First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP
I. ENTREPRENEURIAL CONCEPTS, SKILLS, AND
COMPETENCIES
- ENTREPRENEURSHIP
o Is a science of converting processed ideas into a remarkable
business venture
o It is a capacity for innovation, investment, and expansion in
new market, products, and techniques.
o Entrepreneurship is the ability and readiness to develop,
organize and run a business enterprise, along with any of its
uncertainties in order to make a profit. The most prominent
example of entrepreneurship is the starting of new
businesses.
- ENTREPRENEURIAL COMPETENCIES
o Initiative: It is an entrepreneur who initiates a business
activity.
o Looking for Opportunities: Entrepreneur always looks for an
opportunity and takes appropriate actions accordingly.
o Persistence: He follows the Japanese proverb “Fall seven
times; stand up eight”. He makes repeated efforts to
overcome harriers.
o Information Seeker: Entrepreneur always searches for
information from various researchers and consulting experts.
o Quality Conscious: An entrepreneur always tries to beat the
existing standard of quality.
o Committed to Working: Entrepreneur does every sacrifice to
get the task completed.
o Efficiency Seeker: Entrepreneur always tries to get the task
completed within minimum costs and time.
o Problem Planning: Entrepreneur always tries to develop
realistic and proper plans and then executes carefully to
accomplish the task.
o Problem Solver: Entrepreneur always tries to find out ways
and means to tide over the difficult times.
o Self-Confidence: Entrepreneur has a strong belief in his
strengths and abilities.
o Assertive: Entrepreneur is always assertive.
o Persuasive: Entrepreneur is able to successfully persuade
others to do what he actually wants from them.
o Efficient Monitors: Entrepreneur personally supervises the
work so that it is done as per the desired standard.
o Employees’ Well-Wisher: Entrepreneur has great concern
and also takes the necessary steps to improve the welfare of
the employees.
o Effective Strategists: Entrepreneur introduces the most
effective strategies to affect employees to achieve the
enterprise goal.
- ENTREPRENEURIAL SKILLS
o Business management skills
o Teamwork and leadership skills
o Communication and listening
o Customer service skills
o Financial skills
o Analytical and problem-solving skills
o Critical thinking skills
o Strategic thinking and planning skills
o Technical skills
o Time management and organizational skills
o Branding, marketing and networking skills
- CORE COMPETENCIES IN ENTREPRENEURSHIP
o The Entrepreneur as Missionary
o Entrepreneur is Goal-Driven
o Entrepreneur is a Marketing Man
o Entrepreneur starts from Little
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP
II. JOB OPPORTUNITIES
- Entrepreneurial careers are jobs that can give you the
experience and skills that help prepare you to start your
own business or develop your own product. Certain
careers can offer more training in the abilities and qualities
necessary to take on the challenge of starting a business.
- BUSINESS CAREERS FOR ENTREPRENEURS
o Financial Manager: A financial manager is responsible for
analyzing the monetary resources of a company including
investments, profits and costs.
o Business Development Manager: Business development
managers act as a bridge between various departments to
determine the ways a company can increase revenue and
grow a customer base.
o Financial Analyst: Financial analysts help companies make
investment choices based on predictions of market trends.
They are involved in the buying and selling of stocks and
other funds.
o Chief Executive Officer: A chief executive officer oversees the
strategic operations of a company. CEOs set a vision for the
company by studying thought leaders and changes in
business trends.
o Financial Advisor: A financial advisor manages their own
clients, serving as a guide and coach for both business and
individuals who need assistance in managing their
monetary resources.
- MEDIA CAREERS FOR ENTREPRENEURS
o B/Vlogger: A blogger creates original written content for
professional clients or for personal expression.
o Freelance Writer: Freelance writers take on writing projects
and manage their own career by finding clients who need
writing services.
o Graphic Designer: A graphic designer creates original
graphic content for a business or as a freelance professional.
o Photographer: A photographer often works as a freelance
professional, booking clients and managing their own
business operations.
o Public Relations Specialist: Entrepreneurs can practice
building relationships with the press and public officials as a
PR specialist.
- SALES AND MARKETING CAREERS FOR ENTREPRENEURS
o Sales Representative: Sales representatives work in different
industries to sell products and services.
o Sales Manager: A sales manager oversees other sales
agents and sets goals for selling.
o Marketing Director: Marketing initiatives can drive sales and
help brands reach larger audiences.
o Advertising Executive: Advertising executives make
decisions that affect how a brand is promoted to consumers.
o Social Media Specialist: Since business is often conducted
through online platforms, social media plays a role in how a
company interacts with consumers and fellow businesses.
- TECHNOLOGY CAREERS FOR ENTREPRENEURS
o Computer and Information Systems Manager: A computer
o systems manager supervises all the computer related
activities of a business
o User Experience Designer: User experience (UX) designers
plan how a user interacts with a software interface.
o Computer Engineer: A computer engineer designs hardware
and software for computers.
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FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

