ENTREP Flashcards
- Leads to identification of entrepreneurial opportunities that turn results in opening of an entrepreneurial venture
ENTREPRENEURIAL IDEAS
What are the Entrepreneurial Process of Creating New Venture?
- CREATION OF ENTREPRENEURIAL IDEA
- IDENTIFICATION OF ENTREPRENEURIAL OPPORTUNITIES
- OPENING OF ENTREPRENEURIAL VENTURE
What are the essentials of entrepreneurs opportunity-seeking?
- ENTREPRENEURIAL MIND FRAME
- ENTREPRENEURIAL HEART FLAME
- ENTREPRENEURIAL GUT GAME
- See things in a very positive and optimistic way
- Can find solutions when problem arise
ENTREPRENEURIAL MIND FRAME
- Entrepreneurs are driven by passion
- Attracted to discover satisfaction
ENTRERENEURIAL HEART FLAME
The great desire of an entrepreneur to achieve goals.
PASSION
- Being Intuitive
- Also known as intuition
- Confidence in oneself
- The firm belief that everything you aspire can be reached
ENTREPRENEURIAL GUT GAME
What are the sources of opportunity?
- CHANGES IN ENVIRONMENT
- TECHNOLOGICAL DISCOVERY AND ADVANCEMENT
- GOVERNMENT’S THRUST, PROGRAMS AND POLICIES
- PEOPLE’S INTEREST
- PAST EXPERIENCES
Changes happen in external environment.
CHANGES IN ENVIRONMENT
What are the external environment?
- PHYSICAL ENVIRONMENT
- SOCIETAL ENVIRONMENT
- INDUSTRY ENVIRONMENT
What are the physical environment?
- CLIMATE
- NATURAL RESOURCES
- WILDLIFE
Weather conditions
CLIMATE
Minerals, Forest, water and fertile land
NATURAL RESOURCES
- All mammals, birds, reptiles, fish, etc.
- Live in wild
WILDLIFE
What are the societal environment?
- POLITICAL FORCES
- ECONOMIC FORCES
- SOCIOCULTURAL FORCES
- TECHNOLOGICAL ENVIRONMENT
– Includes all the laws, rules, and regulations that govern business practices as well as the permits, approvals, and licenses necessary to operate the business
POLITICAL FORCES
Such as income level and employment rate
ECONOMIC FORCES
– Customs, lifestyles and values that characterize a society.
SOCIOCULTURAL FORCES
– New inventions and technology innovations.
TECHNOLOGICAL ENVIRONMENT
What are the industry environment?
- COMPETITIONS
- CUSTOMERS
- CREDITORS
- EMPLOYEES
- GOVERNMENT
- SUPPLIERS
- Possibilities of business opportunities in any new discovery because of latest technology
TECHNOLOGICAL DISCOVERY AND ADVANCEMENT
Priorities, projects, programs, and policies of the government are good source of ideas
GOVERNMENT’S THRUST, PROGRAMS, AND POLICIES
Interest, hobbies, and preferences of people
PEOPLE’S INTEREST
Expertise and skills developed by a person who has worked in a particular fields
PAST EXPERIENCE
What are the Forces of Competition Model?
- BUYERS
- POTENTITAL NEW ENTRANTS
- RIVALRY AMONG EXISTING FIRMS
- SUBSTITURE PRODUCTS
- SUPPLIERS
- Also known as Five Forces of Competition.
- An industry environment is a competitive environment
FORCES OF COMPETITION MODEL
An act or process of trying to get or win something.
COMPETITION
The ones that pay cash in exchange for goods and services.
BUYERS
The ability to penetrate of enter into a particular industry.
POTENTIAL NEW ENTRANTS
A state or situation wherein business are competing with each other in the market.
RIVALRY
Rivalry is a state or situation wherein business are competing with each other in the market.
RIVALRY AMONG EXISTING FIRMS
One that serves the same products as another product in the market.
SUBSTITUTE PRODUCTS
The one that provides something that is needed in business.
SUPPLIES
A formal written description of your business future.
BUSINESS PLAN
What are the parts of a Business Plan?
- EXECUTIVE SUMMARY
- MANAGEMENT AND ORGANIZATION
- PRODUCT/SERVICE PLAN
- MARKET PLAN
- FINANCIAL PLAN
- Can be found at the beginning of the plan but last to be accomplished
- Brief introduction and summarizes everything that is relevant
EXECUTIVE SUMMARY
- Describes the highlight of the product/service offered.
- Encourage customers to patronize your product / service
PRODUCT/ SERVICE PLAN
- Includes all basic information about your business.
- Company name, logo, address, vision, mission, etc.
MANAGEMENT AND ORGANIZATION
Includes al your business strategies, target market, value proposition of your product
MARKET PLAN
What are the parts of market plan?
- MARKET ANALYSIS
- MARKETING SALES AND SALES STRATEGIES
- PRODUCT/SERVICE CHARACTERISTICS
- PRICING POLICY
- SALES PROJECTION
- Answers why should your customer buy from you and not from other similar business
- Convincing reasons that buyers should see
VALUE PROPOSITION
- A document containing your current financial situation
- Long-term monetary goals
- Tactics to attain objectives
FINANCIAL PLAN
- The expenses you will be needing during the course of creation of the business
START-UP COST REQUIRMENT
These are estimates of future profits and expenses
FINANCIAL PROJECTIONS
- A financial tool to determine at what stage your company will start gaining profit
BREAK-EVEN ANALYSIS
The amount needed for business operation
BUDGET
