ENTREPRENEURSHIP REVIEWER
minimal supervision
Entrepreneurship
- The art of observing correct
practices in managing and
operating a self-owned,
wealth-creating business
enterprise by providing goods and
services that are valuable to the
customers
- Entrepreneurship is a proactive
process of developing a business
venture to make a profit.
- This venture is also called
ENTERPRISE
Entrepreneur
- Defined as a person who strongly
advocates and correctly practices
the concepts and principles of
entrepreneurship in operating and
managing a self-owned business
venture
- Entrepreneurs come up with an
idea for a good or service and
package it to sell to customers
5 Levels of Entrepreneurial Development
1. Self-employed
- Not comfortable with the
routines of a desk job
2. Manager
- Delegate and hire potential
employees to do the work
3. Leader
- Enjoy seeing their people
flourish, stepping up and
producing great results with
4. Investor
- Look for more opportunities
for their business to grow
5. True Entrepreneur
- Based on their experience,
now aim for quality and
excellence in their work
Common Core Competencies in
Entrepreneurship
1. Proactive
2. Agents of Change
3. Risk Takers
4. Have a sharp eye for opportunities
5. Sociable
6. Networkers
7. Decisive
8. Balanced
9. Innovative
New Terms to suit an Entrepreneurs’s
field expertise
1. Technopreneur
- An entrepreneur who puts
technology at the core of
his/her business model
2. Social entrepreneur
- The one who takes
advantage of the country’s
social problems and turn
them to profitable
institutions with the
intention of helping the
disadvantaged community
rather than making a profit
 3. Intrapreneur
- An entrepreneur in a large
company or corporation who
is tasked to think,
establish, and run a new
big idea or project
4. Extrapreneur
- An entrepreneur who hops
from one company to
another to act as the
innovation champion,
providing creative and
efficient solutions

Entrepreneurship vs Employees

Here is the list of the most common

small businesses in the Philippines
1. Sari-sari store
2. Food cart business
3. Buy-and-sell business
4. Video and photography business
5. Tutorial business

