GEN 009 ENTREPRENEURIAL MINDS (FINAL REUIREMENT)

SUBMITTED BY:

CATALAN, MERIAM P.
HATAAS, GOLDIE
LAGA, ANGEL MAE C.
MENEUZA, MICHELL T.
SINAN-A CHENG A.
VIRTUDAZO, JOSHUA S.
 SUBMITTED TO:

ANNA MAE SALALIMA BURDAS

Chapter 1: Entrepreneur Profile

Name: Uno Siao
Age: 42 years old
Location: Cagayan De Oro City
Business Name: Hairscape.ph Salon

Business Description:

Hairscape.ph is a modern and stylish salon that specializes in providing high-quality hair
care and grooming services. Catering to both men and women, Hairscape.ph offers a
wide range of services, including haircuts, hair coloring, hair treatments, and styling, all
delivered by a team of skilled and experienced hairstylists. The salon is known for its
relaxed yet trendy atmosphere, aiming to offer a transformative hair experience for every
customer who walks through its doors.

Background Education:

Graduate of the American Safety and Health Institute (ASHI), Iligan City, but did not
continue pursuing a Nursing course.
Previous Experience:

Creative Director at Tony & Guy Philippines, the only international branch in the
Philippines. Mission: To provide exceptional hair care services that enhance the
confidence and beauty of our clients by combining creativity, expertise, and premium
products in a comfortable and welcoming environment.

Vision:

To be the go-to salon for individuals seeking top-notch hair care services and a premium
salon experience in the Philippines.

Achievements:

Established multiple businesses: three main coffee shops, Hairscape.ph Salon, and
Uno&Frank Coffee Bar.

Consultant for micro businesses.

Recognized by the Rotary Club of Cagayan De Oro City.

Challenges:

Competing with larger salons in Cagayan De Oro City.

Managing costs and inventory effectively.

Future Goals:

Expand and diversify into new business opportunities. Open new branches in other key
cities across the Philippines. Offer hair care workshops and seminars to help clients better
understand hair maintenance and trends.

Contact Information:

Website: www.hairscape.ph Email: [email protected]

Social Media: @hairscape.ph.

1. Name of Entrepreneur?
Mr. Uno Siao
2. Type of Entrepreneur?

An entrepreneur is someone who embraces risk because starting a business is filled with
uncertainties. As previously mentioned, there’s no assurance of success, and the future is
hard to predict. Entrepreneurs often step into unknown markets, unsure of how their
product or service will be received. Despite this, they must fully commit their time,
effort, and resources to grow the business. It takes confidence and determination,
understanding that setbacks and failures are part of the process. By taking risks, they
recognize that challenges are inevitable, but they are prepared to adapt and innovate. This
willingness to take calculated risks allows them to overcome obstacles, expand the
business, and work toward achieving success.

3. Business Address?

Haiscape.ph Salon Café is located on the second floor of Cham's Building on Masterson
Avenue, Cagayan de Oro, Misamis Oriental, about 3.3 kilometers from the city center.

4. Type of business enterprise?

Haiscape.ph Salon Café offers a unique combination of a beauty salon and a coffee shop,
merging the salon and beauty industries with the coffee industry.
Clients can receive beauty treatments like haircuts while enjoying coffee or snacks from
the café, creating a relaxing and convenient environment. Additionally, the business is
involved in the retail industry, selling beauty products and enhancing the overall
customer experience with a blend of self-care and refreshment.

Chapter II: Characteristics/ Traits of the Entrepreneur

Emphasizes the key traits that contribute to a successful entrepreneur, highlighting

innovation, creativity, and determination. Innovation involves continually seeking ways
to enhance products, services, or processes by thinking creatively and finding unique
solutions that offer a competitive advantage. Creativity goes hand in hand with
innovation, as it requires thinking unconventionally, identifying new opportunities, and
adapting to changes effectively. Determination is the quality that drives entrepreneurs to
push through obstacles and stay committed to their goals, even when faced with
difficulties. These traits together enable entrepreneurs to turn their ideas into reality and
achieve success in their business ventures.

Chapter III: Characteristics/traits of the entrepreneur

Challenges and Risk Starting a business involves various challenges and risks. One major
issue is that entrepreneurs often launch without any customers, which puts immense
pressure on them to attract new clients. Low sales can lead to financial difficulties, so
generating interest in their offerings is crucial.

