TLE 8

ENTREPRENEURSHIP
CHAPTER 1: PERSONAL
ENTREPRENEURIAL
COMPETENCIES.
1. Functions of Entrepreneurs
2. Characteristics of Entrepreneurs
3. Nature and types of Entrepreneurs
 LEARNING OBJECTIVES

1. Explain what an entrepreneur is.

2. Identify some of his/her characteristics
3. Discuss the functions of entrepreneurs.
 WHO is an ENTREPRENEUR?
A business minded-people
who transforms ideas into
business or enterprise, thus
creating jobs for people.
 FUNCTIONS of ENTREPRENEUR

PLANNING
It involves processes that are vital in putting up
enterprises or business ventures. This includes:
- exploration of suitable ideas
- identification of potential products
- estimation of the required budget
ORGANIZING
This function requires entrepreneurs to coordinate,
assemble and supervise all the needed elements of
production(example: business site; workforce
MANAGING

This includes giving proper instructions to

personnel, direction on machine operations
and utilization of other resources
MAKING WISE DECISION
To minimize the risks/problems that may
occur during the implementation of the
business an entrepreneur should make wise
decisions.
 PERSONAL ENTREPRENEURIAL
COMPETENCIES
 VIRTUOUS- being honest and having strong and
consistent ethical values

 SELF-DISCIPLINED-the capacity of the

Entrepreneurs to manage their emotions properly
regardless of the situation

 PROFESSIONAL- they must be hardworking

and punctual without shortchanging the quality of
their products. They must have a strong wok ethics
COMPETITIVE – This is sometimes used
in outsmarting other businesses with similar
goals and objectives
HARDWORKING keeps themselves busy
and works hard to attain their goals
SELF-CONFIDENT- Believing in ones’
self and his/her capabilities to achieve set
goals and objectives.
FUTURE-ORIENTED: Once a person
enters in a line of business, you must
understand that you are in a non-stop
contract .
►It may take several years to build
up a business to a reasonable standard.
►The goal for most successful
business people is to build a secure job
and stable income for themselves based
on their own ability.
GOAL-ORIENTED: An
entrepreneur is forward looking. You have and
advanced preparation for your business. You
set a long-term goal for the activities that are
needed, an extensive preparation for the
production process and procedures that you
need to go through to acquire, human and
non-human resources. Everything in your
business will have to be set clearly, organized,
and planned depending on the goal you want
to achieve
PROFIT-ORIENTED: When you enter
into the world of business, obviously, you are
looking for income because you know that this
will be your bread and butter not only for you but
also for your family. Therefore, you must see to it
the business can generate income

PERSISTENCE: Differences in opinion and

judgment. Your opponent can be a part of the
rejection on what you intend to do for your
endeavor. As an entrepreneur, you must be firm,
strong-willed, and stick or follow your own belief.
COMMITTED: Good entrepreneurs assume
full responsibility over their business. They give
full commitment and solid dedication to make the
business successful.
ADAPTABILITY- the ability to adjust to the
changes and the present demands of the times. She
is willing to adapt to what she thinks are
reasonable and realistic changes in her business
operations and organizations more so changes can
promote the growth of her business and will
benefit her workers.
 ANALYZING the NATURE and TYPE of
ENTREPRENEURS
SELF-EMPLOYED – they established
their own business, do all the work and
keep the profit by themselves.
OPPORTUNIST- They look for
business opportunities and capitalized
on them for their personal benefit.
They usually invest on seasonal
products.
 ACQUIRERS: Entrepreneurs who take over
business enterprise that has been operating
quite sometime but about to close due to
financial constraints or mismanagement.
 SPECULATORS: They buy products and
resell it for higher price to gain more profit.
 FRANCHISEES : Entrepreneurs start an
enterprise for which a widely known product
brand has already been established.
 TLE 8
ENTREPRENEURSHIP
CHAPTER 2: BUSINESS ENVIRONMENT
AND THE MARKET.
1. Importance of Business Environment and the
market
2. Factors affecting the business environment
3. Selecting a Business idea/Market Research

4. SWOT Analysis.
 THE BUSINESS ENVIRONMENT
 We refer to the Business Environment as the
combination, summation of all forces, factors,
regulators that establish and institute laws,
controls and regulations, institutions (banks
and financial establishment) enterprises, that
work and interact with each other to bring out
the exchange of goods , products and services
where such exchange (buying and selling)
involves a contractual obligation on both
parties to compensate each other.
 MARKET
 The physical or Virtual set up where
transactions are initiated and consummated
between the seller and the buyer.
3 components of a market work
1. Demand
2. Supply
3. Purchasing power
MARKETING
 Set of activities that includes promoting, advertising,
establishing relationships, packaging products and creating
value for products and services for the intended clients.