The Entrepreneurial Process

3 Types of Business Organizations
1. Service business
- Provide services rather than
products to customers
2. Merchandising business
- Sell products they purchase
fro other businesses to
customers
3. Manufacturing business
- Change basic inputs into
products that are sold to
customers
Seeking, Screening, Seizing
S1: Seeking the Opportunity
- Opportunity seeking is the firststep
and is the most difficult process of
all due to the number of options
that the entrepreneur will have to
choose from
1. Macroenvironmental sources
a. STEEPLED
- This represents the
general environment
where the
entrepreneur can
identify business
opportunities from
and where the future
business is about to
operate
b. Industry
- This is the source of
current trend on
what is happening in
the industry where
the future business
will belong to
2. Micromarket
a. New discovery or knowledge
- These are new
trends that can be
the core business
model of a new
venture
b. Futuristic opportunities
- These are projected
new opportunities
that can possibly
affect the new
business while it is
running
c. Consumer preferences,
interests, and perception
- These are the
current needs and
wants of potential
customers that
should be discovered
right away by a
budding entrepreneur
d. Competitors
- Recognizing and
understanding
potential competitors
will aid the
entrepreneur to
develop a product or
service that is
unique and will
surely stand out
from the competition
e. Unexpected opportunities h. Location
from customers - Entrepreneurs just
- The most brilliant have to look at their
ventures come from ecosystem and they
the most unexpected will be able to spot
opportunities a business
- It may happen in opportunity right
unlikely situations, away
unlikely places, and S2: Screening the Opportunity
with unlikely people - Opportunity screening is the
f. Talents, hobbies, skills, and process by which entrepreneurs
expertise evaluate innovative product ideas,
- Business strategies, and marketing trends
opportunities do not
just come from S3: Seizing the Opportunity
outside forces, but - This is the “pushing
also from within the through”with the chosen
entrepreneur opportunity
- The entrepreneur’s - Entrepreneurs should make the
talents, skills, or best out of this opportunity, and
expertise can be a theyu should exert effort and full
source of business dedication for the success of the
opportunity new venture
g. Irritants in the marketplace
such as deterrents, Product or Service Planning and
problems, complaints, and Development Process:
delays 1. Idea Stage
- Entrepreneurs see - Determines what are the
opportunities in feasible productand/or
situations where services that will perfectly
there is a recurring suit the opportunity
problem or 2. Concept Stage
sometimes where - Developed idea will undergo
there is no more a consumer acceptance test
hope in solving the 3. Product development stage
problem - Entrepreneur leverages on
the information generated
 from the prospective
customers via the concept
stage
4. Test marketing stage
- Validates the work done
from the first three stages
to measure success in the
commercialization of the
product or service
5. Commercialization
- The process of bringing new
products or services to
market
The 7Ps (Marketing Mix)
1.) Product
- A product is any physical
good, service, or idea that
is created by an
entrepreneur or an
innocvator in serving the
needs of the customers and
addressing their existing
problems
2.) Place
- The place refers to a
location or the medium of
transaction
- In a physical location, the
entrepreneur must research
about the area’s
population, the traffic, the
people’s common paths,
their buying behavior, and
3.) Price
- Price is the peso value that
the entrepreneur assigns to
a certain product or service
considering its costs,
competition, objectives,
positioning, and target
market
Pricing Strategies:
1. Bundling
- Two or more products are
sold together for a price
that’s lower than what the
products would have cost
individually
2. Penetration Pricing
- Setting an initially low
price to entice customers to
purchase
3. Skimming
- Sets new product priceshigh
and subsequently lowers
them as competitors enter
the market
4. Competitive Pricing
- Businesses set prices based
on their competitors’
prices
5. Product-line pricing
- Where a company offers a
range of products or
services at different price
points
6. Psychological pricing
- The business practice of
setting prices lower than a
whole number
7. Premium pricing
- Where a product or
service’s price is
intentionally set at a value
higher than the average
market value or
competitors’ price
8. Optional pricing
- Pracctice of selling the
primary product at alower
price to attract customer
demand, then charging
higher price for the
accessories that go with the
main product
9. Cost-based pricing
- Company adds a markup to
the price of a product over
the cost of production and
manufacturing
10. Cost-plus pricing
- Selling price of a product is
determines by adding a
specific ficed percentage (a
“markup”) ro rhe
product’s unit cost
4.) Promotion
- Involves presenting the
products or services to the
public and how these can
addressthe public’s needs,
wants, problems, or desires
5.) People
- In today’s marketing
arena, people play a vital
role in servicing customers
even though the
entrepreneur sells only
physical goods
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
- Its components include
input, throughput, and
output
Brand Management
- Begins with having a thorough
knowledge of the term “brand”
- It includes developing a promise,
making that promise, and
maintaining it
Brand
- Refers to the identity of a
company, of a product, of a
service, or of an entrepreneur
himself or herself

Brand Name
- A major differentiator of the
entrepreneur against the
competitors
- To be different and catchy, brand
name must possess the following
characteristics:
- Unique
- Extendable
- Easy to remember
- Can describe the benefits of the
product or service
- Can be concerted to other dialects
or languages in case the
entrepreneur expands to other
territories
- Can describe a product category
- Can describe concrete qualities
- Positive and inspiring
Manpower
- Talks about the human labor force
involved in the manufacture of
products
- It is measured as the most serious
and main factor of production
Materials
- The supplier of the raw materials
should have a consistent and
sufficient amount of raw materials
and supplies that can accommodate
the demand of the entrepreneur
- Selection of suppliers depends on
how the suppliers will not cause
interruptions in the production of
goods and serving the customers
Machines
- The machine is about
manufacturing equipment used in
the productio of goods or delivery
of services
Methods
- Method or production method is the
process or way of transforming raw
materials into finished products
Product Description
- It is a form of marketing copy
used to describe and explain the
benefits of your product
- Itpromotes and explains what a
product is and why it’s worth
buying
- Provide customers with details
around the features and benefits of
the product, so they’re enticed to
buy
Homogenous Products
- Products that are identical in their
quality and use and are
 indistinguishable between different
brands
- It might seem difficult to think
about any products that qualify as
homogenous goods, but some
products fit into the category of
homogenous

Heterogenous Products
- Products with attributes that are
significantly different from each
other, which makes it difficult to
substitute one product for another