Mesiah

• Entrepreneur


  The owner of a business who invests his/her resources to bring an idea to life, setting the direction that transforms that idea into reality, thus providing and gaining value that balances effort, purpose and profit
• Components of an Entrepreneur

  • Owner who invests resources
  • Commitment
  • Brings an idea to life
  • Competency
  • Setting direction
  • Making things happen
  • Coordination
  • Adding value
• Entrepreneurs entail risk-taking, hence, a person can be an entrepreneur if he or she has reasonable risk appetite, not just any risk but calculated risk-taking
• The idea may or may not be coming from the entrepreneur, but turning an idea into revenue maximization entails defining the best options
• Entrepreneurs need to get quality information and make choices from these pieces of information, mindful of heuristics as well as biases in decision-making
• Entrepreneurs need to ensure all the interdependent elements are in harmony to attain defined goals
• Entrepreneurs need financial understanding that the reward of entrepreneurship needs to be much higher than putting cash in high-yielding financial investment, such as preferred shares with guaranteed dividends
• Innovator


  A person who introduces either a new process, product, service, or business model to the marketplace that becomes commercially successful
• Elements of Innovation


  • New & Commercial Success
• Inventor


  A person who creates something new but has not attained commercial success
• Entrepreneurship is the key to a healthy economy
• Entrepreneurship is both success and failure
• For an entrepreneur, a business plan is not enough; it is important to determine if the personal goals of partners fit so the business proceeds in one direction and focus
• Entrepreneurs should be comfortable with certain levels of ambiguity in for siblings and spouses
• Wealth Conversion Principle
• Key Factors to Successful Entrepreneurship
• Gatekeepers of the 4-Gate Model
• Success Story: Butch Salvador was broke and had Php10 left, just enough to make photocopies of his business leaflet. He knew a car repairman and uses the parking lot of a mall for prospecting and left his marketing leaflets on windshields of ten cars with dents, which clearly needed some repair. He decided on this strategy due to lack of resources. One out of ten came and the next customer saw them repairing car dents outside the car owner’s house. From this, Car Magic was born
• Success Story: Kenneth Cobonpue was encouraged by his mother (who was already in the furniture business) to build his own toys when he was a child
• Mindset is about beliefs. That being an innopreneur is better than being just an entrepreneur. One must have a mindset to find a novel differentiation or Unique Selling Proposition (USP) that solves a real problem, by not selling the same thing as everybody else. That it is possible to earn dollars not just as an OFW but as an exporter
• Market is a set of buyers that an entrepreneur focuses attention on. It also includes the channel where the target market can see what is being offered
• It is possible to earn dollars not just as an OFW but as an exporter
• GATE 2: MARKETING (CQ- CREATIVITY QUOTIENT: THE CAPACITY TO INNOVATE)
• Market


  A set of buyers that an entrepreneur focuses attention on. It also includes the channel where the target market can see what is being offered
• Market


  • AHEAD tutorial focused on students doing well instead of students having low grades when they started. By focusing on achievers, they were able to change perception, gained status and made tutorials something students looked forward to
• Message


  Brand positioning that will be communicated to persuade a target customer to buy
• Message


  • Iphone vs Myphone
• GATE 3: EXECUTION (EQ- EMOTIONAL QUOTIENT: THE CAPACITY TO SENSE AND TO EMPATHIZE)
• Machinery


  An organizational structure that can deliver the value planned; hence, the organizational structure can only be identified after the value proposition is formulated
• Methods


  Systems and processes that allow the entrepreneur information and control
• Management Skills


  The ability to carry out the plans through people, rewards, and leadership
• GATE 4: SELF-LEADERSHIP (AQ- ADVERSITY QUOTIENT: THE CAPACITY TO RECOVER AND MAKE PROGRESS)
• Adversity faced by Billionaire Jack Ma, founder of Alibaba


  • Failed primary test twice, failed three times in middle school, rejected 10 times by Harvard, rejected 30 times in job applications, rejected by KFC and police job but persisted and kept improving
• Moving forward


  Having the grit to continue the business despite obstacles
• Mission


  About purpose or the reason why the business exists beyond making a profit
• Mission


  • USLT providing hundreds of scholarships to students
• Mastery


  Building capabilities, knowing the self, the environment as well as the operations
• 12 MS OF SUCCESSFUL ENTREPRENEURSHIP

  • Preparation
  • Marketing
  • Execution
  • Self-Leadership
  • Commitment
  • Money
  • Mindset
  • Machinery
  • Moving Forward
  • Coordination
  • Model
  • Market
  • Methods
  • Mission
  • Competency
  • Mentors
  • Message
  • Management Skills
  • Mastery
• 3X4 ENTREPRENEURSHIP KEY FACTOR MATRIX


  • Market
  • Methods
  • Mission
  • Management Skills
• 4 CAPACITIES NEEDED BY ENTREPRENEUR

  • Risk appetite
  • Sensemaking
  • Customer-Focus
  • Initiative
  • Influence
  • Adaptability
  • Grit