What is an entrepreneur?

Why are Entrepreneurs An entrepreneur recognizes an

important? entrepreneurial opportunity.
- Relentlessly pursues an opportunity
- Pursues an existing or a new business. - They create new
- Creates value on their work while business
What is an entrepreneurial
assuming both risk and rewards. - They provide jobs opportunity?
- They add to the
national income - Economically
State your takeaways: attractive and timely
- They create or
opportunity.
Entrepreneurs are individualds who relentlessly influence social
This opportunity
pursues an opportunity. This opportunity can be change
establishing a new business or an existing. Lastly, - They help drives entrepreneurs to
Creates value on their work by assuming risk communities produce products for
and rewards. interested buyers and

Active recall:What defines an entrepreneur? end users.

Active recall:

Why are entrepreneurs

Use the box below to cover definitions and pre- Recall & Restatement:
answered questions such as my takeaways.
important?
Entrepreneurial opportunity
Good luck! :*
is an instrument for

entrepreneurs to
When entrepreneurs…
create/ provide useful
create new businesses
products for consumers.
they provide jobs.
These jobs help In return, interested buyers
communities. Thus, willingly pay for the service or
influences social product.
trends/changes. Lastly,
social changes affect the
national income. What is an entrepreneurial
opportunity?

- An entrepreneurial
Cause and effect opportunity is a
perspective: situation wherein the
entrepreneurs

recognize an
Creation of new businesses
🡪 provides jobs 🡪 helps opportunity to create a
communities 🡪 influences helpful product,
social trends/changes 🡪
in return consumers
affect the national income.
 are willing to pay for

Creates _____ 🡪 provides the service or product.

___ 🡪 helps ____ 🡪 Additionally, it is an __
attractive and ____
influences ____ 🡪 affects
opportunity.
____ income

RECALL HERE:

Do entrepreneurs affect the

national income?

Do entrepreneurs
influence trends?

Can entrepreneurs provide

business opportunities?

Can entrepreneurs help Takeaways:

communities?
Economically attractive and

timely opportunity that

attracts the attention of

interested consumers and

end users.

ATTITUDES AND BEHAVIORS OF AN

ENTREPRENEUR
1. They plan their day in advance. 2. They get proper 3. Resiliency
nutrition and
exercise.
Why do entrepreneurs need to plan their
day in advanced?
What makes an entreprene
Why is it important for
- So that they don’t waste their time on resilient?
entrepreneurs to stay
pointless agendas.
healthy? - Their ability to
- Entrepreneurs should not waste their
time. Thus, planning can give - Staying healthy recover from
entrepreneurs the control of results to a higher
 managing and saving their time. level of productivity. difficulties.

Restatement.

Planning is an instrument for entrepreneurs Takeaway:

to save time and to avoid spending their
- Nourishing and
hours on pointless endeavors.
attending to the
needs of our body
can lead to higher
levels of
productivity.

4. Focus 5. They are good at 6. They are able to learn

selling new things

Why should an entrepreneur focus?

What makes an
- Entrepreneurs must organize their
entrepreneur good at
tasks. The ones that are critical must
selling?
get the full attention contrastingly,
the least important parts must “take - They know how to
the back seat” meet the needs and
wants of a consumer.
Why is it important for
entrepreneurs to learn new
things?
- It is a must for
entrepreneurs to
learn more about what

they do and what the

competition is working on.
Takeaways here:

Takeaways:

- Entrepreneurs must
always be on the

prowl to learn more about

what they do to attain

a certain advantage against

competitors.

7. They invest for long term Active Recall:

8. They are good at finding and
How many attitudes and behaviors of an entrepreneur ar
 managing people there?
9. They do self-reflection

State and define all of the attitudes and behaviors below

Mark as green if you remember.

Red as forgotten.

Orange as uncertain or almost forgotten.

Example:

1. They plan their day in advance

Why?
2.

Qualities of an Entrepreneur
1. Commitment and 2. Leadership 3. Opportunity Obsession
determination - Entrepreneurs are - Aware of market and
- Persistent in solving self-starters. They customer needs
problems are team builders
who focus on their
business
relationship.

4. Tolerance of Risk, 5. Creativity, self- 6. Motivation to Excel

Ambiguity, and reliance, and - Goal oriented and aware of
Uncertainty adaptability strength and weaknesses.
- Takes risks and likes to try - Entrepreneurs are
new things. creative and
innovative. Able to
adjust to new
conditions to stay
in business.

1. Active Recall:

How many qualities of an entrepreneur are there?

What quality makes an entrepreneur persistent in solving problems?

 What should an entrepreneur embody to become team builders who focus on business
relationships?

What quality makes an entrepreneur aware of market and consumer needs?

What allows an entrepreneur to take risks and like new things?

What quality makes an entrepreneur creative and innovative and able to adjust to new
conditions?

