GEC 208 – THE ENTREPRENEURIAL MIND (REVIEWER)

Module 1 – Introduction 1. Conceiving ideas of business

Entrepreneur (Person) – derived from the French root 2. Estimation of details
“entreprendre”, meaning to begin something and to 3. Supervision
undertake. Person responsible for setting up a business 4. Innovation
or an enterprise.
Entrepreneurship (Process of action) – science of Distributive Functions – entrepreneurs organize
converting processed ideas into a different factors of production and sets them to work.
remarkable business venture. Module 2 – Recognizing Market
Enterprise (Object) – a business or company; project Factors to Consider New Entrepreneur
that is especially difficult, complicated or risky. 1. Know product or service.
2. Analyze the market potentials.
Entrepreneurial Competencies 3. Determine market strategy.
1. Locus of Control - person agreed that their actions 4. Know the competitors.
can directly affect a situation or that they can control a 5. Do not set on your laurels.
result.
2. Specific Goal Settings – goals are SMART. Factors in Choosing Locations looked by
3. Self-Efficacy – believe in own ability or self- Entrepreneur
confidence. 1. Rent and space
4. Need for Achievement 2. Terms of Lease Agreement
5. Layers of Competency 3. Types of Goods or Merchandise
6. Ambition - must be motivated, persistent, and 4. Income Level of Prospective Customer
persevere even in the face of situational challenges. 5. Prospective Sales Volume
7. Willingness to learn 6. Municipal or City Ordinances including taxes and fees
8. Strong initiative 7. Location of the Area
9. Adaptability and flexibility
10. Willingness to take risks SWOT Analysis - Opportunities carries with it some risk
11. Interpersonal skills involved and this should be look into carefully. The
strengths and weaknesses are internal factors to the
Industry-Wide Competencies Work Competencies entrepreneur while the opportunities and threats are
1. Networking/collaboration external factors.
2. Creative/Critical thinking
3. Organizing Value Proposition - refers to the value a company
4. Checking, examining, and recording promises to deliver to customers should they choose to
5. Planning buy their product.
6. Business Principles
7. Computer Competencies Templates
8. Workplace Competencies 1. Geoff Moore’s Value Positioning Statement
9. High-Growth, High-Value Entrepreneurship 2. Venture Hacks’ High Concept Pitch
10. Innovation and creation 3. Steve Blank’s XYZ
11. Marketing 4. Vlaskovits & Cooper’s CPS
12. Business Operations 5. Dave McClure’s Elevator Ride
13. Risk assessment and management 6. David Cowan’s Pitchcraft
14. Financial management 7. Eric Sink’s Value Positioning
15. Problem solving and decision-making
Module 3 – Developing a Business Plan
Qualities of an Entrepreneur Levels of Product
1. Disciplined 1. Tangible Product - basic physical appearance which
2. Confidence can be an idea having precise specifications and is
3. Open-minded offered under a given/specified description or a model
4. Self-starter number.
5. Competitive 2. Augmented Product – image and service features
6. Creativity 3. Generic Product – impact of product to consumers
7. Determination
8. Strong people skills Types of Product
9. Strong work ethic 1. Goods – physical products from manufacturers to
10. Passion consumers.
Durable Goods – product used over long period of time.
Risk-Bearing Function – important and specific Non-Durable Goods – product that is easily consumed.
function of entrepreneur that every business involves 2. Services – intangible product that can be measured
amount of risks. in future preference.
Rented-goods service – rented facility of seller
Administrative and Decision-Making Functions Owned-goods service – repair and maintenance service
Non-good service – expertise and profession of seller 3. Our crab mentality
4. Our manana habit
Consumer Products - These are goods and services 5. The value of time
destined/produced for the final consumer for personal, 6. Our values of hiya
family, or household use. 7. Fiesta and social occasions
1. Convenience Products – purchase with a minimum
or less effort Market Analysis - quantitative and qualitative
Staples – low priced item purchased on regular basis assessment of a market ability to respond positively that
Impulse – item consumer does not plan to buy looks into the size of the market both in volume and in
2. Shopping Products - products that the consumers value.
acquire through further knowledge and information in Activities:
order to make final purchase decision. 1. Demographics and Segmentation
Attribute-based shopping products – provide customers Demographics – statistical characteristics of human
with information and evaluate product factors. population.
Priced-based shopping products – enable customers to Segmentation – process of dividing into segments.
judge product attributes and look around for least 2. Target Market – focused within market.
expensive item. 3. Market Need
3. Specialty Product – item where customer is loyal. 4. Competition – determine competitor’s positioning and
describe its strength and weakness.
Tips in Choosing Business Name
1. Easy to Recall or Remember Examples of Barriers
2. Pleasant Meaning Creates Pleasant Feeling 1. Investment
