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Entrepreneurship

Terms in this set (58)

SM Prime Holdings, Inc.
Henry Sy
Tony Tan Caktiong
Jollibee Foods Corporation
Socorro Ramos
National Bookstore
french origin word of entrepreneur
entre-between
pendre-to take
a unique individual who has innate ability and extraordinary determination to start a business, acknowledging its risks and reaping its rewards.
entrepreneur
5 levels of entrepreneurial development
Self-employed
Manager
Leader
Investor
True Entrepreneur.
not comfortable with the routine of a desk job
self employed
in this level, entrepreneurs feel the need to step up and ask some help from people around them.

They delegate and hire potential people to work for them.
manager
Entrepreneurs in this level already enjoys seeing their people flourish, stepping up and producing great results with minimal supervision.
leader
They may either purchase one or two businesses that can potentially add value to the company, or sell their established business (as a franchise) to potential entrepreneurs.
the investor
They base on their experience, now aim for quality and excellence in their work. They continue to practice the four-step process of thinking.
true entrepreneur
an entrepreneur who puts technology at the core of his/her business model
technopreneur
takes advantage of the country's social problems-turn them into profitable institution-help the disadvantaged communities rather rhan making a profit
social entrepreneur
an entrepreneur in a large company or corporation who is tasked to think, establish, and run a new big idea or project.
intrapreneur
an entrepreneur who hops on from one company to another to act as innovation champion, providing creative and efficient solutions.
extrapreneur
a proactive process of developing a business venture to make a profit.
entreneurship
how many social and economic benefits does entrepreneurship provide?
8
produces more jobs that equates to an increased national income.
introduces new and innovative goods and services.
amplifies economic activities of different sectors of society.
improves people's living standards
disperses economic power and creates equality
reduces social conflicts and political unrest
controls the local wealth and balances regional development
elicits economic independence and capital formation.
8 social and economic benefits
4 aspects of entrepreneurial process.
​
opportunity spotting and assessment
developing a business plan
determining the capital needed.
Running the business.
Opportunity Spotting and Assessment
this is the beginning of the process and is considered the most difficult.
Opportunity Spotting and Assessment (3S)
seeking the opportunity
screening the opportunity
& seizing the opportunity
Opportunity Spotting and Assessment involves the development of new ideas.
seeking the opportunity
Feedback from distribution business partners such as retailers,

wholesalers, manufacturers, and technical people that the

entrepreneur is working with.
minor sources
Consumers

Glaring problems in the environment
Problems encountered by the co-entrepreneur
New trends Developments in the environment
reliable major sources
two sources of data
minor sources
major sources
Where does the process of selection will depend in the opportunity screening?
Entrepreneur's intent
screening the opportunity, 2 types of intent
internal intent
external intent
main objective that the business will accomplish in the entrepreneur's life
internal intent
addresses the compelling needs of the market
external intent
4 business opportunity elements
1. Has a superior value to the customers
2. Solves a compelling issue, problem, need, or want.
3. a potential cash cow
4. matches with the entrepreneur's skilss, resources, and risk appetite.
the 'pushing through' with the chosen opportunity.
the last step in the opportunity spotting.
seizing the opportunity.
a comprehensive paper that details the marketing, financial strategic direction, and tactics of the business.
business plan
a core guide and direction of the entrepreneur into venturing the business
business plan
Contents of the business plan
General Company Description
Marketing Plan
Operational Plan
Organizational Plan
Financial Plan
mandatory in the Entrepreneurial Process to calculate the resources needed to establish the business and compare it against the entrepreneur's current resources.
determining the capital needed
the part where the entrepreneur shold use the resources allocated for the new business venture.
The business plan should already have been implemented.
Running the business
It is the process of
developing, testing, and
commercializing a product
or service with the ultimate
objective of solving the
problem of the primary
target market.
product development
4 sequential steps of product development
Developing a product or service description
creating a prototype
testing the prototype
validating the market
describes how a
product or service works
and how it benefits the
customers
product or service description
It serves as
the blueprint of all business
operations
product or service description
tips to create a sound product description
1. it should directly address the target market in a personal matter using everyday language
2. It should highlight the feature that will cater to the customer's needs or problem
3. The superlatives used in the product description should be realistic.
preliminary model or
sample of a new product
or service that is created
to test a product
concept or service
process.
creating prototype for the product or service
preliminary model or
sample of a new product
or service that is created
to test a product
concept or service
process.
creating a prototype
g a
prototype enables
the entrepreneur to
engage in trial-anderror, provide room
for improvements,
and refine the
functionality of the
product design or
service process.
creating a prototype
a
vital process before an
actual product or service
is launched to the market
testing the prototype
This will uncover the final
loopholes that need to be fixed
before commercialization and
will give the entrepreneur a
leeway to examine and
scrutinize the prototype and
provide feedback as to what
can be improved before the
launch.
testing the product prototype
Testing Method Applied before validating prototype
focus group discussion
legality and ethical test
safety test
product costing test
component test
competitor's product or service test
​
process of finding out if
the intended primary target
market will be buying the
product or availing the service. It
either validates or disconfirms
the perception of the
entrepreneur about the
suitability of the chosen primary
target.
validation of market acceptability
general company description
vision statement
mission statement
company objectives
description of the product
it is defined as what the business should do in the future
vision statement
It is defined as the company's business, its objectives, and its approach to reach those objectives
mission statement
provides a picture of how it plans to achieve its goal, it also states how long it will take and what resources are available.
company objectives
Its objective is to identify
errors, deficiencies, and issues
that may impede the success
of the product.
focus group discussion
The entrepreneur must ensure
that the product or service
complies with all relevant laws
and regulations and has a
necessary license or permit to
operate a particular business.
legality and ethical test
Product - must be safe to use,
safe to be consumed, and safe
to be applied.
Service - the processes to be
performed by the service
provider must not be
detrimental to the safety and
health of the customer.
safety test
This is the time when the
entrepreneur can match the
expected costs versus his or her
budget. Modification in the
manufacturing process or service
blueprint can still be made at this
point to align with the cost
objective of the entrepreneur.
product costing test
Any failure from each
component of product or
service must be redesigned
and tested again until it
becomes fully operational and
functional.
component test
The entrepreneur must test a
similar line of products or the
competitor's product or service
itself to compare and get the best
practices to be applied to the new
product or service.
competitor's product or service test
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