 FOUR BASIC VARIABLES THAT SERVE AS a GUIDE in

SELLING COMMODITIES and SERVICES
1. PRODUCTS – the goods and services that
satisfy the needs, requirements and wants of
customers
2 . PRICE- the prescribed value or cost
of the product

3. PROMOTION- the process of

publicizing or advertising a product or
a service

4. PLACE is the location where selling

and buying take place
 FACTORS AFFECTING the BUSINESS ENVIROMENT

1. DEMOGRAPHY – statistical study of

human populations especially with
reference to size and density.
2. ECONOMIC the survival of a business
enterprise depends so much on its ability
to get a good market share for its products
3. Geographical, Ecology and
Environment
4. SOCIO-CULTURAL
Social norms, practices,
attitudes and behavior of people
5. LEGAL and POLITICAL
6. TECHNOLOGY
 SELECTING A BUSINESS IDEA
1.Financial Requirement
Capital to finance the operation of the Business
2. Knowing and understanding your Business
Environment
3. Market Information
- Supply and demand occurring in the community
- analyze imported products
- learn from product exports
- capitalize on available raw
materials
- Modernize with technology
 BRANDING
 BRAND is the totality of what the product
and the business stand for

 It
represents reputation because it conveys
the attributes of the
business enterprise it is known for.

 Thebrand is the reason customers are

buying the products.
 WAYS to DEVELOP a BRAND

1. Strategy for choosing a name

 It should reflect the very nature and quality of
the product you are going to sell.
 It should be able to establish a connection with
the business and the product
 It should be short, easy to spell and appealing to
the target market.
 It’s something easy to retain in the memory,
easy to recall and live with it.
2. Generate and list all possible
names. Involve other people in
generating brand names.

3. Evaluate the list and rate them

against the criteria set in the
strategy for choosing names
 LIST of POTENTIAL BUSINESS
OPPORTUNITIES by CATEGORY
1. ACCESSORIES- men and women
accessories, baby Accessories, home and
office Accessories
2. AGRICULTURE-Meat and poultry products,
fruits and vegetables, fish and other sea
foods, plants, animal feeds, poultry and hog
raising
3. CLEANING MATERIALS- Soaps and
detergents, floor waxes and polishing
compounds, personal hygiene all accessories
used for cleaning
 LIST of POTENTIAL BUSINESS
OPPORTUNITIES by CATEGORY
4. CLOTHING and TEXTILEs- textiles and
clothing products, personal clothing accessories,
dressmaking and tailoring, trading and selling
clothing items
5. FOOD and FOOD SERVICE- food products and
production, food items, fast food, bakeries and
pastries, restaurants, mobile kiosk, take outs,
food delivery.
6. HANDICRAFTS- all handicrafts and production
made of wood, paper, leather, metal, stone, and
other materials, embroidery, weaving.
7. EDUCATION – school supplies and
equipment, publishing, learning activities,
tutoring and teaching, special schools, day care
centers, production of learning equipment.
8. HEALTH and HEALTH SERVICES –
personal care items , health products and
supplements, caregiving and related services,
SPA, special clinics, medicines and drugs
9. HOME FURNISHINGS- all products for the
kitchen, bedroom, living rooms and other
accessories
10. HOUSING- building and specialized skills
in house construction
11. TECHNICAL and INDUSTRIAL-
machinery and equipment sales, repair
shops, electronic and technology shops and
services, instruments and appliance
12. TRANSPORTATION and
COMMUNICATION
Transport and communication supplies and
services, transport vehicles and services,
auto services and repair shops.
 SWOT ANALYSIS
S-strengths
W- weaknesses
O- opportunities
T- threats that affect the operation
of the business
OVERVIEW of the Internal and External factors that affect
a business organization

A) Internal
Strengths describe the capabilities,
resources and areas where an
organization excels like :
- good leadership
- competent staff
- clear vision/mission
- strong brand
Weaknesses prevent an enterprise or
business from performing at its best
because of some constraints, such as:
- inadequate suppliers
- insufficient capitals
- poor location
2. EXTERNAL
Opportunities refer to the favorable external factors
that can be used by an enterprise to give it a
competitive advantage such as
- new products
- technology
- government programs
Threats refer to the factors that have potential to
harm an organization such as:
- typhoon
- competition increases
SWOT analysis is needed in an
organization’s strategy formulation
and identification processes. It serves
as a guide in undertaking business
and sustaining its existence.