3. Easy to Pronounce 2. Technology
4. Easy to Spell 3. Brand
5. Relates to the Product 4. Regulation
5. Access to resources
Product Life Cycle – it describes a product’s sales, 6. Access to distribution channels
profits, customers, competitors, and marketing 7. Location
emphasis from its beginning until is removed from the
market. Module 5 – Marketing Mix in the Development of
Marketing Strategy
Stages of Product Life Cycle Marketing Mix - set of marketing tools that the firm uses
Stage 1. Product Development - the company must to pursue its marketing objectives in the target market.
think of a new product - a modification, creation, and 4Ps of Marketing Mix – Product, Price, Place, Promotion
innovation of an existing product which makes product 7Ps of Marketing Mix – Product, Price, Place, People,
more meaningful to the customer. Process, Physical Evidence
a. Ideas Generation - searching and looking for a new
product or business opportunities. Ps OF MARKETING MIX
b. Idea Screening - 1. Product - tangible or intangible item that is built or
c. Concept Testing produced to satisfy the needs of a certain group of
d. Business Analysis people.
e. Product Development 2. Price - amount that the customer pays for them to
f. Test Marketing satisfy.
g. Commercialization Market penetration pricing – It is a pricing strategy
Stage 2. Introduction – objective is to generate where the price of a product is initially sent low torapidly
customer interest. reach a wide fraction of the market and initiate word of
Stage 3. Growth – objective are to expand distribution mouth.
and range of available product alternatives. Market skimming pricing – It is a pricing strategy in
Stage 4. Maturity which a marketer sets a relatively high initial price for a
Stage 5. Decline product or service at first, then lowers the price over
time.
Module 4 – The Market Neutral pricing -Generally a default strategy to minimize
Tips in Identifying Market Problem the role of pricing in the marketing mix, not utilizing price
1. Focusing only on innovation and the competition to gain or restrict market share.
2. Focusing only on customers 3. Place - position and distribution channel of the
3. Focusing only on revenue product to make it accessible to the potential buyers.
4. Stated vs. Silent Market needs Intensive distribution –distribution on a large-scale and
displaying the product in as many ways and places as
Factors in Determining Economic Growth possible so that the customer sells in high volume due
Filipino Values and Culture to large scale distribution.
1. Love for the Imported Goods Exclusive distribution – It is an agreement between
2. Our value of “bahala na” supplier and retailer that grants the exclusive rights
within a specific geographic area to carry the supplier’s
product.
Selective distribution – It is a retail strategy that involves
making a product or group of products available only in
certain markets.
Franchising – An agreement where one party (the
franchiser) grants another party (the Franchisee) the
right to use its trademark or trade-name as well as
certain business system and processes, to produce and
market a good or service according to certain
specifications.
4. Promotion - it can boost brand recognition and sales
that comprises the various elements like sales
organization, public relations, advertising, and sales
promotion.
Sales Organization – concerned with distribution of
goods or services that may be produced by the
organization itself or may be purchased from
manufacturers for resale.
Public relation – It is the practice of deliberately
managing the release and spread of information
between an individual or an organization and the public
to generate awareness and positive responses to
products and services of the business.
Advertising – It is the activity or profession of producing
advertisements for commercial products or services.
Sales promotion – It is the process of persuading a
potential buyer to buy the product designed to be used
as a short-term tactic to boost sales.
5. People - They are the employees who do the work,
produce the product, and the ones who deliver the
product or services.
6. Process - flow of activities or mechanism that take
place when there is an interaction between customers
and the businesses.
Technological Process – process of creating tangible
products.
Electronic Process – use of receipt or barcodes or other
methods of information about a product.
Direct Activities
Indirect Activities
Mixing Process - Processes in something as a tool to
create something enormous or monumental.
Concepts Related to Process
1. Workflow – movement of information or tasks for
material from one participant to another.
2. Business Process Reengineering – BPR, enhance or
improve the effectiveness of the organization along with
its productivity.
3. Business Process Management – BPM, discipline
which has a mix of different business activities and their
flows and which strives to support the vision and
mission of business within.
4. Total Quality Management – TQM, sought in order to
improve quality of product.

7. Physical Evidence - It pertains on how a business

and its products are perceived in the marketplace. It is
the physical evidence of a business’ presence and
establishment.