WEEK 1-2
6. A Planner - he makes plans before doing
ENTREPRENEURSHIP
 may be defined as the visualization and
realization of new ideas by insightful
individuals, who are able to use
information and mobilize resources to
implement their vision.
 Entrepreneurship is the ability
(i.e.,knowledge plus skills) of a person to
translate ideas of commencing a business
unit into reality by setting up a business on
ground to serve the needs of society and
the nation, in the hope of profits.
RELEVANCE OF ENTREPRENEURSHIP TO
AN ORGANIZATION
1. Development of Managerial Capabilities
2. Creation of Organizations
3. Improving Standard of Living
4. Means of Economic Development
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. 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.
FACTORS AFFECTING
ENTREPRENEURSHIP PERSONALITY
FACTORS
1. Initiative - doing things even before being
told.
2. Proactive - which means he can classify
opportunities and seize it
3. Problem Solver - which means he can
retain good relations with other people.
4. Perseverance - meaning he will pursue
things to get done regardless of challenges.
5. Persuasion - means that he can entice
people to buy even if they don’t want to.
things and does not fail to monitor it.
7. Risk-taker - which means that he is willing
to gamble but he will calculate it first.
Environmental Factors
1. Political
2. Climate
3. Legal System
4. Economic
5. Social Conditions
6. Market Situations
COMMMON COMPETENCIES IN
ENTREPREURSHIP
1. Decisive - an entrepreneur must be firm in
making decisions
2. Communicator - an entrepreneur must have
a convincing power.
3. Leader - an entrepreneur must have the
charisma to be obeyed by his employees.
4. Opportunity seeker - an entrepreneur must
have the ability to be the first to see business
chances.
5. Proactive – an entrepreneur can control a
situation by making things happen or by
preparing for possible future problems.
6. Risk Taker – an entrepreneur has the
courage to pursue business ideas.
7. Innovative - the entrepreneur has big
business ideas and he does not stop improving
and thinking of new worthwhile ideas for his
business.
CORE COMPETENCIES IN
ENTREPRENEURSHIP
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 – The entrepreneur constantly 5. Business Reporter - the entrepreneur being
looks for new ideas, thus he needs to be expert in the field, can be employed as a
creative. business reporter.

3. Profit Potential - The entrepreneur can

be compensated by his profit coming from the
operation.

4. Risk bearing – The entrepreneur needs

to gamble but wise enough to offset the risk .

TYPES OF ENTREPRENEURS

1. Innovative Entrepreneurs - They are those

who always make new things by thinking of
new ideas. They have the ability to think newer,
better and more economical 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 skeptical

about changes to be made in the organization.
They don’t initiate but follow only after they are
satisfied.

4. Drone Entrepreneurs - They are those who

live 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 and drive social innovation
and transformation in the various fields such as
education, health, human rights, environment
and enterprise development.

CAREER OPPORTUNITIES OF
ENTREPRENEURSHIP

1. Business Consultant - with the expertise of

in the field of entrepreneurship, he can be a
very good source of advices to other
entrepreneurs and would be business men.

2. Teacher - a graduate of an entrepreneurship

can use his knowledge in teaching.

3. Researcher - the entrepreneur can be

employed as a researcher by an enterprise.

