrepreneur? What can be done

Knowledge - What can be done is attend seminars, find cases, learn about suppliers,
investigate surroundings, read current events.
Capital - Loans, savings, kick starters, families, friends, raise the money.
Guidance - Mentors, investors, partners, family, self-help

Student Journey to Entrepreneurship

Attitude - Barrier to the rest of the steps, most important, think entrepreneurial
Skills to Start-up - Knowing how to be an entrepreneur
Skills to Survive and Grow - Knowing how to be successful, usually a 5-year (or more) survival.

Varieties of Entrepreneurship
Intrapreneur/ Corporate Entrepreneur - Someone who acts entrepreneurially inside an existing organization.
Can range from medium-sized firm to a large corporation,
government agency or charity. Business within a business.
Lifestyle Entrepreneur - Small business in order to pursue a personal interest This type of
entrepreneur prioritizes quality of life over other common
motivations for running a business.
Owner -^ this person runs the whole thing.
Work/Life Balance - ^s main goal
Social Entrepreneur - Pool funds to give back to the public, purpose is to address social or
environmental problems.
Technology Entrepreneur - New venture in order to develop some form of advanced technology.
Very fast moving due to new scientific discoveries and is
associated with technological innovation.
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Information and Communications Technology/ICT - ^ is most commonly found in industry sectors such as this.
Characteristics of Entrepreneurial Mindset
1. Seeks new opportunities
2. Discipline in pursuing opportunities
3. Pursue the best and avoid exhausting themselves and the organization by chasing every option
4. Focuses on execution
5. Engage the energies of everyone in the domain

Entrepreneurial Interest Inventory

 Clarify true interest
 Translate interest to business ideas
 Organize interest in a structured way
 Explore and identify business ideas
 Identify business options you do not want to pursue
 Make sure business ideas relates to your interest
 Reassure if you really know your interest
 Generate multiple business ideas relates to your strongest interest

Finding Your Top Three Career Clusters of Interest

Opportunity Recognition - Refers to the process entrepreneurs use to identify problems to solve
or needs to be fulfilled, and then creating a business idea to do so.

Whole brain thinking and self-finder

Hermann Brain Dominance Instrument (HBDI) - System to measure and describe thinking preferences in people.
William “Ned” Herrmann -^ is developed by him as he was leading management at General
Electric’s Crotonville facility.
Goals Driven - Involves analytical intelligence
Results Driven - Involves operational intelligence
Vision Driven - Involves creative intelligence
People Driven - Involves Relational Intelligence
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Builder’s Profile 10 - The world’s most successful entrepreneurs are born with rare talents.
These 10 talents can help build a successful business.
Confidence - You accurately know yourself and understand others.
Delegator - You recognize that you cannot do everything and are willing to
contemplate a shift in style and control.
Determination -You persevere through difficult, even seemingly insurmountable, obstacles.
Disruptor (Creative Thinker) -You exhibit creativity in taking an existing idea or product and turning
it into something better.
Independent -You are prepared to do whatever needs to be done to build a
successful
venture.
Knowledge (Seeker) -You constantly search for information that is relevant to growing your
business.
Profitability (Business Focus) -You make decisions based on observed or anticipated effect on profit.
Relationship (Builder) -You have high social awareness and an ability to build relationships
that are beneficial for the firm's survival and growth.
Risk (Taker) -You instinctively know how to manage high-risk situations.
Selling (Promoter) -You are the best spokesperson for the business.

Where do we look for business ideas?

 Accidental discoveries
 Trends and Insights
 Talents, Skills and Interest
 Needs of Consumers
 Observations/Scouting
 Existing Products or Ideas

Tony Tan Caktiong - Chinese-Filipino billionaire, founder of Jollibee Foods Corporation.