Reviewer Entrepreneurship

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REVIEWER - ENTREPRENEURSHIP CHARACTERISTICS OF

CHAPTER 1: ENTREPRENEUR
Joseph Schumpeter - Austrian economics and 1.) Level of Education - studies that show
political scientist and he emphasizes the formal education for entrepreneurs.
concept of product innovation, marketing, 2.) Employment Status - individuals who
and production methods. become entrepreneurs are usually former
Entrepreneur comes from the French word employees of companies in the formal sector.
"Entrependre" means "to undertake". It 3.) Entrepreneur's Wealth - needed to source
refers to a person who strongly advocates. their funds from their own wealth and from
Small business is different from an ordinary their families.
small business 4.) Risk Appetite - associated with
Ordinary small business pertains to a uncertainties and surviving the stability of a
business, managed and enterprise by an business enterprise.
owner ENTREPRENEUR DECISION-MAKING
SALIENT FEATURES OF 1.) Critical Thinking - refers to the systematic
ENTREPRENEURSHIP and rational way of providing an answer to a
Art of Correct Practices - not static or question.
stagnant and it continuously grows, develops, 2.) Creative Thinking - refers to thought
improves and expands. processes that bring about discovery of new
Wealth-Creating Venture - "knowledge is ideas.
wealth", it equates wealth with the term 3.) Strategic Thinking - involves thought
profit. processes that assess a current situation.
Opening and Managing Self-Owned Business CHAPTER 2:
- it is considered self-owned when the person METHODS FOR GENERALIZING OF
managing its daily activities is also its owner. TESTING NEW IDEAS
Risk-Taking Venture - cannot be detached 1.) Logical Thinking - refers to the systematic
from any entrepreneurial venture and the and rational way of providing an answer to a
only way to remove it is to close the venture. question. It is systematic since it follows steps
"Take the risk or lose the chance" in responding to an inquiry.
ENTREPRENEURIAL PROCESS 2.) Statistical Analysis - refers to a systematic
1.) Discovery - refers to the recognition of a analysis of data generated from a survey of
business idea or the detection of opportunities individuals. Aside from giving basic
that could make money for the entrepreneur. information on the population being studied,
2.) Development of Concept - gives more 3.) Market Analysis - know the various
details on how the general business idea can factors that affect the demand for a
be realized. particular product or service.
3.) Organizing Resources - it describes the 4.) Swot Analysis - describe the state of
process of identifying, sourcing and financing competition within an industry.
human, nonhuman and other resources that 5.) Delphi Technique - systematic way of
are needed for the conduct of business. generating ideas from a select group of
4.) Implementation - process of carrying out individuals using various rounds of
the business plan. consultation or sessions.
5.) Reaping the Returns - related to the 6.) Brainstorming - refers to an unstructured
expansion of the business firm. discussion of a group to elicit ideas.
7.) Problem Inventory Analysis - similar to Profitability - extent of profitability of a
brainstorming and it is used to group product or service.
discussion. Resource Requirements - two types of inputs
8.) Free Association Method - groups can used in production (intermediate inputs - raw
come up with an idea or set of ideas. materials that need further processing, factor
9.) Checklist Method - listing all possibilities inputs - processing inputs which include
can be connected, reprocessed and labor, capital, and technology).
appropriate. Risks - uncertain situations that can increase
Creative-Problem Solving (CPS) - procedure the profitability of loss or failure of a business
of answering a problem with mechanisms and venture.
techniques incorporating activity. Entrepreneurial Commitment - relates to the
CHAPTER 3: commitment of the individual to pursue the
Opportunity Recognizing Process - it is a realization of the business idea.
situation or occasion that makes it possible to CHAPTER 4:
do something that you want to do" Why Write a Business Plan? Who Read it?
FIVE STAGES OF OPPORTUNITY Business plans are important because of the
Precondition - preparatory stage, in which following reasons, among others
the individual assesses his knowledge of the 1. it helps determine whether a proposed or
market. existing business venture is viable given its
Conception - gestation phase, which target market
