WEEK 1: CONCEPT OF ENTREPRENEURSHIP essentially a form of management.

Say “put the entrepreneur at

•Entrepreneurship-is the process of discovering new ways of the core of the entire process of production and distribution”
combining resources. (Hebert & Link, 2009, p. 17).
•Entrepreneur- is comprehensively defined by Zimmerer & •Alfred Marshall (1842-1924)-from the English School of thought,
Scarborough (2005) as someone who “creates a new business in was one of the founders of neoclassical economics.
the face of risk and uncertainty for the purpose of achieving profit •Carl Menger (1840-1921)-from the Austrian School of thought,
and growth by identifying significant opportunities and ranked goods according to their causal connections to human
assembling the necessary resources to capitalize on them satisfaction. Lower order goods include items like bread that
•Enterprise is a company or business, often a small one. The directly satisfy a human want or need like hunger.
outcome of the actor and the act. A project or undertaking, •Schumpeter (1934)- viewed innovation as arising from new
especially one that requires boldness or effort. combinations of materials and forces.
Six Historical Periods
1. The Earliest Period
2. The Middle Ages
3. The 17th Century
4. The 18th Century
5. 19th and 20th Century
6. 21st Century
WEEK 3: RELEVANCE AND CONTRIBUTION OF
•Innovation – The innovation theme is characterized as doing ENTREPRENEURSHIP AND
something new as an idea, product, service, market, or ENTREPRENEURS TO THE ECONOMY & SOCIETY
technology in a new or established organization. •Entrepreneurship- is important to economic development.
WEEK 2:DEVELOPMENT OF ENTREPRENEURSHIP •Greater in economies where entrepreneurs can operate flexibly,
develop their ideas, and reap the rewards.
•Provide new job opportunities in the short and long term.
•Accelerate structural change by replacing established, sclerotic
firms
CONS
∗Only a few people have the drive to become entrepreneurs.
❖ Entrepreneurs face a substantial risk of failure, and the costs
are sometimes borne by taxpayers.
❖ In the medium term, entrepreneurial activities may lead to
layoffs if existing firms close
❖ A high level of self-employment is not necessarily a good
indicator of entrepreneurial activity.
❖ Entrepreneurship cannot flourish in an over-regulated
economy.
Risk and Uncertainty •Relevance of Entrepreneurship- are frequently thought of as
•Richard Cantillon (1680-1734)- was born in France and national assets to be cultivated, motivated, and remunerated to
the greatest possible extent. Great entrepreneurs have the ability
belonged to the French School of thought although he was an
to change the way we live and work.
Irish economist.
-Entrepreneurs Spur Economic Growth
•“According to Cantillon-the entrepreneur is a specialist in taking
-Entrepreneurs Add to National Income
on risk,‘insuring’ workers by buying their output for resale before
-Entrepreneurs Create Social Change
consumers have indicated how much they are willing to pay for it”
-Community Development
•(Casson & Godley, 2005p. 26). The workers’ incomes are
mostly stable, but the entrepreneur risks a loss if market prices
fluctuate.
•They purchase resources at one price and sell their product at a
price that is uncertain, with the difference representing their profit
(Chell, 2008; Hebert & Link, 2009).
•Adolph Reidel (1809-1872), from the German School of thought,
picked up on Cantillon’s notion of uncertainty and extended it to
theorize that entrepreneurs take on uncertainty so others, namely
income earners, do not have to be subject to the same
uncertainty.
•Frank Knight (1885-1972)-founded the Chicago School of
Economics and belonged to the American School of thought.

