Various views about an entrepreneur

entrepreneur is a person who start a new venture, taking the initiative and risk associated with it and does so by crafting something new to provide value to customer

Fred Wilson

It is the process by which individuals pursue opportunities without regard to resources they currently control

something new and different

must be able to assume the risk involved in the enterprise, needs to be a risk taker not an avoider

entrepreneur's belief that the business will positively influence people's lives.

focus on products and customers typically stems from the fact that most entrepreneurs are, at heart, craftspeople

ability to fashion a solid business idea into a viable business

who creates an enterprise

takes responsibility of controlling and administering the organization.

Business Startup

Primary Motivation-Achievement

Primary Motivation-Power

Approach to task-Informal

Approach to task-Formal

Status-Owner

Status-Employee

Reward-Profit

Reward-Salary

Decision Making - Intuitive

Decision Making- Calculative

Driving Force-Creativity and Innovation

Driving Force-Preserving status quo

Risk orientation-risk taker

Risk orientation- risk averse

someone within a company that takes risk in an effort to solve a given problem and usually in charge of undertaking innovation, service and process.

who take ownership of a product

group of intrapreneurs kept separate from the rest of the organization.

allows a division to act as its own smaller company.

link innovation by workers to valued rewards.

entrepreneur generates ideas, recognizes opportunities and studies market.

develop business plan

identifies and acquires the financial, human and capital resources needed for the venture startup.

operates the business and utilizes resources to achieve its goals/objectives.

decides on business’s future growth/development, or demise.

decides on business’s future growth/development, or demise.

Entrepreneur plays a pivotal role in the development of farm and service sector.

 Entrepreneurship most important input in the economic development of a country.

 Entrepreneur acts as a trigger head to give spark to economic activities.

Role of Entrepreneurship in Economic Development 1. Raises Standard of Living 2. Creation of New Jobs 3. Helps to Eliminate Poverty in Local Areas 4. Helps with Community Development - provides access to goods and services 5. Provides Economic Independent 6. Benefits of New Startups Entering the Market 7. Encourages Capital Formation 8. New Entrants Drive Market Innovation - driving force behind market innovation. ability to identify gaps in the market and come up with sol. to fill those gaps. 9. Optimal Use of Resources - it leads to a decrease in waste and an increase in productivity. 10. Increases Per Capita Income (PCI) and Gross National Product (GNP) - leads to an increase in gross national product and per capita income.

a set of moral principles that govern decisions and actions.

exclusive right to perform, display, copy, or distribute an artistic work.

exclusive right to make, use, or sell a device or process.

symbol that use of a brand or brand name is legally protected and cannot be used by other business.

attractiveness of a market and to understand its evolving opportunities & threats as they relate to the strength & weaknesses of the firm.

relates to the functional or emotional needs or desire of a target market.

first steps in marketing is to look at the target audience for your products or services and to identify one or more market segments.

customers with shared traits, interests, behaviors, usage patterns or lifestyles.

key component of effective marketing, especially in highly competitive industries. - Clearly demonstrating superior benefits that matter to your customers not only attracts them, but it allows you to charge moderate to high prices.

STEPS TO IDENTIFY MARKET NEEDS 1. Take stock of the current marketing department, materials and strategies - decide what is missing, 2. Research how your competitors market – establish your competitive advantage against your competitors. 3. Do market research. 4. Identify your target customer base. 5. Evaluate your name, logo and motto. 6. Evaluate your printed materials (infographics etc) 7. Evaluate your electronic image. (tiktok, Insta. etc) 8. Find out if you have marketing calendar. 9. Research your past marketing campaigns. 10. Begin adding new marketing strategies according to your needs.

The Entrepreneurial Process 1. Opportunity Spotting Assessment 2. Developing a Business Plan 3. Determining the Capital Needed 4. Running the Business

 Starting point of any venture that involves understanding and knowing the intricacies of the whole environment.

entrepreneur’s business idea that can potentially become a commercial product or service in the future.

first step, most difficult process of all due to the number of options that the entrepreneur will have to choose from - Involves development of new ideas.

involves the larger societal forces that influence the microenvironment.

PESTEL

Industry Environment

Political Factors

Economic Factors

Socio-cultural

trends & developments in computer and info.

Environmental factors

Legal factors

system or institution that handles the affairs of a particular country.

provide the required materials, parts, or services to the business.

buyers of goods or services

produce and sell similar products or services.

produce and sell substitute products.

workers of the business. Backbone of the business.

banks, financial institutions and financia produce and sell substitute products. l intermediaries engaged in the lending of money to the borrower.

envi. within the business.

assets or properties owned or controlled by the business. assets or properties owned or controlled by the business.

have physical appearance & form.

– used, applied, or consumed within a short period or one year.

properties whose usefulness or benefits extend beyond one year.

– do not have physical appearance & form.

collection of values, beliefs, principles and expectations learned and shared by employees, founders, stakeholders and members of the management.

• Culture of the Business or Organization • Individual Culture of the Employees

employees accept the culture of the unit or business.

– business accept and share a common culture.

arrangement of the business in terms of hierarchy of positions, flow of communication, relationship of functional areas and production and marketing processes.

conducted by an entrepreneur with the assistance of a moderator to gather the views of selected consumers on certain issues related to their buying behavior.

– share creative ideas, fun discussion with lenient rules.

same as brainstorming except channel used is not F2F, but in writing or online.

same as FGD except participants are already given an inventory of product or service problems

process of cautiously selecting the best opportunity.

entrep. tolerance of business risks.

assist entrep. concretize the evidence that the chosen opportunity is well worth pursuing.

12 Rs of Opportunity Screening • Relevance to vision, mission and objectives of the entrepreneur • Resonance to values • Reinforcement of Entrepreneurial Interests • Revenues – sales (kita) • Responsiveness to customer needs and wants • Reach – attainment of rapid growth • Range – potentially lead to a wide range of possible product or service offerings. • Revolutionary Impact – “next big thing” or game-changer that will revolutionize the industry. • Returns – high returns on investment • Relative Ease of Implementation – easy to implement. • Resources Required – fewer resources is better than those requiring more resources • Risk

last step in spotting and assessment. “pushing through”

process of positively improving an existing product or service. Key driver for economic growth.

inventions - must be protected by patent, a trade secret, or a copyright. ex. internet, computer, or airplane, tesla, apple, submarines

more frequently than breakthrough innovations. technological advancements of an existing product or service. ex. wireless fidelity or Wifi, laptop and jet airplane.

ordinarily as the name implies. - commonly originating from market analysis and technology pull instead of a technology push. ex. unlimited internet plans of telecommunications companies, wireless mouse, and airbus for economical travelers.

determines what are feasible products and/or services that will perfectly suit the opportunity.

undergo a consumer acceptance test. - conversational interviews

entrepreneur leverages on the information generated from prospective customers via the concept stage - determine actual reactions from prospective customers - conduct consumer panel

validates the work done from the first three stages to measure success in the commercialization of the product or service. - Actual sales results

6 Market Needs - Age of buyers - Size of the Market - Customers buying patterns - Customers Income - State of the Current Market - How to distribute the products