ENTREP

4. Leisure Time and Vacations

ENTREPRENEUR: ● Has a flexible schedule and can take unlimited number of vacation days. EMPLOYEE: ● Has a limited number of vacation days imposed by the employer.

Agents Of Change (AOC)

Entrepreneurs are innovation champions.

Proactive

Entrepreneurs are reactive rather than passive.

1. Opportunity Spotting and Assessment

Entrepreneurs at this point take note of interesting trends in their environment by gathering information from various sources. - Furthermore, assess if opportunity is aligned with personal goals.

Entrepreneurship Or Employment

Important Career Factors: 1. Income 2. Hiring and Firing, Organizational Setup, and Major Key results area. 3. Daily Tasks 4. Leisure Time and Vacation 5. Taxation 6. Comfort level at Work

3. Economic factors

Includes income, expenses and resources that can influence the cost of doing business and generating income. - (E.g. Growth rate, inflation rates, unemployment trends, labor costs)

Scanning The Market Environment

Involves understanding the intricacies of microenvironment, macroenvironment, and internal environment. It allows the entrepreneur to recognize opportunities and how market arena works.

Entrepreneurship

Is a proactive process of developing a business venture to make a profit;

Want

Is a product or service that can perfectly suit the need.

Entrepreneur

Is a unique individual who has the innate ability and extraordinary dedication to establish and manage a business, acknowledging all the risks and reaping its rewards.

4. Problem Solvers

Possess critical thinking skills and look problems as challenges or puzzles that they need to solve.

d. Futuristic Opportunities

Projected new opportunities.

Have A Sharp Eye For Opportunities

Recognizing an opportunity even by using the macrolevel data only.

1. Socio-cultural factors

Represent general view of locality's traditions, customs, beliefs, norms and perceptions. - (E.g. religion and beliefs, buying habits, attitude toward imported goods and etc.)

Innovative

Rich with big ideas that can add value to their existing business.

4. Running the Business

The implementation phase. - The entrepreneur should have a control and monitoring system to serve as a check and balance of the formulated plans.

4. Problem inventory analysis

The participants are already given an inventory of product or service problems.

Entrepreneur

The word "entrepreneur" has a French origin and was coined the words entre, which means "between" and prendre, which means "to take".

The Investor

They look for more opportunities. - They may either purchase one or two businesses that can potentially add value to the company.

f. Location

To look at their ecosystem and they will be able to spot a business opportunity.

The True Entrepreneur

True entrepreneurs, based on their experiences, now aim for quality and excellence in their work.

1. Focused group discussion (FGD)

Very open, free-flowing, and in-depth discussion with a group who can provide insightful ideas

e. Irritants in the marketplace such as deterrents, problems, complaints, and delays

When customers are already sick and tired of same old issue, that is an opportunity to entrepreneur to come in and make difference.

Technopreneur

Who puts technology at the core of his business model.

OPPORTUNITY

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

OPPORTUNITY SCREENING

is the process of cautiously selecting the best opportunity.

Innovation

positively improving an existing product or service. It is key driver for economic growth.

Product Development

process of developing, testing, and commercializing a product.

2. Technological innovation

technological advancements of an existing products or service.

Risk Appetite

the entrepreneur's tolerance of business risk.

External Intent

which will address to compelling needs of the target market.

Common And Core Competencies In Entrepreneurship

- To be considered a successful entrepreneur, he must possess common entrepreneurial competencies that are needed all throughout the entrepreneurship careers. At the same time, he should also possess core competencies that are needed for business sustainability.

3 Types of Innovations toaccording degree of distinctiveness.

1. Breakthrough innovation 2. Technological innovation 3. Ordinary innovation

The Opportunity Attractiveness Test

Aims to assist entrepreneurs in ensuring that the opportunity that they will venture into is an attractive and feasible prospect.

2. Brainstorming

Allows the participants to share creative ideas.

1. Breakthrough innovation

establish the platform in which future innovations in an area are developed.

6. Legal factors

government laws and regulations that can restrict or allow business activities.

7. Ethical factors

guides on how to properly run business, including resources.

Product or Service Description

how product or service works and how it will benefit customer.

Internal Intent

i.e. the main objective it will accomplish in entrepreneur's life.

entre

"between"

S3: Seizing The Opportunity

"pushing through"

prendre

"to take"

d. Talents, hobbies, skills and expertise

Business opportunities do not just come from outside forces, but also from within the entrepreneur in the form of his talents, hobbies, skills and/or interests.

