ENTREP

MARLON SALVADOR
LESSON 1
RELEVANCE OF THE STUDY THE ENTREPRENEURS

ENTREPRENEURSHIP ● SELF-EMPLOYED
- Science of converting processed ideas into a - People who earn money by working for themselves
remarkable business venture
- A capacity for innovation ● WAGE EMPLOYMENT
- Proactive process of developing a business venture - People who are employed to earn through salary or
- Operating a business out of opportunity wages given by their employers

IMPORTANCE OF ENTRENEURSHIP ENTREPRENEURS

1. Employment is one of the great factors in - Individuals who are alert to profitable opportunities for
economic development the exchange of goods or services
- It provides work for people that propel - It will only expect a created value out of an
economic development opportunity
2. Entrepreneurship amplifies economic activities of
different sectors of society
- Business operation can ignite economic
● EDGAR SIA - Man behind Mang Inasal
activity
● SOCCORO RAMOS - Owner of NBS
3. Entrepreneurship introduces new and innovative
● HENRY SY - ShoeMart
products
● MILAGROS LEELIN - Goldilocks
4. Entrepreneurship controls the local wealth and
● JOHN GOKONGWEI JR. - Owner of Robinsons, UR, etc.
balances regional development
● MARIANO QUE - Mercury Drugs
- Local resources are used properly and that
every area has an appropriate allocation of
resources
5. Entrepreneurship reduces social conflicts and
political unrest
- Social conflict such as distribution and
acquisition of products amidst COVID-19
6. Entrepreneurship elicits economic independence
and capital information
- Country with more entrepreneurs is highly
likely to be financially independent and will
less likely need the help of other country
7. Entrepreneurship disperses the economic power
and creates equality
- National income balances economy

LESSON 3:
IDENTIFY THE MARKET AND THE
ENTREPRENEURIAL PROCESS
THE ENTREPRENEURIAL PROCESS

CONSIDERATIONS IN IDENTIFYING THE MARKET 1. OPPORTUNITY SPOTTING AND ASSESSMENT

PROBLEM - Beginning of the process and is the most
difficult
- Consumers are reliable sources of
● EXISTING CUSTOMERS opportunity information
- People who have already purchased the product that - Take note on the interesting trends in their
you are selling environment
- Minor source are feedback from distribution
● TARGET MARKET USERS - Assess the opportunity through estimation of
- People in your target market who are not currently opportunity length, capital requirement,
looking for a solution threats, profitability
- Opportunities is aligned with their personal
● PROSPECTS goals
- People who have not yet purchased your product but - Entrepreneurs should already think in
have the intention to buy advance on how they will position the
product or service

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2. DEVELOPING A BUSINESS PLAN SOURCES OF OPPORTUNITIES

- Establishing a business plan after spotting ● MACROENVIRONMENTAL SOURCES
and assessment of opportunities
- Business Plan - comprehensive paper that o STEEPLED
details in the marketing - Represents the general environment where
- It will be a core guide and direction of the the entrepreneur can identify business
entrepreneur in calculating the resources opportunities
needed o INDUSTRY
3. DETERMINING THE CAPITAL NEEDED
- Source of current trend on what is happening
- Calculate the resources needed to establish
in the industry
the business and compare this against the
o NEW DISCOVERY OR KNOWLEDGE
entrepreneur’s current resources
- New trends that can be the core of new
- Calculation must be applied, include all
venture
those items that are considered as the real
o FUTURISTIC OPPORTUNITIES
needs in venture creation
- Allowance must be considered - Projected new opportunities that can
4. RUNNING THE BUSINESS possibly affect to the new business while
- Entrepreneur should use the resources running
allocated for the new venture
- All aspect of business plan is critically ● MICROENVIRONMENTAL SOURCES
observed
- Entrepreneurs have control and monitoring o CONSUMER PREFERENCES, INTERESTS, AND
system PERCEPTION
o COMPETITORS
o UNEXPECTED OPPORTUNITIES FROM
SCANNING THE MARKETING ENVIRONMENT CUSTOMER
o TALENTS, HOBBIES, SKILLS, AND EXPERTISE
- Process of seeking, screening, and seizing is adapted o IRRITANTS IN THE MARKETPLACE SUCH AS
to create the most suited product or service for an DETERRENTS, PROBLEMS, COMPLAINS, AND
opportunity. DELAYS
- Fine the opportunity first before coming up with the o LOCATION
product

