W1:Introduction to Entrep

Entrepreneurship

related with business and innovation

a proactive process of developing a profitmaking business venture.

An activity that includes the discovery, evaluation, and exploitation of opportunities to introduce new goods and services.

Having profited from bearing uncertainty and risk

Entrepreneur

recognizes opportunities, strategies, mobilizes resources, manages, and accepts the risks of a business to have a positive
impact on society

ROI- return of investment

Strategy Pricing

1. Premium Pricing- based on status/income of its customer

Ex: Authentic designer bags- Socialites

2. Psychological Pricing-setting prices lower than a whole number

Ex: ₱1000 vs ₱999.99 - is chosen by majority because it’s ‘cheaper’

Packaging

needs: expiry date, brand name, contents/ingredients

Positioning- how product was manufactured

Prototype- test the product before release

Discuss the value of the supply drain

if kulang mag-import

Mark-up Price- price added to the original selling price (including transportation)
Revenue- income incurred compared to what was spent

Break even- walang nasayang/nadagdag

Copyright infringement- violation at the patent rule/ trademark

Psychology Coloring- Red, Yellow, Green (common colors used in logos because of attractiveness)

Common Elements

Innovation- process of bringing into an organization new methods, ideas, concepts, technologies, etc.

Opportunity seeking and Exploitation- evaluating and pursuing market-based abilities.

Ex: lending money and good location

Resource mobilizing- additional resources for your organization investment, add capital.

Ex: machines

Encountering Risk and Uncertainties- no such thing as perfect business. (aralin peak and lowest)

Economic and Personal Rewards- when business grows/expands it gains profit.

Benefits: ↑ revenue, ↑ income

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 Factors Affecting Entrepreneurship

Personality Factors Environmental Factors

initiative political- obey the order of the court

proactive climatic

problem solver legal system

perseverance- get things done regardless of challenges economic conditions

persuasion- entice people to buy even if they don’t like it social conditions

planner- maintenance plan market situation- whether customer always buys

risk-taker- willing to gamble but only minimal risk

Common Competencies

1. Decisive- Entrepreneur must be firm in making decisions

2. Communicator- convince teammates

3. Leader- charismatic to be obeyed by employees (”iron fist”)

4. Opportunity Seeker- be the first to introduce a product

5. Proactive- prepared fir the future to minimize loss

6. Risk taker- takes risk but minimally

7. Innovative- beneficial to others

Core Competencies

1. Economic and Dynamic Activity

create value by optimum utilization of scarce resources

2. Innovative

3. Profit potential

4. Risk bearing

have to gamble but make sure to offset risk

Types of Entrepreneurs

1. Innovative Entrepreneur

Think of new ideas

2. Imitating Entrepreneur

copycat

3. Fabian Entrepreneur

follow only after satisfied (trend follower)

4. Drone prone Entrepreneur

live off of the labor of others

5. Social Entrepreneur

focus on the effects on the community

Entrepreneurship

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 origin: capitalism= economic, political, and social system of private citizens desire to produce goods and services the public
needs

Early Entrepreneur

new routes of transport- with the aid of capital-providing financiers, arranged journey leading to the procurement and selling of
goods using the newly developed routes.

History of Entrepreneurship in the Philippines

Entrepreneurship- necessary to empower the poor; boost development and stimulate innovation

Philippine Development Plan (PDP)

further reinforces the thrust on entrepreneurships through trade and investment for economic development and job creation

Youth Entrepreneurship Program

Former President Gloria Arroyo issued E.O.470 in 2005

response for young people to become involved in economic development and nation building

Go Negosyo

Mr. Joey Concepcion (founder)

national org that encourages entrepreneurship

Young Entrepreneur Seminars (YES)

Mr. Joey Concepcion (organizer)

business tips, advice, opportunities for young people who want to pursue entrep

Philippines Statistics Authority

around 915,726 business in 2016

of these, 99.57% (911,758) are micro, small, , medium-sized enterprises (MSME’s)

Career Opportunities of Entrep

1. Business Consultant

2. Teacher

3. Researcher

4. Sales

5. Business Reporter

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