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• There is saying the goes: "Necessity is the mother of all inventions"
• In 1946, Donovan designed a lea-proof diaper cover from shower curtains
• The capiz shells are ordinary shells
• Economics grow because there are entrepreneurs who make new products,
• PECs stands for Personal Entrepreneurial Competencies.
• PECs represent this set of entrepreneurial characteristics
• a successful entrepreneur is always on the go
• Needs in business are important things that every individual cannot do without in a society
• Wants are desires
• Examples of wants are luxurious cars, expensive jewelry, perfume.
• Both needs (essentials) and wants (nonessentials)
• Examples of need

  • Housing
  • Utilities
  • Food
  • Healthcare
  • Clothing
• Wants

  • TV (television)
  • Smartphone
  • gaming consoles
  • Expensive cars
  • Jewelry
• The 50 30 20 budget rule
• identification

  • 50% on needs
  • 30% on wants
  • 20% on saving and debt
• Environmental scanning is defined as a process of gathering analyzing, and dispensing information.
• External environment in the community can be viewed according to its technological, political, legal, environmental, economic, and social aspects
• SWOT stands for strength, weaknesses, opportunites, and the Threats
• SWOT is subjective
• Concepts development is a critical phase in the development of a product.
• Innovation is the introduction of something new in your products or services
• USP (unique selling Proposition)
• Unique selling proposition would be using phrases like "new and improved"
• The online graphic design platform Canva