GE ELEC 3 REVIEWER Creativity the seed of entrepreneurship is the ability to see things differently

Suspecion of predictors entrepreneur tend not to labor under the assumption

that data is the sole predictor of an outcome.
CHAPTER 1 – THE ENTREPRENEURIAL MIND Comfort with uncertainty a distrust of prediction and analysis creates an
atmosphere where uncertainty rules.

Openness to experimentation a comfort with experimentation goes beyond

The Entrepreneurial Mind Frame allows the entrepreneur to see things in educated trial and error
every positive and optimistic light
Functional humility egos can destroy the very best ideas

CRISIS IS COMPOSED OF TWO CHARACTERS

Entrepreneur is the individual conceptualized and operates the business.
- Danger Oftentimes referred as the innovators.
- Opportunity

Entrepreneurship is an undertaking or activity where one or more

Passion is the great desire to attain a vision or fulfill a mission individuals decide to create or operate a business.
Entrepreneurial heart flame is also about emotional intelligence

Entrepreneurial gut game/intuition refers to the ability to sense without

using five senses.
PROFILE OF A SUCCESSFUL ENTREPRENEURS

Passionate, Visionary, and Focused entrepreneurs talks of ideas,

NEW PRODUCT DEVELOPMENT improvement of a product or service
Creative Mind conceptualizes and designs a product that consumers find Resilient to move forward despite hardships and obstacles
some use for
Updated with the Present Market Situations they come up with the idea
Technical Mind is the technology originator generation to fill in the gap between what is available
Business Mind harnesses the potentials of new products by creating the Great Sense of Foresight along with their knowledge of the market, they
market space for them consolidate their technical know-how and the financial aspects of the
project

5 ESSENTIAL CHARACTERISTICS OF THE ENTREPRENEURIAL

MIND
 CRITICAL SUCCESS FACTORS CHAPTER 2 – PREPARATION FO THE BUSINESS PLAN
Market knowledge, Product Acceptability, and Timing they capitalize on
untapped markets or unsatisfied customers
Business Plan is the integration of the sales, production, administration, and
Capable of Taking a High Level of Risk entrepreneurs are willing to take on financial plans of the company
a risk especially on financial matters
Entrepreneur – who prepared the business plan
Effective Problem Solver entrepreneur adapt to problem situations and
flexible enough to solve various problems

Possess a High Level of Initiative they will seize the opportunity that brings MAJOR FUNCTIONAL AREAS OF THE BUSINESS
them closer to their goals
- Sales
Technical Know-how to enhance the chance of success - Marketing
- Production
Organization and Leadership successful organizations tend to have very - Administration
functional organizational set up - Finance
Financial Capability most entrepreneur projects which performed well in the
industry had sufficient financial banking, coupled with management’s
capability to control cost while generating sales SECTOR OR PARTIES WHICH READS AND ANALYZE BUSINESS
PLANS

1. Management
Entrepreneurial Process process usually starts with the idea generation 2. Creditors
3. Potential Investors
4. Owners/Entrepreneur
Idea Generation and Selection the process starts with the entrepreneurial

Preparation of the Business Plan once the idea has been selected, the
Company Description if the company exist, a brief history should be
entrepreneur documents the plan through the creation of a business plan.
included with financial and market highlights
Project Implementation the proponent starts the groundwork for setting up
the organization
Product in this section is fully described along with its features and benefits
Review and Improvement the final step involves comparison of the actual
implementation against the plans documented in the business plan Services a detailed explanation is presented as to what the service can offer
to the market
 DIFFERENT FORCES AFFECTING THE INDUSTRY

Political government regulations, taxes, incentives

Technological internet, infrastructure

Social millennial generation trends

Economic inflation, price changes, gross domestic product

Marketing Plan involves an extensive description of the target market, and

the plans on how to put the product in the said market

Production and Organization Plans discusses the facilities and manpower

which the company will utilize.

Financial Plan consolidation of the plans (Marketing, Operations, and

Management) involving money funds is found in the financial plan

MAJOR COMPONENTS OF THE FINANCIAL PLAN

1. Financial Assumptions
2. Balance Sheet
3. Income Statement
4. Cash Flows
5. Financial Rations