2. Developing a Business Plan

Business plan is a comprehensive paper that details marketing, operational, human resource, financial, strategic direction and tactics of the business.

Societal And Economic Benefits Of Entrepreneurship

1. Entrepreneurship produces more jobs that equate to an increase in national income. 2. Entrepreneurship amplifies economic activities of different sectors of society. 3. Entrepreneurship introduces new and innovative products and services. 4. Entrepreneurship improves people's living standard. 5. Entrepreneurship disperses the economic power and creates equality. 6. Entrepreneurship controls the local wealth and balances regional development. 7. Entrepreneurship reduces social conflicts and political unrest. 8. Entrepreneurship elicits economic independence and capital formation.

Methods Of Generating Ideas

1. Focused group discussion (FGD) 2. Brainstorming 3. BrainWriting or Internet brainstorming 4. Problem inventory analysis

Detailed here are the most important elements in a compelling opportunity:

1. Has superior value to customer. 2. Solves compelling problem, issue, a need or a want. 3. Is a potential cash cow. 4. Matches with the entrepreneur's skills, resources, and risk appetite.

Four Key Stages

1. Idea Stage 2. Concept Stage 3. Product Development Stage 4. Test Marketing Stage

Core Traits That The Entrepreneurs Should Develop In Managing And Running The Business:

1. Leaders 2. Communicators 3. Specialists 4. Problem Solvers

Common Traits That Entrepreneurs Should Always Have:

1. Proactive 2. Agents Of Change (AOC) 3. Risk Takers 4. Have a sharp eye for opportunities 5. Sociable 6. Networkers 7. Decisive 8. Balanced 9. Innovative

Common small businesses in the Philippines:

1. Sari-sari store 2. Rice Retailing 3. Food cart Business 4. Printing Business 5. Buy-and-sell Business 6. Street Food Business 7. Flea Market Business or Tiange 8. Online Selling Business​ 9. Cellphone Loading Business 10. Laundry and Dry Cleaning Business 11. Hair Styling and Makeup Business 12. Spa, Gym, and Nail Care Business 13. Video and Photography Business 14. Tutorial Business 15. Baking Business 16. Website Development and Design/Blogging 17. Direct Selling Business 18. Car wash and Car care Business 19. Bar, Café, and Restaurants 20. Water station and LPG Station​​

According To Action Coach, There Are Five Levels Of Entrepreneurial Development:

1. Self-Employed 2. The Manager 3. The Leader 4. The Investor 5. The True Entrepreneur

Macroenvironmental Sources: Examples Of Findings

1. Socio-cultural factors 2. Technological factors 3. Economic factors 4. Environmental of ecological factors 5. Political factors 6. Legal factors 7. Ethical factors 8. Demographic factors

Entrepreneur's Field Or Expertise:

1. Technopreneur 2. Social Entrepreneur 3. Intrapreneur 4. Extrapreneur

Decisive

Always have a decision about their business.

a. STEEPLED

A mnemonic for sociocultural, technological, economic, environmental, political, legal, ethical and demographic factors.

Balanced

Balance between the analytical and the creative sides.

3. Determining the Capital needed

Calculation of resources needed to established business and compare against current resources.

3. BrainWriting or Internet brainstorming

Channel used is not face-to-face but in writing or online.

b. Competitors

Competitors will aid the entrepreneur to develop a product or service that will stand out from the competition.

2. Technological factors

Composed of innovation of an existing technology or an invention of a new one mostly on applied science and engineering research. - (E.g. rate of technological change, legislation about technology, access to newest technology, internet infrastructure and penetration.)

a. Consumer preferences, interests, and perception

Current needs and wants of potential customers.

1. Income

ENTREPRENEUR: ● Income generated passively even when the entrepreneur is resting. ● Opportunity income unlimited, depending on the success of the business. ● Income only earned when the business is successful. EMPLOYEE: ● Income generated actively. ● Income usually fixed per month and increase every year depending on the employer and employee's performance. ● Income earned whether the business is successful or unsuccessful.

