ENTREPRENEURSHIP

Price Differentiation

By Customer By Quantity By Segment

Stages of Value Life Cycle

value proposition must be studied throughout the entire life cycle of value perceived by customers. An entrepreneur must create an attribute that captures the five stages of the value life cycle. Value elements can be created in each stage of the cycle. The following are the stages in the value cycle: Stages of value life cycle: 1. Value Creation 2. Value Appropriation 3. Value Consumption 4. Value Renewal 5. Value Transfer

Market research findings

will give the entrepreneur a good perspective of the changes in consumer tastes on products and services. These changes are brought about by either the changes in technology, market demand, and competitor's product. Research findings and results also give an overview of the prevailing economic conditions in the field. They serve as a basis for determining whether to push through with the production or launch of the product or service. It can also give insight if there is a need for it to be rescheduled at a later time when the demand for it arises. More so, it can suggest the total change of the product and come up with a new one that fits the current conditions and demand.

Types of marketing research

1. Advertising Research 2. Commercial Eye-Tracking 3. Customer Satisfaction Research 4. Distribution Channel Audit 5. Internet Strategic Intelligence 6. Test Marketing

Advantages of Unique Selling Proposition

1. Clear Differentiation 2. Improved Revenue 3. Loyal Customers 4. Simpler Selling 5. Sales Strategy

Importance of Market Research

1. Marketing research provides an understanding of consumers' needs 2. Marketing research minimizes the risk of business failure 3. Marketing research gives a forecast of the trends

Purpose of the Unique Selling Proposition

1. Sympathize with customer needs 2. Motivate the customer 3. Uncover the real reason why the customer buys the product

Stages of Value Life Cycle

1. Value Creation - key partners 2. Value Appropriation - buying experience 3. Value Consumption - matches the customers needs 4. Value Renewal - updating and adding 5. Value Transfer - no longer gain value

Sales Strategy

A good unique selling proposition allows the business to communicate to its target market. It will serve as a strategy to boost the sales of the company.

Test Marketing

A lot of business enterprises are using the test marketing type of market research wherein a small, controlled quantity of the product is being released to gauge the level of acceptance of the buying public or target market. Only upon successful assessment will the business enterprise launch it on a wider market.

USP Unique Selling Proposition

Also known as unique selling points, is a marketing strategy that focuses on special features of a product or services which enable them to stand out from the competition and attract customers. These features might include the quality of design, style or service, and cost or the reliability of the product. It could be described as what you have and what your competitors don't have. Is a statement created by entrepreneurs to highlight distinct characteristics of products or services from competitors. describes only the features of the product or service that are different from others. "Unique Selling Point"

Value Consumption

At this stage, customers see and feel the value of the product by using it. The value is maximized if the value proposition offered by the business matches the customer's needs. The customer starts to patronize the product. They now see and feel the value and benefit they get in the product.

Channel Differentiation

Coverage Expertise Performance

Uncover the real reason why the customer buys the product

Entrepreneurs may ask customers why they are patronizing the product. For example, the entrepreneur who sells pizza may ask what features of the product he offers they would like the most such as taste, size or ingredients.

Motivate the customer

Entrepreneurs must know what motivates and drives the customer to buy the product. If the businesses use a unique selling proposition, entrepreneurs identify what will motivate them to purchase the product.

Market Research Basic Questions

In preparation for drafting market research, the following basic questions will be helpful to serve as researchers' guide: 1. Why conduct market research? - This question clearly identifies the purpose and goals of conducting market research. 2. What will be the market research? - The coverage and limitation of the market research to be conducted should be identified. 3. Which part of the market will be researched? - There is also a need for the identification of a particular segment or segments of the market being eyed by the researcher wherein he will conduct the market research. 4. Who among the members of the identified market will be researched? - After the selection of a particular segment of the market being eyed by the researcher, the next concern would be the identification of who among the members of the market segment will be requested to partake in the research. 5. When will be the right time to conduct the planned market research? - The conduct of market research must have proper time and timing. For example, if the target participants in the market research are students, the researcher must be able to identify when their common free time is, what are the common times that they are not that busy so that their participation will not be perceived as a burden or an inconvenience. 6. Where will the market research be conducted? - Identifying when the right time is, comes hand in hand with pinpointing the best location or venue to conduct the market research. Having the same sample scenario in the previous question, it is not advisable to conduct the interview in the school canteen because the location is noisy or boisterous. Having it in the library would not be advisable too for the interview can be a source of noise and distraction to the students concentrating on their readings. Select a venue that is fitted with your plan, like utilization of a discussion room or the like. 7. How will the market research be carried out? - This question directly answers the methodology that will be employed in the conduct of market research like surveys, observation, focused group discussion and the like.

