CHAPTER 2

Preparation Toward an
Entrepreneurial Journey

A. Converting Ideas to Reality

As a stimulus of economic growth,
entrepreneurship is a profitable way
of converting ideas into reality.
● It may also be possible to get ideas from businesses that have folded up and learn from
their mistakes.
● An identification and assessment of the consumer behavior may also reveal new
business ideas, such as extending basic to latent needs, simple to sophisticated
services, mass to a niche market, or from immediate to expanded services.
B. Creativity in Entrepreneurship
● is not all about coming up with ideas as much as having the ability to adapt to changing
circumstances and conditions of the environment.
C. INNOVATION IN
ENTREPRENEURSHIP
● From ideas to solution then to transformation, outlines the difference between innovation
to mere creativity.
D. Passion Follow-through in Entrepreneurship
Entrepreneurial Competencies
● Entrepreneurial competencies have long since underscored the skills and attitudes that

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are required of an entrepreneur.
Entrepreneurial Passion
● Entrepreneurs who convey strong passion tend to be persuasive, highly motivated and
have a wider social circle and social capital.
E. The Three Os' (Opportunity Seeking, Opportunity
Screening, and Opportunity Seizing)
● Some of the clear sources of opportunities identified by Peter Drucker (2015)
would include:
● The unexpected development in the market;
● •The discrepancy between what is expected in products and
services vis-à-vis what is available in the market;
● The company's own process gaps;
● The changes in the industry and market structure;
● The changing market demographics;
● The changes in consumer perception, behavioral meaning, and
general market sentiment; and
● The availability of new knowledge.
G. Interpersonal Competencies
It is imperative for anyone wishing to begin an entrepreneurial journey to be

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armed with all the necessary competencies to lessen the chances of failure.
The following are the important interpersonal skills that are worth giving
attention:
● Verbal Communication
● Non-verbal Communication
● Listening Skills
● Negotiation
● Problem-solving
● Decision-making
● Assertiveness
● Teamwork
● Time management
● Empathy
H. Business Competencies
● These are a set of abilities and knowledge that sets a company apart from its
competitors. It also refers to the key characteristics that successful entrepreneurs should
have to be successful.
Ex. Business vision, financial management,
networking.
I. Protection of Creative Ideas
● Patents – This pertains to the restricted right granted for an invention, including the
materials and processes that is attributed to it, through an approval of a patent
application.
● Trademarks – This pertains to the identifiable sign, word or symbols that indicates the
identity of a product or service, that is protected through a legal or non legal process.
● Copyright – This pertains to the right over an intellectual property that is protected
through a legal process, in case of copy issues.