What should an entrepreneur embody to become goal oriented and aware of strength and
weaknesses?

1.2 Remember this abbreviation: C2LOTrauM

Commitment and determination

Creativity, self-reliance, and adaptability

Leadership

Opportunity Obsession

Tolerance of Risk, Ambiguity and Uncertainty

Motivation to Excel

1.3 Connect the qualities to their definitions.

Commitment and determination 🡪

Creativity, self-reliance, and adaptability 🡪

Leadership 🡪
Opportunity Obsession 🡪

Tolerance of Risk, Ambiguity and Uncertainty 🡪

Motivation to Excel 🡪

Persistent in solving
problems

Goal oriented and aware of

strength and weaknesses.
Aware of market and
customer needs

Able to adjust to new

Tite 8====D conditions to stay in
business.

They are team builders who focus on

their business relationship.
Takes risks and likes to try
new things
 FOUNDERS VS OTHER ENTREPRENEURS
1. What is a founder? 2. What are 3. What is a franchise?
- An entrepreneur who brings a franchisees? - Authority given by an
new firm into existence - Category of organization.
entrepreneurs. Consequently, this
Someone who owns a authority allows them
franchise. to sell its goods and
services or to take
part in an activity
which the
organization controls.

FOUNDERS VS OTHER ENTREPRENEURS

Entrepreneurial team

1. Social Entrepreneurs
2. Women Active recall phase:
Entrepreneurs

What are social entrepreneurs?

True or false.
- The goal of this team is to find What is the definition of
1. ____ Social
innovative solution to social women entrepreneurs?
Entrepreneurs are
needs.
- Non-profit. Performs
entrepreneurial activity with
embedded social purpose.
- Schumpeterian concept
- Group of women often a non-profit
who initiate, organization and only
organize, and run a establish their
business enterprise. purpose to solve
societal problems.
of innovative 2. According to what
entrepreneurs: concept calls women
women who who innovate, imitate
innovate, imitate or or adopt a business
adopt a business activity a “woman
activity are called entrepreneur” ?
“women
entrepreneurs”

MOTIVATIONS FOR OWNING A BUSINESS

1. Personal fulfillment and satisfaction

2. Financial rewards
3. Independence

Cause and effect:

Personal fulfillment and satisfation 🡪 Financial rewards 🡪 Independence

 STARTING A SMALL BUSINESS
Lesson 1 part 2
What is a small business? How to start a small business?

- A business owned by one to several

persons.
1. Start from scratch
- Operates a small amount of capital and
- Founders start from scratch. Requires
serves a limited number of customers.
paperwork since the business is new.
- Small businesses in the service industry
require less capital. Contrastingly, goods
2. Buy an existing business
producing business business need more
- Buying an pre-established business from
capital for its assets.
previous owners.

3. Franchise
- A business operating under licenses issued
under a parent company.
Active recall:

Answer T is the statement is True.

Active recall :
If the statement is false, replace the word that
makes it incorrect.

1. True or False 1. What do you call a small business that

requires more paperwork since it is newly
Small businesses can only be ran by an
established?
individual. ______
2. What do you call a business that was
bought from its previous owner/s?
3. What do you call a business under a parent
Businesses in the service industry require more company?
capital. _____

Small businesses can only serve limited number

of customers. _____

A few examples of businesses in the service

industry are: Web design, E-book publishing,
virtual assistant, social media management.
_____.
TAKEAWAYS:

Small businesses can be owned by several

people or an individual. Altogether, this
business can only serve a limited amount of
customers, thus, a smaller capital. Moreover, in
this lesson there are two classifications of a small
business: 1) Service industy. Requires less
capital 2) Goods producing business. Requires
more capital.

TYPES OF LEGAL OWNERSHIP

1. Sole traders 2.Partnership

- A legal ownership of a - Ran by two or more
business ran by one owners.
owner/an individual.

What are the advantages? What are the advantages?

1. The sole proprietor has full 1. Easier to get capital

control of the business. since there are more
2. Legal paperwork is simple owners.
 and low cost.
What are the disadvantages?
1. Unlimited liabilities. The
owner is responsible for all
of the financial relations
(debts, financial losses) of
their businesses.
3. Corporation
- Otherwise called “company”.
The amount of owners can
range from two to infinite
owners.
- It is treated as a separate
legal entity, also recognized 3. What small business
as a person.
2. Banks are more willing
to lend money.
3. Legal paperwork is
simple and low cost
What are the
disadvantages?
1. Unlimited liabilities.
All owners are
personally responsible
for business debts
2. Can potentially lead to
arguments if the
owners do not share
the same objective.
Active Recall:
1. What do you call a
small business with a
single owner?
2. What small business is
ran by two or more?
has the infinite amount

