ENTREPRENEURSHIP

• Entrepreneurship is a course that discusses the relevance of the course, key concepts of common competencies, core competencies in Entrepreneurship, and explores job opportunities for Entrepreneurship as a career.
• The word “entrepreneur” was derived from the French verb “enterprendre”, which means “to undertake.”
• The enterprise is created by an entrepreneur and the process is called “Entrepreneurship.”
• Personality factors that affect Entrepreneurship include Initiative, Proactive, Problem Solver, Perseverance, Persuasion, A Planner, and Risk-taker.
• Environmental factors that affect Entrepreneurship include Political Climate, Legal system, Economic and social conditions, and Market situations.
• Common competencies in Entrepreneurship include Decisive, Communicator, Leader, Opportunity seeker, Proactive, and others.
• Risk Taker – an entrepreneur has the courage to pursue business ideas
• Innovative - the entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his business.
• Risk bearing – The entrepreneur needs to gamble but wise enough to offset the risk.
• Business Consultant - with the expertise of in the field of entrepreneurship, he can be a very good source of advices to other entrepreneurs and would be business men
• Sales - the entrepreneurship graduate can apply as a salesman
• Social Entrepreneurs - They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development.
• Profit Potential - The entrepreneur can be compensated by his profit coming from the operation
• Innovative – The entrepreneur constantly looks for new ideas, thus he needs to be creative
• Drone Entrepreneurs - They are those who live on the labor of others
• Imitating Entrepreneurs - They are those who don’t create new things but only follow the ideas of other entrepreneurs
• Researcher - the entrepreneur can be employed as a researcher by an enterprise
• Teacher - a graduate of an entrepreneurship can use his knowledge in teaching
• Fabian Entrepreneurs - They are skeptical about changes to be made in the organization
• Business Reporter - the entrepreneur being expert in the field, can be employed as a business reporter.
• Economic and Dynamic Activity - Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources
• Innovative Entrepreneurs - They are those who always make new things by thinking of new ideas
• Entrepreneurship involves recognizing a potential market, understanding market, product, and services, understanding viability, profitability, and customer requirements, and selecting the best product or service that will meet the market need.
• What are the potential sales, growth, profits, and time for payback?
• If you fail to plan, you are planned to fail
• Can the product be superior in quality, presentation or marketing when there is a comparable product
• Market Analysis is a quantitative and qualitative assessment of a market that looks into the size of the market both in volume and in value, the various customer segments and buying patterns, the competition, and the economic environment in terms of barriers to entry and regulation.
• Marketplace Needs is a marketing concept that relates to the functional or emotional needs or desires of a market.
• Main Customer Needs include Price, Quality, Choice, Convenience, and Price.
• Components of Market Analysis include Customer Description, Customer Perception, Market Trends, Market Projection, and Market Competition.
• To conduct a market analysis, determine the purpose of your study, look at your industry’s outlook, pinpoint target customers, compare your competition, gather additional data, analyze your findings, and put your analysis into actions.
• Market Analysis Methodologies include Focus Group Discussion (FGD), Survey/Interview, and Observation technique.
• Focus Group Discussion (FGD) is one of the most common qualitative research tools that is effective in extracting consumer and non-consumer experiences regarding products, places or programs.
• Four Key Decisions to be made in FGD include Definition of respondents, Classification of respondents, Screening of respondents, and Sample size.
• Data gathering in FGD involves selection and preparation of the venue and equipment, formulation of the discussion agenda, and drawing out significant insights from the participant.
• Data analysis in FGD involves integration of the information gathered, some observations on respondent’s behaviour, and listing of recommendations and report writing.
• Consider your marketing strategy.
• An entrepreneur must be capable of producing their own product.
• The size of your potential reachable market is a crucial factor in choosing a product.
• Services are the intangible goods wherein you will be paid according to your profession, skills, and talents.