Entrepreneurship ( 1st Quarter WITH HONORS)

Types of Creative Thinking

-Brain Storming -Problem Invention Analysis -Free Association -Checklist Method

A. From the Product

-Differeny then from those currently in the make -can difitentiate a product by changing its shape,size,color and contents.

D.From the Relations

-From families and relatives

C. From the person

-Interest, hobbies, skill and even his/her travles -Prior Employment

Methods for Generating or Testing New Ideas

-Logic Thinking -Creative Thinking

Creavtive Thinking

-Look at things from different perspective

Problem Inventory (Creative Thinking)

-Similar to brain storming, it uses group discussion method to elicit ideas from the usual brainstorming because it is directed to identify all possible problems enountered with a specific product or services. (ex: Small machine to Big machine ( or rent )

Types of Logical Thinking

-Statistical Thinking -Marketing Thinking -Swot Analysis -Dephi Technique

Logic Thinking

-Systematic and rational way of providing an answer to a given questions

Free Association Method (Creative Thinking)

-Technique used in discovering business ideas.

Checklist Method ( Creative Thinking )

-business ideas from target participants by listing all possibilities that ideas can be connected

Developing Business Ideas

-product -process -person -relationship

Critical Thinking (Entrepreneurial Decision Making)

-the systematic and rational way of providing an answer to a question. -explains what is going on in a business and how a firm can survive and remain stable. -SWOT Analysis

Market Analysis(Logic Thinking)

-undertaken to know the various factors that affect the demand fro a particular product or service -determine how certain socioeconomic and demographic groups will react to the introduction of a new commodity or a change in existing products (saang luhar ka mag mamarket)

Brain Storming (Creative Thinking)

-unstructed discussion of a group to elicit ideas. Facilitators and participants should entertain all ideas coming from the participants even those that are illogical and out of the world

Entrepreneurial Process

1. Discover 2. Development of a Business Concept 3. Organizing Concepts 4. Impementation 5. Reaping the returns

Entrepreneurial Traits and Entrepreneurial Intentions

1. Internal 2.External

Entrepreneurial Traits and Creation of Value-added

1. Level of Education 2.Employment Status 3.Entrepreneurs Wealth 4.Risk Appetite

Theory of Economic Development by Joseph Schumpeter

2 Types of Entrepreneurs 1.Mega Entrepreneurs 2.Micro Entrepreneur

B. From the process of production and distribution

2nd in Developing Business Ideas

Self-Efficacy

Belief in own ability,self confidence

Anatomy of Entrepreneur

Brain- A pool of ideas Eyes- looking for investors and opportunities Mouth- Comunicating the vision Ears- listen to customers feedback Stomach- Trust your guts Heart- Full of passion Feet- Dreamhigh but stick to ground Legs- Keeps them going in tough time

Competency

Capability, capacity and ability of the learner in handling situations in various areas in business operations

Entrepreneurial Desion Making

Critical Thinking Creative Thinking Strategic Thinking

Entrepreneurial Traits and Entrepreneurial Intentions

Demographics Personal Traits Psychology Traits Individual Skills and prior knowledge Social Ties

Generating Ideas & Creativity

Developing Business Ideas

Customer Relation Service

Entrepreneur are able to develop and build trust and long term relationship with their customers

Adaptability and Flexibility

Entrepreneur are able to develop novel solutions to complicated problems

Decisiveness

Entrepreneur are able to resolve issue as they arise in an unavoidable situation and are able to respond flexible changes

Strong initiative

Entrepreneur are always driven to work hard, they can work independently to achieve the task

Conceptual Thinking

Entrepreneur are willing to use new approach and ideas that may enhance work

Willingness to take risks

Entrepreneur can accept consequences but they can also identify,calculate and manage risk and can take into account legal action

People Centered

Entrepreneur can create commodity among stakeholders and are able to be in decision on making

Commercial Aptitude

Entrepreneur keep themeselves updated with their surrondings

Strategic Thinking

Entrepreneur know that thinking using strategies can help achieve goals in the organization

Computer Competencies (Entrep Skills)

Entrepreneur must be competent in the use of basic computer hardware and software (numeric list,tracks,income,stocks)

Planning (Entrep Skills)

Entrepreneur must be specific about the direction of their venture and their strategy (mission,vision)

Business Principles (Entrep Skills)

