Entrep

• The word “entrepreneur” was derived from the French verb “enterprendre”, which means “to undertake.”
• Factors affecting entrepreneurship include personal factors such as initiative, proactivity, problem-solving, perseverance, persuasion, planning, risk-taking, and environmental factors like political, climate, legal system, economic and social conditions, and market situations.
• Common competencies in entrepreneurship include decisiveness, communication, leadership, opportunity seeking, proactivity, risk-taking, and innovation.
• Core competencies of entrepreneurship include economic and dynamic activity, innovation, profit potential, risk bearing, and types of entrepreneurs like innovative, imitating, Fabian, drone, and social entrepreneurs.
• Entrepreneurial ideas lead to the identification of entrepreneurial opportunities, which in turn results in the opening of an entrepreneurial venture.
• The Entrepreneurial Process of Creating New Venture involves essential elements such as an entrepreneurial mind frame, entrepreneurial heart flame, and entrepreneurial gut game.
• Entrepreneurial ideas arise when changes happen in the external environment and a person with an entrepreneurial drive views these changes positively.
• A person with entrepreneurial interest sees possibility of business opportunities in any new discovery or because of the use of latest technology.
• The priorities, projects, programs, and policies of the government are also good sources of ideas.
• The interest, hobbies, and preferences of people are rich source of entrepreneurial ideas.
• The expertise and skills developed by a person who has worked in a particular field may lead to the opening of related business enterprise.
• Buyers are the one that pays cash in exchange to your goods and services.
• Potential New Entrants are defined as the one who enters something.
• Rivalry is a state or situation in which people or groups are competing with each other.
• Substitute means anything that takes the place or function of another.
• Suppliers are the one that provide something that is needed or wanted.
• A Unique Selling Proposition (USP) refers to how you sell your product or services to your customer.
• Target Market is a stage in market identification process that aims to determine the buyers with common needs and characteristics.
• Commonly used methods for Market Segmentation include Geographic segmentation, Demographic Segmentation, Psychological Segmentation, and Behavioral Segmentation.
• Market size is the approximate number of sellers and buyers in a particular market.
• Data Collection


  It is the most valuable tool of any type of research study. Inaccurate data collection may cause mistakes and ultimately lead to invalid results
• Market Research


  • It gives you the data you need to identify and reach your target market at a price customers are willing to pay
  • It deals with people and their constantly changing feelings and behaviors, influenced by countless subjective factors
  • It is not a perfect science
• Reasons for conducting market research

  • People will not buy products or services they do not want
  • Learning what customers want and how to present it drives the need for marketing research
  • Small businesses have an edge over larger businesses as they have a sense of their customers' needs from years of experience, but this informal information may not be timely or relevant to the current market
• Common questions when planning to start a business

  • Who are my customers and potential customers?
  • What kind of people are they?
  • Where do they live?
  • Can and will they buy?
  • Am I offering the kinds of goods or services they want at the best place, at the best time and in the right amounts?
  • Are my prices consistent with what buyers view as the product's value?
  • Are my promotional programs working?
  • What do customers think of my business?
  • How does my business compare with my competitors?
• Data Collection Techniques

  • SURVEY
  • INTERVIEW
  • FOCUS GROUP DISCUSSION
• Market Research


  An organized way to gather and analyze information needed to make decisions in business; data about problems relating to the marketing of goods and services
• How to do market research

  1. Analyze returned items

  2. Ask former customers why they've switched

  3. Look at competitors’ prices

  4. Formal marketing research simply makes this familiar process orderly and provides a framework to organize market information
• Tips of gathering data

  • Organize collected data as soon as it is available
  • Know what message you want to get across and then collect data that is relevant to the message
  • Collect more data
  • Create more data
  • Regularly run experiments or collect data
  • Challenge your assumptions
  • Set reasonable expectations
  • Take note of interesting or significant data
• Survey

  Surveys are the most common way to gather primary research with the use of questionnaires or interview schedule. These can be done via direct mail, over the phone, internet, face-to-face, or on W
• Personal interviews


  • Traditional method of conducting an interview
  • Allows the researcher to establish a relationship with potential participants and therefore gain their cooperation
  • Generates highest response rates in survey research
  • Allows the researcher to clarify indefinite answers and when necessary, seek follow-up information
• Interview

  1. One of the most reliable and credible ways of getting relevant information from target customers

  2. Helpful even when the business has already started because the customers’ feedback provides the entrepreneur a glimpse of what the customers think about the business

  3. Typically done in personal between the researcher/entrepreneur and a respondent where the researcher asks pertinent questions that will give significant pieces of information about the problem that he will solve

  4. Interviews normally last from 15 to 40 minutes, but they can last longer, depending on the participants’ interest in the topic
• Focus Group Discussion


  1. An excellent method for generating and screening ideas and concepts

  2. Can be moderated group interviews and brainstorming sessions that provide information on user’s needs and behaviors

  3. The length of the session is between 90 and 120 minutes

  4. Usually, conduct focus groups discussion with 8 to 10 participants per group

  5. Assign an expert moderator/facilitator who can manage group dynamics

  6. Use a semi-structured or open-format discussion

  7. Strive for consistency in the group’s composition (for example, it may not be advisable to have business customers and retail customers in the same focus group, their needs are very different)
• Telephone/Teleconference interviews


  • Less expensive and less time-consuming
  • Disadvantages include lower response rate compared to face-to-face interviews, but considerably higher than mailed questionnaires
• Types of Interview

  • Personal interviews
  • Telephone/Teleconference interviews
• Survey


  1. Surveys are the most common way to gather primary research with the use of questionnaires or interview schedule

  2. Can be done via: direct mail, over the phone, internet (e.g. Google, Youtube, Facebook, etc.), email, face-to-face or on Web (e.g. Skype or Viber)

  3. Keep it simple as possible

  4. Make sure it is clearly appealing and easy to read

  5. Cluster or block related questions

  6. Move from complex questions to more specific questions

  7. Make sure questions are concise and easily understood

  8. Avoid questions that are difficult to answer

  9. Make sure any response scales used are consistent with categories that are mutually exclusive
• 4 M's of Production

  • MANPOWER
  • MATERIAL
  • MACHINE
  • METHOD
• MANPOWER


  Talks about human labor force involved in the manufacture of products. It is measured as the most serious and main factor of production.
• MATERIAL


  Talks about raw materials necessary in the production of a product. Materials mainly form part of the finished product. Just in case the resources are below standard, the finished product will be of unsatisfactory as well.
• MACHINE


  Discusses about manufacturing equipment used in the production of goods or delivery of services.
• METHOD


  Production method discusses the process or way of transforming raw materials to finished products. The resources undergo some stages before it is finalized and becomes set for delivery to the target buyers.