Distinction Between Entrepreneur and Manager

•Jean-Baptiste Say (1767-1832)-also from the French School,
advanced Cantillon’s work, but added that entrepreneurship was
 mobilizes resources, manages, and assumes the risks of a business to
have a positive impact on society.”
ENTREPRENEURIAL OPPORTUNITY
1. New product (Medicine) or services (delivery of document or
product)
2. New ways of organizing like special events or product launching
- Online booking
3. New Raw Materials
4. NEW MARKETS (FOREIGN TOURISTS FOR ALTERNATIVE MEDICINE
LIKE ACUPUNCTURE)
5. New Production Processes
ENTREPRENEURIAL SOURCE OF STIMULATION
1. EXTERNAL - Customer demands for new product and services.
2. INTERNAL - When a n entrepreneur recognizes a problem or
opportunity gap and decides to fill it.
FOUR ESSENTIAL QUALITIES OF OPPORTUNITY
1. ATTRACTIVE – Appealing product.
2. DURABLE - ability of a physical product to remain functional,
without requiring excessive maintenance
3. TIMELY – in demand or occurring at a favorable or useful time
4. Create or add value for its user or end user.
7 POTENTIAL SOURCES OF OPPORTUNITY
1.THE UNEXPECTED 5. DEMOGRAPHICS
WEEK 4:CONCEPT OF ENTREPRENEURS TODAY AND 2.THE INAPPROPRIATE 6. CHANGE
IDENTIFYING BUSINESS OPPORTUNITIES 3. THE PROCESS NEED 7. NEW KNOWLEDGE
4. INDUSTRY AND MARKET STRUCTURES
WEEK 5:FACTORS TO CONSIDER IN STARTING A
BUSINESS & DIFFERENT TYPES OF BUSINESS
OPERATION
•Start-up enterprise – a company which is recently formed
•Buying an existing business – acquiring either the shares
of an existing company
•Franchising – when the owner of the company that already
has a successful product or service, licenses its
trademark, trade name, and methods of doing business
to others in exchange for initial franchise fee and royalty
payments.
Factors to consider before an entrepreneur can actually
begin the enterprise.
1. Focus and Direction 6. Research and Development
2. Sources of Capital 7. Personal Competencies
3. Good Network 8. Availability of Resources
4. Legal Requirement 9. Other criticals Factors
5. Degree of Risk for New Venture
TYPES OF BUSINESS ACTIVITIES /OPERATIONS
A. SERVICE -type of business operations engaged in
rendering of services.
I. Manner of Delivery
A. Based on materials used in rendering services: (ATM),
phone cards, vending machine, automated laundry,
and many more.
B. Based on people rendering services:
1. Services offered by unskilled workers
Ex: Security guard, janitors, plant grower, and many more.
II. Types of Organization
● Profit Organizations Services rendered by private
firm such as banks,
● Non-profit Organizations-Organizations whose main
goal is to provide assistance to the people.
III. Types of Organization given by Sponsoring Agency
•MANUFACTURING-Business that is engaged in the
•Economist- “It is someone who brings resources, labor, materials, production of items to be sold.
and other,assets into combinations that make their value greater •TRADING OR MERCHANDISING- A type of business
than before engaged in the buying and selling of goods.
•Psychologist- a person who “typically driven by certain forces such •RETAILING-Refers to selling goods and services directly to
as the need to obtain or attain something, to experiment, to the final consumer.
accomplish, or perhaps to escape the authority of others.” •WHOLESALE-the process of buying products from the
manufacturers at a lower price; adding some margin price on
•Management- “someone who identifies opportunities, plan, the products and then selling it to the other businesses like
retailer or small shops. •ACCORDING TO INDUSTRY

