ENTREPRENEURSHIP world.

Simply put, entrepreneurship is

the willingness to start a new business.
1. Concepts and principles of
Entrepreneurship
Core principles of entrepreneurship
2. Career of entrepreneurs and
Know Thyself
core competencies
 Understand your strengths,
3. Forms of business
weaknesses, and your blind
4. Business Plan: importance and
spots.
major sections
 Find your passion, search for
5. VGMO
ideas that set your imagination
6. Business Model
soaring.
7. Environmental Scanning
 Continue learning new skills
which will be relevant to your
prospective venture.
ENTREPRENEURSHIP
Refers to the process of creating a
Core the Right Business
new enterprise and bearing any of its
risks, with the view of making the  Allocate your energy, time &
profit. resources to a business likely to
generate good returns.
CONCEPTS OF  Do a lot of research, gather
ENTREPRENEURSHIP facts and talk to experts.
Concept 1  Have clarify with respect to the
An entrepreneur is an individual who competition; understand the
creates a new business, bearing most market size and the share you
of the risks and enjoying most of the can acquire over time.
rewards. The entrepreneur is
commonly seen as an innovator, a You are only as good as the people
source of new ideas, goods, services, around you
and business/or procedures.  Assemble a team of
complementary individuals that
Concept 2 collectively have all the key
Entrepreneurship is the act of setting skills required to execute on the
out on your own and starting a idea.
business instead of working for  Provide high-frequency
someone else in his business. While feedback to drive continuous
entrepreneurs must deal with a larger performance improvements.
number of obstacles and fears than  Connect with external
hourly or salaried employees, the stakeholders that are vital to
payoff may be far greater as well. your success – customers,
suppliers, investors, advisors,
Concept 3 industry, experts, etc..
Entrepreneurships refer to the concept
of developing and managing a Build a winning culture
business venture in order to gain profit  Define your organizational
by taking several risks in the corporate culture, make it explicit &
constantly reinforce it.
  Culture is a living organism that make sure the positives are
requires constant monitoring greater than the negatives.
and shaping.
 Culture is a tool that inspires & Have deep empathy
motivates your team to achieve  Empathize with the people you
goals that may have been interact with to build a profitable
perceived as impossible. and sustainable business.
 Understand the world as it is,
Define the Key Metric that matters the and not according to how you
most would like it to be.
 Energy and resources need to  Listen to people; understand
be channeled in the right your customers by putting
direction to maximize the odds yourself in their shoes.
of success.
 Define the metric and specify Experiment in stages
the right ways to measure  Experiment: Try differentiating
performance. yourself from competitors and
 Choose one primary metric and add value to your customers in
update it as the organization a unique way.
evolves into different maturity  Learn: Understand the impact
stages. of your hypothesis and evaluate
it objectively.
Accurately assess capital  Adjust: Refine your hypothesis
requirements based on the learning.
 Assess how much capital is  Scale: Grow what works, and
required by running multiple prune out what doesn’t.
scenarios: best, bad & worst.
 Know what type of business What’s next?
you’re in. If you want to get  Ensure that you make the right
investors, understand risks & decisions along the way while
effects on stakeholders. keeping in mind your long-term
 If you raise money from friends vision.
and family, be realistic about  Write a journal to introspect and
how you communicate risks and gain perspective on how you
anticipate the consequences of are progressing and dealing
not meeting your financial with the challenges you face.
objectives.  Regularly think of your exit
strategy. Do you plan to sell the
Use the right incentives company, pass it on to next
 Aim for the right balance based generation or go public?
on the behaviors you would like
to encourage.
 Incentives can create or destroy Comparative representation
value – use them wisely.
 Think of all the unforeseen
downsides it can generate &
 6. Production plan
7. Marketing plan
8. Financial plan
9. Appendix