Focus on clarity of value

It focuses on brand awareness. The business is going to identify a very clear picture of the business's brand.

Breeds confidence

It gives the entrepreneur confidence that comes from knowing that the business is making a difference to the people they serve in a way meaningful to them.

Gives direction

It provides a clear direction by identifying the target market and understanding the needs of the customers that can be satisfied by a planned solution.

Customer understanding and engagement

It serves as a basis to engage the customers by understanding how the customer views the business and its products or services.

Marketing research gives a forecast of the trends

Market research findings were not only known as a reference for the current market demands. It has also been widely used for acquiring information on future demands or customer needs. This will help the entrepreneur plan for the development and improvement of the product or service in meeting and maintaining customers' needs and continued interest.

Marketing research minimizes the risk of business failure

Part of the market research is to dwell on the risk levels that the proposed product or service may encounter once it becomes available in the market. It can never guarantee a fail-safe forecast or a sure success, but the provision of possible risks on the product or business failure will be enough to caution the entrepreneur on the kind of business he wants to venture.

Reputation / Image Differentiation

Perception Communication Advertising

Simpler sellling

Side staff benefits when companies develop and use an effective unique selling proposition. It gives the sales representative the opportunity to discuss the value and benefits of the product to the customers more easily and convincingly.

Sympathize with customer needs

Some entrepreneurs focus only on their product or services, and they tend to forget customer needs considering they must be satisfied. Since customers are the source of sales and income, entrepreneurs should prioritize their needs. An entrepreneur should put himself in the shoes of customers to understand what they need.

Steps in Writing Unique Selling Proposition

Step 1. Review the planning process. - The entrepreneur must review the whole planning process. It includes the mission statement, business plan, and business goals. Step 2. Identify the target audience's problem. - The entrepreneur must identify the target market's problem and explain how the product or service solves the problem. Step 3. Focus on the solution. - Focus on finding a solution to the customer's problem. It should be better than the competitor's solution offering. Step 4. Combine it into a concise statement. - Combine the important elements of the previous step into a clear, concise, and unique statement.

Value Proposition Advantages

The following are the advantages of identifying the value proposition of a business or product/service. 1. Gives direction 2. Creates focus 3. Breeds confidence 4. Customer understanding and engagement 5. Focus on clarity of value

Observation Technique

The process of gathering data about customers in their natural setting without having to interact with them. one has to simply observe on their usual activity such as buying and using products and services and evaluate how they behave.

Improved Revenue

The revenue improves or exceeds expectations if the business offers a product with the use of a unique selling proposition. People will buy the product or services because it matches their needs.

Value Appropriation

The value can be created by enhancing, innovating, and facilitating customer buying experience. This can be done in two steps. The first is to improve how transactions are made. The second is to consider the satisfaction of the customers. The business owner notices that most of the students in the school do not like the flavor of pizza he offers. He decided to innovate his product. Instead of selling only one flavor, he adds a variety of flavors to choose from. Most of the flavors he chose to add are unique and tasty.

Creates focus

The value proposition focuses on how and why the business will deliver value. It also outlines what the business must deliver to meet the customer's needs and create an overall marketable experience.

Internet Strategic Intelligence

This emerging type of market research provides the entrepreneur a no holds bar type of feedback and assessment of the product or service. Using the Internet in the form of chats, forums, blogs, etc., the product under review is given an honest experience review, for these channels are usually considered venues wherein someone can freely express himself and his feelings, thus becoming strong opinion formers.

