Entrepreneurship

• Entrepreneurship


  The process of creating, developing, and managing a new business venture with the aim of generating profits or creating value
• Entrepreneur


  An individual who creates a new business, bearing most of the risks and enjoying most of the rewards
• Characteristics of an entrepreneur


  • Has an idea
  • Works to create a product or service that people will buy
  • Creates an organization to support the effort
  • Takes on most of the risk and initiative for their new business
  • Is often seen as a visionary or innovator
• Entrepreneurs


  • Small business owners
  • Content creators
  • Startup founders
  • Anyone who has the ambition to build a business and work for themselves
• Functions of entrepreneurs


  • Planning
  • Organizing
  • Making wise decisions
  • Managerial function
  • Innovating
• Making wise decisions


  1. Business objectives

  2. Acquisitions of efficient technology

  3. Machinery and materials

  4. Hiring of personnel

  5. Development of market strategy
• Managerial functions


  • Planning
  • Staffing
  • Directing/leadership
  • Supervision
• Innovating

  1. Creation and promotion of new products

  2. Introduction of new technology and strategies

  3. Identification of new group of customers

  4. Establishment of partnership with other business groups to expand product coverage
• Entrepreneurship


  The process of identifying, creating, and pursuing opportunities to generate value through the creation of new ventures or the improvement of existing ones
• WHAT FACTORS DO YOU THINK ARE NEEDED TO CONSIDER TO STRENGTHEN THE LOVE INSIDE A RELATIONSHIP?
• ANALYZING THE BUSINESS ENVIRONMENT
• Market environment


  The internal and external factors that affect or impact business operations
• Factors that affect the business environment


  • Employees
  • Customer's needs and expectations
  • Supply and demand
  • Management
  • Clients, suppliers
  • Owners
  • Activities by government
  • Innovation in technology
  • Market trends
  • Economic changes
• Importance of understanding the business market


  • Helps to determine the enterprise strengths, weaknesses, opportunities, and threats
  • May lead the path for development and growth
  • Helps in dealing with business problems
  • Helps to analyze the competitors strategies
• Factors influencing business environment


  • Demographic factors
  • Economical factors
  • Geographical and economical
  • Social and cultural environment
  • Political and legal environment
  • Technological environment
• Demographic factors


  Knowing the human population in terms of its size, gender, age, standard of living, and nature of their jobs
• Economical factors


  Factors that cannot be controlled by the entrepreneurs, such as economic level or the financial capacity of consumers, competitive forces, and geographical and economical factors
• Social and cultural environment


  Business practice and approaches are in compliance with social, cultural attitudes and values of people
• Political and legal environment


  Any business environment has to follow legal systems and adapt government-prescribed policies or guidelines
• Technological environment


  Businesses need to keep on updating their products and services to cope with the rapid advancement of technology
• WHY DO WE HAVE TO STUDY THE BUSINESS ENVIRONMENT?
• IN WHAT WAY STUDYING BUSINESS ENVIRONMENT HELPS ENTREPRENEURS IN THEIR BUSINESS OPERATION?
• THE CAPABILITY OF THE CONSUMERS TO PURCHASE THE PRODUCTS
• UPDATING OF NEW PRODUCTS AND SERVICES TO COPE WITH THE RAPID ADVANCEMENT OF TECHNOLOGY
• PHYSICAL FEATURES AND CLIMATE
• GOVERNMENT POLICIES AND REGULATIONS
• POPULATIONS, GENDER, AND AGE
• Personal Entrepreneurial Competencies and Skills (PECS)


  A set of skills and behavior needed to create, develop, manage, and grow a business venture. It also includes the ability to handle the risks that come with running a business.
• Personal Entrepreneurial Competencies and Skills

  • Achievement cluster
  • Planning cluster
  • Power cluster
• Achievement cluster


  • Opportunity seeker
  • Persistent
  • Committed to work
  • Risk taker
  • Demand for efficiency and quality
• Planning cluster


  • Goal setter
  • Systematic planner
  • Information seeker
• Power cluster


  • Persuasion and Networking
  • Self confidence
• Opportunity seeker


  • Seizes unusual circumstances to earn profit
  • Sees even the most negative situations as a good opportunity
• Persistent


  • Strong-willed and determined in reaching goals
  • Always perseveres despite the difficulties
  • "Only those quitters are the ones who fail"
• Committed to work/Hardworking


  • One of the most important characteristics of an entrepreneur
  • It means habitually working diligently for a long period of time
  • Keep on improving their performance to produce good products and/or provide good service
• Risk taker


  • Courageous enough to face business challenges
  • Is not afraid of the changing needs of consumers
• Demand for efficiency and quality


  Not satisfied with just a good work
• Goal setter


  • An achievement oriented person
  • Good in setting realistic goals or target. Must be SMART
  • Make sure to reach his or her target or plans
• Systematic planner


  Assures several back up plans are made to assure the attainment of your goals
• Information seeker


  • Person who continuously seek relevant information/details about the market, suppliers, competitors and trends
  • Go with the flow or trend
  • Continue seeking information on how to improve your products or services