Entrepreneur must be well, versed in market knowledge, economic principles and ethical practices (wiser)

Optimism

Entrepreneur perform in the hope of success, rather than fear of failure

Willingness to learn

Entrepreneur pursue opportunities to acquire new skill and competencies

Need for Achievement

Entrepreneur should feel the need to succed and tale responsibility for the outcomes of their actions

Integrity

Entrepreneur should have positive sense of values and personal beliefs

Ambition

Entrepreneur stay motivated,persistent and persevere even in the face of a difficult challenge

Networking Collaboration

Entrepreneur understand the ability of networks. They can negotiate with other people

Workplace Competencies (Entrep Skills)

Entrepreneurs are able to apply their skills, knowledge, and values to job tasks and work related experiences.

Marketing (Entrep Skills)

Entrepreneurs are competent in both executing strategies that promote their products and establish client/customer relationships. 7p's of Market -product,place,packaging,promotion,people

Organizing (Entrep Skills)

Entrepreneurs can plan and prioritize work to ensure that time is managed effectively.

Interpersonal Skills (Entrep Skills)

Entrepreneurs can work well with people regardless of their backgrounds. They are also insightful on the behavior of people.

Layer of Competency

Entrepreneurs understand that some skills and competencies are applicable to all entrepreneurs while some skills and competencies are only applicable to some

Entrepreneur

French word means "to undertake"

Demographics

Gender, age, marital statusand employment status of an individual who are likely to form entrepreneurial intentions

Development of Business Concept

Give more details on how the general business idea can be realize. •Suggest a busines plan Business plan must also describe •how the enterprise is going to be organize •how is it going to be manage •how the business is hoing to be finance

Social Ties

Important in building networks that can complement the productivity of a human and nin human resources of business.

Psychology Traits

Include a host of qualities including need for achievements, risk appetite, acceptance for vagueness, self efficacy and goal setting.

External Factors ( Environmental Influence)

Includes regulatory, structure, parents, protection of property rights, and competitive environment.

Mega Entrepreneur

Individual who have generated substantial value and profits from innovations in a very short period of time. •Willing to absorbs huge risk using enormous amounts of capital in their business •Rapid Economic Progress •Huge amout of value-added •Attract numbers of competitors & Imitators

Micro Entrepreneur

Individuals who initiates business enterprise, but value-added and profits they make are limited •Value-added& Profits are limited •Contributions are minimal •Attract few competitors & Imitators •Short in fund and inadequate in skills •Cannot undertake huge capital, sophisticated technology and extensive risks. •Engage in micro and small business as an alternative to formal employment

Locus Control

Knowledge determining the state to which a person agreed that their actions can directly affect a situation, or that they can control a result (internal- can influence events and outcomes external-blames out side forces)

Creative/Critical Thinking (Entrep Skills)

Learners who engage in creative thinking are able to both generate innovative solutions and use relevant information to understand the greater picture.

Entrepreneurial Traits And Creative Value-Added (Employment Status)

MEGA Entrepreneur •Former Employee of companies from formal sector •Entrepreneurs Professional development •Experience in business is important to the success of megaentrepreneur MICRO Entrepreneur •Drawn from pooled of unemployed or underemployed •They see their small business ventures as an option in making a living

Entrepreneurial Traits And Creative Value-Added (Risk Appetite)

MEGA Entrepreneur •More willing to take risk MICRO Entrepreneur •Take risk bu default if they want to survive and escape the consequences of unemployment •Risk Appetite is not much.

Entrepreneurial Traits And Creative Value-Added (Level of Education)

MEGA Entrepreneur •Need some formal Education to be able to seize opportunities presented by inventions, innvations and other technological developments •Need some degree of technological know-how MICRO Entrepreneur •Limited Educational Qualification •Engaging in small enterprise does not require high level of schooling •Small enterprise use simple technology and do not require technical sophistication

Entrepreneurial Traits And Creative Value-Added (Entrepreneurs Wealth)

MEGA Entrepreneur •Sources their funds from their own wealth and from their families •Some generate capital from wealth accumulated from their past employment MICRO Entrepreneur •Limited Funds •Limited human and non human resources they cannot avail credit from financial institutions

Specific Goal Setting

Motivation to set goals, specifically business growth objectives

Reaping the returns

Pertains to strategy related to the expansion of the business term.