Value Transfer

This is the final stage of the value life cycle. This happens when customers can no longer gain value from the product or service. Customer transfers to another store or product because the received value did not match with the value proposition. When value did not meet the expectation, there is a possibility that customers may transfer.

Value Renewal

This stage happens when value expires. Value renewal also includes updating and adding benefits and features to the product or service. The customer now doesn't like the product because of their changing preferences. The entrepreneur will improve the product by adding features like additional toppings for the pizza. Through this, customer value also increases.

Customer Satisfaction Research

This type of market research requires quantitative and qualitative data or interview that came from the feedback of customers who already purchased the product, or a related one, to gauge his satisfaction. The satisfaction feedback will give the entrepreneur valuable information on what to improve or innovate further to meet the total satisfaction of the buyers.

Advertising Research

This type of marketing research aims to predict or trace the effectiveness of an existing or related product or service advertisement. The related product is assessed in terms of its ability to catch the attention of potential buyers, maintain the brand image at excellent levels, and push the potential buyers to make a purchase.

Commercial Eye-Tracking

This type of marketing research focuses on the examination and evaluation of an existing or related product or service's advertising or marketing collaterals, package design, colors, and themes, as well as website layout and scheme. These factors will be used for analyzing visual behavior and trends among its target consumers.

Clear Differentiation

Using a unique selling proposition will provide your customers with a clear differentiation of your product from competitors, Differentiation is the unique product attribute that separates the business from other businesses with the same nature.

Value Creation

Value creation is a set of interdependent activities that generates value for customers to help sell their products and services. It includes three main components, such as key partners, key activities, and key resources. Marketing and research and development team are the department in the business which is responsible for adding value at this stage. The business owner will create a product that his customers will surely like. The key partners are the business owner, including all his sales staff. Key activities include the creation of the actual product, such as cooking. The key resources will be the materials and ingredients needed to create the finished product. The entrepreneur also chooses a value proposition that will fit the business.

Marketing research provides an understanding of consumers' needs

Well-Crafted market research will give the entrepreneur an excellent overview of the related products' prevailing prices, most effective packaging, as well as advertising/ marketing campaigns/ materials that gained popularity and attention from potential buyers or clients.

Loyal Customers

When the business provides a product that meets the customers needs through a unique selling proposition, the buyers are likely to return for a future need, Customers tend to repeat the purchase. The repeat purchases evolve into feelings of loyalty to the business

Culture

is the most basic cause of a person's wants and behavior

FGD Focus Group Discussion

gathers a small group of people with common backgrounds or experiences to discuss a specific topic. The participants are guided by a facilitator who moderated topics for discussion and helps the group to participate in a lively discussion.

Value proposition

is a business or marketing statement indicating the worth that the business offers to customers. The business makes promises to a customer or consumer segment, which is easy to understand why they should purchase a product or service. It can be applied to the whole organization, customer accounts, products, or services. is a statement that clearly identifies the benefits and the reason why a customer should purchase a product or service to the business.

Interview

is a face-to-face communication between two persons where questions are asked, and answers are given. The interviewer is the one who asks questions to gather information, and the interviewee is the respondent who supplies the information requested.

Market research

refers to the design, collection, and analysis of relevant data, arranged in a systematic way, aimed at providing a solution to a specific marketing problem. It is a vital step in business planning. A well crafted market research will significantly help the attainment of business success. is one of the most effective tools to utilize if the entrepreneur wants to undertake the marketing aspect of the business effectively. provides an understanding of consumers' needs, minimizes business risk and failure, and forecast of emerging market trends.

Relationship Differentiation

Competence Courtesy Credibility Reliability Responsiveness Communication

A Group

Consists if two or more people who interact to accomplish individual or mutual goals.

A role

Consists of the activities people are expected to perform according to persons around them.

Interpersonal Skills

Entrepreneurs should have strong skills in working with people. They should have an understanding of the behavior of others.

Collaboration

Entrepreneurs should know how to work with people or groups to attain common goals and to promote teamwork. An entrepreneur should establish good networking and connections with experts and government agencies that are instrumental to the operation and success of the business.

