Entrepreneurship

• Activity needing two groups to identify steps or procedures on a certain situation


  Identify steps or procedures on a certain situation, finalize the correct process within 3 minutes
• Lesson Objectives
• Entrepreneurial Process


  1. Opportunity Spotting and Assessment

  2. Developing a Business Plan

  3. Determining the Capital needed

  4. Running the Business
• Scanning the Marketing Environment

  Starting point of any new venture involving understanding the macroenvironment, microenvironment, and internal environment
• Methods of Generating Ideas

  • Scanning the Marketing Environment
  • Macroenvironmental Sources
  • Seeking, Screening, Seizing
• The 3S’ of opportunity spotting and assessment is the framework used by promising entrepreneurs to come up with the ultimate product or service suited for a specific opportunity
• Concept of Seeking, Screening, and Seizing

  1. Seeking the Opportunity

  2. Development of new ideas from various sources

  3. Macroenvironmental Sources

  4. Micromarket
• Macroenvironmental Sources for seeking opportunities

  • STEEPLED
  • Industry
  • New discovery or knowledge
  • Futuristic opportunities
• STEEPLED


  Mnemonic for sociocultural, technological, economic, environmental, political, legal, ethical, and demographic factors
• Socio-cultural factors


  Represent locality’s traditions, customs, beliefs, norms, and perceptions
• Technological factors


  Innovation of existing technology or invention of a new one, mostly in applied science and engineering research
• Economic factors


  Income, expenses, and resources influencing the cost of doing business and generating income
• Environmental or ecological factors

  Conditions in the locality affecting the business venture
• Political factors


  Government policies and administrations
• C factors


  • Income
  • Expenses
  • Resources
• Environmental or ecological factors


  • Entrepreneur will know if the business venture will be suited with the environmental conditions in his or her locality
• STEEPLED Analysis


  1. Political factors - government policies and administrations

  2. Legal factors - government laws and regulations

  3. Ethical factors - guides on how to properly run business

  4. Demographic factors - characteristics of the people in the target market
• MICROMARKET


  • Consumer preferences, interests, and perception
  • Competitors
  • Unexpected opportunities from customers
  • Talents, hobbies, skills and expertise
  • Irritants in the marketplace such as deterrents, problems, complaints, and delays
  • Location
• Methods of generating ideas

  1. Focused Group Discussion (FGD)

  2. Brainstorming

  3. Brainwriting or Internet Brainstorming

  4. Problem Inventory Analysis
• Screening the opportunity


  1. Opportunity screening is the process of cautiously selecting the best opportunity aligned with internal intent, external intent, and risk appetite

  2. Time must be considered by the entrepreneur in screening the opportunities at hand

  3. Detailed elements in a compelling opportunity: Has superior value to customer, Solves compelling problem, issue, a need or a want, Is a potential cash cow, Matches with the entrepreneur’s skills, resources, and risk appetite
• Seizing the opportunity


  1. Pushing through with the chosen opportunity

  2. Innovation is the process of positively improving an existing product or service, key driver for economic growth
• Types of Innovation


  • Breakthrough innovation - establish the platform for future innovations
  • Technological innovation - advancements of existing products or services
  • Ordinary innovation - commonly originating from market analysis and technology pull
• Product planning and development process

  Four key stages: Idea stage, Concept stage, Product development stage, Test marketing stage