entrep

• The word "entrepreneur" was derived from the French verb enterprendre, which means "to undertake."
• Personality Factors which include:

  1. Initiative - doing things even before being told.
  2. Proactive - which means he can classify opportunities and seize it.
  3. Problem Solver - which means he can retain good relations with other people.
  4. Perseverance - meaning he will pursue things to get done regardless of challenges.
  5. Persuasion - means that he can entice people to buy even if they don't want to.
  6. A Planner - he makes plans before doing things and does not fail to monitor it.
  7. Risk-taker - which means that he is willing to gamble but he will calculate it first.
• Environmental Factors which include political, climate, legal system, economic and social conditions and market situations.
• Core Competencies in Entrepreneurship

  1. Economic and Dynamic Activity - Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources.
  2. Innovative - The entrepreneur constantly looks for new ideas, thus he needs to be creative.
  3. Profit Potential - The entrepreneur can be compensated by his profit coming from the operation.
  4. Risk bearing - The entrepreneur needs to gamble but wise enough to offset the risk.
• Types of Entrepreneurs

  • Innovative Entrepreneurs
  • Imitating Entrepreneurs
  • Fabian Entrepreneurs
  • Drone Entrepreneurs
  • Social Entrepreneurs
• Innovative Entrepreneurs


  They are those who always make new things by thinking of new ideas. They have the ability to think newer, better and more economical ideas.
• Imitating Entrepreneurs


  They are those who don't create new things but only follow the ideas of other entrepreneurs.
• Fabian Entrepreneurs


  They are skeptical about changes to be made in the organization. They don't initiate but follow only after they are satisfied.
• Drone Entrepreneurs


  They are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business.
• Social Entrepreneurs


  They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development
• Career Opportunities of Entrepreneurship

  1. Business Consultant - with the expertise of in the field of entrepreneurship, he can be a very good source of advices to other entrepreneurs and would be business men.
  2. Teacher - a graduate of an entrepreneurship can use his knowledge in teaching.
  3. Researcher - the entrepreneur can be employed as a researcher by an enterprise.
  4. Sales - the entrepreneurship graduate can apply as a salesman.
  5. Business Reporter - the entrepreneur being expert in the field, can be employed as a business reporter.
• Entrepreneurial mind frame - This allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situation. Being a risk taker, an entrepreneur can find solutions when problems arise.
• Entrepreneurial heart flame - Entrepreneurs are driven by passion; they are attracted to discover satisfaction in the act and process of discovery. Passion is the great desire of an entrepreneur to achieve his/her goals.
• Entrepreneurial gut game - This refers to the ability of the entrepreneur of being intuitive. This also known as intuition.
• Buyers - are the ones who pay cash in exchange for your goods and services.
• Entrepreneurial process - can be defined as the steps taken in order to begin a new enterprise. It is a step-by-step method one has to follow to set up a business.
• Entrepreneurial ideas - an innovative concept that can be used for financial gain that is usually centered on a product or service that can be offered for money.
• External environment - refers to the physical environment, societal environment, and industry where the business operates.
• Value Proposition (VP) is a business or marketing statement that summarizes why a consumer should buy a company's product or use its service.
• In creating Value Proposition, entrepreneurs will consider the basic elements:

  • Target Customer
  • Needs/opportunity
  • Name of the product
  • Name of the enterprise/company
• Unique selling proposition (USP) refers to how you sell your product or services to your customer. You will address the wants and desires of your customers.
• Market Targeting is a sage in market identification process that aims to determine the buyers with common needs and characteristics.
• Geographic segmentation - the total market is divided according to geographical location.
• Demographic Segmentation - divided based consumers.
• Psychological Segmentation- divided in terms for customers think and believe.
• Behavioral Segmentation- divided according to customers behavior pattern as they interact with a company.
• Entrepreneur's most critical task is to calculate the market size, and the potential value that market has for their startup business. Market research will determine entrepreneur possible customers in one locality.
• Market Research or Marketing Research Process can be defined as the process of gathering, analyzing and interpreting the information about the products or the services to be offered for sale to the potential consumers in the market
• DATA COLLECTION is the most valuable tool in any type of research study. Inaccurate data collection may cause mistakes and ultimately lead to invalid results.
• SURVEYS are the most common way to gather primary research with the use of questionnaires or interview schedule. These can be done via direct mail, over the phone, internet (e.g. Google) or email, face-to-face or on the Web (e.g. Skype or Viber).
• INTERVIEW is one of the most reliable and credible ways of getting relevant information from target customers. It is typically done in person between the researcher/entrepreneur and a respondent where the researcher asks pertinent questions that will give significant pieces of information about the problem that he will solve.
• Personal interviews are the traditional method of conducting an interview. It allows the researcher to establish relationship with potential participants and therefore gain their cooperation.
• Telephone interviews are less expensive and less time-consuming, but the disadvantages are that the response rate is not as high as the face-to-face interview, but considerably higher than the mailed questionnaire.
• FOCUS GROUP DISCUSSION (FGD) - is an excellent method for generating and screening ideas and concepts. It can be moderated group interviews and brainstorming sessions that provide information on user's needs and behaviors.
• The original 4 P's stands for product, place, price and promotion.
• Product refers to any goods or services that are produced to meet the consumers' wants, tastes and preferences.
• Place represents the location where the buyer and seller exchange goods or services. It is also called as the distribution channel.
• price is the value of money in exchange for a product or service.
• Promotion refers to the complete set of activities, which communicate the product, brand or service to the user.
• People are the ultimate marketing strategy. They sell and push the product.