Subculture

Is a group of people with shared value systems based on common life experiences and situations.

Status

Is the general esteem given to a role by a society

Consumer Buying Behavior

Refers to the buying behavior of the final consumers, individuals and household who buy goods and services for personal consumption.

Reference Group

Serves as a direct (face to face) or indirect points of comparison or reference in forming a person's attitude or behavior

Types of Market Research

1. Advertising Research 2. Commercial Eye-Tracking 3. Customer Satisfaction Research 4. Distribution Channel Audit 5. Internet Strategic Intelligence 6. Test Marketing

Conceptual Thinking

An entrepreneur is open to new approaches and analyzes ideas that may enhance work and will lead to significant improvements. An entrepreneur reviews project outcomes in order to understand where problems occurred. Check the impact of the proposed solution on both customers and employees.

Value Proposition

is a business or marketing statement indicating the worth that the business offers to customers. The business makes promises to a customer or consumer segment, which is easy to understand why they should purchase a product or service. It can be applied to the whole organization, customer accounts, products, or services. is a statement that clearly identifies the benefits and the reason why a customer should purchase a product or service to the business. 1. Marketing Statement 2. Worth of a Business

Entrepreneur

(Zimmer & Scarborough, 2008, p. 5) - An entrepreneur can be described as "one who created a new business in the face of risk and uncertainty for the purpose of achieving profit and growth by identifying the significant opportunities and assembling the necessary resources to capitalize on them." (Entrepreneur, n.d.) - An entrepreneur is "one who organizes, manages, and assumes the risk of a business or enterprise." is a person who creates unique ideas that will be useful for a starting business. It will enhance a student's interest to be an employer rather than an employee. Having this in mind, we can define

Value

- describes the importance or usefulness of something to the consumers. - is the core of any business organization, and it directs all future decisions, innovations, and target customers. - engage yourself in the lesson and learn how to make a value proposition for your business.

Characteristics Affecting Consumer Behavior

1. Culture 2. Subculture 3. Reference Group 4. An Aspirational Group 5. An Opinion Leader 6. A Group 7. A Role 8. Status

Optimism

An entrepreneur should always think positively even when faced with unexpected problems. An optimistic entrepreneur lets go of the unfortunate events that took place and just takes the lessons learned from the experience.

Commercial Aptitude

An entrepreneur should be updated with the developments in the locality and with knowledge to identify opportunities that can be attained by the business. An entrepreneur always checks for updates on the current trends in the market in relation to his or her product.

Integrity

An entrepreneur should have a positive sense of values and personal beliefs, particularly when encountering difficult or challenging situations. An entrepreneur should have a positive sense. He or she knows what is good and right, does what is best for everyone, and does not act without thinking. An entrepreneur should have a positive sense. He or she knows what is good and right, does what is best for everyone, and does not act without thinking

Customer Relations Service

An entrepreneur should know how to build trust and long-term relationships with customers. A good entrepreneur knows what his or her customers need in order to satisfy them and have a long-term relationship with them.

Benefits

Assess the benefits of the offerings and how these offerings deliver clear customer value.

Need for Achievement

Entrepreneurs must have a high desire to accomplish goals. This includes repeated efforts to achieve success.

Ambition

Entrepreneurs must have motivation and persistence to pursue their goals.

Willingness to Learn

Entrepreneurs should have a strong willingness to acquire new knowledge and skills.

Jeremy Bentham (1748-1832)

From the English School of thought, considered entrepreneurs to be innovators. They "depart from routine, discover new markets, find new sources of supply, improve existing product and lower the costs of production." (Chell, 2008)

Internet Strategic Intelligence

This emerging type of market research provides the entrepreneur a no holds bar type of feedback and assessment of the product or service. Using the internet in the form of chats, forums, blogs, etc,. the product under review is given an honest experience review, for these channels are usually considered venues wherein someone can freely express himself and his feelings, thus becoming strong opinion formers.

