Entrepreneur Reviewer

• Entrepreneurship


  A proactive process of developing a business venture to make a profit. It involves seeking opportunities in the market, establishing and operating the business out of the opportunity and assessing its risks and rewards through close monitoring of the operations.
• Entrepreneurship


  A science of converting processed ideas into a remarkable business venture.
• Entrepreneurship


  A capacity for innovation, investment and expansion into new market, products and techniques.
• Competency


  Capability, capacity and ability of the learner in handling situations in various areas in business operations such in marketing, management, production or technical and financial.
• Entrepreneurial Competency: Locus Control


  Entrepreneur must learn how to determine the state to which a person agreed that their actions can directly affect a situation or that they can control a result.
• Entrepreneurial Competency: Specific goal setting

  Entrepreneurs must be motivated to set goals, particularly business growth objectives, have been found to increase firm growth resulted in the firm performance and innovation.
• Entrepreneurial Competency: Self-efficacy


  Entrepreneurs must believe in their own ability or self-confidence.
• Entrepreneurial Competency: Layers of competency

  Entrepreneurs should know the group of attributes, some of which are applicable for all entrepreneurs, while others are occupation or industry specific. It refers to different levels or stages of proficiency or skill in a particular area. It suggests a hierarchy or progression in mastering a skill, with individuals advancing through various layers as they become more proficient.
• Entrepreneurial Competency: Need for achievement

  Entrepreneurs must have a high need for achievement take responsibility for outcomes.
• Entrepreneurial Competency: Ambition


  Entrepreneurs must be motivated, persistent and persevere even in the face of situational challenges.
• Entrepreneurial Competency: Willingness to learn


  Entrepreneurs should have a strong willingness to learn often pursue opportunities to acquire new skills and competencies.
• Entrepreneurial Competency: Strong initiative

  Entrepreneurs must have a high initiative are often driven to work hard. They frequently work independently to achieve task master, regardless of the extra effort necessary to do so.
• Entrepreneurial Competency: Adaptability and flexibility

  Entrepreneurs must learn how to be highly a flexible and adaptable often deal very well with a unique adaptability to choose actions even without all necessary information.
• Entrepreneurial Competency: Willingness to take risks


  Not only are successful learners willing to take consequences, they can also identify and calculate risks. They are skilled at developing new plans and scenario.
• Entrepreneurial Competency: Interpersonal skills


  Learners with interpersonal skills have skills of working well with people from different backgrounds.
• Industry Wide Competencies/Work Competencies

  • Networking and collaboration
  • Creative and critical thinking
  • Organizing
  • Checking, examining and recording
  • Planning
  • Business principles
  • Computer competencies
• Factors to Consider of a New Entrepreneur

  • Know your Product or Service
  • Analyze the Market Potentials
  • Determine the Marketing Strategy
  • Know the Competitors
  • Do not set your laurels
• Business Plan


  Also called a venture plan, a step-by-step guide that will assist you in realizing your business idea.
• Environmental Scanning


  The environment of business is vast with opportunities and the entrepreneur must have a greater look into this potential as well as the conditions prevailing in the community.
• SWOT Analysis


  A tool in determining the profitability of the business operation.
• SWOT Analysis: Strength and Weaknesses (SW)

  • Internal
  • Controllable
• SWOT Analysis: Opportunities and Threats (OT)

  • External
  • Uncontrollable
• Basic Phases of Business Plan

  • Marketing and Distribution Study
  • Production and Technology Study
  • Financial Management
• Micro Business Plan


  Used to assess, examine and analyze the viability or feasibility of the study.
• Micro Business Plan Components

  • Executive Summary
  • Marketing plan
  • Operations plan
  • Financial plan
• Identify Market Problem


  • Existing customers
  • Prospects
  • Target market users
• Problem-Identified Research

  • Brand Image
  • Market Characteristics
  • Market Potential
  • Market share
• Problem-solving Research


  • Distribution Research
  • Market Segmentation
  • Pricing Research
  • Product Research
  • Promotional Research
• Market Analysis


  • Demographic and Segmentation
  • Target Market
  • Market Need
  • Competition
• Levels of Product: Tangible products (Actual)


  Basic physical appearance which can be a service or idea having precise specifications and is offered under a given/specified description or model number
• Levels of Product: Augmented product


  Includes the image and service features of a certain entity. It gives on the intangible benefits that the customer will be getting from buying the product.
• Levels of Product: Generic product (Core)


  Emphasizes the impact of the product to the consumer, not the seller. This will signify the purpose of its existence and the primary objective in creating the product.
• Types of Products


  • Tangible products: Durable goods, Non-durable goods
  • Services: Rented-goods services, Owned-goods services, Non-goods service
• Types of Consumer Products

  • Convenience Products: Staples, Impulse
  • Shopping products: Attribute-based shopping products, Price-based shopping
  • Specialty Products
  • Unsought products
  • Industrial Products: Accessory equipment, Raw materials, Industrial or operating supplies
• New Product Development Process

  • Internal: Looks at the company's objectives and resources
  • External: Looks at the customer's needs and wants
• Product Satisfying Features


  • Design
  • Product colors
  • Product quality - features and attributes of a product or service
  • Product warranties - state where buyer is assured that the product meets the specifications stated in the product
• Establishing Products and Services

  • Branding
  • Packaging
  • Labeling
  • Product support service
• Tips in Choosing the Business Name

  • Easy to recall or remember
  • Pleasant meaning creates pleasant feelings
  • Easy to pronounce
  • Easy to spell
  • Related to the product
• Product Life Cycle


  Describes a product's sales, profits, customers, competitors, and marketing emphasis from its beginning until it is removed from the market.
• New Product Planning Process

  • Idea generation
  • Idea Screening
  • Concept Testing
  • Marketing strategy and Development stage
  • Business Analysis
  • Product Development
  • Test Marketing
  • Commercialization