REVIEWER IN ENTREPRENEURSHIP

IMPORTANCE OF ENTREPRENEURSHIP
 Entrepreneurship produces more jobs – new businesses need to hire employees
 Entrepreneurship amplifies economic activities – small businesses can contribute to the economy
 Entrepreneurship introduces new and innovative products and services – creation of new products and services
 Entrepreneurship improves people’s living standards
 Entrepreneurship creates equality – balances the economy
 Entrepreneurship controls the local wealth – local resources are used properly
 Entrepreneurship reduces social conflicts
 Entrepreneurship elicits economic independence

ENTREPRENEUR – INDIVIDUAL or PERSON creating a business

 ENTREPRENEUR comes from the French word “ENTREPRENDRE” means to undertake
ENTREPRENEURSHIP – PROCESS or ACTIVITY in managing and operating a business
ENTERPRISE – business ESTABLISHMENT or STRUCTURE
TYPES OF ENTREPRENEURS
1. TECHNOPRENEUR – focuses on using TECHNOLOGY
2. SOCIAL ENTREPRENEUR – takes advantage of the SOCIAL PROBLEMS
3. INTRAPRENEUR – works INSIDE a LARGE COMPANY
4. EXTRAPRENEUR – works from ONE COMPANY to ANOTHER
COMMON TRAITS OF SUCCESSFUL ENTREPRENEUR
1. PROACTIVE - causing something to happen rather than waiting
2. AGENTS OF CHANGE – transforms resources in to useful goods and services
3. RISK TAKER – willing to risk everything to achieve goals
4. OPPORTUNITY SEEKER - special ability to notice or recognize a particular thing or quality
5. SOCIABLE PERSONALITY – maintain good relations with customers
6. NETWORKERS – person who forms business contacts
7. DICISIVE – ability to make decisions quickly but effectively
8. BALANCED – maintain balance in work, family, etc.
9. INNOVATIVE – introduces new goods and services
CORE TRAITS
1. LEADERS – takes responsibility for their actions
2. COMMUNICATORS – gets your core message out to stake holders, sets clear expectations, etc.
3. SPECIALISTS – experts in their chosen business
4. PROBLEM SOLVERS – identify problems and turn such problems into opportunities
CAREER OPPORTUNITIES
1. BUSINESS CONSULTANT – provides advice about business issues
2. MANAGEMENT ANALYSTS – evaluates business systems procedures and operations
3. RESEARCH AND DEVELOPMENT – business concept, procedures and practices
4. NOT -FOR-PROFIT- FUNDRAISER – understanding of the importance of business and networking relationships
5. INTRAPRENEUR – inside entrepreneur within the large firm
6. SALES – someone who works in sales
ENTREPRENEUR VS EMPLOYEE
ENTREPRENEUR EMPLOYEE
Income PASSIVELY / UNLIMITED / if the ACTIVELY / FIXED / SUCCESSFUL or
business is SUCCESSFUL UNSUCCESSFUL
Hiring and Firing PROVIDES JOB / responsible in SEEKS JOB / responsible in their
EMPLOYEE, BUSINESS, CUSTOMER / EMPLOYERS only / WORK for
POWER to FIRE EMPLOYEE / CURRENT EMPLOYER exclusively
EXPAND BUSINESS
Daily Tasks Performs ALL THE TASKS / PREPARES ROUTINE TASKS / FOLLOW policies,
policies, etc. etc.
Leisure Time/Vacation FLEXIBLE SCHED / UNLIMITED LIMITED VACATION
VACATIONS
Taxation Tax on NET INCOME Tax on GROSS INCOME
Comfort Level at Work Can do MULTIPLE TASKS Comfortable in ROUTINE TASKS
ENTREPRENEURIAL PROCESS – STEP-BY-STEP PROCEDURE in ESTABLISHING any kind of business
FOUR (4) ASPECTS OF ENTREPRENEURIAL PROCESS
1. OPPORTUNITY SPOTTING AND ASSESSMENT – BEGINNING of the process, MOST DIFFICULT
2. DEVELOPING A BUSINESS PLAN – (BUSINESS PLAN is a comprehensive paper that details the marketing,
operational, etc. of the business)
3. DETERMINING THE CAPITAL NEEDED – CALCULATE THE RESOURCES NEEDED to establish the business
4. RUNNING THE BUSINESS – USE THE RESOURCES ALLOCATED for the new venture
3S OF OPPORTUNITY SPOTTING AND ASSESSMENT
OPPORTUNITY – entrepreneur’s BUSINESS IDEA
S1: SEEKING THE OPPORTUNITY – FIRST STEP and is the MOST DIFFICULT OF ALL due to the number of options
 MACRO – ENVIRONMENTAL SOURCES – STEEPLED, Industry, New Discovery of Knowledge, Futuristic
Opportunities
 MICRO – MARKET SOURCES – Customer preferences, competitors, Unexpected opportunities, Talents, Irritants,
Location
S2: SCREENING THE OPPORTUNITY – process of CAUTIOUSLY SELECTING the BEST OPPORTUNITY
S3: SEIZING THE OPPORTUNITY – “PUSHING THROUGH” of the CHOSEN OPPORTUNITY
IDENTIFYING CUSTOMER NEEDS – MISSION-CRITICAL for businesses
CUSTOMER NEEDS – are the NAMED AND UNNAMED NEEDS your customer has
METHODS TO IDENTIFY CUSTOMER NEEDS
1. FOCUS GROUP – SMALL GROUP (8 – 10) in a ROUNDTABLE DISCUSSION directed by a MODERATOR
2. SOCIAL LISTENING – ask questions and LISTEN to the opinions
3. CUSTOMER NEEDS ANALYSIS SURVEY – RUNNING SURVEYS that helps the companies figure out their
position in the market
4. MEANS-END ANALYSIS – determine the PRIMARY REASONS why a customer would buy your product
BUYER REASONS MEETING CUSTOMER NEEDS
FEATURES - features included in the purchase 1. IDENTIFY – customer needs
BENEFITS – benefits they believe it will offer them 2. DISTRIBUTE – information to stakeholders
VALUES – values they believe it will help them fulfill 3. CREATE – product based in collected information
4. COLLECT – feedback from customers

CUSTOMER REQUIREMENTS - CHARACTERISTICS of a good or service DETERMINED BY A CUSTOMER

VIABILITY – a product not only gets purchased, but IT PERFORMS WELL ENOUGH TO BE RECOMMENDED TO
OTHERS
1. Consider product SIZE AND WEIGHT – Shipping cost is a top reason for cart abandonment
2. Consider product FRAGILITY – Fragile products need extra attention
3. Consider SKUs – Stock Keeping Unit refers to color, size and other variations of a product
4. Consider product LIFESPAN – storage, shipping and production
5. Consider SEASONALITY – Seasonality there are different levels of demand for a product throughout the year
6. Consider PRICE POINT – make sure your prices are still attainable for your target customer
7. Consider COMPETITION
8. Consider YOURSELF
PRODUCT TESTING – gives your target audience a range of options and asks them to provide feedback on each one
FOUR (4) MAJOR ADVANTAGES
1. IDENTIFY FLAWS AND DEFECTS
2. POSSIBILITY OF ATTRACTING EARLY ADOPTERS
 Early adopters – those customers who like to be the first to buy a new product
3. AVOID MAJOR ERRORS
4. GATHER MARKETING INSIGHTS
GOODLUCK!!
Always Remember!
It’s NOT about getting a high score.
It’s about YOUR EFFORTS in learning.