Market

This includes analyzing and identifying the market or specific clients or target groups of the business

Creating Value

This theme articulated the idea that entrepreneurship creates value. The attributes in this factor indicated that value creation might be represented by transforming a business, creating a new business, growing a business, creating wealth, or destroying the status quo.

Well-known Value Propositions of Some Businesses

Wallmart - products offered virtually Spotify - online music streaming Vimeo - online video streaming Value Propositions Wallmart - save money, live better Spotify - soundtrack of your life Vimeo - makes life worth watching

Value Proposition Builder Model

is a six-step interactive process in building value or worth to the customer experience. The steps in value proposition builder model are the following: 1. Market 2. Value Experience 3. Offerings 4. Benefits 5. Proof 6. Alternative and Differentiation

Usefulness of Entrepreneurship to the Students

1. It develops skills that will be needed in starting up a business. 2. It enhances knowledge on how to operate business. 3. It demonstrates how to manage a business. 4. Learners consider becoming an employer rather than an employee.

Usefulness of the Course to the Students

1. It develops skills that will be needed for starting up a business. 2. It enhances knowledge on how to operate business. 3. It demonstrates how to manage a business. 4. Learners may consider becoming an employer rather than an employee. 5. Learners change their attitude towards the course as a means of living. 6. Learners change in personal and career attitudes such as communication, problem-solving skills, collaboration, motivation, creativity, and teamwork.

6 macroenvironmental sources of opportunities

1. Demographic 2. Economic 3. Socio-cultural 4. Technological 5. Ecological 6. Political and Legal

Where to find information to consider in market potential?

1. Demographic Profile 2. Economic 3. Socio-cultural 4. Technological 5. Ecological 6. Political and Legal

Opportunity Spotting and Assessment

1. Entrepreneurial Opportunity Seeking 2. Opportunity Screening 3. Opportunity Seizing

Sources of Opportunities in Entrepreneurship

1. External/ Macro Environmental 2. Internal/ Micro Environmental 3. Industry and Market Disparities 4. Consumer Preferences and Interests 5. Technological Discoveries and Advancements

What were the offerings or promises of your recent gadget presented to you when you decided to buy it?

1. Is it true? 2. Do you find it more easy to use rather than your former gadget before? 3. How well did the gadget perform?

Why study entrepreneurship

1. It will increase an individual's entrepreneurial interest. 2. It will help to discover innovators who also have the competence and edge of becoming entrepreneurs. 3. It will help the learners analyze creative and attainable ideas. 4. The learners will be able to write a business plan

Importance of Market Research

1. Marketing research provides an understanding of consumers' needs. 2. marketing research minimized the risk of business failure. 3. Marketing research gives forecast of the trends.

Psychological Factors

1. Motive 2. Learning 3. Attitude

3S of Opportunity Spotting and Assessment

1. Opportunity Seeking 2. Opportunity Screening 3. Opportunity Seizing

Ways of Differentiation

1. Product Differentiation 2. Service Differentiation 3. Channel Differentiation 4. Relationship Differentiation 5. Reputation / Image Differentiation 6. Price Differentiation

Common Entrepreneurial Competencies

1. Specific Goal Setting 2. Self-Efficacy 3. Need for Achievement 4. Ambition 5. Willingness to Learn 6. Adaptability and Flexibility 7. Willingness to Take Risks 8. Interpersonal Skills

Activities a Person Need to be Considered as an Entrepreneur

1. The Entrepreneur 2. Innovation 3. Organization Creation 4. Creating Value

What to consider in Market Potential?

1. Who has more dominance in the market? 2. Who has superior bargaining power? 3. Which segments of the market are the over-served and under-served? 4. Are there market segments which the entrepreneur finds more attractive and beneficial than others?

Market Research Basic Questions

1. Why conduct market research? 2. What will be the market research? 3. Which part of the market will be researched? 4. Who among the members of the identified market will be researched? 5. When will be the right time to conduct the planned market research? 6. Where will the market research be conducted? 7. How will the market research be carried out?

Test Marketing

A lot of business enterprises are using the test marketing type of marketing type of market research wherein a small, controlled quantity of the product is being released to gauge the level of acceptance of the buying public or target market. Only upon successful assessment will the business enterprise launch it on a wider market.

