TECHNOPRENUERSHIP

Name: TANGPOS, PETER JADE M. Date: JUNE 04, 2022

Section: BSIE 4B Score:

Discussion and Identification:

1. Discuss business plan as a tool in establishing a business.

The great Benjamin Franklin once said, “If you fail to plan, you are planning to fail!”.
The same rule applies in being an entrepreneur, business plan is consequential when
establishing business. Business plan assists entrepreneur achieving both short- and long-
term goals by helping them concentrate on the precise actions required for their business
ideas to flourish. By this method, entrepreneurs will avoid wasting resources like time,
money and efforts that may not be helpful in establishing business ideas to a successful
business.

2. Elaborate the factors that are needed before venturing in new business.
a. Know your product or service.
Knowing your product like the back of your hand is essential when venturing new
business. You can talk and make deals or sales for potential customer and investors
when your ideas or business will intrigue them. You can also easily adjust ideas based
on customer or investor suggestions and make that suggested ideas not affect your
cost and resources for the product.
b. Analyze the market potentials.
Analyzing market potential aids in better business planning and better prepared
product and service launching. Companies can determine their sales potential, or the
volume of sales they would make in a certain market, based on the market's total
potential. It will also help in forecasting sales, ROI, revenue, profit and etc. for the sake
of the business growth.

c. Determine the marketing strategy.

Strategy makes the business successful. Crafting relevant business strategy

according to what the market needed and is attracted to will make any business grow.
It is important to devise the strategy based on the target market culture in order to
avoid criticism and hate.
 d. Know the competitors.

Knowing your business competitor’s weaknesses and strength then use it for your
own gain is what competition is all about. Analyzing the gap or space that hasn’t been
given attention by the competitors and using it as weakness for the growth of your
business can become a tool for successful entrepreneurship.

e. Do not set on your laurels.

Do not set your limits. The market can change drastically and as an entrepreneur
you needed to be flexible for any change. Expand the business and gather new
resources if necessary.

3.Identify the different business opportunity.

1. The Starting Point of Conceiving the Idea of the Type of Business

2. The Technical Feasibility and Time Frame

4.Give the event formation process for entrepreneurs.

1. The Change in Life Path

2. The Desirability of the Business Concept
3. The Feasibility of Implementation
4. Forming the Business Enterprise
5. Stability of Business Income and Profit

5. What are the tips in choosing business name?

1. Easy to recall or remember

2. Pleasant meaning creates pleasant feelings

3. Easy to pronounce

4. Easy to spell

5. Related to the product

Discussion and Identification:

1. In organizing the business enterprise, what is the most significant action to consider?

Business plan is the most significant action to consider, because it shows the goal
and objectives of the company and how these goals and objectives can be achieved
through the steps that may not or may change after discussing the business plan. It also
contains characteristics of the product, target market, market analysis and literally

everything that makes you ready in venturing business.

2. Give at least three managerial skills to develop that makes a successful entrepreneur.

1. The ability to plan and conceptualize.

2. The ability to organize the resources of the enterprise.
3. The ability to direct and motivate people in his organization.

4. The ability to adapt to the changing environment of business.

3. Among the different factors in determining economic growth, what is the basis for
its

maximum positive effects to the community?

• Job Opportunity/Employment

When job opportunities are available either part time or full-time jobs. All the factors
that contribute the slow growth in economy can be possibly eradicated. The bad habits of
Filipino can be changed when working because of the change in environment and the

pace of the daily life. The availability of needed capital can also be solved by job
opportunity and employment. Employees good at managing cashflows can save capital
for the business they wanted to build.
4. How does entrepreneurial studies affect success?

Knowledge is power depending on how you use it. Studying entrepreneur will
enhance every aspect of the skills needed for to achieve skills. In order to face and dive
deeper to the entrepreneurial world, knowledge is one of the basic needs you needed

to obtain. It is also to know the flow in every department in an organization which you
will be able to optimize in order to function efficiently. Summing up, entrepreneurial
studies make you envision what lies ahead and prepare for it.

5. Why do we need to consider the character of an entrepreneur?

We need to consider the character of an entrepreneur because the success of a

business depends on the entrepreneur. No matter how beautifully crafted business plan

and the product are, without fitting entrepreneur that implements it and sacrifice his life
for the future, the product and plan will be in vain. Therefore, there should be right
person for the right kind of job in order to achieve success.