6. Comfort Level at Work

ENTREPRENEUR: ● Is comfortable in doing multiple and challenging tasks; does not want to be confined in a box; thinks outside the box or sometimes thinks there is no box. EMPLOYEE: ● May be comfortable with routines and minimal risks; may also be comfortable in working for the company itself.

3. Daily Tasks

ENTREPRENEUR: ● Performs all necessary variable tasks to establish and manage a start-up business; spend more hours on work than a regular employee and sometimes gets no sleep. ● Prepares policies, procedures, and memoranda for the business. EMPLOYEE: ● Has routine tasks and works on regular or normal hours. ● Follow policies, procedures, and memoranda from the employer.

2. Hiring and Firing, Organizational Setup, and Major Key results area.

ENTREPRENEUR: ● Provides Job. ● Providing employee satisfaction. ● Has the power to disengage nonperforming employees ... applying the due process policy of disengaging personnel. ● Can venture into expansion of business such as franchising and buying other similar businesses. EMPLOYEE: ● Seeks for a job. ● Has the goal of satisfying only the employer. ● Fully dependent on the employer's performance. ● Can only work for the current employer exclusively.

5. Taxation

ENTREPRENEUR: ● Taxed on the net income; can claim taxable income deductions for allowable expenses incurred by the business. EMPLOYEE: ● Taxed on the gross income; cannot use expenses incurred related to the job ... deductions from taxable income.

The Leader

Enjoy seeing their people flourish... - ... stepping up and producing great results with minimal supervision.

Intrapreneur

Entrepreneur in a large company or corporation... -... who is tasked to think, establish, and run a new big idea or project.

Extrapreneur

Entrepreneur who hops from one company to another ... providing creative and efficient solutions.

4. Environmental of ecological factors

Entrepreneur will know if the business venture will be suited with the environmental conditions in his or her locality. - (E.g. waste management, laws regulating pollution)

1. Leaders

Humble, approachable, friendly, and also know how to listen to people's concern.

The Manager

Entrepreneurs feels the need to step up and ask some help from the people around them. - They delegate and hire potential employees to do the work, however they may have the tendency to get more people who do not know the exact needs and requirements of the job.

Risk Takers

Entrepreneurs will not be successful if they do not take risks.

Sociable

Establish the relationship with the most important assets of the company—its people and its customers.

c. Unexpected opportunities from customers

Existing problems and bottlenecks often give rise to unexpected opportunity. - perception of a product or service or new market.

3. Specialists

Experts in their chosen business. They are tactical and very keen with details.

5. Political factors

Government policies and administrations, which can have a strong effect in the entrepreneur's business. - (E.g. tax policy, government stability and likely changes)

Self-Employed

Not comfortable with the routines of a desk job.

Need

Is the difference between current situation versus desired condition.

Social Entrepreneur

Is the one who takes advantage of the country's social problems. - turn them to profitable institutions with the intention of helping the disadvantaged community rather than making a profit.

Entrepreneurship

It involves seeking opportunities for a market, establishing and operating a business out of the opportunity, and assessing its risks and reward through close monitoring of the operations.

The Opportunity Attractiveness Test (Oat) (Youngleson, 2009)

It is designed to detail each entrepreneurial aspect into small chunks to come up with a sound entrepreneurial decision. 1. The "concept" and the "strategy." 2. Opportunity metrics

2. Communicators

Know how to use all forms of communication to effectively share ideas and address certain concerns with their customers or employee.

Networkers

Knows the key people to connect with.

c. New discovery or knowledge

New trends that can be the core business model

STEEPLED Analysis

Scan only on the macroenvironment.

b. Industry

Source of current trend. - What is happening in the industry where the future business will belong to.

Entrepreneurial Process

Step-by-step procedure in establishing any kind of business that an entrepreneur has to undergo.

2. Micromarket

a. Consumer preferences, interests, and perception. b. Competitors. c. Unexpected opportunities from customers. d. Talents, hobbies, skills and expertise. e. Irritants in the marketplace such as deterrents, problems, complaints, and delays. f. Location.

1. Macroenvironmental Sources

a. STEEPLED b. Industry c. New discovery or knowledge d. Futuristy Opportunities

8. Demographic factors

characteristics of the people in the target market.

3. Ordinary innovation

commonly originating from market analysis and technology pull instead of a technology push.

Seeking, Screening, And Seizing

• S1: Seeking the Opportunity • S2: Screening the Opportunity • S3: Seizing the Opportunity