o Software Developer: Software developers create the code o Analyze the Market Potentials
necessary for a software program to operate. o Determine the marketing Strategy
o Technical Director: A technical director oversees all o Know the Competitors
technology use within a company. o Do not set on your laurels
- MORE CAREERS FOR ENTREPRENEURS - ENVIRONMENTAL SCANNING
o Product Manager: When a company develops something
new, product managers oversee this process from initial
concept to finished item.
o Real Estate Broker: A real estate broker is an agent who
undergoes additional training, earning the right to run their
own real estate firm.
o Lawyer: Lawyers can become entrepreneurs by opening
their own law firm, using business skills and professional
expertise to attract clients.
o Private Duty Nurse: Private duty nurses provide in-home
health care services for clients, often as independent Fig. 1 – The Framework of Environmental Scanning
contractors.
o Project Manager: Project managers create the timeline and
assign roles and duties for tasks.
- TIPS FOR BECOMING AN ENTREPRENEUR
o Invest in your passion
o Be willing to take risks
o Collaborate
o Make a business plan
o Identify your strengths and weaknesses
o Believe in your ideas

III. DEVELOPING A BUSINESS PLAN AND

Fig. 1.1 – The Components of a Business Environment
ENVIRONMENTAL SCANNING
- FACTORS TO CONSIDER OF A NEW ENTREPRENEUR
o Know your Product or Service
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FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

IV. SWOT ANALYSIS o GENERIC PRODUCT – A version of the product containing

- THE SWOT ANALYSIS:
o Strength – an inherent capacity of an organization which
helps it g strategic advantage over its competitors.
o Weakness – an inherent constraint or limitation which
creates a strategic disadvantage for a business.
o Opportunity – a favorable condition in the organization’s
environment enabling it to strengthen its position.
o Threat – an unfavorable condition in the organization’s
environment causing damage to the organization.
V. 5 LEVELS OF PRODUCTS, TYPES OF
PRODUCTS
- THE 5 LEVELS OF PRODUCTS
only those attributes or characteristics absolutely
necessary for it to function.
o ACTUAL PRODUCT – The set of attributes or characteristics
that buyers normally expect and agree to when they
purchase a product.
o AUGMENTED PRODUCT – The inclusion of additional
features, benefits, attributes or related services that serve to
differentiate the product from its competitors. For example,
the computer comes pre-loaded with a high-end image
processing software for no extra cost or at a deeply
discounted, incremental cost.
o POTENTIAL PRODUCT – This includes all the augmentations
and transformations a product might undergo in the future.
To ensure future customer loyalty, a business must aim to
surprise and delight customers in the future by continuing
to augment products. For example, the customer receives
ongoing image processing software upgrades with new
and useful features.