What are the advantages?
1. Limited liabilities – an
owner is not responsible for
the debts of his company.
2. Continuity – ownership can
be transferred from one
person to another granting
corporations an infinite life. ⮚ True or false
3. Ease of raising funds – to
raise money, owners can sell
shares to new owners.
What are the disadvantages?
1. High cost of legal
paperwork.
2. Double taxation - the
company’s profit gets taxed
at corporate level first. Then
after distributing to the
shareholders, it will be taxed
again.
of owners?
4. What is double
taxation?
5. What is unlimited
liabilities?
6.Define continuity?
7.
1. Limited liabilities is
one of the advantages
of sole traders. _____
2. Both sole traders and
partnerships have a
low cost of paperwork.
_____
3. “Limited liabilities” is
one of the
disadvantages of a
corporation. _____
4. It is easy for corporate
officials to raise money
since the current
owners can sell shares
to new owners. _____
 HOW TO START A SMALL BUSINESS

Opportunity recognition- Entrepreneurial Alertness-

possess abilities to identify the Recognizing existing, but
potential of new products or unnoticed business
services that may lead to opportunities.
promising businesses.

Takeaway:
Entrepreneurs must recognize
the significant value of a
product which can lead to the
success of the business.
Active recall:
When an entrepreneur recognizes the effectiveness of a
new product to influence the success of the business, this
means that the entrepreneur has?
When an entrepreneur recognizes and existing but an
unnoticed opportunity, this means that they have?

MARKET IDEAS
- Providing customers with a product/service that
does not exist in a particular market but exists
somewhere else.
NEW BENEFIT IDEAS
Providing customers with an improved product.

Active Recall:
Define market ideas.
Entrepreneurs provide customers with an improved
product, what idea is this?

Idk how to generate questions for these </3

⮚ Using innovative thinking to generate business ideas.

1. You can borrow heavily from existing products

/services or other industries.
2.You may combine two businesses. (e.g., bookstore that
sells coffee at the same time)
3. Begin with a problem in mind that you hope to relieve
“What frustrates me now and how can I make it better?
4. Recognize a hot trend and ride the wave.
5. Study an existing product or service and explore
methods to improve.
6.Consider ways to adapt a product or service to meet
the customer needs in a different way.
7. Study a product or service and see ways on how you
can make it more sustainable or “green”
Example:
Paper-saving electronic invitations for weddings and
other formal events.
8. Keep an eye on new technologies.

USING INTERNAL OR EXTERNAL IDEAS TO ASSESS

NEW BUSINESS IDEAS.
1. Outside-in analysis
- Considers the general environment before identifying
internal factors.
- Entrepreneur can look for the needs in the
 marketplace before determining the use of their own
capabilities.
2.Inside-out analysis
- Considers resources, capabilities, and competencies
that an entrepreneur can bring up to the world of
business.
3. SWOT analysis
Strength and weakness – factors inside the business
Opportunities and threats – factors outside the
business

Divided into positive and negative factors.

Strength and Opportunities – positive
Weakness and threats – negative

4.Feasibility Analysis
- A preliminary assessment of a business idea that
gauges whether the venue envisioned is likely to
succeed.

SELECTING STRATEGIES THAT CAPTURE

OPPORTUNITIES
Broad-based strategy

⮚ Cost-based- requires the firm to hold down its costs to

compete by charging lower price and still earn profit.
⮚ Differentiation-based- designing a product/service with
unique attributes.
Focus strategy
⮚ Restricting the target market to a single subset of
customers
⮚ Emphasizing a single product or service

SCREENING NEW BUSINESS IDEAS

1. Strength of the business idea
2. Targeted market and customers
3. Industry and competitive advantage
4. Capability of founders
5. Capital requirement and venture performance

ACTIVE RECALL
1. What analysis considers the general environment before identifying
internal factors?
2. What analysis considers resources, capabilities, and competencies that an
entrepreneur can bring up to the world of business?
3. In SWOT Analysis what are the factors outside of the business?
4. In SWOT Analysis what are the factors inside the business?
5. What analysis is defined as the preliminary assessment of a business idea th
gauges whether the venue envisioned is likely to succeed?
6. What broad-based strategy requires the firm to hold down the cost to
complete by charging lower price and still earn profit?
7. What broad-based strategy requires entrepreneurs to design a product with
unique attributes?
8. What broad-based strategy restricts the target market to a single subset of
customers?
9. What analysis requires an entrepreneur to look for the needs in the
marketplace before determining the use of their own capabilities?
10.What strategy emphasizes a single product or service?
11. In screening new business Ideas, you must consider the strength of the
business idea. ______
12. In screening new business Ideas, you must consider the _____ market and
____.
13. In screening new business Ideas, you must consider the ______ of the
founders.
14. In screening new business Ideas, you must consider the _____
requirement and _____ performance.
LESSON 2 - ENTREP: