Entrepreneurship

Concepts of beyond his job requirements and to

Entrepreneurship act faster. He is always ahead of
others and able to become a leader in
Entrepreneurship - It is defined as the the field of business.
process of creating
something new whether be it a 2. Sees and acts on opportunities -
product or service that brings value An entrepreneur always looks for and
by takes action on opportunities.
devoting the necessary time and
effort 3. Persistence - An entrepreneur is
considering the financial, psychic and able to make repeated efforts or to
social risks, and receiving the take different actions to overcome an
resulting obstacle that get in the way of
rewards of monetary and personal reaching goals.
satisfaction and independence.
4. Information Seeking - An
What is entrepreneur? To be an entrepreneur is able to take action on
entrepreneur or a businessman how to seek information to help
means someone has to be able to achieve business objectives or clarify
create something new that can offer business problems.
value to its chosen market to be able
to 4. Information Seeking - An
get something in return and convert it entrepreneur is able to take action on
to how to seek information to help
a profitable business. achieve business objectives or clarify
business problems.
Who is Entrepreneur?
1. An entrepreneur is an individual 5. Concern for High Quality of Work -
who An entrepreneur acts to do things
plans, organizes and operates a that meet certain standards of
business excellence which gives him greater
or businesses, taking greater than satisfaction.
normal
financial risks, psychic and social risks. 6. Commitment to Work Contract -
2. He is someone who creates or An entrepreneur places the highest
looks for priority on getting a job completed.
ideas or business then implemented
to 7. Efficiency Orientation - A
become a business. successful entrepreneur always finds
ways to do things faster or with fewer
Entrepreneurial Competencies resources or at a lower cost.
McClelland and McBer (1985)
8. Systematic Planning- An
1. Initiative - The entrepreneur entrepreneur develops and uses
should be able to take actions that go
Entrepreneurship
logical, step-by- step plans to reach markets, and competitive advantages.
goals. It outlines the organization's purpose,
primary customers,
9. Problem Solving - Successful products/services, and geographical
entrepreneur identifies new and location.
potentially unique ideas to achieve ❖Business Core Values
his goals. ❖Aim or Business Objectives

