ENTREP

• Entrepreneur


  An individual who is alert to profitable opportunities for the exchange of goods or services
• THE STARTING POINT TO ENTREPRENEURIAL SUCCESS

  • Start to be on your own
  • Explore the business environment
  • Be in control
  • Have a good accountant or a trusted financial adviser
  • Seek the advice of professionals
• Factors that develop entrepreneurial activities

  • The Entrepreneur takes the initiative
  • Organization of capital resources
  • The development of an administrative machinery
  • The development of Entrepreneurial Autonomy
  • The development of SWOT Analysis
• The making of an entrepreneur


  A dynamic process and approach where the entrepreneur considers business opportunities as enhancements to find new ways to solve problems
• Entrepreneurship


  The science of converting processed ideas into a remarkable business venture
• PROFILE OF A SUCCESSFUL ENTREPRENEUR

  • The entrepreneur has a strong desire for independence
  • The entrepreneur develops a strong drive to succeed
  • The entrepreneur has strong determination in decision-making
  • The entrepreneur develops feedback mechanisms for results
  • The entrepreneur is a result-driven individual
• Entrepreneurship as a dynamic process


  A dynamic process of innovation and the establishment of new opportunities for the creation of new ventures
• ENTREPRENEURIAL MANAGEMENT DEMANDS

  • The entrepreneur is alert to opportunities and perceptive to make things happen
  • The entrepreneur has the health and endurance to work long hours
  • The entrepreneur has flexibility and embraces change
  • The entrepreneur is self-assured
  • The entrepreneur seeks others' opinions or makes researches
• Entrepreneurial skills and competencies

  • Negotiating
  • Planner
  • Risk Taker
  • Accounting
  • Recruitment Training
  • Initiative
  • Perseverance
  • Persuasion
  • Controlling and dealing with emergencies
• Fajardo (2009): 'Entrepreneurship is a capacity for innovation, investment, and expansion in new markets, products, and techniques'
• Important provisions of Republic Act No. 6810:
• Income opportunity in the countryside is still subsistence in nature
• The Law of SMALL AND MEDIUM ENTERPRISES DEVELOPMENT COUNCIL has important powers that could develop the countryside and local enterprises
• Filipino values and culture affecting economic growth

  • Love for imported products
  • Values of BAHALA NA
  • Club mentality
  • MANANA HABIT
  • Value of time
  • Values of Hiya
  • Fiesta and social occasions
• Republic Act No. 6810 establishes the Magna Carta for Countryside and Barangay Business Enterprises, granting exemptions from government rules and regulations and other incentives and benefits
• Factors in determining economic growth:
• Politics become an investment for power and money and it is not the true essence of public service
• Two important factors hindering the growth of the nation:
• Republic Act 6977, known as the Magna Carta for Small Enterprises, provided the necessary funds for the development of entrepreneurs in the countryside
• PHILIPPINE ECONOMIC LANDSCAPE IN THE PRESENT TIME remains to be the springboard of questions when economic development is the focus of discussion
• Employment is one great factor in economic development
• Characteristics of an entrepreneur

  • Leadership and management abilities
  • Positive risk takers
  • Self-confidence and positive outlook
  • Innovativeness and forward-looking
  • Natural intelligence and decision-making skills
• Contributions of the entrepreneur in Social Economic Development

  • Provides employment
  • Pays taxes
  • Provides new lifestyle and pleasures
  • Improves the capital base of the economy
  • Creates people empowerment and social mobility
  • Provides healthy competition
• Decision Making Process

  1. Identify the problem

  2. Gather the data

  3. Analyze the data

  4. Formulate alternative solutions

  5. Select the best alternative course of action

  6. Implement the best alternative
• Managerial skills of a successful entrepreneur

  • Ability to plan and conceptualize
  • Ability to organize resources
  • Ability to direct and motivate people
  • Ability to control
  • Ability to manage time
  • Ability to adapt to the changing business environment
• Entrepreneurial activities in the local levels and the countryside have not developed despite opportunities provided by the government for local entrepreneurs
• Undertaking entrepreneurial studies

  1. See the kind of management control and how the business will generate projected profitable investment

  2. Undertake careful planning of the project as a guide in implementation
• Factors in determining economic growth


  • Availability of Needed Capital
  • Honest political will to implement programs
  • Prevention of establishment of non-government agencies taking advantage of programs
  • Simplification of paperwork for small businessmen
• Requirements for productive business enterprise

  • Absence of bureaucratic restrictions and granting of incentives and other benefits
  • Number of employees should not be more than twenty
  • Engaged in professional service, retailing, wholesaling or trading of commodities, products, or merchandise
• Development of the nation's economic activity

  Making of small and medium enterprises mostly located in the countryside, contributing to the economy of big corporations
• Organizing the business enterprise

  1. Develop entrepreneurial studies to determine feasibility

  2. Careful preparation and planning are essential before venturing into business
• Target market

  The buyer of the product
• Learning outcomes

  1. Identify the target market

  2. Determine the types of product: goods or services, consumer or industrial

  3. Relate the tips on identifying market problem

  4. Solve research problem

  5. Analyze market needs and barriers to entry
• Business-to-business market includes

  • Target market
  • Frequency of product purchase
  • Tendency for replacement needs versus expansion purchasing process
  • Estimates of market size, initial targeted geographic area, enterprise's targeted market share
• Tips in identifying market problem

  1. Focusing only on innovation and the competition

  2. Focusing only on customers

  3. Focusing only on revenue
• Categories of consumer

  • Price Shoppers - interested in the best deal for a product
  • Brand-Loyal Customers - believe their present brands are superior and willing to pay fair prices
  • Status Seekers - interested in prestigious brands and willing to pay any price
  • Service or Feature Shoppers - seek high value on customer service and product features
  • Convenience Shoppers - value nearby locations and easier shopping
• How to evaluate market problems

  1. Consider if the market problem is urgent, if yes, consider necessary actions by identifying alternative courses of action (ACA) then enumerating their advantages and disadvantages

  2. Evaluate if the market problem is pervasive or easily diffused, if yes think for a temporary solution

  3. Determine if the buyers will pay to have this problem solved
• Business-to-consumer markets include

  • Demographic factors such as income level, age range, gender, educational level, ethnicity of the target market
  • Psychographic factors of the target market
  • Behavioural factors such as frequency of product purchase and shopping, behavior of the target market
• Description of a target market

  1. Distinguish or determine the consumer from the customer

  2. Explore the benefits of the proposed product to the target market

  3. How and why would the target market buy the product or service?

  4. Is there a potential to increase the target market?
• Problem-identification research

  1. By conducting new market research projects, learner can discover problem or opportunity

  2. Discover factors such as brand image, market characteristics, market potential