Entrepreneurship

• Feasibility Study


  An analysis that takes all of a project's relevant factors into account (economic, technical) to ascertain the likelihood of completing the project successfully
• Goal of a feasibility study


  • Thoroughly understand all aspects of a project, concept, or plan
  • Become aware of any potential problems that could occur while implementing the project
• Business Plan


  A written document that describes in detail how a business - usually a new one – is going to achieve its goals
• Importance of business plans


  • Allow a company to lay out its goals and attract investment
  • Prepared using a scientific approach in determining possible business situations considering the different perspectives of people who are interested in the business
  • The roadmap of the new business
  • The roadmap of the entrepreneur
  • The single written document that must be prepared before opening a new business or expanding an existing business
  • Provides a clear direction to any uncertain business endeavor
• Feasibility study


  Completed prior to the business plan
• Feasibility study


  Helps determine whether an idea or business is a viable option
• Business plan


  Developed after the business opportunity is created
• Differences between feasibility study and business plan

  • Purpose
  • Methodology
  • Risks
  • Cost
• Conducting a feasibility study

  • Product Demand
  • Market Condition
  • Pricing
  • Risk
  • Probability of Success
• Main contents of a business plan

  • Chapter 1: Introduction
  • Chapter 2: Management and Organization Plan
  • Chapter 3: Marketing Plan
  • Chapter 4: Technical and Operational Plan
  • Chapter 5: Financial Plan
• Introduction section of a business plan

  • Proposed name of the business
  • Description of the business
  • Potential worth and importance to the people and community
  • Location of the business
  • Name of the owner or owners
  • Funding requirement and source
  • Key success factors
• Management and organization plan

  • Form and type of business organization
  • Organizational structure/chart
  • Manpower requirements and its duties and responsibilities
  • Salary structure and benefits of employees
  • Policies of the company
• Sole proprietorship


  A business owned by one person who has day-to-day responsibility for running the business
• Advantages of sole proprietorship

  • The owner receives all profits
  • Profits are taxed only once
  • The owner makes all decisions and is in complete control of the company (but this could also be a disadvantage)
  • It is the easiest and least expensive form of ownership to organize
• Partnership


  A business owned by two or more people who share ownership
• Advantages of partnership


  • It is easy to establish (with the exception of developing a partnership agreement)
  • Separate legal status gives liability protection
  • Profits are taxed only once
  • Partners may have complementary skills
• Disadvantages of partnership


  • Partners are jointly and individually liable for other partners' actions
  • Profits must be shared with the partners
  • Decision making is divided
  • Business can suffer if the detailed partnership agreement is not in place
• Corporation


  A business considered by law to be a unique entity, separate from those who own it
• Vertical organization


  • Pyramidal top-down structure, with a CEO, president or owner at the top, a middle section of managers and supervisors, and a bottom section of regular employees
• Horizontal organization


  • Flat structure, with very few managers and more authority granted to rank-and-file employees
• Job description


  An organized factual statement of job contents in the form of duties and responsibilities of a specific job
• Job specification


  A statement which tells us minimum acceptable human qualities which helps to perform a job
• The organizational plan must show the total estimated monthly and annual salary requirements of the business, including mandatory benefits like the employer's contributions to the Social Security System (SSS), Pag-Ibig, and Philhealth
• The organizational plan must include the company's policies
• Neogene


  Era that gives rise to early primates, such as the early human
• Charles Darwin


  English naturalist who, in the mid-1800s, developed a theory of how evolution works
• Founder's effect

  A small portion of the population leave the area and form a new gene pool
• Cambrian explosion

  The beginning of life as shown by the sudden abundance of complex organisms with hard parts in the fossil record
• Genetic Engineering


  The simple addition, deletion, or manipulation of a single trait in an organism to create a desired change
• Cambrian Period


  The period in which the Paleozoic era began
• G.M.O


  A plant, animal or microbe in which one or more changes have been made to the genome, typically using high-tech genetic engineering, in an attempt to alter the characteristics of an organism
• Ancient life


  Paleozoic era is derived from the Greek term
• Trans


  Means 'crossing from one place to another'
• Archean


  The eon in which the atmosphere contained mostly methane and little to no oxygen
• Microbes


  The earliest life form on earth
• Genus


  A group of closely related species
• Archean Eon


  The eon in which the first organism existed
• Ecology


  The branch of biology that studies the relationship among organisms
• Adaptation


  An inherited trait that increases an organism's chance of surviving and reproducing in its environment
• Gene flow


  A change in the gene pool due to movement of organisms (migration)