Effective marketing is a significant obstacle that requires considerable effort and

planning to reach potential customers. Additionally, accurately understanding market
demand is essential; miscalculating what consumers want can result in wasted resources
on products or services that don’t resonate.

Another challenge is competition, as new businesses must find ways to stand out from
established companies that already have loyal customer bases. If entrepreneurs struggle to
attract customers, their risk of failure increases significantly. This emphasizes the need
for robust marketing strategies, a solid understanding of customer needs, and effective
management of competition to achieve success.

1. Problems Encountered?

At Hairscape.ph salon , one of the biggest challenges we faced was the impact of the
pandemic. The uncertainty surrounding it created significant difficulties for our business.
With restrictions in place and health concerns on the rise, our customer base shrank,
resulting in a sharp drop in sales.
Financially, we struggled to maintain stability as our operating costs continued while our
revenue plummeted. This left us feeling somewhat lost, as we had no clear idea of when
the pandemic would come to an end or when we could resume normal operations.

The ongoing nature of these issues made it hard to plan for the future, adding to the
overall stress of managing the business during this period.The pandemic not only affected
our financial situation but also fostered an environment of uncertainty, making it
challenging to develop effective strategies for recovery.

2. How did she/ he overcome?

To tackle the challenges posed by the pandemic, we prioritized innovation and

adaptability. Acknowledging that our traditional operations in the mall were no longer
feasible due to restrictions and decreased foot traffic, we looked for alternative
solutions.We made the decision to open a new branch outside the mall, which enabled us
to reach customers in a more open and comfortable environment.
This move allowed us to maintain our existing customer relationships and attract new
clients who might have been reluctant to visit enclosed spaces during the pandemic.This
strategic shift required us to think creatively about our operations.

We ramped up our marketing efforts to promote the new location and highlighted our
safety protocols to reassure customers. By staying focused and determined, we
successfully adjusted our business model to meet our clients' changing needs while
continuing to deliver the quality services they expect from Hairscape.

Chapter 1V: Opportunities and Reward for the Entrepreneur

In Chapter IV, we explore the many opportunities and rewards that come with being an
entrepreneur. One major advantage is the valuable experience gained from managing a
business. Entrepreneurs encounter various challenges, and by navigating these situations,
they develop essential skills and knowledge that are vital for success.

This practical experience helps them learn how to address different issues, manage
operations efficiently, and enhance their decision-making capabilities. Over time, they
can master these skills, which allows them to better guide their businesses and adapt to
market fluctuations. Moreover entrepreneurship presents significant financial
opportunities. By effectively running their businesses and applying successful strategies,
entrepreneurs can generate profits and attain financial independence.

The ability to earn more than a traditional salary is a key reason many people choose this
path. As their businesses expand, the potential for financial rewards can be considerable,
enabling them to reinvest in their ventures, grow their operations, or improve their overall
quality of life.

Chapter V: External Factors in the Business Environment

1. What may be the impact of those external factors in the business?

Inflation: When inflation rises, it can increase the costs of goods and services. However,
if a business has a strong profit margin, it can better absorb these cost increases.
For example, if I set my prices high enough to maintain a healthy margin, I can handle
inflation without drastically affecting my profits.

Location: The society and location of the business are crucial. Before opening, it's vital to
choose a strategic location that attracts my target customers. A well-selected site can
minimize risks and boost the chances of success. If I know my business's target market, I
can choose a location that will draw in customers and enhance growth.

Taxes: Taxes are an unavoidable part of running a business. However, I can manage their
impact by incorporating tax costs into my pricing strategy. For instance, if I sell a product
for one peso, I can adjust the price to include taxes, ensuring that my profits remain intact
and my financial health is maintained.
Laws and Regulations: Compliance with laws and regulations is non-negotiable. It’s
essential to follow all legal requirements to avoid penalties or potential closure. If I don’t
adhere to these regulations, my business could face serious consequences, including
being shut down.

Competitors: While competitors are often seen as threats, I prefer to focus on providing
the best service possible rather than viewing them as rivals. By concentrating on my
strengths and delivering excellent service, I can differentiate my business from others. If
customers recognize the quality of what I offer, they will choose my business over
competitors.

