ENTREPRENEURSHIP

Refers to how you sell your product or services to your customer. You will address the wants and desires of your customers.

Unique selling proposition (USP)

is a business or marketing statement that summarizes why a consumer should buy a company's product or use its service. This statement is often used to convince a customer to purchase a particular product or service to add a form of value to their lives.

Value Proposition VP

Includes all mammals, birds, reptiles, fish, etch., that live in the wild.

Wildlife

Variables to consider in Geographic segmentation:

a. Climate b. Dominant ethnic group c. Culture d. Density (either rural or urban)

Variables to consider in Demographic Segmentation:

a. Gender b. Age c. Income d. Occupation e. Education f. Religion g. Ethnic group h. Family size

Variables to consider in Psychological Segmentation:

a. Needs and wants b. Attitudes c. Social class d. Personality traits e. Knowledge and awareness f. Brand concept g. Lifestyle

Variables to consider in Behavioral Segmentation:

a. Perceptions b. Knowledge c. Reaction d. Benefits e. Loyalty f. Response

Goods can be categorized into BLANK or BLANK

business goods or consumer goods

is an individual who is alert to profitable opportunities for the exchange of goods or services.

entrepreneur

is one who is organizes, manages, directs and assumes the risk of a business or enterprise.

entrepreneur

Entrepreneurs are BLANK

innovators

Environmental Factors include

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

are the one that provide something that is needed in business operations such as office supplies and equipment.

suppliers

The word "entrepreneur" was derived from the French verb interpreted, which means BLANK

"to undertake"

The Physical Environment includes

A. Climate - The weather conditions. B. Natural Resources - Such as minerals, forests, water and fertile land that occur in nature and can be used for economic gain. C. Wildlife - Includes all mammals, birds, reptiles, fish, etch., that live in the wild.

The Industry Environment of the business includes

A. Competitors B. Customers C. Creditors D. Employees E. Government F. Suppliers

The intensity of rivalry among existing firms is characterized to the following factors:

A. Diversity of rivals B. Number of competing firms C. Characteristics of the products or services D. Increased capacity E. Amount of fixed costs F. Rate of industry growth

The Societal Environment includes the various forces like:

A. Political Forces: Includes all the laws, rules and regulations that govern business practices as well as the permits, approvals and licenses necessary to operate the business. B. Economic Forces: Such as income level and employment rate. C. Sociocultural forces: customs, lifestyles and values that characterized a society.

If the business requires huge capital, new entrants should decline to join the business. This can be noticed if there is the presence of the following factors:

A. Substantial capital requirement B. Strict government policy C. Difficulty in accessing distribution channels D. Economies of scale E. High cost of product differentiation F. High switching cost

A substitute product can give a big threat in the industry environment if the following factors are noticed:

A. Switching cost is low. B. Preferences and tastes of the consumers easily change. C. Product differentiation is highly noticeable. D. The quality of substitute product dramatically improves. E. The price of substitute product is substantially lower.

In an example where supplies and services being offered is unstabled the intensity of the threat is strong in this kind of the competitive force in the industry. This can be noticed if there is the presence of the following factors:

A. The supplier has the ability for forward integration. B. Suppliers in the industry are few, but the sales volume is high. C. Substitute products are not readily available in the market. D. The switching cost is very high. E. The product or service is unique.

The threat of its bargaining power will be less if the following factors are noticed:

A. There are several suppliers available in market. B. The buyer has the potential for backward integration. C. The cost of switching the supplier cost is minimal. D. The product represents a high percentage of the buyer's cost. E. The buyer purchases large portions of the seller's product or service.

divided according to customers behavior pattern as they interact with a company.

Behavioral Segmentation

with the expertise of entrepreneurship in the field, he can be a very good source of advice to other entrepreneurs and would be businessmen.

Business Consultant

Only limited number of buyers

Business Goods

The demand is derived demand.

Business Goods

the entrepreneur being expert in the field, can be employed as a BLANK.

Business Reporter

are the ones that pay cash in exchange for your goods and services.

Buyers

These are the five forces competing within the industry

Buyers Potential new entrants Rivalry among existing firms Substitute products Supplier

Entrepreneurial ideas arise when changes happen in the external environment. A person with an entrepreneurial drive views these changes positivity.

Change in the environment

Sources of Opportunity

Change in the environment Technological discovery and advancement Government's thrust, programs, and policies People's Interest Past experiences

The weather conditions.

Climate

an entrepreneur must have a convincing power.

Communicator

It is the act or process of trying to get or win something.

Competition

The demand is direct demand.

Consumer Goods

The number of buyers is great.

Consumer Goods

which means that because of entrepreneurship many organizations will exist.

Creation of Organizations

The specific characteristics that the customers need from a product or a service.

Customer Requirements

an entrepreneur must be firm in making decisions.

Decisive

divided based consumers.

Demographic Segmentation

this means that one of the benefits an entrepreneur getsisto develop his managerialsk

Development of Managerial Capabilities

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

Drone Entrepreneurs

Such as income level and employment rate.