entrepreneurial intentions and ideas are 2. it guides the entrepreneur in mobilizing the
generated using logic and critical thinking. resources needed by the business
Visioning - third stage, provides the 3. it serves as a tool in helping get financing
individual a hunch. for the business
Assessment - involves the evaluation whether
the idea can be realized or not. Entrepreneur
Realization - last phase, suggests the
production of a prototype. serves as a road map for managing the
Major Factors of Opportunity Recognition business identifies the resources needed to
Market Assessment - prior knowledge of the operate and grow the business
market allows the entrepreneur to anticipate
Entrepreneurial Readiness - alertness potential business risks
Connections - networks
Opportunity Assessment - ideas have been Lender
generated and an opportunity has been
recognized. allows the lender to assess whether the
Elements in Opportunity Assessment entrepreneur will be able to meet debt and
Product or Service - primarily the potential interest payments · provides information
of introducing a new product or service in the about collateral or tangible assets that can be
market. secured for the loan
Market Opportunity - refers to the appraisal
of the characteristics of the market. Investor
Costing and Pricing - considered valuable by
consumers may not be affordable.
allows the investor to gauge whether  Unclear on whether the product can be
projected returns are acceptable readily produced
provides information about the character of  Sales and financial projections are
the entrepreneur and about the capability of unreasonably optimistic
the venture's management team
HOW TO PRESENT A BUSINESS
PLAN?
Business Plan - comprehensive document that
outlines the external and internal, (long term 1. Tell a compelling story. Remember
10 years, short term 3-5 years). that the goal is to persuade and not to
Market Information - understanding the overwhelm your audience with facts
potential market by identifying the primary and figures.
and secondary market.
Financial Information - include a financial 2. Exhibit confidence and
section in the business plan like financial professionalism. This can be achieved
sector, revenue sources, and expenditure. by preparing well and rehearsing the
Major Sections of Business Plan presentation several times so that you
Introductory Page will be able to commit key points to
Executive Summary memory and to present in a relaxed
Environmental and Industrial Analysis and natural manner.
Description of the Business
Production Plan 3. Cover the basics. Make sure that you
Operation Plan set up your audio-visual equipment
Marketing Plan ahead of time so that you do not
Organizational Plan waste time trying to figure out how to
Financial Plan show your slide presentation.
Assessment of Risk
Timetable/Milestones 4. Adopt a cooperative attitude when
Appendices answering questions. Do not be
surprised if certain members of the
WHY DO SOME BUSINESS PLAN FAILS?
audience ask tough and pointed
questions.
Conceivably, not all business plans will result
into successful business undertaking. The
INFORMATION ABOUT NEEDS
chances of failure, though, are higher if the
Location: Where will the hostel be built? How
business plan is poorly prepared. Potential
far is it from the airport or seaport? How far is it
investors are likely to reject a business plan
from restaurants, hospitals, churches, and major
that has the following problems
tourist destinations in the area? Is it accessible to
 Document is sloppy and looks
public transportation?
unprofessional
Service operations: Will the entrepreneur
 Executive summary is not coherent and is
provide rooms only or will it be a bed-and-
too long
breakfast operation? Will it provide other
 Unclear on why people would want to buy
services (e.g., laundry, airport transfer, local
the product or service
tours)?
 Equipment and/or furniture required:
Given the number of rooms, how many beds,
furniture, furnishings, air conditioning units or BE FAMILIAR TO THE EXAMPLE OF ANALYSIS
electric fans, toilet bowls, bathroom fixtures, etc.
must be purchased? How much will each of GOODLUCK 🐼
these costs?
 Space requirements: What will be the total
amount of space needed for the rooms, the
lobby, the kitchen, and the dining area? Will
there be space set aside for a small garden or a
parking area?
 Labor requirements: What particular skills
are needed for the operations? How many
employees are needed to adequately support the
operations? Will the employees handle multiple?

EXAMPLE OF SWOT ANALYSIS

EXAMPLE OF MARKET ANALYSIS

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