SEEKING, SCREENING, AND SEIZING (3S)

- Framework that most of the promising entrepreneurs
use to finally come up with the ultimate product for a
specific opportunity
- An opportunity is an entrepreneur’s business idea

LESSON 4:
THE 3’S OF OPPORTUNITY
STEEPLED ANALYSIS
MARKET NEED
- Aid the entrepreneurs in deciding what product or
- Functional needs, desires and goals of a target service to set up
audience - To decide if there is compelling business opportunity
- Identify an area of the market with unmet needs and or an impending threat
innovate to address them
o SOCIO-CULTURAL
In analyzing the Market Need, the following should be - General view of locality’s traditions, customs,
asked: beliefs, norms, and perceptions
1. Who will be interested in my product/service? o TECHNOLOGICAL
2. What does the market need or want? - Composed of innovations of an existing
3. Who will be buying the product/service? By how technology or an invention
much? Why are they buying those products/services? o ECONOMIC
- Income, expenses, and resources that cost
THE 3S of doing business and generating income
o ENVIRONMENTAL/ECOLOGICAL
- Framework that most of the promising entrepreneurs o POLITICAL
use to finally come up with the ultimate product or - Government policies and administrations
service suited for a specific opportunity o LEGAL
- - Laws and regulations that can restrict or
OPPORTUNITY SEEKING allow business activities
- First step and is the most difficult process due to the o ETHICAL
number of options o DEMOGRAPHIC
- Involves the development of new ideas

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- Characteristics of the people in the target

market
LESSON 5:
OPPORTUNITY SCREENING
5. RANGE
OPPORTUNITY SCREENING - Potential to wider the range of possible
product
- Evaluating listed down opportunities prior to 6. RELEVANCE TO VISION, MISSION, OBJECTIVES
transforming the idea into reality OF ENTREPRENEUR
- Making quantitative and qualitative assessment - Opportunity is aligned with what you have as
your personal vision & objective
7. REINFORCEMENT
3 WAYS OF SCREENING OPPORTUNITIES - Resonate with the entrepreneur’s personal
1. Personal Screen - entrepreneurs considers his interest, talent or skills
preferences and capabilities 8. REVENUE
2. The 12 R’s - Sales potential of the product
3. Pre feasibility Study 9. RETURNS
- Profit returns from investment
THE 12 R’S OF OPPORTUNITY SCREENING - RETURN OF INVESTMENT (ROI)
10. REVOLUTION
1. RESONANCE TO VALUES - “Game changer” that will revolutionized the
- Opportunity must match the values & desired industry
virtues 11. RISK
2. RESPONSIVENESS TO CUSTOMER NEEDS AND - High technological, market, financial, and
WANTS people carry risk in the business
- Unfulfilled or underserved market needs that 12. RESOURCES
need to be addressed. Response to that - Materials needed to operate the business
needs
3. RELATIVE EASE OF IMPLEMENTATION
- Relatively easy to implement
4. REACH
- Chances of expanding through branches