External Factors (Environmental Support)

Positive effects of Government, financial Institutions, and training institutions in setting up business.

Marketing 7 p's

Product,Place,Packaging,Promotion,People

Strategic Thinking (Entrepreneurial Decision Making -involves through process that asses current situation than can useful in formulation of plans for the future. -Porter's Five Forces of competition -Trend Analysis -Scenario Building Porter's Five Force of Competition- a tool was created by Harvard Business School professor Michael Porter, to analyze an industry's attractiveness and likely profitability. Rivalry among existing competitors- threat of now and entrants - threat of substitute products or services, Bargaining power suppliers bargaining power of buyers. Competitive Rivalry- this look his looks at the number and strength of your competitors. How many rivals do you have? Who are they? Suppliers Power- how powerful are the companies that supply to me? Can they easily drive up prices? Buyer Power- how powerful are my consumers? Can they easily choose other business and force me to change my prices? Threat of Substitutions- are there other similar products and services, which my customers might switch do? Threat of New Entry-how easy is it for new businesses to entry my market and take my customers?

Risk- are uncertain situations and development that can increase the probability of loss or business failure. -Internal Risk- pertains to danger coming from the management resources of a business enterprise. -liquidity and financial risk -failure to hire best talents -damage to reputation -failure to innovate -External Risk-are threats coming from various environment outside the business firm. -lethargic economy -increased competitions -business interruptions -political risk

Delphi Technique (Logic Thinking)

Systematic way of generating ideas from select group or individuals using various rounds of consultation or session (Group of customers)

Implementation

The process of carrying out the business plan. •Management of human, physical,technological and financial resources •Confronting actual and potential rivivals •Responding to various opportunities, challenges and development •Managing growth and threatsfor the survival of the business.

Organizing Resources

The process of identifying, sourcing and financing human, non human and other resources needed for the conduct of business MEGA Entrepreneurs •Highly educated,technologically savvy, and creative employees (google,apple) •They sources their funds from the capital market or from venture capitalist (bank) MICRO Entrepreneurs •Draw their sources including labor from what is available in their locality (eatery) •Funds sourced from informal lenders, and remittances of relatives or family members working abroad. (5,6)

Discover

The recognition of a business idea or the detection of opportunities that could make money for an entrepreneur

Personal Traits

Theoritical bases for the distributions of self confidence, determining, enthusiasm and other positive human qualities

High-Growth-High Value Entrepreneurship (Entrep Skills)

Value Entrepreneurship- Entrepreneurs typically offer incentive compensation, manage business operations, build a strong entrepreneurial culture around determination and high work ethic, and from effective board of directors and advisors.

Individual Skills and Prior Knowledge

Vocational know-how, supervisory and mamagerial skills acquired from work experience

Cognitive Adaptability

the ability of individuals to be involves in the process of producing several decision-making based on the identification and management of change the environment. Requires; -flexibility -dynamism -self-control Flexibility- can shift from one thinking to another in making decisions, depending on the objective being pursued. Dynamism- needed in the light of the variety of Changs, situations, problems, and issues that he has to confront. Self-Control-the decisions of an entrepreneur should be formulated after careful analysis, deep reflection and in an undue haste manner.

Entrepreneurial Process

• A system entrepreneurs follow to achieve their goal • A strategic process that includes an articulation of a plan and how this is going to be implemented • An entrepreneurial discipline which includes several stages.

Entrepreneur Skills

•Creative/Critical Thinking •Organizing •Planning •Business Principle •Computer Competency •Workplace Competencies •High Growth High Value Entrepreneurship •Marketing •Interpersonal Skills

Characteristics of Entrepreneur

•Entrepreneurial Traits and Creation of Value-added 1. Level of Education 2.Employment Status 3.Entrepreneurs Wealth 4.Risk Appetite •Entrepreneurial Traits and Entrepreneurial Intentions 1. Internal 2.External

Entrepreneur Competencies

•Locus Control •Specific Goal Setting •Self Efficacy •Layers or Competency •Need for Achievement •Ambition •Willingness to learn •Strong Initiative •Adaptability •Willingness to take risk •Integrity •Conceptual Thinking •Stategies Thinking •Commercial Aptitude •Decisiveness •Optimism •Customer Relation Service •People Centered

Risk Management

•The process of identifying, assessing and responding to risk Identify risk-risk assess and analyze-implement-measure, control and monitor.