Summary Entrepreneurship

ENTREPRENEURSHIP –Ms.
Vee  Relevance of Entrepreneurship to SHS Students
Chapter 1 Introduction to Entrepreneurship 1. To prepare students for livelihood even before

college.
At the end of the chapter, the student should be able 2. Entrepreneurship education aids students from all
to: socioeconomic backgrounds to think outside the
 discuss the relevance of the course; box and nurture unconventional talent and skills.
 explain the key concepts of common 3. Entrepreneurship develops their initiative and helps
them to be more creative and self-confident.
competencies;
4. It exposes students to numerous opportunities to
 explain the core competencies in learn how to think critically and analyze. Also being
Entrepreneurship; and aware of all the important factors.
 explore job opportunities for Entrepreneurship 5. Students must be exposed to real-world examples
as a career. and learn from their own experience.
INTRODUCTION
Entrepreneurship is the appropriation ad Career Opportunities of Entrepreneurship

management of human physical and financial
resources for the purpose of creating, - Public/ Private Employee and Self- Employed
implementing, and developing solutions that meet • Business consultant
the needs of the individual or society • Teacher
• Research and Development
What is Entrepreneurship? • Sales
• Recruiter
 The act of creating a business or businesses while • Business Reporter
building and scaling it to generate a profit. • Launch a company
 An important driver of economic growth and • Franchising
innovation
 About building a life on your own terms. No bosses,
no restricting schedules and no one holds you back Chapter 2: Development of Business Plan
Concept of Entrepreneurship 2.1. Recognizing, Assessing, and Exploiting
The word “entrepreneur” was derived from the French Opportunities
verb enterprendre, which means “to undertake.” This is At the end of the chapter, the student should be able
pinpointing to those who “undertake” the risk of to:
enterprise.
 explain the process of recognizing, assessing,
and exploiting opportunities;
An entrepreneur is a person who sets up a business
 explain the important factors in opportunity
with the aim to create a new business and make a recognition;
profit.  discuss the different pathways to seizing
opportunities; and
Entrepreneurs are innovators. They are willing to take
 explain the product planning and development
the risks and generate unique ideas that can provide process
profitable solutions to the needs of the market and the
society. LOGICAL & CREATIVE
Entrepreneurship in a modern business  Logical thinking- systematic

 Creative thinking- different perspective
Transforming the world by solving big problems like
bringing about social change or creating an innovative What is Opportunity?
product that challenges the status of how we live our
lives on a daily basis. According to Cambridge Dictionary, opportunity is “a
situation or occasion that makes it possible to do
Core Competencies in Entrepreneurship something that you want to do.”
1. Achievement Cluster-quality From business perspective, an opportunity is “an

2. Planning Cluster- blueprint exploitable set of circumstances with uncertain
3. Power Cluster-business community outcomes requiring a commitment of resources and
involving exposure to risk.’”
Importance of Entrepreneurship
Opportunity Recognition Process
1. Generates new wealth in an economy
2. It creates opportunities 1. Precondition –assess knowledge
3. Entrepreneur creates job 2. Conception- intentions and ideas are generated
4. Decreases poverty 3. Visioning- clear concept
4. Assessment- Assessing A marketing plan is not a static document, It
5. Realization- production of prototype needs to change and evolve as the business grows,
and as new and changing marketing trends develop.
Factors in Opportunity Recognition
1. Market awareness- prior knowledge Steps in Preparing the Marketing Plan

2. Entrepreneurial Readiness- alert and ready a. Assessing the business situation
3. Connections- diversity of networks b. Defining the target market
c. Setting the marketing goals and objectives
Opportunity Pathways d. Developing market strategy and action
programs
1. Rational Approach- systematic procedures
e. Preparing the budget for the action plan
2. Intuitive Approach - recognition of an
opportunity Marketing Mix (7P’s)
Product Planning & Development Process It is a set of controllable and interrelated that company
assembles to satisfy a target group better than its
This section summarizes the development process of a competitor
product from its inception, introduction in the market,
and final decline. 1. Product
2. Place
1. Pre-commercialization Phase 3. Price
 Idea stage- formation of bus. ideas -Pricing Strategies
 Concept stage- refinement of idea • Penetration Pricing
 Product development stage- production of • Skimming Pricing
protorype • Competition Pricing
 Test marketing stage- introduced in market • Product Line Pricing
• Bundle Pricing
2. Commercialization Phase • Premium Pricing
• Psychological Pricing
 Introduction- product launched; sales grow • Optional Pricing
slowly • Cost Plus Pricing
 Growth- sales start to grow rapidly • Cost Based Pricing
 Maturity-sales increase slowly • Value Based pricing
 Decline-sales will fall
4. Promotion
2.2 The Business Plan: Major sections of a Business
-Promotional Mix
Plan
• Advertising
 Define what a marketing plan is ⚬ radio
 Identify the steps in preparing the marketing ⚬ television
⚬ print
plan.
⚬ electronic
 Describe the Marketing Mix ⚬ word of mouth
 Describe the unique selling proposition and ⚬ generic
value proposition that differentiates one’s • Public Relations or PR
product / service from existing products / • Personal Selling
services • Sales Promotions
⚬ free gifts, free sample, free trial,
 Determine who the customer are in terms of
customer contests, special
target market, customer requirements and pricing
market size • Direct Marketing
 Create a marketing plan as part of the business
plan.
5. People
2.2.1 Marketing Plan 6. Packaging (Physical Evidence)
-Five Basic Functions of Packaging
Marketing
• Protection
Marketing is a process through which a product ⚬ natural deterioration
or service is launched and promoted to possible ⚬ physical protection
customers. ⚬ safety
Without Marketing no potential customers ⚬ waste reduction
would be aware of it, sales may collapse and may • Containment
• Information
end the operation of companies.
• Utility of use
• Promotion
What is a Marketing Plan?
A business document outlining the marketing 7. Positioning (Process)
strategy and tactics. a. Functional Positions
b. Symbolic Positions and
c. Experiential Positions
Developing a Brand Name
 Brand Name is a name, symbol, or other feature

that distinguishes a seller's goods or services in
the marketplace.
 Brand strategy is a long-term design for the
development of a popular brand in order to
achieve the goals and objectives.
 Branding is a powerful and sustainable high-
level marketing strategy used to create or
influence a brand.
MARKET RESEARCH
Data Collection- is the most valuable tool of any type of

research study.
Three different data collection techniques:
 Survey
 Interview
 Focus Group Discussion
TO BE CONTINUE…
2.2.2 Organizational Plan
2.2.3. Operations and Human Resources Management
2.2.4 Financial Plan

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ENTREPRENEURSHIP –Ms.

Vee  Relevance of Entrepreneurship to SHS Students

Chapter 1 Introduction to Entrepreneurship 1. To prepare students for livelihood even before

Entrepreneurship is the appropriation ad Career Opportunities of Entrepreneurship

Entrepreneurship in a modern business  Logical thinking- systematic

1. Achievement Cluster-quality From business perspective, an opportunity is “an

1. Market awareness- prior knowledge Steps in Preparing the Marketing Plan

Developing a Brand Name

 Brand Name is a name, symbol, or other feature

Data Collection- is the most valuable tool of any type of

Three different data collection techniques:

2.2.2 Organizational Plan

2.2.3. Operations and Human Resources Management

2.2.4 Financial Plan

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