entrep

• Entrepreneur


  Derived from the French word "enterprendre" meaning "to undertake"
• Entrepreneurs


  • Innovators
  • Willing to take risks
  • Generate new ideas
  • Make unique and profitable solutions to present-day problems
• Factors affecting entrepreneurship


  • Personality
  • Environmental
• Personality factors


  • Initiative - doing things even before told
  • Proactive - classify opportunities and seize it
  • Problem solver - retain good relations with other people
  • Perseverance - willing to pursue things to get done regardless of challenges
  • Persuasion - entice people to buy even if they don't need it
  • Planner - makes a plan before things. Always monitor it
  • Risk taker - willing to gamble, but calculate first
• Environmental factors


  • Political
  • Climate
  • Legal system
  • Economic
  • Social conditions
  • Market situations
• Common competencies of entrepreneurs

  • Decisive - have firm decisions
  • Communicator - must have convincing power
  • Leader - have the charisma to be obeyed by his employees
  • Opportunity seeker - have the ability to be the first to see business chances
  • Proactive - controlling situation by makings things to happen or by preparing for possible future problems
  • Risk taker - have the courage to pursue what is their business idea
  • Innovative - have big business ideas. Does not stop improving worthwhile ideas
• Core competencies of entrepreneurs

  • Economic and dynamic activity - involves creation and operation of an enterprise
  • Innovative - constantly look for new ideas
  • Profit potential - can be compensated by his profit coming from the operation
  • Risk bearing - needs to gamble but wise enough to offset the risk
• Types of entrepreneurs


  • Innovative - always make new things
  • Imitating - don't create new things but only follow the ideas of other entrepreneur
  • Fabian - skeptical. They don't initiate but follow only after they are satisfied
  • Drone - who lives on the labor of others
  • Social - initiates changes in the various fields such as education, health, human rights
• Career opportunities for entrepreneurs

  • Business consultant
  • Teacher
  • Researcher
  • Sales
  • Business reporter
• Entrepreneurial process of creating a new venture


  1. Creation of entrepreneurial ideas

  2. Identification of entrepreneurial opportunities

  3. Opening of entrepreneurial ventures
• Essentials in entrepreneur's opportunity seeking

  • Entrepreneurial mind frame - see things in a very optimistic and positive way in the midst of difficult situation
  • Entrepreneurial heart flame - driven by passion, attracted to discover satisfaction in the act and process of discovery
  • Entrepreneurial gut game - ability of the entrepreneur of being intuitive, aka intuition
• Sources of entrepreneurial opportunities


  • Changes in the environment
  • Technological discovery and environment
  • Government's thrust, programs, and policies
  • People's interest
  • Past experiences
• Competition


  The act or process of trying to get or win something
• Forces of competition model

  • Buyers
  • Potential new entrants
  • Rivalry among existing competitors
  • Substitute products
  • Suppliers
• Opportunity seeking


  Process of considering, evaluating, and pursuing market based activities that are accepted to be beneficial for the business
• Entrepreneurial process


  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
• Essentials of entrepreneur's opportunity seeking


  The basic foundation that the entrepreneur must have in seeking opportunities, such as entrepreneurial mind frame, heart flame and gut game
• Value proposition


  A business or marketing statement that summarizes why a consumers should buy a company's product or its services
• Unique selling proposition


  How you sell your product or services to your customers. You will address the wants and desires of your customers
• KISS (Keep it short and simple)
• Market targeting


  A stage in market identification process that aims to determine the buyers with common needs and characteristics. Prospect customers are a market segment that entrepreneurial ventures intend to serve
• Geographic segmentation


  • Climate
  • Dominant ethnic group
  • Culture
  • Density (rural or urban)
• Demographic segmentation


  • Gender
  • Age
  • Income
  • Occupation
  • Education
  • Religion
  • Ethnic group
  • Family size
• Psychological segmentation


  • Needs and wants
  • Attitudes
  • Social class
  • Personality traits
  • Knowledge and awareness
  • Brand concept
  • Lifestyle
• Behavioral segmentation


  • Perception
  • Knowledge
  • Reaction
  • Benefits
  • Loyalty
  • Responses
• Customer requirements


  The specific characteristics that the customers need from a product or a service
• Service requirement


  Intangible thing or product that is not able to be touched but customers can feel the fulfillment. It includes all aspects of how a customer expects to be treated while purchasing a product and how easy the buying process goes
• Output requirement


  Tangible thing or things that can be seen. Characteristic specifications that a consumer expects to be fulfilled in the product
• Market size


  The approximate number of sellers and buyers in a particular market
• Market research or marketing research process

  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 techniques


  • Surveys
  • Interviews
  • Focus group discussions
• Marketing mix


  A set of controllable and connected variables that a company gathers to satisfy a customer better than its competitor
• Elements of marketing mix

  • Product
  • Place
  • Price
  • Promotion
  • People
  • Packaging
• Positioning


  A process used by marketers to create an image in the minds of a target market
• Brand name


  A name, symbol, or other feature that distinguishes a seller's goods or services in the marketplace
• Branding


  A powerful and sustainable high-level marketing strategy used to create or influence a brand
• Commonly used branding strategies

  • Purpose
  • Consistency
  • Emotion
  • Flexibility
  • Employee involvement
  • Loyalty
  • Competitive awareness
• Exploratory market research


  Obtain information on general attitudes, understand the circumstances under which customers might require your product or service, understand their desired outcomes
• Feature prioritization market research

  If trade-offs have to be made among various customer needs, focus groups can be helpful in prioritizing them