Risk-taking

An entrepreneur anticipates future conflicts but knows how to solve problems that may arise in business organizations. An entrepreneur relies on his or her gut feel if the venture will be successful or not.

Decisiveness

An entrepreneur should know how to make choices and resolve issues quickly. An entrepreneur switches to an alternative strategy to reach a goal. It generates new ideas and innovative solutions.

People-centered

An entrepreneur should know how to motivate people and see and value the best in others. An entrepreneur knows how and when to show empathy. He or she listens actively to everyone.

Value Experience

Analyzes the value experience that the customer may get from the business and its activities. The entrepreneurs must know how to define good, bad, and neutral undertakings because the effectiveness of the value proposition depend on customer feedback.

External/ Macro Environmental Sources

Any enterprise, or organization is not alone in its business environment. It is always surrounded by an array of factors and forces that help in shaping opportunities but also pose present threats to the company.

Distribution Channel Audit

Auditing or assessing the distributor or retailers' purchase ordering pattern and levels of a product or a related one can be used in gauging how the product is received by the buying public or its target market.

Consumer Preferences and Interests

Consumer preferences and interests can also be sources of opportunities. These preferences refer to the interests or tastes of individuals. When products eventually become outdated, consumers' changes in perception can subsequently kill sales. Take, for instance, the patronage shown by most consumers towards mobile app delivery services. If today's trend shows an increasing preference for this type of service, then this would be a great opportunity for any entrepreneur to take advantage.

Technological Discoveries and Advancements

Continuous advancements in technology can be the source of highly innovative opportunities in the business industry. Newer and better improvements have paved the way for the creation of ride-hailing mobile applications that considerably answered the transportation issues in the country. When ride-hailing motorcycles appeared in 2016, it received a favorable response from the public. Thanks to its location-based service, which enabled commuters to travel to and from their work easier and more comfortably.

Technological

Continuous advancements in technology make this a crucial influence in the macroenvironment. ● Technological forces are rampant nowadays - from the development of wireless communication techniques to the growth of smartphones, tablets, computers, and the like. ● Every entrepreneur must closely keep an eye on the technological environment in order to keep up with any improvements.

Demographic

Demographic forces pertain to the people or the general population itself. ● This macroenvironmental force will allow the entrepreneur to carefully scrutinize the needs of the public, which is the reason for businesses to exist. ● Demographics offer both opportunities and challenges for all businesses. Hence, the ability to study the purchasing behavior of people is crucial for entrepreneurs.

Market Potential and Prospects

Market potential pertains to the size of the market or consumers who will avail of the product or service. It generally represents the upper limits of the market for a particular product and is usually measured by the volume of sales obtained by the entrepreneur.

Economic

Economic forces pertain to factors that are intertwined with the purchasing power and spending behavior of the consumers. ● In taking advantage of this force, an entrepreneur must first examine several criteria such as GDP, GDP real growth rate, VAT, inflation, and spending patterns of the people in a given country.

Willingness to Take Risks

Entrepreneurs must be willing to accept the consequences of every decision. They must know how to calculate and identify risk. They are skilled in developing new plans.

Self-efficacy

Entrepreneurs must believe in their ability. Entrepreneurs with high self-efficacy will turn negative feedback into positive and use this as a basis for improvement.

Adaptability and Flexibility

Entrepreneurs must learn how to be adaptable and flexible in every situation. They can manage change well and generate new actions even with undesirable events.

Specific Goal Setting

Entrepreneurs should set goals that are specific, measurable, attainable, realistic, and time-bound because it will increase the chances of achieving that goal.

Strategic Thinking

Entrepreneurs understand and use strategies as a way to accomplish goals in relevance to aims and objectives. An entrepreneur finds ways to do things faster or at less costs.

Market Research

Market research refers to the design, collection, and analysis of relevant data, arranged in a systematic way, aimed at providing a solution to a specific marketing problem. It is a vital step in business planning.

Product Differentiation

Features Performance Efficacy Conformance Durability Reliability Warranty

Alternative and Differentiation

Identify the alternative option for the business' product and how it is different and better than alternative.

