Entrepreneurship

- Profit(least priority)
- To undertake; to take action - Brand
- Art of starting a business, - Market share
offering new/creative - Self confidence
products, process and services - Experience
- A process of creating or Process
managing a business based - Ideation – problem, create
from entrepreneur goals product
Entrepreneur - Validation – survey
- Person, designer, innovator, - Implementation- run the
creator, organizer business
Branding
Entrepreneur and businessman are - Means the use of name, term,
different from each other symbol or design or a
Businessman combination of these to
- focuses on profit identify a product
Entrepreneur - Encompasses the use of brand
- focuses on the customer’s names, trademarks and other
welfare product identification
- time is unlimited Brand name
- you own the business - Has a narrower meaning
If you are working in a company that - A word, letter or a group of
is not yours, it is called words or letter
INTRAPRENEURSHIP. - Connect a product with the
benefits a customer can expect
5 Factors that motivate To brand a product, it is essential to
entrepreneurs teach consumer:
- Cash - “who” the products are (giving
- Change a name and using brand
- Creativity elements)
- Challenge - “what” the product does
- Control - “why” consumers should care
Qualities of Entrepreneurs - examples: Downy, Datu Puti
- Leadership Trademark
- Management abilities - a legal term
- Team building skills - includes only those words,
symbols or marks that are
Outcomes of Entrepreneurship legally registered for use by a
(CHEPS) single company
- Economic Growth - Brand Logos are graphic marks
- Self Employment or symbol commonly used by
- Creating new jobs commercial enterprises,
- Proper social benefit organization and even
- Heavy industrialization individuals to aid and promote
Factors that contribute to the instant public recognition.
success of entrepreneurs (BESPM)
Business Opportunity Steps are:
Factors on Resources: - Defining the problem
1. Markets - Making a preliminary
- The number of prospective investigation
buyers, competitors, the price - Planning the research
and the quality of goods and - Gathering and analyzing the
services that have to be data
analyzed. - Reaching a conclusion
2. Individual Interests - Implementation and evaluation
- Business interest of individuals decision
should match business Product Life Cycle
opportunities. 1. Introduction
3. Capital 2. Growth
- Serves as the fuel that keeps 3. Maturity
the business operating 4. Decline
4. Skills *excellent knowledge about product
- The entrepreneur should have cycle provides entrepreneurs
the proper skills in the business business opportunities to
he is going to undertake continuously stay in the business
5. Suppliers of inputs Ideation
- It is important that there are - The beginning of business
steady suppliers of raw endeavor
materials and other inputs to - Worth a business should be the
the business. one that has a market now and
6. Manpower in the future
- The success of any business Categories of the products and
also depends on the efficiency services:
of employees - Need/want drives
7. Technology - Time-saving drives
- Entrepreneurs should be - Money savings
aware of the presence of - Unique or incorporating strong
technology to improve their competitive advantages
products or services, or - Link to personal
introduce new innovations in interest/passion
the market. Ways of developing ideas
Other opportunity seeking process - Recognizing the need
- Look at other successful - Improving an existing product
business/entrepreneurs - Recognize trends
- Respond to a problem area - Be aware of everything
- Home-based Business option - Questions and assumptions
- Linkage of resources - Naming it first, then develop it
Market Research *a wrong choice of idea could be the
- The best way to evaluate cause of business failure
business opportunity Identify market problems
- Study of all problems in a Your market consists of:
marketing product
 - Existing customers—people
who have already purchased
the product
- Prospects—people who have
not yet purchased the product
but are considering it
- Target market users—people in
your target market who are not
currently looking for a solution
Identify Customer Needs
- Know what your customers
want and why
- Good customer research helps
you work and how to convince
your customers that they need
your products
Identify your customers
- Gender, age, occupation,
income, etc.
Traps to avoid when listening to your
market
- Focusing only on innovation
and the competition
- Focusing only on customers
- Focusing only on revenue







Parts of Business Plan

Variable Cost – can be changed
Fixed Cost – can’t be changed like
labor, etc.

Net Income = Revenue - Cost