10. Self-Confidence - A successful CHAPTER II

entrepreneur has a strong belief in DESCRIPTION OF THE BUSINESS
self and own abilities. ❖Name of the Business -
✔Understand your business
11.Assertiveness - An entrepreneur ✔Think of descriptive words
confronts problems and issues with ✔Consider the nature of your
others directly. business
✔Choose a name style
12.Persuasion - An entrepreneur can ✔Tell a story
successfully persuade or influence ✔Ensure the business name is not a
others for mobilizing resources, trademark
obtaining inputs, organizing ✔Ensure the business name is not
productions and selling his products otherwise
or services. taken
✔Register your business
13.Use of Influence Strategies - An ❖Business Logo - ✔Know your brand
entrepreneur is able to make use of ✔Analyze your competition
influential people to reach his ✔Choose a design style
business goals. ✔Pick your fonts carefully
✔Choose your color wisely
BUSINESS PLAN ✔Keep it simple
✔Ensure the business logo is not a
CHAPTER I trademark
INTRODUCTION - General ideas first ✔Ensure the business logo is not
and then leading to the most specific otherwise
idea, which is the thesis statement. taken
❖The Business Overview - ✔Ask for feedback
Background and how it came to be. It ❖Business Location - ✔Know your
should consist of at least 3 target market
paragraphs, with each paragraph ✔Make sure the location is within
containing a minimum of 5 sentences. your budget
❖Vision Statement - Defines an ✔Consider your brand
organization's desired future state, ✔Think about the suppliers
providing a long-term view of its ✔Find a safe location
strategic direction. ✔Ask for feedback
❖Mission Statement - Brief ❖Establishment Layout - ✔Ask the
description of a company's function, expert
Entrepreneurship
❖Business Tagline OPERATION OR PRODUCTION PLAN
❖Description of the Product /
CHAPTER III Services
STRATEGIC MARKETING PLAN Offered
❖Marketing Objectives - Smart Ways ❖Properties and Equipment
to Identify your Marketing Goals ❖Business Operation
❖Target Market - It composed of ❖Production of the Product
consumers with enough purchasing ❖Waste Disposal Management
power, and willingness to buy a
particular products and services. CHAPTER V
❖SWOT Analysis MANAGEMENT PLAN
❖PESTLE Analysis ❖Form of Business Ownership
❖Competitor’s Analysis - Competitor ❖Types of Business Ownership
analysis includes comparing the ❖Organizational Structure
characteristics, strengths and ❖Job Description and Job
weaknesses of the product or service Specification
compared to those provided by the ❖Salary Incentives System
competitors. Sometimes, companies ❖Employee’s Monthly Schedule
create spreadsheets to map out the ❖Business Policy
plans of any major competitor.
❖Pricing Strategy - Competitive CHAPTER VI
pricing, Cost-plus pricing, Dynamic FINANCIAL PLAN
pricing, Freemium pricing, Skimming ❖Projected Profit and Loss
pricing, Penetration pricing, Statement
Value-based pricing, Bundle pricing, ❖Projected Capital Statement
Psychological pricing ❖Projected Statement of Financial
Position
Factors affecting the price: Cost,
Demand, Competition, Government CHAPTER VII
Regulation, Marketing Objectives SOCIO-ECONOMIC PLAN
❖Government ❖Customer
❖Marketing Strategies and ❖Community ❖Environment
Techniques - Marketing strategies are
a process of using the marketing mix MARKET SEGMENTATION - The
to satisfy and attract consumers to division of the total market into
make a profit for the organization. smaller, relative homogeneous to
become effective in your selected
There are many types of strategies customer.
such as Market Scope Strategy 1.Demographics Segmentation - Age,
● Product Strategy gender, family size, occupation,
● Promotion Strategy Pricing education, religion, etc.
Strategy 2. Geographical Segmentation -
● Distribution Strategy Nations, States, Cities, Regions,
Countries
CHAPTER IV
Entrepreneurship
3. Physchographic Segmentation - The SWOT analysis helps
Personality profiles and Lifestyle organizations assess issues inside and
Profile outside the organization.
4. Behavioral Segmentation - Attitude The SWOT analysis, made up of an
towards the product assessment of strengths, weaknesses,
opportunities and threats
Sources of Business Ideas SWOT analysis determines what may
1.SURVEYS - Data generation method assist the firm in accomplishing its
2. TRAINING - This is probably the objectives, and what obstacles must
most home-based business. be overcome or minimized to achieve
3. Experience - best and effective desired results.
source of business idea is from
experience EXTERNAL FACTORS
4. Hobbies - fond of 1.OPPORTUNITIES
doing and can enjoy while doing the 2. THREATS
business. Technology, competition, economic,
5. Talent - innate in a person, or that political, legal, social trends
has been honed for years.
6. Market Gaps - Also known as INTERNAL FACTORS
“niche”, spotting a gap in the 1.STRENGTHS
market can also form a great business 2.WEAKNESSES
idea. Financial, technical, competition
7. Events - Created through position, human resources, product
attending events in which new ideas line
are exchanged. Also a venue where
people with similar interests gather Strengths - Characteristics of a
and where the birth of new business business which give it advantages
can happen. over its competitors
8. Media - Reading magazines,
newspapers and such published Weaknesses - Characteristics of a
materials that contain business business which make it
related issues can help one bring disadvantageous relative to
about. competitors

Opportunities - Elements in a
company's external environment that
allow it to formulate and implement
strategies to increase profitability

Threats - Elements in the external

environment that could endanger the
integrity and profitability of the
business

SWOT Analysis P-olitical

Entrepreneurship
E-conomic A PESTLE analysis is a framework or
S-ocial tool used by marketers to analyze and
T-echnological - Technology can be monitor the macro-environmental
directly involved with company (external marketing environment)
products, like manufacturing factors that have an impact on an
technologies. organization. The result of which is
● Technological development used to identify threats and
● Research and development weaknesses which is used in a SWOT
● Associated Technologies analysis
● Patents
● Licensing The 7ps Marketings
● Information technology
● Communication 1.Product - Based on used: Consumer
goods, Industrial Goods
E-nvironmental - Environmental Based on Tangibility: Tangible goods,
factors have to do with geographical Intangible goods
locations and other related Based on Durability: Durable goods,
environmental factors that may Non-durable goods
influence upon the nature of the 2.Promotion - Promotional Strategy:
trade you're in. For example, Print advertisement, billboards,
agri-businesses hugely depend on this Electronic media, Social media,
form of analysis. Personal selling, Sales and discount
● Ecological 3.Price - Factors affecting the price:
● Environmental issues Cost, Demand, Competition,
● Staff attitudes Government Regulation, Marketing
● Management style Objectives
● Environmental regulations 4.Place - Types of Channel
● Consumer values Distribution: Zero stage, One stage,
Two stage, Three stages
L-egal - Legal factors have to do with Factors Affecting the Distribution:
all the legislative and procedural Channel: Nature of the market,
components in an economy. Also, this Nature of the product, Nature of the
takes into account certain standards company, Middlemen consideration
that your business might have to 5.People - Importance: Who make
meet in order to start the product Who bring the product to
production/promotion. customers, Who will talk to customers
● Employment law 6.Process - Delivery time, Delivery
● Consumer protection methods, In-store wait time,
Industry-spesific regulations Communicating with customer
● Competitive regulations support, Aftercare
● Future legislation 7.Physical Evidence
● Environmental regulations

What is PESTLE Analysis?