CHAPTER 1.

Introduction to entrepreneurship

- Business definition: the organized effort of individuals to produce and sell, for a profit, the
goods and services that satisfy society’s needs.
- Entrepreneur: a person who brings resources, labor, materials, and other assets into
combinations that make their value greater than before, and also one who introduces changes,
innovations and a new order

Inventor
 Creates something for the first time
 Highly driven and motivated by his or her
own work and personal ideas
 Fall in love with inventions
Entrepreneur
 Take risks to start something new
Driven by monetary benefits
Fall in love with the organization (new
venture)

- Social Entrepreneurship: Social entrepreneurs play the role of change agents in the social sector.
They creates social value and social change
- Opportunities:
 Opportunity assessment
 Creation and length of opportunity
 Real and perceived value of opportunity
 Risks and returns of opportunity
 Opportunity versus personal skills and goals
 Competitive environment
- An opportunity assessment plan has four sections:
 The first section develops the idea, analyzes competitive products and companies, and
identifies the unique selling propositions.
 The second section focuses on the market—its size, trends, characteristics, and growth
rate.
 The third section focuses on the entrepreneur’s and management team’s skills and
experience.
 The final section develops a time line indicating the steps to successfully launch the
venture.
- Requirements to become an entrepreneur: a person who brings resources, labor, materials, and
other assets into combinations that make their value greater than before, and also one who
introduces changes, innovations and a new order
- Attributes of an entrepreneur:
 Learning
 Knowledge
 Experience
 Skill
  Competence
 Ability
 Traning
 Growth

CHAPER 2. Business ideas avaluation and selection

 TYPE OF BUSINESS
- Trading: A trading business buys a product and sells it without changing its form
- Sercive: A service type of business provides intangible products (products with no physical
form). Service type firms offer professional skills, expertise, advice, and other similar products.
- Manufacturing: A manufacturing business combines raw materials, labor, and overhead costs in
its production process. The goods produced will then be sold to customers
- Agriculture, forest and aquaculture: These businesses relate to the farming of agricultural,
forestal and aquatic organisms.
- Other
 OVERVIEW OF BUSINESS IDEAS
- Trends:
 The start of a trend that lasts for a considerable period of time provides one of the
greatest opportunities for starting a new venture.
 Trends that will provide opportunities include: green trend, clean-energy trend, organic-
orientation trend, economic trend, social trend, health trend, and Web trend.
- Soueces of new ideas:
 Consumers
 Existing Products and Services
 Distribution Channels
 Government
 Research and Development
- Methods of Generating New Ideas
 Focus Groups
 Brainstorming
 Brainwriting
 Problem Inventory Analysis
- Evaluation and selection of business ideas
 Industry analysis
 Identify your industry and provide a brief overview
 Summarize the nature of the industry
 Provide a forecast for your industry
 Identify government regulations that affect the industry
 Competitive analysis
 List all of your competitors
 Highlight what you can do that other businesses can't do
 (Competitive Advantage)
  Prove there is a market for your service or product
 Identify your strengths and your weakness
 Customer analysis
 Customer demographics
 Describe your customers' behaviour

CHAPTER 3. Business planning