ENTREP

• Entrepreneurial process of creating a new venture

  1. Creation of entrepreneurial ideas

  2. Identification of entrepreneurial opportunities

  3. Opening of entrepreneurial venture
• Foundational qualities of entrepreneurs

  • Entrepreneurial mind frame
  • Entrepreneurial heart flame
  • Entrepreneurial gut game
• Entrepreneurial mind frame


  Enables a positive and optimistic outlook, aiding in problem-solving during challenging situations
• Entrepreneurial heart flame


  Driven by passion, finding satisfaction in discovery and achieving goals
• Entrepreneurial gut game


  Intuition and self-confidence, believing that goals are attainable
• Sources of entrepreneurial opportunities

  • Changes in the environment
  • Technological discovery and advancement
  • Government's thrust, programs, and policies
  • People's interest
  • Past experiences
• Physical environment


  • Climate
  • Natural resources
  • Wildlife
• Societal environment


  • Political forces
  • Economic forces
  • Sociocultural forces
• Industry environment


  • Competitors
  • Customers
  • Creditors
  • Employees
  • Government
  • Suppliers
• Opportunities from environmental changes


  • Climate changes can inspire innovative business solutions, like offering products suited for both summer and rainy seasons
• Opportunities from technological discovery


  • A machine engine repair expert discovers parts reducing fuel consumption
• Opportunities from government initiatives


  • Prohibition of firecrackers can lead to new product opportunities
• Opportunities from people's interests


  • Rise in Internet Cafés indicates young people's attachment to computers
• Opportunities from past experiences


  • An accountant starts an accounting firm based on learned skills
• Forces of competition model

  • Threat of New Entrants
  • Threat of Substitutes
  • Bargaining Power of Buyers
  • Bargaining Power of Suppliers
  • Rivalry Among Existing competitors
• Buyers


  • The ones paying for goods/services, with factors like price and bargaining power affecting competition
• Potential new entrants


  • Companies or businesses capable of entering an industry
• Rivalry among Existing Firms


  • Competition between businesses in a market
• Substitute Products


  • Products serving similar purposes
• Suppliers


  • Providers of necessary business resources
• Buyer's power


  • Buyer's power is reduced with multiple suppliers or low switching costs
• Deterrents to new entrants


  • High capital requirements deter new entrants
• Intensifying rivalry


  • Marketing strategies like freebies can intensify rivalry
• Substitute products


  • Margarine as a butter substitute due to price increase
• Supplier's impact on competition


  • Unstable supply services intensify competitive threat
• Buyers


  Individuals paying for goods and services
• Competition


  The act or process of striving for success
• Entrepreneurial process


  Steps to establish a new business
• Entrepreneurial ideas


  Innovative concepts for financial gain
• Essentials of entrepreneur's opportunity-seeking


  Foundational qualities like mind frame, heart flame, and gut game
• External environment


  The surrounding physical, societal, and industry factors
• Government


  Local or national governing bodies
• New entrants


  Entities entering an industry
• Opportunity-seeking


  Evaluating and pursuing beneficial business activities
• Rivalry


  Competitive state or situation
• Sources of opportunity


  Ways to identify business opportunities
• Substitute


  Alternative products
• Suppliers


  Providers of needed resources
• Potential market


  The part of the market you can capture in the future, including demographic groups that are not currently your customer but may become your customer in the future
• Target market


  The demographic groups that are identified as potential customers through various surveys