CHAPTER 9: ENTERPRISE ENTRY STRATEGIES
Starting business from Scratch - It involves
identifying a need in the market, developing a
business plan, and building a company from the
ground up. Some key considerations to keep in
mind when starting a business from scratch
include identifying your target audience,
securing financing, developing a marketing
strategy, and building a strong team.
Advantages
• Business can be designed to meet personal
goals.
• Policies and Procedures are formulated
according to personal desire.
Disadvantages
• Extensive time and energy are required to
study the business idea.
• It is often difficult to attract customers to a
new product, service, or company.
• Market Demand is Uncertainty.
Taking over family business - If you have a
family business that is already established, this
can be an excellent opportunity to continue the
legacy and build upon the existing foundation.
However, it's essential to approach this strategy
with caution and to ensure that you have a clear
understanding of the business's strengths and
weaknesses before taking over. It's also
important to be mindful of any family dynamics
that could impact the success of the business.
Advantages
• Business Guidance from the family is
available.
• Market has been established.
Disadvantages
• It might be difficult to introduce changes in
an already established business.
• The new owner may have to make do with
existing facilities.
Buying an Existing Business - This can be an
attractive option for entrepreneurs who want to
hit the ground running and take advantage of an
established customer base, brand recognition,
and existing infrastructure. However, it's
essential to do your due diligence before
purchasing a business to ensure that it's a good
investment and that you have a solid plan for
how to grow and improve the business moving
forward.
Advantages
• Market demand Already Exists.
• There is available experienced personnel.
Disadvantages
• The New Entrepreneur may have to adjust
his own business goals to those of the firm
to be purchased.
• Policies and procedures which he might find
questionable may be difficult to change.
Obtaining a Franchise - franchising can be an
attractive option for entrepreneurs who want to
start a business with a proven track record and
established support system. When you obtain a
franchise, you're essentially buying the right to
operate a business model that has already been
successful in other locations. However, it's
important to keep in mind that there are often
significant upfront costs associated with
franchising, and you'll typically be required to
follow strict guidelines and operate within a
predetermined framework.
Advantages
• The franchisee is able to go into business
even without previous experience.
• Product or Service is Already known in the
Market.
Disadvantages
• Relatively higher capital investment is
needed, including franchise fees and other
services.
• Operating decisions must conform to
established systems giving the franchise
limited autonomy.
Running a business from home - This can be an
excellent approach for those who want to
minimize overhead costs and have the flexibility
to work on their own terms. However, it's
important to keep in mind that running a
business from home requires discipline and a
strong work ethic to ensure that you stay
focused and productive.
Advantage
• allows for a great deal of flexibility. You can
work from the comfort of your own home,
which means no more commuting, no more
office politics, and no dress code. You can
also set your own hours and work at a pace
that suits you, which is particularly helpful
for those who have other commitments,
such as caring for children or elderly
relatives.
Disadvantage
• It can be difficult to separate work from
home life. It can be challenging to stay
focused and motivated when you're
surrounded by the distractions of home,
and it can also be hard to establish
boundaries with family members or
roommates who may not understand the
importance of your work
CHAPTER 10: ENVIRONMENTAL AND
ECONOMIC TRENDS AFFECTING
ENTREPRENEURSHIP
1. Technological Evolutions - has
revolutionized the way businesses operate,
providing opportunities for entrepreneurs
to develop new products and services.
Advances in technology have enabled
entrepreneurs to create innovative
solutions to societal problems, making it
easier for them to market their products
and services.
2. Social Responsibility - Entrepreneurs are
expected to incorporate social
responsibility in their business practices,
ensuring that their activities align with
ethical and moral standards. Social
responsibility also offers opportunities for
entrepreneurs to differentiate their
products and services in the market,
thereby attracting socially conscious
consumers.
3. Inclusive Growth - It aims to provide
opportunities for all individuals, regardless
of their background, to participate in
economic activities. This trend has created
new opportunities for entrepreneurs to
develop products and services that cater to
underserved markets, such as low-income
communities, women, and people with
disabilities. Inclusive growth has also
provided a platform for entrepreneurs to
create innovative solutions to social
problems, thereby contributing to overall
economic growth.
4. Globalization - has created opportunities
for entrepreneurs to expand their
businesses beyond their national borders,
providing access to new markets and
customers. However, globalization also
poses challenges such as increased
competition, cultural differences, and
regulatory hurdles.
5. E-commerce - has transformed the way
businesses operate, enabling
entrepreneurs to reach a global audience
through online platforms. E-commerce has
reduced barriers to entry for
entrepreneurs, providing a low-cost
alternative to traditional brick-and-mortar
businesses.
6. The Cyberspace - has provided
entrepreneurs with new opportunities to
reach customers and market their products
and services. The emergence of social
media platforms has created new channels
 for entrepreneurs to engage with
customers, build brand awareness, and
create communities. However, cyberspace
also poses challenges such as cybersecurity
threats, intellectual property theft, and
online reputation management.
7. Franchising Trends - providing
entrepreneurs with the opportunity to
start their own business with the support
of an established brand. Franchising offers