Customer Preferences: Finally, understanding and responding to customer preferences is

key to sustaining a business. If I can meet the needs of my customers effectively—
especially by providing one of the best products or services available—I can build a loyal
customer base. By consistently delivering quality and aligning with what my customers
want, I can maintain a competitive edge in the market.

2. How can those external factors help the entrepreneur in sustaining the business?

Well, external factors like inflation, location, taxes, laws, competitors, and customer
preferences may seem out of our control, but they can actually provide valuable insights.
For example, understanding inflation helps me adjust prices without hurting profit
margins. It allows me to stay on top of economic trends and adapt accordingly. When it
comes to location, picking a strategic spot is key. Before starting, I made sure the
business was in an area that could attract my target customers, which is crucial for long-
term success. With taxes, I factor them into my pricing so they don’t affect my profits.
It’s all about smart planning. Laws and regulations are non-negotiable. I make sure my
business follows all the legal requirements because staying compliant is the only way to
avoid serious issues.

Competitors, on the other hand, I see as motivation to do better. Instead of worrying

about them, I focus on providing the best service possible, and that makes a difference.
Lastly, customer preferences are everything. I don’t just copy what others are offering. I
invest in myself, learning, and improving, so I can deliver something unique and
appealing. By understanding what my customers want and offering great service, I can
stand out and keep the business strong

Chapter VI: Conclusion

Being risk-taker by nature, starting a business involves a lot of unknowns. Success is not
certain, and the future is uncertain, as was previously said. Entrepreneurs often venture
into unknown markets without having a clue as to how well their products or services
will be received. Despite this, they still have to put in a ton of time, effort, and money to
grow the business. It calls for confidence and tenacity in addition to an understanding that
errors and setbacks are unavoidable. By taking a chance, they admit that challenges will
definitely come up, but they're also willing to adapt and think beyond the box. Because
they are willing to take calculated chances, they can overcome obstacles, expand the
business, and pursue success. Innovation is the ongoing pursuit of new approaches.

Innovation is the ongoing process of thinking creatively and coming up with unique ideas
that provide you a competitive advantage in order to improve products, services, or
processes. Since both require original ideas, the ability to see opportunities, and the
flexibility to adapt to changing conditions, innovation and creativity go hand in hand.
Determination is the quality that inspires entrepreneurs to overcome obstacles and remain
true to their goals in the face of difficulty. When combined, these attributes support
business owners in achieving their goals and prospering in their ventures. One big issue is
that entrepreneurs sometimes have no customers when they first start out, which puts a
lot of pressure on them to get new business. To prevent financial difficulties, they need to
spark interest in their products, as a result of poor sales.

Effective marketing requires a lot of strategy and work when it comes to reaching
potential customers. Furthermore, it is imperative to have a thorough understanding of
market demand because an inaccurate assessment of client wants may result in the waste
of resources on unpopular goods or services. Another challenge for new businesses is the
competition; they need to figure out how to set themselves apart from established ones
that have loyal customers. Entrepreneurs who struggle to attract customers are
considerably more likely to fail. This emphasizes that having effective marketing
strategies, a solid understanding of what customers want, and the capacity to handle
competition are necessary for success.
There are several challenges faced by entrepreneurs, and by conquering overcoming
challenges, kids gain vital skills and knowledge that are essential for success.
This practical expertise helps them manage a variety of issues, manage operations
efficiently, and make better judgments. simply to take action. This means having the guts
to follow your beliefs and take risks.

Whether it's late at night or early in the afternoon, inspiration can strike at any time, so
it's critical to write down any ideas you have. By putting your thoughts on paper, you can
develop and examine them further. The next step after having an idea is to put it into
action.
This could mean launching a trimmed-down version of your offering, conducting market
research, or even writing a business plan. It's vital to realize that failing often takes place
during the startup phase. If you don't succeed on your first try, don't give up. Instead,
think back on what went wrong, learn from it, and try again.
This iterative process is crucial, and every new endeavor needs to use original strategies
or techniques. Keep an eye out for the areas that still want improvement as you strive to
make your idea stronger. This could mean making changes to your product, tweaking
your marketing strategies, or developing novel ways to interact with customers. It's
critical to remain adaptable and have an open mind. Maintaining your resolve and
understanding these elements will get you one step closer to building a lucrative and
successful business.

