ENTREPRENEURSHI

P
 Itis a science of converting processed
ideas into a remarkable business
venture.
Entrepreneurial
competencies
 Specific Goal Setting (SMART)
 Self-Efficacy
 Ambition
 Willingness to Learn
 Strong Initiative
 Adaptability & Flexibility
 Willingness to Take Risk
SPECIFIC GOAL SETTING

Entrepreneurs should be motivated to set

goals, particularly business growth
objectives, have been found to increase
firm growth resulted in the firm
performance and innovation.
Goal: (SMART)
SELF-EFFICACY
 Entrepreneurs must believe in
their own ability or self-
confidence.
AMBITION
 Entrepreneurs must be
motivated, persistent, and
persevere even in the face of
situational challenges.
Willingness to learn
 Entrepreneurs should have a
strong willingness to learn often
pursue opportunities to acquire
new skills and competencies.
Strong initiative
 Entrepreneurs must have a high
initiative . They frequently work
hard independently to achieve
task.
Adaptability & flexibility
 Entrepreneurs must learn how to
be a highly flexible and adaptable
often deal very well with a unique
ability to choose actions even
without all necessary information.
Willingness to take risks
 not only are successful learners
willing to take a consequences,
they can also identify and
calculate risk.
Entrepreneurial skills
 Creative/Critical Thinking
 Organizing
 Checking, Examining, & Recording
 Planning
 Computer Competency
 Risk Assessment and Management
 Financial Management
 Problem Solving & Decision Making
JOB OPPORTUNITIES
A. Employment is One Great Factor in
Economic Development.
B. Income Opportunity in the
Countryside is Still Subsistence in
Nature.
DEVELOPING
A BUSINESS PLAN
FACTORS TO CONSIDER OF
A NEW ENTREPRENEUR
1. Know your Product or Service.
First, you must believe on the
product or service that you will
offer to your customer. If it is new
ides or concept then you have to
convince that you have a unique
product that would satisfy
customers’ needs and wants.
2. Analyze the Market Potentials.
The customer base will determine the
success of your business venture. The
wider the market potential, the more
chances of growth and success. The
entrepreneur must know his needs
and wants and figure out how to
satisfy these needs. Analyze
customers’ profile as to their buying
habits, their income, and social status.
3. Determine the Marketing
Strategy
A unique product or service
needs effective distribution
strategy to get customer into
the basket of demand potential.
Continuous supply determines
product growth. Customers
4. Know the Competitors.
In launching a product with
existing competitors you must
know their strengths and
weaknesses. Develop new
product and marketing strategy
and turn their weaknesses as new
opportunity for your product.
ENVIRONMENTAL
SCANNING
The following factors are contributory to the development
of customer satisfaction:

1. Business Location for Small

Entrepreneurs.
- A retail outlet would need site that
is convenient to prospective
customers in terms of parking space
or availability of transportation.
Factors to consider in choosing location:

a. Rent and Space

– the cost of rent is a regular monthly
expense and it must be sustained with
the possible income that will be
generated. It is the operating cost that
will be added to the price of the product
or service. The price input must be
competitive enough with those in the
b. Terms of Lease Agreement
- The term of lease must be studied carefully
as some owners of space might take
advantages of lessee. The owners increase the
rent of the space when the business condition
becomes favorable and take over the business.
c. Type of Goods or Merchandise
- A convenient store is located where there are
pedestrians passing by. They need quick and
easy access to the store and would not spend a
lot of time to purchase their goods.
d. Income level of Prospective Customer
- The type of pedestrians and the income
level of customer must be taken into
account.
e. Location of Areas
- The area must be free from flood and
other calamities that will endanger the
business. It must be free from fire
hazards or other environmental factors
that will disturb the operation of the
2. Location for Small Industrial Plant or
Manufacturing Facilities
- A retail outlet would need site that
is convenient to prospective
customers in terms of parking space
or availability of transportation.
Factors to consider in choosing location:

a. Land and area

– it must be free from flood and
environmental hazards that will disturb
the operation.
b. Facilities for expansion
- The land area must have ample space
for plant expansion and provisions for
parking facilities for customers and
c. Power and utilities
– Availability of power supply
and the cost of electricity involve
in the operation are a great factors
in the production of goods.
Continuous power supply is
needed to keep the plant in
operation for its target production.
d. Building and Other Utilities
– The building must be within the
restriction code of the
municipality or city. Fire safety
and hazards signs are mandatory
requirements.
e. Plant Site Accessibility
– The building must be within the
restriction code of the
municipality or city. Fire safety
and hazards signs are mandatory
requirements.
e. Plant Site Accessibility
– The building must be within the
restriction code of the
municipality or city. Fire safety
and hazards signs are mandatory
requirements.