Fig. 2 – 5 Levels of Products

o CORE PRODUCT – The fundamental need or want that

consumers satisfy by consuming the product or service. For
example, the need to process digital images. - Fig. 2.1 – 3 Levels of Products
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

- TYPES OF PRODUCT o VARIABILITY - Firms have systems and procedures to

- PRODUCT FEATURES:
Fig. 2.2 – Types of Product
VI. PRODUCT / SERVICE CHARACTERISTICS /
FEATURES
- CHARACTERISTICS OF SERVICES
o INTANGIBILITY - You cannot hold or touch a service unlike a
product.
o INSEPARABILITY - Services cannot be separated from
service providers. A product can be taken away from the
producer but a service cannot be taken away as it involves
the service provider or its representatives doing something
for the customer.
ensure that they provide a consistent service but it is very
difficult to make each service experience identical.
o PERISHABILITY - Services last a specific time and cannot be
stored like a product for later use.
o LACK OF OWNERSHIP - You can not own a service and you
can not store a service like you can store a product.
Services are used or hired for a period of time
o USER PARTICIPATION - Users take part in service production
even in cases where they are not required to be near places
of service production
o Function – Functions work toward maximizing customer
satisfaction, addressing pain points, and providing the tools
buyers need to complete tasks.
o Experience – A customer’s experience with a product or
service over time is part of its features. The user experience,
from onboarding customers to gathering customer
feedback after purchases, is also an integral aspect of a
product’s features.
o Quality – Quality ties into the durability and reputation of a
product. Companies that continually produce products with
reliable features build customer loyalty.
o Design – Design refers to the ease of use and how clearly
steps are laid out for product interaction.
o Added Value – a saleable commodity that has been
enhanced with additional qualities that make it worth a
higher price than the raw materials used to make it
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP
VII. VISIBILITY, PROFITABILITY, AND CUSTOMER
REQUIREMENTS, VISIBILITY > CREDIBILITY ⇏
PROFITABILITY
- VISIBILITY, PROFITABILITY, AND CUSTOMER
REQUIREMENTS
o Visibility – Be seen otherwise out of sight, out of mind.
o Credibility – Develop the relationship so that people
understand your value and how to refer business to you.
o Profitability – Cultivating relationship with the right referral
sources will result in profitable business relationships.
o Customer Requirements - the specifications or features of a
product or service that are deemed necessary by customers.
- VISIBILITY > CREDIBILITY ⇏ PROFITABILITY
- VISIBILITY > CREDIBILITY > PROFITABILITY
VIII. BEST PRODUCT FOR MARKET NEED,
PRODUCT LIFE CYCLE
- BEST PRODUCT FOR MARKET NEED
o Avoid hard-to-spell names.
o Don’t pick a name that could be limiting as your business
grows.
o Conduct a thorough Internet search.
o Get the .com domain name.
o Use a name that conveys some meaning.
o Conduct a trademark search.
o Conduct a Secretary of State search.
o Assess if the name is catchy.
o Get feedback on the name.
o Make sure the name sounds good when said aloud.
o Use resources available for brainstorming names.
o Make sure you are personally happy with the name.
- PRODUCT LIFE CYCLE
o A product life cycle is the length of time from a product
first being introduced to consumers until it is removed
from the market. A product's life cycle is usually broken
down into four stages; introduction, growth, maturity,
and decline.
o INTRODUCTION STAGE
▪ The introduction phase is the first-time customers
are introduced to the new product. A company must
generally include a substantial investment in
advertising and a marketing campaign focused on
making consumers aware of the product and its
benefits, especially if it broadly unknown what the
good will do.
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP
o GROWTH STAGE
▪ If the product is successful, it then moves to the
growth stage. This is characterized by growing
demand, an increase in production, and expansion
in its availability. The amount of time spent in the
introduction phase before a company's product
experiences strong growth will vary from between
industries and products.
o MATURITY STAGE
▪ The maturity stage of the product life cycle is the
most profitable stage, while the costs of producing
and marketing decline. With the market saturated
with the product, competition now higher than at
other stages, and profit margins starting to shrink,
some analysts refer to the maturity stage as when
sales volume is "maxed out".
o DECLINE STAGE
▪ As the product takes on increased competition as
other companies emulate its success, the product
may lose market share and begin its decline.
Product sales begin to decline due to market
saturation and alternative products, and the
company may choose to not pursue additional
marketing efforts as customers may already have
determined themselves loyal to the company's
products or not.
IX. VALUE PROPOSITION / UNIQUE SELLING
PROPOSITION
- VALUE PROPOSITION (VP)
o 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.
o In creating Value Proposition, entrepreneurs will consider
the basic elements:
▪ Target Customer Needs/opportunity
▪ Name of the product
▪ Name of the enterprise/company
- UNIQUE SELLING PROPOSITION (USP)
o refers to how you sell your product or services to your
cusomer. You will address the wants and desires of your
customers. As an entrepreneur, you should think of
marketing concepts that persuade your target
customers.
o You may ask the following questions in doing this: What
do the customers want?
o What brand does well? What does your competitor sell
well?
o Some tips for the entrepreneur on how to create an
effective unique selling proposition to the target
customers are:
▪ Identify and rank the uniqueness of the product or
services character
▪ Be very Specific
▪ Keep it Short and Simple (KISS)
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FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

