week 2

• The Entrepreneurial Process


  A step-by-step procedure in establishing any kind of business
• The Entrepreneurial Process


  • Opportunity spotting and assessment
  • Developing a business plan
  • Determining the capital needed
  • Running the business
• Scanning the Marketing Environment


  • starting point
  • understanding and knowing the intricacies of the macroenvironment, microenvironment, and internal environment
• Scanning the MARKETING environment

  • entrepreneur can recognize various opportunities and understand the arena where then future business will operate
• 
  

  • The process of seeking, screening, and seizing is adapted to create the most suited product or service for an opportunity
  • The general rule is to find the opportunity first before coming up with a new product or service, not the other way around.
• Opportunity

  can become a commercial product or service in the future
• Seeking Opportunity

  The first step and the most difficult one in Opportunity Spotting and Assessment
• Essentials of Opportunity Seeking


  • Entrepreneurial Heart Flame
  • Entrepreneurial Mind Frame
  • Entrepreneurial Gut Game
• Entrepreneurial Heart Flame

  • emotional intelligence or EQ
  • entrepreneurs' efforts to nurture relationships with customers, employees, and suppliers-
• Entrepreneurial Heart Flame


  • entrepreneur also looks after the interests of his people by motivating and encouraging them to be the best
  • creates caring culture
• Entrepreneurial Mind Frame


  Allows the entrepreneur to see things in a positive and optimistic light amidst crisis
• Entrepreneurial Gut Game


  • ability of the entrepreneur to sense without using the five senses. This is also known as intuition
  • connotes courage or, in the local dialect, "lakas ng loob" (strong intestinal fortitude)
• Macro-environmental

  • looking at the big picture and noticing emerging trends and
• STEEPLED


  A mnemonic for sociocultural, technological, economic, environmental, political, legal, ethical and demographic factors. This represents the general environment where the entrepreneur can identify business opportunities from
• Sociocultural factors


  • general view of a locality's traditions, customs, beliefs, norms, and perception.
  • Includes health consciousness; attitude towards imported goods/ services; attitude towards saving, investing and borrowing; and religion and beliefs
• Technological factors

  • innovations of an existing technology.
  • entrepreneur invests in new technologies but not limited to advanced machineries/ equipment, new systems, and processes
• Economic factors


  • (income, expenses, resources) directly affect any business venture.
  • Entrepreneurs need to achieve equilibrium on both supply and demand
• Environmental factors

  desire not only for profits but also to save the planet and prolong lives
• environmental factors

  
  

  We can observe that restaurants are no longer using straws to curb their carbon footprint. Establishments are advocating the use of Eco bags instead of the usual plastic bags. Many are encouraging people to use tumbler instead of plastic cups. We can also see advocates of banning single-use plastics. All of these are geared towards a better, greener world
• Political factors


  • government policies and administrations
  • defines the governance system of the country or the local area of business
• Legal factors


  • laws and regulations that can restrict or allow business activities.
  • IATF notified businesses that may (skeletal or full capacity) or may not operation
  • business must acquire necessary permits, licenses and approvals
• Ethical factors


  • entrepreneur's guide in morally running the business
• Ethical

  Advertising and sales practices are taken into account that's why prior television ads have to be ethical. Movies are rated by MTRCB so that customers are aware and protected. Accepted accounting standards must be followed. Sales must be completely reported to avoid tax problems
• Demographic factors


  • characteristics of the people. Includes population; age distribution; gender; social classes; and family size
• Demographic factors

  A growing population needs a greater supply of prime commodities (rice, fruits, vegetables, electricity, water)
• Legal factors


  Laws and regulations that can restrict or allow business activities
• Ethical factors


  Serve as an entrepreneur's guide in morally running the business
• ethical

  Movies are rated by MTRCB so that customers are aware and protected
• Demographic factors


  Characteristics of the people
• Demographic factors


  • Population
  • Age distribution
  • Gender
  • Social classes
  • Family size
• Industry


  • source of current trend on what is happening in the industry
• New discovery or new knowledge


  New trends that can be the core business model of a new venture (e.g. E-wallets)
• Futuristic opportunities


  • new opportunities that can possibly affect the new business
• Micromarket


  • specific target market segment of an enterprise
• Needs


  • Basic reasons/minimum requirements consumers look
  • necessary
• Wants


  Specific manifestations of needs
• Demands


  Wants backed by purchasing power
• Demand can increase or decrease depending on the purchasing power of an individual
• Before the customer is won over, there is first a battle for the mind. Next, there is a battle for the heart. Finally, there is a battle for the wallet
• Competitors can also be another source of opportunity. Entrepreneurs can innovate their existing products/services and competitively position these after