ENTREP LESSON 1

• It is an important driver of economic growth


  Entrepreneurship
• The act of creating a business or businesses while building and scaling it to generate profit

  Entrepreneurship (2)
• it refers to the concept of developing and managing a business venture in order to gain profit by taking several risks in the corporate world. 


  Entrepreneurship (3)
• Is the pursuit of opportunity beyond resources controlled


  Entrepreneurship (4)
• Comes from the French word “entrepende” which means “to undertake.”


  Entrepreneur
• One who undertakes a business and take risks in order to reap good returns or profits from that business


  Entrepreneur (2)
• Who create and increase value for the economy and for society, who endeavor to raise productivity levels, and who even dare to change business paradigm and industry practices.

  Innovators (entrepreneur)
• Characteristics of a businessman

  1. starts a business from an existing idea
  2. Traditional
  3. Avoid taking Risks
  4. Profit Oriented
  5. market Player
• Characteristics of an Entrepreneur:

  1. Start a business from a unique and innovative idea.
  2. Revolutionary
  3. Risk taker
  4. Profit (customer) oriented.
  5. Market Leader.
• Allows the entrepreneur to see things in a very positive and optimistic light in the midst of crisis or difficult situation.

  • One of optimism and eagerness to explore potentials and possibilities.
  • Instead of being discouraged, the entrepreneur is able to use these problematic situations as inspirations for creating something innovative.


  Entrepreneurial mind frame
• Surging passion of the entrepreneur.

  • Driven by passion of the strong will to succeed, they are drawn to find fulfillment in the act and process of discovery.
  • It is also about emotional intelligence, which is often manifested in the entrepreneur’s efforts to nurture relationships with customers, employees, and suppliers.


  Entrepreneurial Heart Flame
• This ability of the entrepreneur to sense without using five senses.

  • This is also known as intuition and connotes courage, or in the local dialect, “Lakas ng Loob” (Strong intestinal Fortitude)


  Entrepreneurial Gut game
• WHY DOES ENTREPRENEURS NEED PLAN?

  Many businesses fail in the first year of being set-up. Some say the percentage of failure among start-up business goes as high as 80% to 90% due to many overwhelming factors:
• It is a blueprint of the business that the entrepreneur would like to start.

  • It aims to establish if a business ideas will;

  1. Bring in a fair return to one’s investment
  2. Be beneficial to the society
  3. Bring no harm to the environment when it is operated.


  BUSINESS PLAN
• provides an overview of the main points of a larger report.

  Executive summary
• The Three qualities of entrepreneurs

  1. Entrepreneurial Mind frame
  2. Entrepreneurial Heart Flame
  3. Entrepreneurial Gut Game
• 4 parts of business plan:

  • Executive summary
  • Management and organization
  • Product and service plan
  • Market Plan
• in this section refers to how your business is structured and the people involved. This involves the time, system, and distribution.


  Management and organization
• clarifies exactly what your business will produce, how much it'll sell for, and other details along those lines

  Product and service plan
• the advertising strategy that a business will implement to sell its product or service. 


  market plan