Entrep beh

• Human behavior in an enterprise


  Concerned with the thoughts, feelings, emotions, and actions of the people working in it
• The success of any enterprise primarily depends upon the efficiency and effectiveness of the entrepreneur
• Entrepreneurship


  The process of designing, launching and running a new business, or as the capacity and willingness to develop, organize and manage a business venture along with any of its risks to make a profit
• Entrepreneur


  Someone who exercises initiative by organizing a venture to take benefit of an opportunity and decides what, how and how much of a good or service will be produced. An entrepreneur is commonly seen as a business leader and innovator of new ideas and business processes
• Characteristics of an entrepreneur

  • Creative
  • Passionate
  • Optimistic
  • Ability to plan
  • Self-confidence
  • Vision
  • Ability to take risks
  • Ability to make decisions
  • Discipline
  • Ability to lead
• Entrepreneurship generates employment, provides an entry-level job for gaining experience and training for unskilled workers
• Entrepreneurship is the hub of innovation that provides new product ventures, markets, technology, and quality of goods, increasing the standard of living of people
• A society becomes greater if the employment base is large and diversified
• Entrepreneurship helps to improve the standard of living of a person by increasing income
• Impact on Society and Community Development

  A society becomes greater if the employment base is large and diversified
• Increase Standard of Living

  Entrepreneurship helps to improve the standard of living of a person by increasing the income
• Challenges faced by entrepreneurs

  • Finding the right business location
  • Finding Good Employee
  • Assembling a Business Team
  • Raising Capital for Start-up
  • Dealing with Competition
  • Keeping up with industrial changes and trends
  • Down in the Doldrums
  • Overestimating
  • Focus
• Rewards of Entrepreneurship


  • A Flexible Schedule
  • Autonomy
  • Creating a Career that Aligns with your Values
  • Constant Growth and Development
  • Meeting Like-minded People
• Businessman Jim Rohn: '“You are the average of the five people you spend the most time with.”'
• Opportunity and Innovation


  1. Identifying an Opportunity

  2. Concept Development

  3. Resourcing

  4. Actualization

  5. Harvesting
• Opportunity


  An appropriate or favorable time or occasion, situation or condition favorable for attainment of a goal, a good position, chance, or prospect for advancement or success
• Ways to Identify an Opportunity

  1. Concept Development: Develop a business plan

  2. Important Components of Business Plan

  3. Trademark definition

  4. Copyright definition

  5. Patent definition
• Resourcing


  The stage in which the entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture startup, etc.
• Actualization


  The stage in which the entrepreneur operates the business and utilizes resources to achieve its goals/objectives
• Harvesting


  The stage in which the entrepreneur decides on the business’s future growth/development, or demise
• Five (5) Steps to Evaluating Business Opportunities

  1. Self-Analysis

  2. Researching feasibility of idea and market

  3. Evaluating resources needed

  4. Assessing market potential

  5. Developing a business plan
• Opportunity evaluation


  1. Self-Analysis

  2. Financial Components

  3. Market Research

  4. Risk Assessment

  5. Support
• Most small businesses fail because of poor management and the owner’s inability to manage resources
• Before researching the feasibility of an idea and the market, evaluate your own talents, desires, and goals
• Financial assessment includes evaluating personal savings for initial investment
• Market Research


  Perform extensive research to determine business feasibility, understand customer demographics, location, and competition
• Risk Assessment


  Evaluate potential risks to prepare for problems and decide if risks are worth the investment
• Evaluate the amount of support expected from family and community
• Invention is the creation of a product or process for the first time
• Innovation occurs when someone improves on an existing product, process, or service
• Types of Innovation


  • Invention
  • Extension
  • Duplication
  • Synthesis
• Forms of Business Ownership

  • Sole Proprietorship
  • Partnership
  • Corporation
• Brand


  A distinguishing symbol, mark, logo, name, word, or sentence used by companies to differentiate their product
• Brand Strategy


  A formal plan used by a business to create a specific image in the minds of customers
• Types of Brand Strategies

  • Multi-Branding Strategy
  • Fighting Brands
  • Private Branding Strategy
  • Mixed Branding
• Private Branding Strategy


  Products controlled and marketed by retailers
• Mixed Branding


  Group of all brand lines by a seller made available to the buyer. Introducing a new product using an existing brand
• Attitude Branding


  Choice to represent a larger feeling not necessarily connected with the product or consumption
• Iconic Branding


  Features that contribute to consumer's self-expression and personal identity
• Importance of Brand


  • The brand provides a distribution of business' products easily
  • Helps in creating specific images for the business' products and prevents imitation by other businesses