Establishing & Operating Micro-Small Medium Enterprises (MSMEs)

In order for a business to thrive, it should be constantly innovating to create...

- New Products - Services - Marketing Strategies

entrepreneur

- manages the resources of a business to sustain its operations - have the responsibility to take risks, innovate, and help develop your community by creating employment opportunities, improving the quality of life of people, and ensuring productivity by utilizing local resources.

Information-Seeking

-do a research about your business -may also be applied in determining which business strategy works well with your business idea, how your product may be improved, and other aspects of your business as well.

Persuasion and Networking

-expand the number of potential clients through networking -utilize social media platforms to increase popularity -these skills will help you secure deals with the coffee shops in your area

Systematic Planning and Monitoring

Entrepreneurs develop and use logical, step-by-step plans to reach their goals. They monitor progress towards goals and to alter strategies when necessary.

Opportunity-Seeking

you must continuously look for and take your chances, may it be to establish a new business, develop new products or services, or improve your current business strategy

Commitment to Work Contract

you should have a good relationship with people that you are working with -- deliver what is expected

Persistence

have persistence to push through even faced with setbacks. After all, the future of your business largely relies on you.

entrepreneurship

process of identifying business opportunities, and establishing and/or maintaining a profitable business

Benefits of Entrepreneurship

1. Allows you to earn money as much as you can. 2. Being your own boss - having more control of your time and decisions. It is mainly you who steers and maneuvers your business through its path to success. 3. Creative expression - allows you to turn your business ideas into reality Having your own business opens a lot of opportunities for you to demonstrate and enjoy your creativity. 4. The feeling of satisfaction and self-fulfillment as you succeed.

The amount of money that you can get depends on...

1. Entrepreneurial Skill 2. Energy 3. Effort 4. Resources

Risks of Entrepreneurship

1. High chances of failing Establishing and operating your own business makes you prone to mistakes. (See your mistakes as an opportunity to become better.) 2. Requires long hours of hard work. The amount of time that you must put into the business to make it successful, if not increases remains the same with other kinds of work. 3. Huge Responsibility This involves managing yourself, your limited resources, and establishing measures to be resilient from external factors that may hurt your business.

Personal Qualities of an Entrepreneur

1. Opportunity-Seeking 2. Risk-Taking 3. Demand for Quality and Efficiency 4. Persuasion and Networking 5. Self-Confidence 6. Goal-Setting 7. Information-Seeking 8. Persistence 9. Commitment to Work Contract 10. Systematic Planning and Monitoring

Goal-Setting

As an entrepreneur, you should have picture in mind as to how you want to see your business in the short and long-term future. Ideally, this goal/s will lead your current business actions and decisions. You can have different goals in different stages of your business. Ensure business continuity.

Self-Confidence

To establish and operate a business, you should be confident enough to do it using your own set of skills, knowledge and experience.

Risk-Taking

as an entrepreneur, you must have the courage to grab the business opportunity given the uncertainties

Demand for quality and efficiency

continuously look for points to improve your product or services