Introduction
Components
 Proposed Business Name
The three types of business  Business Address
operations are:  Name of Owner/s
1. A services busines is a  Business Description
business that sells services.  Location
2. A merchandising business is  Finding requirement and source
a business that sells goods
purchased for resale. Proposed name of the business
3. A manufacturing business is The proposed business name must
a business that sells goods that 1. Reflect the business identity
it has produced. and image,
2. Promote the philosophical
BUSINESS PLAN values and culture that the
Is a written document describing the business values the most,
nature of your business, detailing your 3. Profess the brand identity of the
sales and marketing strategy, and the product, and
financial background. 4. Attract of influence the target
consumers.
Why the need for a business plan?
A business plan is a roadmap. Name of the owner/s
 Checks if the business will The name of the owner must be
actually make money. properly stated. In a sole
 Identifies and validates proprietorship, there is only one owner.
assumptions of the business. In case the venture is a partnership,
 Identifies and mitigates risks. the names of the partners, including
 Identifies the required the extent of their liabilities, must be
resources. indicated. For example, if a partner’s
 Turns V-M-G into action. contribution takes the form of a
 Communicates vision to all service, a description like industrial
concerned. partner or limited partner must be
 Keeps the business on track – properly mentioned.
forms the basis of review.
For business ventures that will operate
Major parts of a business plan as a corporate entity, the names,
1. Introduction nationalities, and addresses of the
2. Executive summary incorporators must be given.
3. Environmental analysis Incorporators are persons who
4. Business description originally formed the corporation.
5. Organizational plan
Description of the business  Funding Requirement and
Products Source of Funds
Services Business Plan
 Major part of a business plan
Vision, Mission, Goal after the introduction
 Birds-eye view of all the
Business Location sections of a business plan
 Proximity to target customers.  Written in simple language.
 Proximity to sources of  Attracts the attention and
materials, labor, and utilities influence the decision of the
 Availability and cast of reader.
transportation.
 Peace and order situation. Components of the Executive
 Presence of direct competitors Summary
 Geographic and climatic Investors, creditors, and other
conditions. significant parties usually proceed to
the details of the business plan once
Funding requirement and source they find the executive summary
The estimated total initial cost of the interesting, convincing, and worthy of
business venture must be clearly further reading. Although there is no
indicated. It should include the standard format as to its sections and
projected breakdown or allocation of contents, the executive summary must
the total cost. include the following sections:
1. Vision, mission, goals, and
e.g., how much will be for building, objectives of the busines
fixtures, equipment, supplies, and 2. Business model
working capital. 3. Business and product position
4. Wealth improvement
This section also presents the source approaches
or sources of funds. The initial cost of 5. Parties supporting the business
the investment may be provided solely
by the owner or owners or partly by the Difference between Vision and
owner and creditors. The estimated Mission to Ensure Holistic Growth
period to settle the funding source Mission Vision
provided by creditors must also be
 The current state  Desired position
mentioned.
and how to go of the business
about achieving in the future
Cover Page  Is focused on the  Is a description
 Business Name how of the why
 Address  To be used as a  Not to be used
 Owners management tool for the daily
 Is to inform the operation of the
Introduction employees company.
 Description of Business  Is usually bigger  Is to motivate the
 Location than vision employees
 Statement is
usually shorter.
Sample 1 THE BUSINESS MODEL
Defines the perspective of the
business in terms of its structure,
production, operation, and financial
activities that will lead to the
achievement of the VMGO.

There is no standard model that will

exactly fit all types of businesses
because they have different strengths
and weaknesses, infrastructures,
networks, and value propositions.
Goals vs. Objectives
Although the terms “goals” and The business model must basically
“objectives” are often used reflect certain innovations that will
interchangeably, there is a difference indicate the competitiveness of the
between them: business in the industry.
Goals Objectives
It must define how the business gives
 General  Specific
 Intangible  Measurable importance to its relations with
 Broad  Narrow customers, creditors, suppliers, and
 Abstract  Concrete internal human resources.
 Strategic  Tactical
Business Model Canvas

Remember..
Specific
S What do you want to do?

Measurable
M How will you know when
you’ve reached it?
Achievable
A Is it in your power to
accomplish it?
Realistic
R Can you realistically achieve
it?
Timely
T When exactly do you want to
accomplish it?