ENTREPRENEURSHIPS MODULE 1
Entrepreneurship
Businesses -are the backbone of the
economy.
Entrepreneurs -plays an important
role in developing the economy
through providing the needed
products and services including
solution to unemployment.
Relevance of Entrepreneurship to an
organization
Development of Managerial
capabilities- this means that one of
the benefits an entrepreneur gets is
to develop his managerial skills.
Creation of Organizations- which
means that because of
entrepreneurships many
organizations will exist.
Improving standard of living- this
means that entrepreneurship can lift
up the economic status of an
individual.
Means of economic development-
this means that not only the life of the
entrepreneur is improved but also the
society where the business is located.
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. The enterprise is created
by an entrepreneur and the process is
called “Entrepreneurship”
Entrepreneurs are innovators, willing
to take risks and generate new ideas
to make it unique and profitable
solutions to the present-day
problems.
Factors Affecting
Core Competencies in Entrepreneurship
1.Personality Factors
which includes:
a. Initiative- which means doing
things even before being told
b. Proactive-which means he can
classify opportunities and seize it. c.
Problem Solver- which means he can
retain good relations with other
people
d. Perseverance-meaning he will
pursue things to get done regardless
of challenges
e. Persuasion- means that he can
entice people to buy even if they
don’t.
f. Planner- meaning he makes plan
before doing things and do not fail to
monitor it.
g. Risk-taker - which means that he is
willing to gamble but he will calculate
it first.
2. Environmental Factors which
include political, climate, legal system,
economic and social conditions and
market situations.
Common Competencies in
Entrepreneurship
Decisive- an entrepreneur must be
firm in making decisions
Communicator- an entrepreneur
must have a convincing power.
Leader-an entrepreneur an
entrepreneur must have the charisma
to be obeyed by his employees
Opportunity seeker- an entrepreneur
must have the ability to be the first to
see business chances.
Proactive-controlling a situation by
making things to happen or by preparing
for possible future problems.
Risk Taker- they have the courage to
pursue what is their business ideas
Innovative-the entrepreneurs have
big business ideas and they do not
stop improving and thinking of new
worthwhile ideas for their business.
1. Economic and dynamic activity-
Entrepreneurship is an economic activity
because it involves the creation and
operation of an enterprise with a view to
creating value or wealth by ensuring
optimum utilization of limited resources.
2. Innovative- Entrepreneurs constantly
look for new ideas, thus he needs to be
creative.
3. Profit Potential- meaning the
entrepreneur can be compensated by his
profit coming from the operation.
4. Risk bearing –meaning the
entrepreneur needs to gamble but wise
enough to offset the risk.
Types of entrepreneurs
1. Innovative entrepreneur- they are
those who always make new things by
thinking of new ideas
2. Imitating entrepreneurs- they are those
who don’t create new things but only
follow the ideas of other entrepreneurs.
3. Fabian entrepreneurs- they are those
skeptical. They don’t initiate but follow
only after they are satisfied.
4. Drone entrepreneur- they are those
who lives on the labor of others. They are
die-hard conservatives even ready to
suffer the loss of business.
5. Social entrepreneurs-they are those
who initiate changes in the various fields
such as education, health, human rights,
environment and enterprise development.
Types of Entrepreneurs
1. Innovative entrepreneurs- have the
ability to think newer, better and more
economical ideas.
2. Imitating- these are people who follow
the path show by innovative
entrepreneurs
3. Fabian Entrepreneurs- are skeptical
about changes to be made in the
organization.
4. Drone entrepreneurs- are persons who
lives on the labor of other
5. Social entrepreneur- are people who
drive social innovation and transformation
in various fields including education,
health, human rights and many others.

ENTREPRENEURSHIPS MODULE 2
Essentials in Entrepreneur’s
Opportunity Seeking
Entrepreneurial mind frame. This
allows the entrepreneur to see things
in a very positive and optimistic way
in the midst of difficult situation.
Being a risk - taker, an entrepreneur
can find solution when problems arise
Entrepreneurial heart flame.
Entrepreneur's driven passion, they
are attracted to discover satisfaction
in the act and process of discovery.
Passion is the great desire of an
entrepreneur to achieve his/her goals.
Entrepreneurial gut game.