WEEK6:TYPES OF BUSINESS AVAILABLE TO

ENTREPRENEURS (FORMS, SIZE, INDUSTRY)
(GOVERNMENT SUPPORT & LEGAL REQUIREMENTS)
•Sole Proprietorship – is a business owned and managed by
one person.
•Partnership – is a business organization owned and managed
by two or more people who agree to contribute money, ✔ Agriculture, Forestry and Fishing- Exploitation of Vegetable
property, or industry to a common fund for the purpose of
earning profit. and Animal Resources.
•Corporation – is a form of business organization managed by GOVERNMENT SUPPORT AND LEGAL REQUIREMENTS
an elected board of directors. ● GOVERNMENT SUPPORT
•Cooperative – is an association of small producers and
consumers who come together voluntarily to form a business ● FINANCE
which they own, manage and patronize. ● LEGAL REQUIREMENTS
● ACCORDING TO SIZE
● SINGLE PROPRIETORSHIP REQUIREMENT
● REGISTERING WITH SECURITIES AND EXCHANGE
COMMISSIONS (SEC)
● REGISTERING WITH THE SOCIAL SECURITY SYSTEM
(SSS)
● REGISTERING WITH THE COOPERATIVE
DEVELOPMENT AUTHORITY (CDA)
● REGISTERING WITH THE BUREAU OF INTERNAL
REVENUE (BIR)
● REGISTERING WITH THE DEPARTMENT OF LABOR
AND EMPLOYMENT
● REGISTERING WITH THE LOCAL GOVERNMENT
WEEK 7:7PS OF MARKETING & MARKET RESEARCH
•MARKETING-an organizational function and a set of process for
● ACCORDING TO OWNERSHIP
creating, communicating, and delivering value to customers and for
managing customer relationships in ways that benefit the organization
and its stake holders.
MARKETING MIX (7 P’s of Marketing)

A. GOODS – tangible product (can be seen and touched) to satisfy the

customer needs and wants)
B. SERVICE – intangible product. no physical items. (Cannot be seen
nor touch).
Marketing Strategy

-“WHO” the product is

-“WHAT” the product does
-“WHY” consumers should care.
CHARACTERISTICS OF A GOOD BRAND NAME
-Short and simple Suggestive products benefits
-Easy to spell and red Adaptable to packaging /labelling needs
-Easy to recognize and remember No undesirable imagery
-Easy to pronounce Always timely (does not go out-of-date)
-Can be pronounced in only one way Adaptable to any
advertising medium
-Can be pronounced in all languages (for international market)
•Market penetration (Existing product/current market) - -Legally available for use (not in use by
is a strategy of increasing your share of existing another firm)
Markets. Marketing Management Practices are as follows:
•Market development (Current product/new market) •Estimate potential market demand – The best way to be very certain
- is a strategy of finding and entering new markets and confident about estimates for potential market demand is to look
with your current product or service range. for facts about the industry where the entrepreneur
•Product development (New product/existing market) intends to enter.
-is a strategy for enhancing benefits you deliver to •Analyze the competitors – Knowing what competitors is marketing
customers by improving your existing products and services or includes: the competitor’s product or services, how much they cost,
how they are distributed and how they are made known to target
developing new ones.
market.
•Diversification (New product/new market)- is a strategy that
•Price the products/services reasonably – A product can have great
usually carries high costs and high risks. features and benefits, but the price of the product can have a greater
•MARKET RESEARCH influence on how it will sell in the marketplace.
- Is the process of gathering information which will make the •Adopt a good product name for branding – Will my product’s name
company more aware of how the people, the company sell to, be remembered? When a name is different or unusual, it may attract
will react to the company’s current or potential products or attention and perhaps arouse curiosity.
services. •Put price tag – All goods are being sold must have a price tag. A price
IMPORTANCE OF MARKETING RESEARCH tag is a label to the price of an item being sold in a store.
•Promote the products/services in various ways to increase sales –
Products/Services of the firm need to be advertised in order to
generate sales.
•Attend to the complaints of customers - Supermarkets and
department stores have a customer service counter which attend
to the needs and complaints of customers.
•Issue official receipts to customers – All business establishments are
required to issue official receipts.
•Pack the goods bought by customers properly – Loading goods inside
the paper bag like breakable items, wet items, toxic items like insect
spray & other poisonous household items should
be done properly.
•Observe the rights of customers – The government passed several
laws to protect the rights of the consumers.
WEEK 8:BRANDING &; MARKETING MANAGEMENT PRACTICE
•Branding-means the “use of a name, term, symbol or design or
a combination of these –identify a product” according to Canon,
Perrault and McCarthy (2008). It encompasses the use
of brand names, trademarks and practically all other means of
product identification.