Economic Forces

it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources.

Economic and Dynamic Activity

This refers to the ability of the entrepreneur of, being intuitive. This also known as intuition. The gut game also means confidence in oneself and the firm belief that everything you aspire can be reached.

Entrepreneurial gut game

Entrepreneurs are driven by passion: they are attracted to discover satisfaction in the act and process of discovery. Passion is the great desire of an entrepreneur to achieve his/her goals.

Entrepreneurial heart flame

This Allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situation. Being a risk-taker. An entrepreneur can find solutions when problem arise.

Entrepreneurial mind frame

It is a science of converting processed ideas into a remarkable business venture.

Entrepreneurship

refers to the physical environment, societal environment, and industry environment where the business operates.

External environment

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

Fabian Entrepreneurs

According to BLANK, It is also a capacity for innovation, investment and expansion in new market, products and techniques.

Fajardo (2009)

It is also called as the "five forces of competition". An industry environment is a competitive environment. Regardless of what product or services you have competition is always present.

Forces of Competition Model

the total market is divided according to geographical location.

Geographic segmentation

Commonly used methods for segmenting the market are follows:

Geographic segmentation Demographic Segmentation Psychological Segmentation Behavioral Segmentation

The priorities, project programs, and policies of the government are also good sources of ideas.

Government's thrust, programs, and policies

Some tips for the entrepreneur on how to create an effective unique selling proposition to the target customers:

Identify and rank the uniqueness of the product or services character Very Specific Keep it short and simple (KISS)

They are those who don't create new things but only follow the ideas of other entrepreneurs.

Imitating Entrepreneurs

this means that entrepreneurship can lift up the economic status of

Improving Standard of Living

doing things even before being told.

Initiative

The entrepreneur constantly looks for new ideas, thus he needs to be creative.

Innovative

the entrepreneur has big business ideas, and he does not stop improving and thinking of new worthwhile ideas for his business.

Innovative

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.

Innovative Entrepreneurs

an entrepreneur must have the charisma to be obeyed by his employees

Leader

is a sage in market identification process that aims to determine the buyers with common needs and characteristics. Prospect customers are market segment that entrepreneurial venture intends to serve.

Market Targeting

It is the approximate number of sellers and buyers in a particular market

Market size

is like a size of arena where the entrepreneurs will play their business.

Market size

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

Means of Economic Development

Such as minerals, forests, water and fertile land that occur in nature and can be used for economic gain.

Natural Resources

is defined as companies or businesses that have the ability to penetrate or enter into a particular industry.

New Entrant

an entrepreneur must have the ability to be the first to see business chances.

Opportunity seeker

Tangible thing or things that can be seen. Characteristic specifications that a consumer expects to be fulfilled in the product.

Output Requirement

The expertise and skills developed by a person who has worked in a particular field may lead to the opening of a related business enterprise.

Past experiences

The interest, hobbies, and preferences of people are rich sources of entrepreneurial idea, like the increasing number of internet cafe at present could lead to the strong attachment of young people to computers.

People's Interest

meaning he will pursue things to get done regardless of challenges.

Perseverance

Factors Affecting Entrepreneurs

Personality and Environmental Factors

it means that he can entice people to buy even if they don't want to

Persuasion

It is also called as the distribution channel. It can include any physical store as well as virtual stores or online shops on the Internet.

Place

is the second P in the Marketing Mix.

Place

represents the location where the buyer and seller exchange goods or services.

Place

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

Planner

Includes all the laws, rules and regulations that govern business practices as well as the permits, approvals and licenses necessary to operate the business.

Political Forces

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

Proactive

it means he can classify opportunities and seize it

Proactive

it means he can retain good relations with other people.

Problem Solver

refers to any goods or services that is produced to meet the consumer's wants, tastes, and preferences.

Product

The entrepreneur can be compensated by his profit coming from the operation.

Profit Potential

divided in terms for customers think and believe.

Psychological Segmentation

the entrepreneur can be employed as a BLANK by an enterprise.

Researcher

an entrepreneur has the courage to pursue business ideas.

Risk Taker

The entrepreneur needs to gamble but wise enough to offset the risk.

Risk bearing

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

Risk-taker

is a state or situation wherein business organizations are competing with each other in a particular market.

Rivalry

the entrepreneurship graduate can apply as a salesman.

Sales

Intangible thing or product that is not able to be touched but customer can feel the fulfillment.

Service Requirement

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

Social Entrepreneurs

customs, lifestyles and values that characterized a society.

Sociocultural forces

is one that serves the same purpose as another product in the market.

Substitute

In creating Value Proposition, entrepreneurs will consider the basic elements:

Target Customer Needs/opportunity Name of the product Name of the enterprise/company

a graduate of an entrepreneurship can use his knowledge in teaching.

Teacher

A person with entrepreneurial interest sees possibility of business opportunities in any new discovery or because of the use of latest technology.

Technological discovery and advancement