X. TARGET MARKET / CUSTOMER •VARIABLES TO CONSIDER IN PSYCHOLOGICAL

SEGMENTATION:
REQUIREMENT / MARKET SIZE o Needs and wants
- TARGET MARKET o Attitudes
o Market Targeting is a sage in market identification o Social class
process that aims to determine the buyers with o Personality traits
common needs and characteristics. Prospect customers o Knowledge and awareness
are a market segment that an entrepreneurial venture o Brand concept
o Lifestyle
intends to serve.
▪ BEHAVIORAL SEGMENTATION
▪ GEOGRAPHIC SEGMENTATION
• divided according to customers’ behavior pattern
• the total market is divided according to
as they interact with a company.
geographical location.
• VARIABLES TO CONSIDER
• VARIABLES TO CONSIDER
o Perceptions
o Climate
o Knowledge
o Dominant ethnic group
o Reaction
o Culture
o Benefits
o Density (either rural or urban)
o Loyalty
▪ DEMOGRAPHIC SEGMENTATION
o Responses
• Divided based on the consumers
• VARIABLES TO CONSIDER - CUSTOMER REQUIREMENTS
o Gender o Customer requirements are the specific characteristics
o Age that the customers need from a product or a service.
o Income ▪ Service Requirement
o Occupation ▪ Output Requirement
o Education - MARKET SIZE
o Religion o The entrepreneur’s most critical task is to calculate the
o Ethnic group market size, and the potential value that market has for
o Family size
their start-up business. Market research will determine
▪ PSYCHOLOGICAL SEGMENTATION
the entrepreneurs’ possible customers in one locality.
• Divided in terms of how customers think and
believe. o Market size is like a size of the arena where the
entrepreneurs will play their business. It is the
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

approximate number of sellers and buyers in a - WHAT IS AN OPPORTUNITY?

particular market. o In a business sense, it is an idea that has commercial
• The first step is to estimate the potential potential.
market o Something you can make money with, develop a
• The second step is to estimate the business around it, or create value with it.
customers who probably dislike to buy your
product or avail the services.
• The third step is for the entrepreneur to
estimate the market share.
XI. OPPORTUNITY SEEKING / SCANNING /
SEIZING
- TAKING ADVANTAGE FROM OPPORTUNITIES
o Stay Alert
o Act Quickly
o Be Flexible
o Collaborate with Others
o Learn from Failure - CHALLENGING TOPIC!
o "In a world that changing really quickly, the only strategy o How can we find business opportunities when we are in
that is guaranteed to fail is not taking risks.“ - Mark crisis?
Zuckerberg o Isn’t the Philippines in crisis?
- OPPORTUNITY SEEKING o Isn’t the world in crisis?
o Entrepreneurs are innovative opportunity seekers. They o Leading to runaway oil prices.
have endless curiosity to discover new or different ideas o Tsunami and earthquake that hit Japan.
and see whether these ideas will work in the - THE PHILIPPINES!
marketplace. o There are nearly 100,000 OFWs in Taiwan.
o Entrepreneurs create value by introducing new products ▪ Many will lose their jobs because of the current RP-
or services or finding better ways of making them. These Taiwan spat.
may include innovation in terms of product design or o Many workers from the Middle East are being sent home.
addition of new product features to existing ones.
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FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

o Poverty in the Philippines remain at all time. (We are

behind in the UN goal of fighting poverty compared to
other ASEAN countries.)
- FREQUENT QUESTIONS

