Entrepreneurship is

the process of
seeking businesses
opportunities under
conditions of risk
entrepreneurship is the ability, capability, and
tendency to perform the following activities :
i. Identify business opportunities
ii. Manage a business effort which brings profit
to the entrepreneur and the public
iii. Obtain success and richness by fulfilling the
society's needs.
iv. Take calculated risks
v. Manage & utilize the factors of production to
bring economical development and
enhance social welfare
vi. Work hard and be prepared to make new
changes that can increase production
quantity and quality from time to time
Entrepreneurship is the
process of designing,
launching and running a new
business, which is more often
than not, initially a small
business, offering a product
 Knownas the father of
management

“ The entrepreneur always

searches for change,
responds to it and exploits
it as an opportunity.”
Someone who creates
and runs a business is
called an
ENTREPRENEUR
“entreprendre “
which means 'to
undertake or to
try'.[Richard Cantallion
1775]
Aperson who possess
managerial skill and
decision-making skills
needed to run a
business enterprise.
 Customers - sell quality
products at fair price.
 Society/community- job creation
and environmental observation.
 Suppliers- be fair with his
suppliers by paying them on time
as agreed upon
 Staff-promote the welfare of his
employees
 Competitors- observe business
ethics with his competitors
 Country- must pay the correct
amount of taxes to the
government
COMPETENCIES OF ENTERPRENEURS
 An Entrepreneur who has
strong personal initiative is
able to act immediately on
available opportunities and
choose best strategy when he
faces a problem.
 Initiative allows an
Entrepreneur to be alert and
proactive.
 Ent grabs or seize opportunities
continuously to make sure that his
business sustains for a long time in the
industry.
 focuses, identifies and exploits business
opportunities.
 maximizes his thinking capacity by
finding solutions to problems faced by
community.
 Ent who is successful will be confident
that there is a business opportunity
behind every problem.
 has to face various barriers and
problems before achieving success.
 Needs to have great strength and
courage within him.
 Strong enough to face problems and
barriers courageously
 . He would never give up
accomplishing his vision and tries to
deal with barriers that block his path
to achieving success.
4. Information Seeker
A successful Ent is able to seek information, that is he
has done some research to obtain information and
to obtain information and
received feedback from customers in order to provide
a good product or service that can gain customers
satisfaction and acceptance.
It is important for an Ent to make an analysis on his
market and business progress.
Ent-should have correct and up to date
information.
Info obtained will help him enhance his
experience and improve his achievemEnt
and business performance.
 COMPETENCIES OF ENTERPRENEURS

5. High Work Quality

Ent always make comparison of his work quality with
those
of others to make sure his products are always better.
Ent makes sure that he is not only doing a job but also
doing it in the best way possible to produce products of
the
best quality.
Ent can increase his reputation as well as his business
reputation-which are ways for him to become successful.
The continuous production of quality
products and services will determine the
customer's faithfulness, commitmEnt and
satisfactions.
Products of high quality will bring profitable
returns to an Ent as it ensures the faith of
customers towards the products.
6.Commitment towards Work Agreements
a successful Ent devotes total commitment to the venture.
this commitment help the Ent to rectify mistakes and overcome
obstacles which threaten business operations. Ent. who has a
high level
of commitment towards work agreements can be seen in :

his willingness to sacrifice his personal interest in

order to make the market successful
taking full resposibility in completing a task
his willingness to help his own staff to perform the job and
provide satisfaction to customers.
 7. Efficient
Ent is orient towards efficiency and is
always findings
ways to produce products with lower
cost or within a
shorter time period.
Use business information and
management methods to
improve his efficiency in business, which
help decrease
wastage and costs.
 8. Systematic Planning
Planning is the most important aspect for an Ent in arranging
buss strategies to achieve buss goals.
Ent always focuses on the future and is sensitive towards any
change that occur. He will not be greedy or slow in reacting
when an oppor. emerge. If the Ent does not have expertise in
making decisions, he will consider sourcing skilled
expertise from outside the company.
Ent practices time managemEnt in performing syatematic
planning of his business and then lead to an increase in
performance and achieving business target.
Ent will not make long term plans such as 5-10 years as the
market size keeps changing.
 changes involving fixed capital based on five
year plan will bring damage to the company
and its new products as competition will grow
in a long span.
This type of Ent would usually move towards :
making plans, taking forward steps, and dividing big tasks into
much simpler and smaller tasks.
- making evaluation and choosing the best
alternative for a spesific problem.
- taking a systematic and logical approach to achieve
business
goals.
9. Creative Problem Solving
Ent has the capability of solving
problems in
terms of searching for smart steps
to solve
those problems as well as looking and
thinking
of innovative new ideas or creative
problem solving methods.
 10. Self Confidence
Ent - confidence would help him succeed in his
venture.
Ent who has confidence in himself would :
-believe in his skills and capabilities to achieve what
he desires.
Express the feeling of confidence towards his
capability in solving certain tasks and challenges.
He will be able to stand firm and overcome
the problem when confronted
with competition.
11. Assertion
Ent will be assertive in his
actions.
He is brave to give ideas or
opinions to
people and to take action
when he has to face
defiance from others.
 12. Persuasion
Ent is persuasive and will be able
to persuade his customers to buy
his products or services.
He has to persuade many people
who have an impact on his business
such as staff, customers, suppliers
and financial institutions.
 13. Power and Authority
Ent will think of a strategy to influence
customers to buy his
products or services without deceiving them
in order to
reach his vision.
Ent is a leader and he will be able to
influence his staff and
the industry that he is involved in to make
sure he achieves
his vision.
To deliver products that solve
your target customers’ problems,
you must first identify market
problems. These problems may
be stated directly as customer
needs or implied indirectly.
 Existing customers: People who have already
purchased your product
 Prospects: People who have not yet
purchased your product but are considering it
 Target market users: People in your target
market who are not currently looking for a
solutio
 is the person you've identified as most likely to
purchase your products

 This is a much more segmented portion of your

target market, as you've identified certain aspects
of this individual.

 These components might include a specific age

instead of a range, a specific income level versus
a large swath of income types, and the reasons
these customers are most likely to purchase your
products.
1. Focusing only on innovation and the
competition
 As an entrepreneur, it is easy to focus on
building innovative solutions that do not
connect directly to market problems; just
because you can innovate doesn’t always
mean that you should.
 What problem does this solution solve?
 Is this a problem experienced by my target
market?
 What would my target market do if I didn’t
solve this problem?
 Henry Ford said, “If I had asked people
what they wanted, they would have
said faster horses.” Customers
understand problems, but they cannot
help you to move your product
forward. They know what you provide,
and tend to stay inside that mindset.
 By listening only to prospects, and
delivering only what the next
customer wants, you will gain revenue
but miss out on market opportunities.
It is critical to find a balance between
prospects and customers to ensure
that your future revenue is protected,
while still keeping existing customers
happy.
 Think of a business applicable to student like you

 Identify a target market (classmates)

 Conduct profiling of your product users, you will
have a picture of the types of people you should
interview. The purpose of these interviews is to
understand your target market’s problems, such
as:

 The goal of these interviews is to identify market

problems that you could solve with your product.