Key Points/ Reviewer in ATS 6

 Entrepreneur - Defined as a person who strongly advocates and correctly practices the
concepts and principles of entrepreneurship in operating and managing the self-owned
business venture.
 Entrepreneurship - a proactive process of developing a business venture to make a
profit.
 Intrapreneur - An individual who works on developing new ideas and products within
the confines of the business that they already work at.
 Extrapreneur - work to facilitate collaboration and act as change agents – across
companies, organizations, sectors, and event markets.
 Ultrapreneur - Someone who has exceeded in their undertaking as an entrepreneur but
also has a profound effect on their family, community, country or humanity.
 Entrepreneurial Process
1. Discovery - An entrepreneurial process begins with the idea generation, wherein the
entrepreneur identifies and evaluates the business opportunities.
2. Developing a Business Plan - An entrepreneur needs to create a comprehensive
business plan. A business plan is critical to the success of any new venture since it
acts as a benchmark and the evaluation criteria to see if the organization is moving
towards its set goals.
3. Resourcing - Wherein the entrepreneur identifies the sources from where the finance
and the human resource can be arranged.
4. Managing the Company - initiate the business operations to achieve the set goals.
First of all, an entrepreneur must decide the management structure or the hierarchy
that is required to solve the operational problems when they arise.
5. Harvesting - An entrepreneur decides on the future prospects of the business, i.e. its
growth and development.
 3 “S”
1. Seeking the Opportunity - first step and is the most difficult process of all due to the
number of options that the entrepreneur will have to choose from. It involves the
development of new ideas from various sources.
2. Screening the Opportunity - the process by which entrepreneurs evaluate innovative
product ideas, strategies, and marketing trends.
3. Seize the Opportunity - This is the “pushing through” with the chosen opportunity.
Entrepreneurs should make the best out of this opportunity, and they should exert
effort and full dedication for the success of the new venture.
 Marketing Mix (7 Ps of Marketing)
1. Product - any physical good, service, or idea that is created by an entrepreneur or an
innovator in serving the needs of the customers and addressing their existing
problems.
2. Place - refers to a location or the medium of transaction.
3. Price - the peso value that the entrepreneur assigns to a certain product or service
considering its costs, competition, objectives, positioning, and target market.
 4. Promotion - involves presenting the products or services to the public and how these
can address the public’s needs, wants problems, or desires.
5. People - It is not just about the quality of products anymore, but how employees
serve customers. Employees have become a major influence in the customer’s buying
behavior
6. Packaging - how the product or service is presented to customers. It is the overall
identification (look and feel) of the product or service.
7. Process - defined as a step-by-step procedure or activity workflow that the
entrepreneur or employees follow to effectively and efficiently serve customers.

 Macro Environment and Micro Market

Other Information to Review:

 When it comes to taxation, employees are taxed by their gross income.
 Price is item that is produced to satisfy the needs of a certain group of people.
 Cost-plus pricing is a pricing method used by companies to determine the price of a
product or service.
 Premium pricing is a pricing strategy employed by companies where a product or
service's price is intentionally set at a value higher than the average market value or
competitor's price. Example: Signature bags and products
 Penetration pricing is an acquisition strategy for companies that are trying to gain a
foothold in highly competitive markets.
 Uniqueness, extendability, ease of remembering, and concrete qualities of a brand are
major differentiators of the entrepreneur against the competitors.
 Self-Employed persons are simply put, not comfortable with the routines of a desk job.
 Managers delegates and hire people to do work.
 Leaders enjoy seeing their people flourish, stepping up and producing great results with
minimal supervision.
 Investors look for more opportunities for their business to grow.
 True entrepreneurs, based on their experience, aims for the quality and excellence in their
work.
 Heterogeneous Products are products that are identical in their quality and use and are
indistinguishable between different brands.