This refers to the ability of the
entrepreneur of being intuitive. This
also known as intuition. The gut game
also means confidence in one’s self
and the firm believes that everything
you aspire can be reached.
Sources of Opportunities
1. Changes in the environment-
Entrepreneurial ideas arise when
changes happen in the external
environment. External environment
refers to the physical environment,
societal environment, and industry
environment where the business
operates.
2. Technological discovery and
advancement- A person with
entrepreneurial interest sees
possibility of business opportunities in
any new discovery or because of the
use of latest technology.
3. Government’s thrust, programs,
and policies- The priorities, projects,
programs, and policies of the
government are also good sources of
ideas.
5. People’s interest- The interest,
hobbies, and preferences of people
are rich source of entrepreneurial
ideas.
6. Past experiences- The expertise
and skills developed by a person who
has worked in a particular field may
lead to the opening of related
business enterprise.
Forces of Competition Model
It is also known as the “five forces of
competition,” An industry
environment is a competitive
environment. Regardless of what
product or services you have,
competition is always present.
Competition – it is the act or process of
trying to get or win something. For
example, the prices are lower when there
is a competition among the stores.
These are the five forces competing within
the industry:
1. Buyers- The buyers are the one
that pays cash in exchange to your
goods and services.
2. Potential New Entrants- A new
entrant is defined as the one who
enters something.
3. Rivalry among Existing Firms-
Rivalry is a state or situation in
which people or groups are
competing with each other.
4. Substitute Products- Substitute
means anything that takes the
place or function of another.
5. Suppliers - the Suppliers are the
one that provide something that is
needed or wanted.
Definition of Terms
Opportunity seeking - Process of
considering, evaluating, and
pursuing market based activities
that are accepted to be beneficial
for the business.
Entrepreneurial process - can be
defined as the steps taken in order
to begin a new enterprise. It is a
step-by-step method, one has to
follow to set up a business.
Entrepreneurial ideas - an
innovative concept that can be
used for financial gain that is
usually centered on a product or
service that can be offered for
money.
Essentials of entrepreneur’s
opportunity seeking - These are
the basic foundation that the
entrepreneur must have in seeking
opportunities, such as
entrepreneurial mind frame, heart
flame and gut game.
Sources of opportunity - can be
attain by assessing and looking at
changes in the environment;
technological discovery and
advancement; government’s
thrust, programs, and policies;
people’s interest, and past
experiences.
External environment - refers to
the physical environment, societal
environment, and industry where
the business operates.
Government - refers to the local
government (municipality, city, or
provincial) or the national
government and its branches.
Competition – it is the act or
process of trying to get or win
something.
Substitute – anything that takes
the place or function of another.
New entrants – the one who
enters something.
Suppliers – are the one that
provide something that is needed
or wanted.
Buyers – are the one that pays
cash in exchange to your goods
and services.
Rivalry – is a state or situation in
which people or groups are
competing with each other.

ENTREPRENEURSHIPS MODULE 3
Value Proposition (VP) is a business
or marketing statement that
summarizes why a consumer should
buy a company's product or use its
service.
In creating Value Proposition,
entrepreneurs will consider the basic
elements:
 Target Customer
 Needs/opportunity
 Name of the product
 Name of the enterprise/company
Example: Potential value proposition
is most common in small businesses
of your locality.
Unique selling proposition (USP)
refers to how you sell your product or
services to your customer. You will
address the wants and desires of your
customers. As entrepreneur, you
think of marketing concept that
persuade your target customers.
Tips for the entrepreneur on how to
create an effective unique selling
proposition to the target customers:
 Identify and rank the uniqueness of
the product or services character
 Very Specific
 Keep it short and simple (KISS)
A. Target Market
Market Targeting is a sage in market
identification process that aims to
determine the buyers with common
needs and characteristics. Prospect
customers are market segment that
entrepreneurial venture intends to
serve.
Commonly used methods for
segmenting the market are follows.