LESSON 6:
OPPORTUNITY SEIZING

- Entrepreneur have an idea about where to put up the

CONSIDERATIONS:
business and the means and methods of marketing
● FIRST - create a concept similar to the winning products in
the products
the marketplace
● SECOND - find a market niche that has not been filled by
QUESTION:
the competitors
- Will I be able to manage to my advantage the critical
● THIRD - conceptualize a product in a positioning category
success factors and avoid the critical failures factors?
● FOURTH - conceptualize a product that would change the
way customer think
CRAFTING A BUSINESS POSITION STATEMENT
DESIGNING, POTOTYPING, AND TESTING THE
- Looking at the competitors or substitutes in the PRODUCT
marketplace
- DESIGNING. Means the entrepreneur must render
KEY POINTS: the concept and translate it into very physical
1. What are the main customer segments
2. What are the different product attributes and features IMPLEMENTING, ORGANIZING, AND FINANCING
of each of the competitors
3. What are the existing marketing practices of the
various competitors - Begin with the end in mind or his or her desired end
4. What are the market preferences of customers when results for the chosen opportunity
it comes to the products being offered
A GOOD PLANNER AND PROGRAMMER MUST MAKE
CONCEPTUALIZING THE PRODUCT OR SERVICE SEVERAL IMPORTANT CHOICES TO ACHIEVE THE
DESIRED END RESULT
OFFERING
● FIRST - Choose the correct technology
- After assessing conceptualizing his or her own
● SECOND - Choose the right people who can perform well
products is the next thing
● THIRD - Designing the workflow that would assure the
- Concept is an idealized abstraction
effective economical, and efficient production

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● FOURTH - specify the systems listen procedures that

govern the enterprise
LESSON 7.1:
7 P’S MARKETING MIX
PRICE
- Value of money in exchange for a product or service.
- Price or value that a customer gives up to enjoy the
MARKETING MIX
benefits
- Choosing the best possible course of action to attain
organization’s long-term objectives DIFFERENT PRICING STRATEGIES

7 P’S MARKETING MIX o PENETRATION PRICING

- Price initially starts low in order to gain market share
PRODUCT o PRICE SKIMMING
- Any goods that are produced to meet the consumers’ - Price as high as the market will possibly tolerate and
wants, tastes and preferences. then lower them
- Goal is to skim the top off the market and the lower
5 PHASES OF NEW PRODUCT DEVELOPMENT prices to reach everyone else
o COMPETITION PRICING
PROCESS
- Sellers use prices of competing products as a
benchmark instead of considering their own cost or
o IDEA GENERATION the customer demand.
- Sources of ideas regarding a new product - 3 choices: price lower, price higher, price the same
o IDEA SCREENING o PSYCHOLOGICAL PRICING
- Filler out the viable ones - Setting prices slightly lower than rounded numbers
o CONCEPT DEVELOPMENT - Example: odd-even pricing
- Undertakes research to find out potential costs, o COST PLUS PRICING
revenues and profits - Adding a markup to the cost of goods and services to
- Conducts SWOT analysis arrive at a selling price.
o PRODUCT DEVELOPMENT
- Actual design and manufacture of the product
o COMMERCIALIZATION AND ROLL OUT
- Promotion and campaign for the new product

LESSON 7.2:
7 P’S MARKETING MIX

PROMOTION PLACE
- Communicate the product, brand or service to the - Location where the buyer and seller exchange goods
user or services
- To create an awareness to buy the product - Also called as distribution channel
- It can be online stores and physical store
PROMOTIONAL MIX
- Combination of marketing methods TYPES OF DISTRIBUTION CHANNELS
- Combination of marketing methods
o ADVERTISING
- Ads in tv, newspaper, direct mail, etc o DIRECT CHANNELS
o SALES PROMOTION - Sell directly without the help of middlemen
- Short-term incentive to encourage buyers to buy a - Take the shortest route to consumers
product - This can be done through
- Ex. coupons 1. Opening branches of shops
o PUBLIC RELATIONS 2. Traveling salesman
- Communicate a company’s service & image to the 3. Mail order systems/ online stores
public - PRODUCER —-> CONSUMER
- Ex. news conferences or press release
o DIRECT MARKETING o INDIRECT CHANNELS
- In-person promotion - Selling wholesale to agents or retailers to distribute
- Personal approach the product
- There are middlemen

PEOPLE
- Most important element today, because of the
remarkable rise of the services industry
- Are the ultimate marketing strategy (because they sell
and push the product)

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TRANS:

- Consist of each person involved in the product or

service directly or indirectly