an organization involved in the trade of goods, services, or both to consumers in exchange of money

it is the process of starting one’s own new and small business, who said it?

Involves the creation process, requires the devotion of the necessary time and effort, assumes the accompanying financial, social risks and receives the resulting rewards of monetary and personal satisfaction and independence

ENTREPRENEURSHIP INVOLVES?

• New products or services being offered • New methods or technologies being employed • New markets being targeted • Expansion to maximize market coverage or ensure product control

WHAT ARE THE RISK AND UNCERTAINTY?

• The word “entrepreneur” was derived from the French verb enterprendre, which means

• someone who plans, organizes and put together all the resources required to bring a new enterprise into existence and to run and manage it on a long term basis.

RELEVANCE OF ENTERPRENEURSHIP TO AN ORGANIZATION

this means that one of the benefits an enterpreneur gets is to develop his managerial skills

which means that because of enterpreneurship many organizations will exist

this means that enterpreneurship can lift up the economic status of an individual

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

FACTORS AFFECTING ENTERPRENEURSHIP

GIVE THE PERSONALITY FACTORS

doing things even before being told

which means he can classify and seize it

he can retain good relations with other people

he will pursure things to get done regardless of challenges

means tht he can entice people to buy eveny they don’t want to

he makes plans before doing things and does not fail to monitor it

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

it includes political, climate, legal system, economic and social conditions and market situations

What are the common competencies in Entrepreneurship?

an enterpreneur must be firm in making decisions

an enterpreneuer must have a convincing power

an enterpreneuer must have the charisma to be obeyed by his employyes

the eneterpreneur must have the ability to be the first to see business chances

an enterpreneuer can control a situation by making things happen or by preparing for possible future problems

an enterpreneur has the courage to pursue business ideas

the enterpreneuer has big bsuiness ideas and he does not stop improving and thinking of new worthwhile ideas for his business

CORE COMPETENCIES IN ENTERPRENEURSHIP

enterpreneurship is an economic activity beacuse it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources

the enterpreneuer constantlylooks for new ideas, thus he needs to be creative

the enterpreneur can be compensated by his profit coming from the operation

the enterpreneur needs to gamble but wise enough to offset

TYPES OF ENTERPRENEUR

they are those who always make new things by thinking of new ideas. they have the ability to think newer, better and more economical ideas

they are those who don’t create new tgings but only follow the ideas of other entrepreneuers.

they are skeptical about changes to be made in the organization. they don’t initiate but follow only after they are satisfied.

they are those who live on the labor of others. they are die-hard conservatives even ready to suffer the loss of business

they are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environemnt and enterprise development

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 men.

a graduate of an entrepreneurship can use his knwoledge in teaching

the entrepreneur can be employed as a researcher by an enterprise

the entrepreneurship graduate can apply salesman

the entrepreneur being expert in the field can be employed as

MASTER SELF A-G

• Is not time bound • Intelligence is measured by conventional ways, is not the only determinant of success

• Surround yourself with positive and believing people • Flood yourself with positive and believing people

• The life you live is the result of the many choices you make in life • Your decision, not your conditions determine your destiny

• Vision without action is just dream. Action without vision is just past time. Vision with action can change the world. • Learn the principle of starting small • Break down your big dream into manageable bits

• Study hard and get good grades • If and when possible, go corporate • Learn other skills • Save,pay yourself first • Use your savings to start up a business

• To live a life in fear is to live a life half-lived

• All it takes to have mastery of self is to dream, believe and achieve. • Vision must be accompanied by passion and action towards goal.

SOURCES OF OPPORTUNITIES

MACRO ENVIRONMENTAL SOURCES

the demographics and socio-cultural conditions, structure, social status and dynamics of the population: people’s belief, tastes, mores, customs and traditions.

governance system of the country or the local area, includes all the laws, rules and regulations on allowable and disallowable business practices; largely responsible for peace and order; the main builder of infrastructures; provider of logistical access and determinants of cost of doing business. Needs to consider the industrial and manufacturing policies in the locality

driven by demand and supply forces, the income level and the purchasing power of its people; the competitiveness or uncompetiveness of its enterprise, business cycles of its industries. • consider import and export figures • The study of import figures could inspire a business involving local substitute. Export figures on the other hand could inspire a business involving development of local resources.

makes and breaks competing participants in any industry; new scientific and technological discoveries often lead to the commercialization of new products- this can be in the form of machineries and equipment, new system, new processes and new product. • consider new technology and development. • R&D is important in business

includes all natural resources and the ecosystem that defines the habitat of man, animals and plants • consider local raw materials and resources. Natural resources with particular potential for processing.

• it presents opportunities that arise from how the different industry participants interacts, bargain and transact business with one another • -consider industry list from Philippine standard Industrial Classification which contain all the Philippine products or Security and Exchange Commission(SEC) and Bureau of Investment • consider possible inter-linkage with locally existing industries

- it can be gleaned from the increased or decreased demand as well as higher and lower supply - consider the general local investment climate

an idealized abstraction of the products or services to be offered to a preferred a market

• a document specifying business details prepared by an entrepreneur in preparation for the opening a new business. • a written description of a business’s future, a document that tells what the entrepreneur plans to do and how to do it. • It represents the entrepreneur’s map that points out where he is at a particular moment, and where he wants his enterprise to be in the future.

• is a term referring to the basic idea around which your business. • The strategy and the specific actions to implement. • The product and services and their competitive advantage • The market that will be pursued • The background of management and key employees • The financing needs

who needs a business plan

THE PARTS OF THE BUSINESS PLAN

• It comes first in your plan but it does not mean that you should write it first as well. • Actually, all parts of the paper must be considered before writing a convincing summary • It should be one or two pages only. • It includes the vision, mission statements, a brief statement of the plans and goals a quick look at the company d its organization, an outline of the strategy and the highlights of the financial status and needs.

It covers the appropriate legal form of organization and structure, hiring projection, adding and retaining key employees, licences and certifications and working with outside professional.

This starts by describing the product and customer, setting prices, identifying place or channels of distribution and the promotions.

TYPES OF ORGANIZATION

business owned and managed by a single person

groupings of two or more person carry-on as a co-owner of a business for profit

artificial legal person

refers to the features and benefits of what you have to offer to customers. Break out the core product from the actual product.

in setting prices there are different factors to consider , sets price carefully.

placement strategy about the coverage, control and cost

all activities to bring the product to the customer. It include advertisements, trade shows, telemarketing calls, billboards,etc.

the desired people to serve with the product

• Is concern on the production of your business. • Concern on how you buy, build and prepare the product or services. • It includes all sourcing raw materials, acquiring facilities and shipping off the finished goods. • All tasks, equipment and materials must be presented in table form. • Descriptions, features,cost and function of the equipment must be presented • Gantt chart will be presented in this part

• Consolidates the monetary impact of the revenues expected from the marketing efforts and strategies, the cost and expenses incurred in producing the product and services as well as the expenses in running the organization. • If revenues are greater than expense, the business makes a profit.