1. Geographic segmentation – the
total market is divided according to
geographical location. Variables to
consider:
a. Climate
b. Dominant ethnic group
c. Culture
d. Density (either rural or urban)
2. Demographic Segmentation –
divided based consumers. Variables
to consider:
a. Gender
b. Age
c. Income
d. Occupation
e. Education
f. Religion
g. Ethnic group
h. Family size
3. Psychological Segmentation-
divided in terms for customers think
and believe. Variables to consider:
a. Needs and wants
b. Attitudes
c. Social class
d. Personality traits
e. Knowledge and awareness
f. Brand concept
g. Lifestyle
4. Behavioral Segmentation- divided
according to customers behavior
pattern as they interact with a
company.  Variables to consider:
a. Perceptions
b. Knowledge
c. Reaction
d. Benefits
e. Loyalty
f. Responses
B. Customer Requirements
Customer requirements are the
specific characteristics that the
customers need from a product or a
service. There can be two types of
customer requirements:
1. Service Requirement
2. Output Requirement
Service Requirement: Intangible thing
or product that is not able to be
touched but customer can feel the
fulfillment.
Output Requirements: Tangible thing
or things that can be seen.
Characteristic specifications that a
consumer expects to be fulfilled in the
product.
C. Market Size Entrepreneur’s
most critical task is to calculate the
market size, and the potential
value that market has for their
startup business. Market research
will determine entrepreneur
possible customers in one locality.
What is Market Size? Market size
is like a size of arena where the
entrepreneurs will play their
business. It is the approximate
number of sellers and buyers in a
particular market. Companies are
interested in knowing the market
size before launching a new
product or service in the area.
In determining the market size,
entrepreneur will conduct a
strategic marketing research from
reliable sources using the
following method.
First step is to estimate the
potential market – approximate
number of customers that will buy
the product or avail your services.
Second step is to estimate the
customers who probably dislike to
buy your product or avail the
services.
Third step is for the entrepreneur
to estimate the market share, that
means plotting and calculating of
the competitor’s market share to
determine the portion of the new
venture. Market size become the
most important if you ever need
to raise funding for your business.

ENTREPRENEURSHIPS MODULE 4
Firms and other business companies need
to understand their service offerings and
their customers to ensure that their
services will be adopted as solutions to
consumer needs. In order for the firms to
recognize the needs of the market or the
customers, they need to conduct market
research.
The Market Research or Marketing
Research Process can be defined as
the process of gathering, analyzing
and interpreting the information
about the products or the services to
be offered for sale to the potential
consumers in the market. There are
different ways to collect the data. The
most important methods you can
consider are surveys, focus group
discussion and interviews.
1. DATA COLLECTION is the most
valuable tool of any type of research
study. Inaccurate data collection may
cause mistakes and ultimately lead to
invalid results.
2. SURVEYS are the most common
way to gather primary research with
the use of questionnaires or interview
schedule. These can be done via
direct mail, over the phone, internet
(e.g. Google) or email, face-to-face or
on Web (e.g. Skype or Viber).
3. INTERVIEW is one of the most
reliable and credible ways of getting
relevant information from target
customers. It is typically done in
personal between the
researcher/entrepreneur and a
respondent where the researcher asks
pertinent questions that will give
significant pieces of information
about the problem that he will solve.
In a structured interview, the
researcher asks a standard set of
questions and nothing more.
(Leedy and Ormrod, 2001)
Personal interviews are the
traditional method of conducting an
interview. It allows the researcher to
establish relationship with potential
participants and therefore gain their
cooperation.
Telephone interviews are less
expensive and less time consuming,
but the disadvantages are that the
response rate is not as high as the
face-to- face interview, but
considerably higher than the mailed
questionnaire.
4. FOCUS GROUP DISCUSSION (FGD) -
is an excellent method for generating
and screening ideas and concepts. It
can be a moderated group interviews
and brainstorming sessions that
provide information on user’s needs
and behaviors.
ENTREPRENEURSHIPS MODULE 5
Marketing Mix is a set of controllable
and connected variables that a
company gather to satisfy a customer
better than its competitor. It is also
known as the “Ps” in marketing.
Originally, there were only 4Ps but the
model has been continually modified
until it became 7P’s. The original 4 P’s
stands for product, place, price and
promotion. Eventually, three
elements have been added, namely:
people, packaging and positioning to
comprise the 7 P’s.
1. PRODUCT- refers to any goods or
services that are produced to meet
the consumers’ wants, tastes and
preferences. An example of goods
includes tires, MP3 players, clothing
and etc. Goods can be categorized
into business goods or consumer
goods.
