ENTREPRENEURSHIP –Ms.
Vee  Relevance of Entrepreneurship to SHS Students
Chapter 1 Introduction to Entrepreneurship
At the end of the chapter, the student should be able
to:
 discuss the relevance of the course;
 explain the key concepts of common
competencies;
 explain the core competencies in
Entrepreneurship; and
 explore job opportunities for Entrepreneurship
as a career.
INTRODUCTION
Entrepreneurship is the appropriation ad
management of human physical and financial
resources for the purpose of creating,
implementing, and developing solutions that meet
the needs of the individual or society
What is Entrepreneurship?
 The act of creating a business or businesses while
building and scaling it to generate a profit.
 An important driver of economic growth and
innovation
 About building a life on your own terms. No bosses,
no restricting schedules and no one holds you back
Concept of Entrepreneurship
The word “entrepreneur” was derived from the French
verb enterprendre, which means “to undertake.” This is
pinpointing to those who “undertake” the risk of
enterprise.
An entrepreneur is a person who sets up a business
with the aim to create a new business and make a
profit.
Entrepreneurs are innovators. They are willing to take
the risks and generate unique ideas that can provide
profitable solutions to the needs of the market and the
society.
Entrepreneurship in a modern business
Transforming the world by solving big problems like
bringing about social change or creating an innovative
product that challenges the status of how we live our
lives on a daily basis.
Core Competencies in Entrepreneurship
1. Achievement Cluster-quality
2. Planning Cluster- blueprint
3. Power Cluster-business community
Importance of Entrepreneurship
1. Generates new wealth in an economy
2. It creates opportunities
3. Entrepreneur creates job
4. Decreases poverty
1. To prepare students for livelihood even before
college.
2. Entrepreneurship education aids students from all
socioeconomic backgrounds to think outside the
box and nurture unconventional talent and skills.
3. Entrepreneurship develops their initiative and helps
them to be more creative and self-confident.
4. It exposes students to numerous opportunities to
learn how to think critically and analyze. Also being
aware of all the important factors.
5. Students must be exposed to real-world examples
and learn from their own experience.
Career Opportunities of Entrepreneurship
- Public/ Private Employee and Self- Employed
• Business consultant
• Teacher
• Research and Development
• Sales
• Recruiter
• Business Reporter
• Launch a company
• Franchising
Chapter 2: Development of Business Plan
2.1. Recognizing, Assessing, and Exploiting
Opportunities
At the end of the chapter, the student should be able
to:
 explain the process of recognizing, assessing,
and exploiting opportunities;
 explain the important factors in opportunity
recognition;
 discuss the different pathways to seizing
opportunities; and
 explain the product planning and development
process
LOGICAL & CREATIVE
 Logical thinking- systematic
 Creative thinking- different perspective
What is Opportunity?
According to Cambridge Dictionary, opportunity is “a
situation or occasion that makes it possible to do
something that you want to do.”
From business perspective, an opportunity is “an
exploitable set of circumstances with uncertain
outcomes requiring a commitment of resources and
involving exposure to risk.’”
Opportunity Recognition Process
1. Precondition –assess knowledge
2. Conception- intentions and ideas are generated
3. Visioning- clear concept
 4. Assessment- Assessing A marketing plan is not a static document, It
5. Realization- production of prototype needs to change and evolve as the business grows,
and as new and changing marketing trends develop.
Factors in Opportunity Recognition

1. Market awareness- prior knowledge Steps in Preparing the Marketing Plan

2. Entrepreneurial Readiness- alert and ready
3. Connections- diversity of networks
Opportunity Pathways
1. Rational Approach- systematic procedures
2. Intuitive Approach - recognition of an
opportunity
a. Assessing the business situation
b. Defining the target market
c. Setting the marketing goals and objectives
d. Developing market strategy and action
programs
e. Preparing the budget for the action plan
Marketing Mix (7P’s)

Product Planning & Development Process It is a set of controllable and interrelated that company
assembles to satisfy a target group better than its
This section summarizes the development process of a competitor
product from its inception, introduction in the market,
and final decline. 1. Product
2. Place
1. Pre-commercialization Phase 3. Price
 Idea stage- formation of bus. ideas -Pricing Strategies
 Concept stage- refinement of idea • Penetration Pricing
 Product development stage- production of • Skimming Pricing
protorype • Competition Pricing
 Test marketing stage- introduced in market • Product Line Pricing
• Bundle Pricing
2. Commercialization Phase • Premium Pricing
• Psychological Pricing
 Introduction- product launched; sales grow • Optional Pricing
slowly • Cost Plus Pricing
 Growth- sales start to grow rapidly • Cost Based Pricing
 Maturity-sales increase slowly • Value Based pricing
 Decline-sales will fall
4. Promotion
2.2 The Business Plan: Major sections of a Business
-Promotional Mix
Plan
• Advertising
 Define what a marketing plan is ⚬ radio
 Identify the steps in preparing the marketing ⚬ television
⚬ print
plan.
⚬ electronic
 Describe the Marketing Mix ⚬ word of mouth
 Describe the unique selling proposition and ⚬ generic
value proposition that differentiates one’s • Public Relations or PR
product / service from existing products / • Personal Selling
services • Sales Promotions
⚬ free gifts, free sample, free trial,
 Determine who the customer are in terms of
customer contests, special
target market, customer requirements and pricing
market size • Direct Marketing
 Create a marketing plan as part of the business
plan.
5. People
2.2.1 Marketing Plan 6. Packaging (Physical Evidence)
-Five Basic Functions of Packaging
Marketing
• Protection
Marketing is a process through which a product ⚬ natural deterioration
or service is launched and promoted to possible ⚬ physical protection
customers. ⚬ safety
Without Marketing no potential customers ⚬ waste reduction
would be aware of it, sales may collapse and may • Containment
• Information
end the operation of companies.
• Utility of use
• Promotion
What is a Marketing Plan?
A business document outlining the marketing 7. Positioning (Process)
strategy and tactics. a. Functional Positions
b. Symbolic Positions and
 c. Experiential Positions

Developing a Brand Name

 Brand Name is a name, symbol, or other feature

that distinguishes a seller's goods or services in
the marketplace.
 Brand strategy is a long-term design for the
development of a popular brand in order to
achieve the goals and objectives.
 Branding is a powerful and sustainable high-
level marketing strategy used to create or
influence a brand.

MARKET RESEARCH

Data Collection- is the most valuable tool of any type of

research study.

Three different data collection techniques:

 Survey
 Interview
 Focus Group Discussion

TO BE CONTINUE…

2.2.2 Organizational Plan

2.2.3. Operations and Human Resources Management

2.2.4 Financial Plan