Entrep [4thMastery]

• Entrepreneurial idea


  Leads to the identification of entrepreneurial opportunities, which in turn results in the opening of an entrepreneurial venture
• A business must be firmly established on existing business opportunities, and that there can be no business opportunities in the absence of an entrepreneurial idea
• The owner of an ordinary small business usually opens a business even if there are no business opportunities existing in the community
• Sources of entrepreneurial ideas

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

  • Physical environment (climate, natural resources, wildlife)
  • Societal environment (economic, sociocultural, political, technological)
  • Industry environment (government, competitors, suppliers, customers, creditors, employees)
• As an entrepreneur, you must keenly observe and be vigilant to the reactions of the people to the changes in the external environment
• Technological discovery and advancement


  A good source of entrepreneurial ideas and opportunities
• Government's thrust, programs, and policies


  Good sources of entrepreneurial ideas
• Whenever there are changes in the policies and programs of the government, new entrepreneurial ideas are likely born
• People's interests, hobbies, and preferences


  Rich source of entrepreneurial ideas
• An entrepreneur must be keen in identifying the cycle of interests and trends of his or her target market since these tend to continuously change
• A business venture should be adaptive to the interests and hobbies of the people to protect and sustain the business
• Past experiences and exposures


  Good source of entrepreneurial ideas
• Entrepreneurial character traits grouped into 3 major clusters

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


  • Opportunity-seeker
  • Committed
  • Persistent
  • Risk-taker
  • Efficient and quality oriented
• Opportunity-seeker


  • Sees and acts on new business opportunities
  • Seizes unusual opportunities to obtain financing, equipment, land, work, space or assistance
• Committed


  • Displays full commitment to the work or endeavor
  • Accepts full responsibility
  • Establishes proper coordination
  • Prioritizes customer satisfaction
• Persistent


  • Takes repeated or different actions to overcome obstacles
  • Makes personal sacrifices or exerts extraordinary effort
  • Sticks to own judgement in times of opposition and failure
• Types of risk-takers


  • Aggressive risk-taker
  • Moderate risk-taker
  • Conservative risk-taker
• Efficient and quality-oriented


  • Performs tasks in accordance with standards of excellence
  • Strives to do things better and faster with minimal cost
• Planning cluster


  • Goal-setter
  • Information-seeker
  • Systematic in planning and monitoring
• Goal-setter


  Sets goals and objectives guided by the SMART principle

  
• Information-seeker


  Makes decisions based on specific and relevant economic, financial and industry data
• Systematic in planning and monitoring

  Follows a systematic pattern of planning and monitoring approaches
• Power cluster


  • Persuasive and positive networker
  • Self-confident
• Persuasive and positive networker

  Able to influence and win over stakeholders like customers, suppliers, and prospective creditors
• Self-confident


  Projects a favorable image founded on respect and good deeds in the business community