2. PLACE- represents the location
where the buyer and seller exchange
goods or services. It is also called as
the distribution channel. It can include
any physical store as well as virtual
stores or online shops on the Internet.
STAGES OF DISTRIBUTION CHANNEL
Channel 1- contains two stages
between producer and consumer -
a wholesaler and a retailer.
1st PRODUCER
2ND WHOLESALER
3RD RETAILER
4TH CONSUMER
Channel 2-one intermediary.
1ST PRODUCER
2ND RETAILER
3RD CONSUMER
Channel 3- "direct-marketing"
1ST PRODUCER
2ND CONSUMER
3. PRICE- price is the value of money
in exchange for a product or service.
4. PROMOTION- refers to the
complete set of activities, which
communicate the product, brand or
service to the user. The idea is to
attract people to buy your product
over others.
5. PEOPLE- are the ultimate marketing
strategy. They sell and push the
product. People are one of the most
important elements of the marketing
mix today.
6. PACKAGING- a silent hero in the
marketing world. Packaging refers to
the outside appearance of a product
and how it is presented to the
customers. The best packaging should
be attractive enough and cost efficient
for the customers.
7. POSITIONING- efers to a process
used by marketers to create an image
in the minds of a target market. Solid
positioning will allow a single product
to attract different customers for not
the same reasons.
Brand Name is a name, symbol,
or other feature that
distinguishes a seller's goods or
services in the marketplace.
Your brand is one of your
greatest assets because your
brand is your customers' over-
all experience of your business.
Brand strategy is a long-term
design for the development of a
popular brand in order to
achieve the goals and
objectives. A well-defined
brand strategy shakes all parts
of a business and is directly
linked to customer needs,
wants, emotions, and
competitive surroundings.
Branding is a powerful and
sustainable high-level
marketing strategy used to
create or influence a brand.
Branding as a strategy to
distinguish products and
companies and to build
economic value to both
customers and to brand
owners, are described by
Pickton and Broderick in 2001.
Commonly Used Branding
Strategy
1) Purpose-"Every brand makes a
promise. But in a market in which
customer confidence is little and
budgetary observance is great, it’s
not just making a promise that
separates one brand from
another, but having a significant
purpose," (Allen Adamson).
a. Functional. This way focuses on
the assessments of success in
terms of fast and profitable
reasons. For example, the
purpose of the business is to
make money.
b. Intentional. This way
focuses on fulfillment as it
relates to the capability to
generate money and do well in
the world.
2) Consistency- The significant
of consistency is to avoid things
that don’t relate to or improve
your brand. Consistency aids to
brand recognition, which fuels
customer loyalty.
3) Emotion- There should be an
emotional voice, whispering
"Buy me". This means you allow
the customers have chance to
feel that they are part of your
brand. You should find ways to
connect more deeply and
emotionally with your
customers.
4) Flexibility Marketers- should
remain flexible to in this rapidly
changing world. Consistency
targets at setting the standard for
your brand, flexibility allows you
to adjust and differentiate your
approach from your competition.
According to Kevin Budelmann,
"Effective identity programs
require sufficient consistency to
be identifiable, but sufficient
variation to keep things fresh and
human"
5) Employee Involvement- It is
equally important for your
employees to be well versed in
how they communicate with
customers and represent the
brand of your product.
6) Loyalty- Loyalty is an
important part of brand
strategy. At the end of the day,
the emphasis on a positive
relationship between you and
your existing customers sets the
tone for what potential customers
can expect from doing business
with you.
7) Competitive Awareness- Do not
be frightened of competition. Take
it as a challenge to improve your
branding strategy and craft a
better value in your brand.
Marketing mix constitutes of the
7P’s in case of products – product,
price, place and promotion. In
case of services it constitutes of 3
more P’s – people, packaging and
positioning.
All P's should be compatible in
marketing mix. The price is
compatible with the product's
placement. The product must be
consistent with the promotion. In
general, all P’s are connected
intrinsically.
As a result, when you make a
marketing mix, it becomes a chain
of strong bonds. Then these
connections will lead you to
lengthen the chain. Whenever
you plan to add or change
existing features, you need to see
the general image which helps
create a fresh product in
marketing mix.
Branding is absolutely critical to a
business because of the overall
impact it makes on your company.
Branding can change how people
percept your brand, it can drive new
business and increase brand
awareness.