Offerings

Identify the product or service mix the business for selling and its capabilities of leveraging the value experience of the customers

Internal/Microenvironmental Sources

Internal sources pertain to those factors that can be controlled by the management. It includes factors of resources available that affect individuals and businesses. Understanding your core microenvironmental sources will help you in planning and preparing your business idea. 1. Customers 2. Suppliers 3. Resellers 4. Competitors 5. General Public

Motive

Is a need that is sufficiently pressing to direct the person to seek satisfaction of the need.

An Opinion Leader

Is a person within a reference group who- because of special skills, knowledge, personality, or other characteristics- exerts influence on others.

Attitude

Is a person's consistently favorable or unfavorable evaluations, feelings and tendencies toward an object or idea.

Learning

Is described as the changes in an individual's behavior arising from experience.

An Aspirational Group

Is one to which the individual wishes to belong. It refers to the one to which the individual wishes he belongs and wants to automatically like them

Service Differentiation

Ordering Ease Delivery Installation Customer Consulting Other Miscellaneous Services

Proof

Provide and ensure with relevant credibility and believability of your product in order for the customer to see if the product is really satisfying.

The Entrepreneur (Gartner, 1990, p. 21, 24) Entrepreneurship

The entrepreneur theme is the idea that entrepreneurship involves individuals with unique personality characteristics and abilities (e.g., risk-taking, locus of control, autonomy, perseverance, commitment, vision, creativity).

10 Competencies for Entrepreneurial Success

The entrepreneurial competencies only enable you to be engaged in business. It is not a guarantee that your business will be a big hit or very successful all of a sudden. That is why aside from the entrepreneurial competencies, you should also be well versed in the competencies for entrepreneurial success. These will help you to have a successful business undertaking. 1. Integrity 2. Conceptual Thinking 3. Risk-taking 4. Collaboration 5. Strategic Thinking 6. Commercial Aptitude 7. Decisiveness 8. Optimism 9. Customer Relations Service 10. People-centered

Importance of Entrepreneurship Education

The following are the importance of entrepreneurship education: 1. Entrepreneurship serves as a key economic driver. It focuses on wealth creation, and through small businesses started by entrepreneurial-minded individuals, it will also create jobs for the people. 2. Entrepreneurial education is an individual lifelong process. It helps increase the level of knowledge and competence and improve the quality of life. 3. Entrepreneurship education benefits every student by giving an alternative career path at any time of his or her life

Industry and Market Disparities

The industry and market where you belong are in continuous fluctuation. Laws and regulations are not constant; product lines vanish, while some others continue to expand. Therefore, entrepreneurs must keep an eye on these matters to stay afloat in the industry. Certain disparities in the market may take place in the form of regulations, deregulations, constant changes in supply chains, and other structural problems. It also describes situations when the supply and demand of any product do not correspond well with each other. Moreover, as an entrepreneur, you need to think about the means adopted by shoppers when purchasing products. You have to devise ways for you not to fall out from the industry, most especially in today's digital age. A case example of this is a supermarket approach that provides a shopping experience to people who have applied for membership. Apart from their brick-and-mortar stores located in different places in the country, it also has an online store that aims to provide a convenient membership shopping experience for all its members

Innovation (Gartner, 1990, p. 25)

The innovation theme is characterized as doing something new as an idea, product, service, market, or technology in a new or established organization.

Opportunity Seizing

The last step is the decision making phase of spotting business opportunities. After laying down all the opportunities available, the last step is for the entrepreneur to seize his chosen business opportunity.

Organization Creation (Gartner, 1990, p. 25)

The organization creation theme describes the behaviors involved in creating organizations. This theme described acquiring and integrating resources attributes (e.g., Brings resources to bear, integrated opportunities with resources, mobilizes resources, gathers resources) and attributes that described creating organizations (new venture development and the creation of a business that adds value.)

Entrepreneurship

The science of converting processed ideas into a remarkable business venture. as the science of converting processed ideas into a remarkable business venture. It refers to the setting up of a business or businesses while taking into consideration its financial risks, geared towards the attainment of profits.

