ENTREPRENEURSHIP  Demand risk relates to prospective
Well-informed - share and receive
Nature of Entrepreneurship
 socio-economic phenomenon.
 Engine of economic growth.
What is Entrepreneurship?
 It is a creative and innovative human act.
 Ability to create and build vision from
practically nothing.
 Vision requires willingness to take
calculated risks.
 It is a disciplined, hence it can be learned.
-Peter Drucker
 Definition of an entrepreneur- French
word “entreprende” meaning ‘go
between’ or ‘enter to undertake’. A
person who undertakes to organize,
manage and assume risks of business.
 How people become entrepreneur? By
necessity and opportunity, design and
default.
 Trigerred by ‘Social Disruption or
Interruption’
Who are the entrepreneurs?
1. Paradigm shifters, innovation and
opportunist – creative destroyer.
2. Key change catalyst and agents
3. Wealth and employment creators
4. Economic engine drivers
5. Key actors and the Philippine Economy
6. Entrepreneurs are made and not born –
entrepreneurial propensity
7. You can be the entrepreneur – if you have
what it takes.
8. People who like to be their own boss
9. People who had experienced a “social
disruption”?
10. Necessity and opportunity entrepreneurs
ENTREPRENEURSHIP: A WORKING
DEFINITION
“Entrepreneurship is the pursuit of opportunity
beyond resources controlled” -Howard Stevenson,
Harvard Business School
“Pursuit” implies a singular, relentless focus.
"Entrepreneur invests, transforms and makes (profit
or loss)" -Richard Cantillon, French economist
"Opportunity" implies an offering that is novel in
one or more of four ways. The opportunity may
entail:
1. pioneering a truly innovative product;
2. devising a new business model:
3. creating a better or cheaper version of an
existing product; or
4. targeting an existing product to new sets
of customers.
"Beyond resources controlled" implies resource
constraints.
ENTREPRENEURSHIP - THE RISKS
INVOLVED
Four main types of considerable risk:
1.
customers' information at a much faster pace because
 Technology risk engineering or scientific of the advancements in technology and
breakthroughs communication
 Execution risk ability to attract 2. Looks for solutions - end up calling the
employees and partners customer service to get their problem
 Financing risk external capital will be solved.
available 3. Are social beings - share opinions,
 Entrepreneurs face a Catch-22. On the discuss the possible outcomes,
one hand, it can be difficult to reduce risk recommendation
without resources. 4. Stay connected - content across different
 A "Catch-22" is "a problem for which the channels and platforms.
only solution is denied by a circumstance 5. Opinionated - share and receive
inherent in the problem or by a rule." feedback from others who have already
 Example of Catch-22: You can't get a job interacted
without experience, but you can't get
experience without a job.
ENTREPRENEUR’S 4 TACTICS IN COPING
WITH CATCH-22
1. Lean experimentation allows/relying on
a “minimum viable product,”
2. Staged investing allows /address risks
sequentially
3. Partnering allows/leverage another
organization’s resources to keep costs
variable and to avoid the big fixed
4. “Storytelling” entrepreneurs–conjuring a
vision
CUSTOMERS
 A customer individual who purchases
goods or services
 The customer is considered as the king of
the business.
 All the decisions taken by the business
are customer-centric.
 A customer is a person or a business that
purchases other businesses’ offerings.
 Customers are the prime foundation of
any business.
 Customers are the direct source to boost
the profitability of your business.
The business should maintain three important
phases:
 customer experience
 customer satisfaction
 customer support.
TYPES OF CUSTOMERS
1. Loyal customers (top priority customer,
purchase products or services over a
longer period of time)
2. Impulse customers (second most
attractive segment, buy spontaneously
triggered, w/o shopping list)
3. Discount customers (upbringing the
company’s inventory, seasonal and festive
offers)
4. Need based customers (buy particular
need)
5. Wandering customers (the crowd in the
mall or a shopping complex, no specific
need/ preference)
CHARACTERISTICS OF A CUSTOMER