entrepreneur to an organization

This means that one of the benefits an entrepreneur gets is to develop his Managerial skills

Which means that because of entrepreneurship many organizations will exist

This means that entrepreneurship can lift up the economic status of an individual

This means that not only the life of entrepreneur is improved but also the society where the business is located

Entrepreneur was derived the French word

Entreprendre means

Factors affecting the entrepreneurship

Types of personality factors

Doing things even before being told

Which means he can classify opportunities and seize it other people

Which means he can retain good relation with other people

Meaning he will pursue thing to get done regardless of challengs

Means that he can entice people to buy even if they don't want to

He makes plan before doing things and does not fail to monitor it

Which means that her is willing to gamble but he will calculate it first

Which include political, climate, legal system, economic and social conditions and market situation

Types of Core competencies

An entrepreneur must be firm in making decisions

An entrepreneur must have a convincing power

An entrepreneur must have the charisma to obey by his employees

An entrepreneur must have the ability to be the first to see business chances

An entrepreneur can control a situation by making things happen

An entrepreneur has the courage to pursue business idea

The entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas to his business

Common competencies

It involves the creation and operation of an enterprise with the view to creating value or wealth by enduring optimum utilization of limited resources

The entrepreneur constantly look for new ideas, thus he need to be creative

The entrepreneur can be compensated by his profit coming from the operation

The entrepreneur need to gamble but wise enough to offset the risk

Types of entrepreneurs

They are those who always make new things by thinking of new idea

They are those who don't create new things but only follow the ideas of other entrepreneur

They are those who skeptical about changes to be made in the organization

They are those who live on the labor of other

They are those who initiate changes and drive social innovation and transformations in the various fields

Career opportunities of entrepreneurship

With the expertise of in the field of entrepreneurship, he can be a very good source of advices to other entrepreneurs and would be business mean

A graduate of an entrepreneurship can use his knowledge in teaching

The entrepreneur can be employed as a researcher by an enterprise

The entrepreneurship graduate can apply as a saleman

The entrepreneur being expert in the field

The creation of an entrepreneurial idea leads to the identification of entrepreneurial opportunities

Process of creating new venture

Essentials in entrepreneurs opportunity seeking

Sources of opportunities

Entrepreneurial ideas arise when changes happen in the enternal environment

Refers to the physical environment, sociatal environment, and industry environment where the business operates

Types of external environment

Types of Physical environment

The weather conditions

Such as minerals, Forrest, water, and fertile land that occur in nature and can be used for economic gain

Include all mammals, birds, reptile, fish, etch

Types of industry environment

Types of societal environment

Includes all the laws, rules and regulations that govern business practices as well as the permits, approvals and licenses necessary to operate the bussiness

Such as income level and employment rate

Customs, lifestyle and values that characterize society

New inventions and technology innovation

A person with entrepreneurial interest sees possibility of business opportunities in any new Discovery or because of the use of lastest technology

The priorities, projects, programs and policies of the government are also good sources of ideas

The interest hobbies and preferences of people are rich sources of entrepreneurial ideas, like the increasing number of internet cafes at present could lead to the strong attachment of young people to computers

The expertise and skills developed by a person who has worked in a particular fields may lead to the opening of related business enterprise

Forces of competition

Is is the act or process of trying to get or win some things

The ones that pay cash in exchange for your goods and services

Defined as companies or business that have the ability to penetrate or enter into a particular industry

A state or situations wherein business organization are competing with each other in a particular market

One that serves the same purpose as another product in the market

The one that provide something that is needed in business operation

Other sources of opportunities

These are indicators in the shift of paradigm

Changes of shift in behavior or attitudes within a society that becomes popular or pervalent among its member

Mobile technology and e commerce

Higher disposable income, dual wage earners, more employed workforce x more student population, rise in foreign exchange need

Petroleum prices, regulation, elections season and threat of terrorism

Types of trends

These could be either be successful or failures that were not anticipated like the 91q terrorist attach, yolanda typhoon, earthquake and fires

These occur when a gap of difference exist between reality and what is expected

Creation of new medical devicea, health food, sport drinks, caffeine free drinks

These occur when changes in age, population, education, occupation, geographical location and other factors

These occur when people view on facts and concept changes

These are the basis for creating something brand new such as innovations and new technologies that we are non existent before

Sources of innovative ideas

They are the most fruitful sources for ideas

Businesses can often use these ideas and appeared or modify them to create new products themselves

The way people view life changes, where they take meaning from, and how they feel about th8ngs also is modified over time

Finding better ways of doing things and improving processes

VP means

Is a business or marketing statements that summaries why a consumer should buy a company's products or use its service

Basic elements of value proposition

USP means

Refers to how you sell your product or services to your customer

KISS means

Types of USP

A safe in market identification process that aims to determine the buyers with common needs and characteristics Prospects customer are the market segment that an entrepreneurial ventures intends to serve

Commonly used methods for segmenting the market

The total market is devided according to geographical location

Devided in terms of how costumer think and believe

Devided based on consumers