Opportunity Screening

The second step requires the adoption of analytical skills. Screening opportunities involves the ability to select the best opportunity available. This step would depend on various internal and external factors.

Customer Satisfaction Research

This type of market research requires quantitative and qualitative data or interview that came from the feedback of customers who already purchased the product, or a related one, to gauge his satisfaction. The satisfaction feedback will give the entrepreneur valuable information on what to improve or innovate further to meet the total satisfaction of the buyers.

Advertising Research

This type of marketing research aims to predict or trace the effectiveness of an existing or related product or service advertisement. The related product is assessed in terms of its ability to catch the attention of potential buyers, maintain the brand image at excellent levels, and push the potential buyers to make a purchase.

Commercial Eye-Tracking

This type of marketing research focuses on the examination and evaluation of an existing or related product or service's advertising or marketing collaterals, package designs, colors, and themes, as well as website layout and scheme. These factors will be used for analyzing visual behavior and trends among its target consumer.

Entrepreneurial Opportunity Seeking

When seeking for opportunities, always remember that present problems are the best opportunities that consequently require solutions. In this industry, if you want to be a successful entrepreneur, you need to be able to recognize a problem or a gap and gear up with an innovative solution. The first step for any start-up venture is to have an idea as to the kind of business opportunity that will be taken by any budding entrepreneur. When seeking for opportunities, always remember that present problems are the ones that offer the best opportunities that consequently require solutions. In this industry, if you want to be a successful entrepreneur, you need to be able to recognize a problem or a gap and gear up with an innovative solution

Competencies

are considered as the capability, capacity, and ability of a person to handle situations in various areas in business operations such as in marketing, management, production, and finance.

Competitors

● Any level of competition will also affect the economic livelihood of your business. ● By analogy, having a huge number of competitors within the same industry signifies a high demand for the products and/or services being provided. ● Your competitors are those that sell the same or similar product as you do; therefore, examining their sales and marketing strategies is very important on your end.

Suppliers

● Having reliable suppliers can contribute to the success of the business, most especially if they are one of the large suppliers of goods. ● To operate lucratively, you need to learn how to establish rapport with your suppliers and, in turn, get a good value on products or goods that they will supply to your business.

Political and legal

● Political and legal forces are brought about by the existing rules and conditions imposed by the government - legislative, executive, and the judiciary. ● These forces involve laws, rules, and regulations that may affect the operations of any business. ● Before penetrating the industry, be sure to gather information about the legal and political environment of the country.

Resellers

● Resellers and other intermediaries such as wholesalers and retailers are important sources, especially if you are carrying consumer goods and services. ● These middlemen are essential in the aspects of promotion, sales, distribution, and financial mediation. ● For instance, if your reseller stands with a good reputation, then this reputation can be highly leveraged, which you can also use in marketing your business.

Socio-cultural

● Socio-cultural forces are primarily linked with the different factors that affect a society's values and preferences. ● Many business blunders occur due to the failure of a business in analyzing foreign cultures; hence, the need to carefully study the preferences and behavior of the people. ● For instance, traditional and conservative countries that follow rigid social conventions will likely deviate from businesses that offer products and services contrary to their values, beliefs, and preferences.

Ecological

● Sometimes termed as the "natural forces" in the macroenvironment, ecological forces are likewise significant for they relate to the natural resources that are needed as inputs by any entrepreneur. ● A lot of issues or concerns raised about the environment are still growing strongly, which makes this external force a critical factor that must be considered.

Customers

● The customers are the most crucial microenvironmental source of opportunity. ● Operating a business will never be successful without the capability of drawing the attention of your targeted customers. ● Identifying your niche market will help you lay down the most appropriate campaigns in order to generate revenue streams.

General Public

● The general public refers to any group of people that show interest in the ability of any business to attain its objectives. ● Your local community greatly affects the operations of your business. That's why it is essential for any business to establish its own goodwill in order to obtain a favorable response from the public. ● The general public is important in the aspects of media, environmental concerns, and public opinion.