entrepreneurs a proven business model,
marketing support, and training, reducing
the risks associated with starting a new
business. However, franchising also poses
challenges such as high initial investment
costs, limited flexibility, and the risk of
brand reputation damage.
8. Green Economy - has emerged as a trend
in entrepreneurship, providing
opportunities for entrepreneurs to develop
products and services that promote
sustainability. The green economy has
created new markets for entrepreneurs to
develop innovative solutions to
environmental problems, such as climate
change, pollution, and resource depletion.
However, the green economy also poses
challenges such as regulatory hurdles, high
investment costs, and limited consumer
awareness.
CHAPTER 11: Entrepreneurial Ideas and
Opportunities
- refer to innovative concepts and
potential ventures that individuals can
pursue to create value and generate
profits
Some Factors to consider in relation to
personal preferences:
Likes and Dislikes
Family Concerns
Age and Health Issues
Personality
Financial Need
Collaboration and Networking - Engage in
conversations and collaborations with other
entrepreneurs, industry professionals, and
experts. Sharing ideas, brainstorming together,
and leveraging collective knowledge can create
new opportunities.
Observing Trends - Stay updated on current
trends and emerging technologies. Observe
changes in consumer behavior, advancements in
technology, and shifts in market dynamics. By
identifying trends early on, you can capitalize on
new opportunities before they become
mainstream
Problem-Solving Approach - Look for problems
or challenges in various industries and sectors.
Consider pain points, inefficiencies, or unmet
needs that can be addressed through innovative
solutions. This approach involves identifying a
problem and then brainstorming potential ideas
to solve it.
OPPORTUNITY EVALUATION PROCESS
Market Analysis - Conduct a thorough analysis
of the target market. Identify the size of the
market, the potential customer base, and the
overall growth prospects. Analyze competition,
industry trends, and any regulatory factors that
may impact the opportunity.
Customer Validation - Validate the demand for
your product or service by gathering feedback
from potential customers. Conduct surveys,
interviews, or prototype testing to gauge their
interest, needs, and willingness to pay. This step
helps ensure that your idea solves a real
problem and has a viable market.
Feasibility Assessment - Evaluate the feasibility
of your opportunity by considering various
factors, including financial feasibility, technical
feasibility, resource availability, and scalability.
Assess whether you have the necessary
resources, skills, and infrastructure to bring the
opportunity to fruition.
Idea generation Techniques - Employ
brainstorming techniques, such as mind
mapping, SCAMPER (Substitute, Combine,
Adapt, Modify, Put to another use, Eliminate,
Reverse), or the Six Thinking Hats method to
generate a wide range of ideas. Encourage
creativity and think outside the box.
Competitive Advantage - Identify and analyze
your potential competitive advantage.
Determine what sets your idea apart from
existing solutions or competitors.
Risk Assessment - Evaluate the potential risks
and challenges associated with pursuing the
opportunity. Consider factors such as market
volatility, regulatory constraints, technological
barriers, and financial risks. Identify mitigation
strategies to address these risks and ensure the
long-term sustainability of your venture.
Financial Analysis - Conduct a thorough financial
analysis to determine the revenue potential,
cost structure, and profitability of the
opportunity. Estimate the initial investment
required, projected sales, and anticipated
expenses. This analysis will help you assess the
financial viability and return on investment of
the opportunity.
SWOT analysis - Perform a SWOT analysis
(Strengths, Weaknesses, Opportunities, Threats)
to assess the internal and external factors that
can impact your opportunity. This analysis helps
you understand the strengths and weaknesses
of your venture and identify potential
opportunities or threats in the market.
Decision Making - make an informed decision
about pursuing the opportunity. Consider the
alignment of the opportunity with your goals,
the overall market potential, feasibility, and the
level of risk involved.
IMPORTANCE OF ENTREPRENEURIAL IDEA AND
OPPORTUNITIES
Economic Growth - Entrepreneurship plays a
vital role in driving economic growth by
fostering innovation, creating new jobs, and
promoting competition. New ventures and ideas
can lead to the development of new industries,
increased productivity, and enhanced overall
prosperity.
Problem solving - Entrepreneurial ideas often
emerge from identifying gaps, inefficiencies, or
unmet needs in the market. By addressing these
problems through innovative solutions,
entrepreneurs have the opportunity to make a
significant impact on society while building
successful businesses.
Personal Fulfillment - Entrepreneurship allows
individuals to pursue their passions, interests,
and personal goals. It offers the freedom to
create and shape their own ventures, enabling
them to have a sense of autonomy and
fulfillment in their work.
PROMISING ENTREPRENEURIAL
OPPORTUNITIES
- E-commerce and Online Marketplace -
- Sustainability and green technologies
- Health and wellness
- Artificial Intelligence (AI) and Automation
- Personal Development and education
- Financial Technology (FinTech)
- Aging population solutions
CHAPTER 12: THE ENTERPRISE START UP
Basic Guidelines in Business Start Up
• a. Identify your passion and expertise
• b. Conduct market research
• c. Define your value proposition
• d. Establish a business structure
• e. Secure necessary permits and licenses
Business start-up checklist
a. Define your business idea:
b. Create a business plan:
c. Identify funding sources:
d. Build a professional network
e. Develop a marketing strategy
f. Set up your infrastructure
g. Hire the right team
h. Obtain insurance coverage

The Planning Stage

a. Market analysis
b. SWOT analysis
c. Financial planning
d. Operations planning
e. Marketing and sales strategy

Starting the enterprise

a. Register your business
b. Location of the Business
c. Recruit and train your team
d. Launch your marketing campaigns
e. Monitor and adjust