The fundamental motivation for launching a business is the desire to support one's
family. A typical The desire to give their loved ones a stable financial future drives many
to pursue business. Starting and running a business could provide you with the means to
achieve this goal by generating revenue and progressively building your wealth. As a
business expands, its owners often feel accountable to both their family and their
employees. They begin to perceive their team as an extended family and form a sense of
camaraderie at work. Because everyone is motivated to see the business succeed, this
dynamic encourages collaboration.

Furthermore, being accountable as a business owner requires having a strong sense of

duty. Entrepreneurs understand that their decisions impact not just the well-being of their
own families but also the families and livelihoods of their employees; when a business
succeeds, the owner can support their family and provide employment opportunities for
others; ultimately, the motivation to start a business typically comes from a combination
of familial support, person

1. How to become an Entrepreneur?

To become an entrepreneur, the first step is simply to take action.

This involves being willing to take risks and act on your ideas. Inspiration can strike at
any moment—whether it’s late at night or in the afternoon—so it’s crucial to write down
any ideas you have. Keeping track of your thoughts enables you to explore and develop
them further.

Once you have an idea, the next step is to put it into action. This might involve
conducting market research, crafting a business plan, or even launching a small-scale
version of your product or service.

It’s important to recognize that failure is often a part of the entrepreneurial process. If
your first attempt doesn’t succeed, don’t get discouraged. Instead, reflect on what went
wrong, learn from the experience, and try again. This iterative approach is vital; each new
attempt should incorporate different strategies or methods.As you work to refine your
idea, focus on identifying areas that require improvement. This might involve tweaking
your marketing strategies, enhancing your product, or discovering new ways to connect
with customers. Remaining adaptable and open to change is essential. By mastering these
elements and maintaining your persistence, you will gradually move closer to building a
productive and successful business.

2. What motivates him/her to be entrepreneur?

One of the main motivations for becoming an entrepreneur is the desire to support one's
family. Many individuals pursue entrepreneurship with the aim of establishing a stable
financial future for their loved ones. Starting and running a business can provide the
means to achieve this goal, generating income and building wealth over time.

As a business begins to succeed, entrepreneurs often develop a sense of accountability to

both their family and their employees. They come to view their team as an extended
family, fostering a sense of community within the workplace. This dynamic encourages
collaboration, with everyone invested in the business's success.

Moreover, being accountable as a business owner entails a strong sense of responsibility.

Entrepreneurs understand that their decisions impact not only their family's well-being
but also the livelihoods of their employees and their families. This awareness motivates
them to work diligently and make careful choices, recognizing the real consequences of
their actions.

When the business flourishes, it enables the entrepreneur to provide for their family while
also creating job opportunities for others. This capacity to offer employment and
contribute to the community is deeply rewarding and fulfilling. Ultimately, the
motivation to become an entrepreneur often arises from a blend of personal
responsibility, the desire to support one’s family, and the opportunity to make a positive
difference in the lives of others through job creation and community involvement.

3. Lessons she/he can give to the business administration student?

One key lesson for business administration students is that entrepreneurship isn’t suitable
for everyone. While many people might think they can start a business simply because
they have the financial means, true success in entrepreneurship requires more than just
money. It demands perseverance and a strong commitment to overcoming challenges.
Launching a business can be quite demanding.

Entrepreneurs must take into account various factors, such as market demand,
competition, operational issues, and customer preferences. Although starting a business
may appear straightforward, many individuals tend to give up when faced with
difficulties. Often, those who have significant financial resources may lack the passion or
dedication needed to push through the inevitable ups and downs of running a
business.Conversely, many successful entrepreneurs began with limited funds but
possessed a strong drive and a genuine love for their work. These individuals are willing
to tackle challenges and stay committed to their vision, which can lead to long-term
success.

Their dedication and enthusiasm help them navigate obstacles more effectively, allowing
them to grow and expand their businesses over time.In summary, the crucial takeaway for
business administration students is to recognize that entrepreneurship requires a mix of
passion, resilience, and a readiness to learn and adapt. It’s vital to have a sincere interest
in your business, as this will motivate you to persevere through tough times. Ultimately,
success in entrepreneurship is not just about having financial resources; it’s about being
devoted to your goals and consistently working to improve and grow.