4. Sales - the entrepreneurship graduate can

apply as a salesman.
WEEK 3
DEVELOPING A BUSINESS: Opportunity
Spotting
Business Plan - A business plan won't
automatically make you a success, but it will
help you avoid some common causes of
business failure, such as under-capitalization
or lack of an adequate market.
Business concept - is an idea for a business
that includes basic information such as the
service or product, the target demographic,
and a unique selling proposition that gives a
company an advantage over competitors. A
business concept may involve a new product
or simply a novel approach to marketing or
delivering an existing product. Once a concept
is developed, it is incorporated into a business
plan.
Product Opportunity - exist when there is a
gap between what is currently on the market
and the possibility for new or significantly
improved products that result to emerging
trends.
Opportunity recognition is relevant to an
entrepreneur, it is the active, cognitive process
(or processes) through which individuals
conclude that they have identified the potential
to create something new that has the potential
to generate economic value and that is not
currently being exploited or developed, and is
viewed as desirable in the society in which it
occurs
Recognizing Opportunities
There are two ways to recognize
opportunities: discovering or creating. It is
up to you as an entrepreneur which way is
most suitable for you and which actions to take
to enable opportunity recognition.
Design thinking - is a human-centered
approach to innovation that draws from the
designer’s toolkit to integrate the needs of
people, the possibilities of technology, and the
requirements for business success – Tim
Brown, president and CEO.
The design thinking process is best thought
of as a system of overlapping spaces rather
than a sequence of orderly steps. There are
three spaces to keep in mind: inspiration,
ideation, and implementation. Inspiration is
the problem or opportunity that motivates the
search for solutions. Ideation is the process of
generating, developing, and testing ideas.
Implementation is the path that leads from the
project stage into people’s lives.
To deliver products that solve your target
customers problems, you must first identify
market problems.
Stated needs are explicit statements from
your market that declare, “I want a product to
do X.” While stated needs are important, they
are not as powerful as silent needs, which are
problems with as yet undefined solutions.
Your market consists of:
Existing customers: People who have
already purchased your product;
Prospects: People who have not yet
purchased your product but are considering it
Target market users: People in your target
market who are not currently looking for a
solution.
Key factors in order to make solutions to
the problems:
1. Don’t focusing only on innovation and the
competition, focus in solving the problem.
2. Don’t focus only on customers. Customers
understand problems, but they cannot help you
to move your product forward. They know what
you provide, and tend to stay inside that
mindset.
3. Don’t Focus only on revenue. It is critical to
find a balance between prospects and
customers to ensure that your future revenue
is protected, while still keeping existing
customers happy.
SPEET FORCES
1. Social environment - includes the
demographics and cultural dimensions that
govern the relevant entrepreneurial behavior.
The structure, social status, and dynamics of
the population at large, as well as the people’s
beliefs, tastes, mores, customs, and traditions
dictate the major parameters of market
behavior.
2. Political environment - defines the
governance system of the country or the local
area of business. It includes all the laws, rules,
and regulations on allowable and disallowable
business practices.
3. Economic environment - is mainly driven
by supply and demand forces. It is the same
factor that drives the interest and foreign
exchange rates to fluctuate with the movement
of the market forces.
4. Ecological environment - includes all
natural resources and the ecosystem that
defines the habitat of man, animals, plants,
and minerals.
5. Technological environment - makes or
breaks competing participants in any industry.
New scientific and technological discoveries
often lead to the launch and commercialization
of new products with superior attributes or to
rendering the old ones obsolete.
The 12 Rs of Opportunity Screening
1. Relevance - to vision, mission, and
objectives of the entrepreneur. The opportunity
must be aligned with what you have as your
personal vision, mission, and objectives for the
enterprise you want to set up.
2. Resonance - to values. Other than vision,
mission, and objectives, the opportunity must
match the values and desired virtues that you
have or wish to impart.
3. Reinforcement - of Entrepreneurial
Interests. How does the opportunity resonate
with the entrepreneur’s personal interests,
talents, and skills?
4. Revenues - In any entrepreneurial endeavor,
it is important to determine the sales potential
of the products or services you want to offer.
5. Responsiveness - to customer needs and
wants. If the opportunity that you want to
pursue addresses the unfulfilled or
underserved needs and wants of customers,
then you have a better chance of succeeding.
6. Reach - Opportunities that have good
chances of expanding through branches,
distributorships, dealerships, or franchise
outlets in order to attain rapid growth are better
opportunities.
7. Range - The opportunity can potentially lead
to a wide range of possible product or service
offerings, thus, tapping many market segments
of the industry.
8. Revolutionary Impact - If you think that the
opportunity will most likely be the “next big
thing” or even a game-changer that will
revolutionize the industry, then there is a big
potential for the chosen opportunity.
9. Returns - It is a fact that products with low
costs of production and operations but are sold
at higher prices will definitely yield the highest
returns on investments. Returns can also be
intangible; meaning, they come in the form of
high profile recognition or image projection.
10. Relative Ease of Implementation - Will
the opportunity be relatively easy to implement
for the entrepreneur or will there be a lot of
obstacles and competency gaps to overcome?
11. Resources Required - Opportunities
requiring fewer resources from the
entrepreneur may be more favored than those
requiring more resources.
12. Risks - In an entrepreneurial endeavor,
there will always be risks. However, some
opportunities carry more risks than others,
such as those with high technological, market,
financial, and people risks.