- OPPORTUNITY SEEKING
- THE ENTREPRENEURIAL MINDSET SEES A HOLE!
o Sources of Opportunity;
o “CHERCHEZ LE CRANEU” – An opportunity to be in that
▪ Internal – Innovation / Creativity
market.
▪ External – Macromarket, Micromarket Analaysis,
Irritants in the marketplace
- IRRITANTS IN THE MARKETPACE
o D – Deterrents, Delays
o I – Irritants
o P – Problems
o C – Complaints
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FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

- FOOD INDUSTRY
o Fresh Food (raw)
o Packaged Food
o Food eaten inside the house
o Food eaten outside the house.

- TOOLS – EXTERNAL / ENVIRONMENTAL ANALYSIS

o PESTE – Political, Economic, Social, Technological,
Ecological
o PESTEL – P.E.S.T.E. + Legal
o EPISTE – Economic, Political, Informatics, Technological,
Ecological
o STEER – Sociological, Technical, Economic, Ecological,
Regulatory
o SWOT / TOWS
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FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

- INNOVATION – MGA PAGBABAGO - TYPES OF PRODUCT INNOVATION

o DISRUPTIVE – NAGBABABGO o Create an entirely new product
▪ SOCIAL o Alter / modify an existing product.
• Food cart o Rebrand / Reformulate an existing / old product.
• Street food - INTERNAL / PERSONAL
• Noodle meals o Past jobs
• Sachet marketing o Hobbies
• E-load / Daily Load o Social network
▪ TECHNOLOGY o Travel
• VHS → DVD - WAYS TO INNOVATE
• FILM → DIGITAL CAMERAS o MAKE IT LARGER!
• Fax machines? ▪ Pinakamalaki, pinakamalakas
• Telephone landline → Cellphone, VolP o MODIFY – CHANGE THE
• Wi-Fi ▪ Name
• Satellite communication ▪ Color
▪ CRISIS ▪ Container
• As the Tsunami and Earthquake that hit Japan ▪ Shape
• Effects on construction technology, nuclear power, o CREATIVE COPYING
disaster preparedness o MAKE IT STRONGER / FASTER
- INNOVATION (SOFT) o MAKE IT SMALLER / LIGHTER
o What pisses you off? o SUBSTITUTE
o What needs are not satisfied? ▪ Materials
o What are new satisfactions? ▪ Method
- OTHER METHODS (INTERNAL)
o SERENDIPITY WALK
▪ Walk along an avenue or street.
▪ Observe, Observe, Observe
▪ Observe competition
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FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

• REMEMBER ALWAYS TO:

o START WITH THE CUSTOMER NEEDS!
▪ Be sure there would be a large number who share
the same aspiration / frustration
▪ The customer cannot be completely satisfied.
▪ “I can’t get no satisfaction.”
• TECHNIQUES ON SEEKING, SCREENING, AND SEIZING
OPPORTUNITIES
o ENTREPRENEURIAL MIND FRAME
o ENTREPRENEURIAL HEART FLAME
o ENTREPRENEURIAL GUT GAME.
First Quarterly Examination
FIRST SEMESTER MIDTERM EXAMINATIONS – ENTREPRENEURSHIP

FINAL STRETCH NA TOMORROW!

YOU CAN DO THIS!
Alam ko pagod na kayo magreview, pero let’s
exert our effort here ha? Kaya mo ‘to, dasal at
tiwala lang kasabay ng pag-aral. Padayon
bestie.