ENTREPRENEURSHIP
Ms. Vima D. Javier
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Entrepreneurship…
• refers to new or different ways
of doing things, like technology,
marketing, human relations,
management and so forth
• capacity for innovation,
investment and expansion in
new markets, products and
techniques
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Entrepreneurship
means…
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An entrepreneur is …
In Meriam Webster Dictionary....
“Someone who organizes,
manages, and assumes the risks of a
business or enterprise.”
or
The person behind Entrepreneurship
According to Dr. Eduardo Morato
An entrepreneur is someone who can:
1. Contribute to the economy by raising
productivity.
2. Create value by introducing new products
and services or finding better ways of
making them.
3. Innovate products or operating system.
4. Expand the business horizontally or
vertically.
Entrepreneurs possess several
positive characteristics for their
business success.
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1. Reasonable RISK-TAKERS
Entrepreneurs
enjoy challenges
They are not
afraid to make
difficult decisions
They are careful
and calculating
2. SELF- CONFIDENT
Entrepreneur have
strong faith in their
abilities
Believed they can do
things better
3. Innovative
Entrepreneurs are creative.
They do things in new and
different ways.
A creative mind gives birth to
innovation. Creativity allows
the entrepreneurial mind to
come up with new ideas and
solve problems in a new way.
4. HARDWORKING
they work far beyond the 8-hour schedule.
99% perspiration, only 1 percent inspiration.
5. LEADER
Task oriented
Effective planners,
organizers and
implementers
Treat fellowmen as
human beings
6. Positive thinkers
Entrepreneurs think of success and bright
sides
7. Decision makers
Entrepreneur makes
decisions.
Such as:
how to improve products
how to create new
markets
how to increase
consumer satisfaction
DETERMINANTS OF
SUCCESSFUL
ENTREPRENEURHIP
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1. Ability to conceptualize and
plan
The entrepreneur must view all the
aspects of the business such as
product, price, cost, inventory, etc.
The entrepreneur must be able to
plan for the total operation of the
business.
2. Ability to manage others
Entrepreneur should have good
human relations and
communications.
3. Ability to manage time and
learn.
Expert in time management.
Continuous training, does not
stop learning.
4. Ability to adapt to change.
Be vigilant on the new trends
ADVANTAGES OF BECOMING
AN ENTREPRENEUR
1. Have the opportunity to create
your own destiny
2. Have the opportunity to be
financially well-off
3. Have the opportunity of knowing
yourself better
4. Have the opportunity to excel, be
recognized and contribute to
society
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WHAT ARE THE BOOKS
TO KEEP IN BUSINESS
1. Cash Receipts Journal-cash
receipts
2. Cash Disbursements Journal-cash
payments
3. Purchase Journal-purchases on
accounts
4. Sales Journal-sales on accounts
5. Subsidiary Ledgers-control and
monitoring
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LEGAL ESSENTIALS IN
STARTING A SMALL BUSINES
1. Go to the Department and Trade
Industry (DTI) to have your
business registered. (prepare at
least 3 business names)
Will be issued certificate of
registration
2. Go to the Municipal/City Hall to
arrange for a business or Mayor’s
Permit
Present the following:
a. Certificate of Registration (from DTI)
b. Contract of Lease (if business place is
rented)
c. Own-Tax declaration documents.
d. ID pictures
3. Go to your barangay hall to
secure your business clearance.
- Required to present DTI certification,
Mayor’s permit to do and conduct
business
4. Go to the BIR to secure TIN.
FACTORS OR RESOURCES TO BE
EVALUATED in determining business
opportunities:
1. Markets.
who are your
buyers
who are your
competitors
prices and quality
of goods &
services
2. Individual interests/Interest of the
Majority.
Interest should match
business opportunities.
3. Capital
Availability of fund should fit
the type of business to be
organized.
4. Skills
Entrepreneur must have
proper skills in the business
he is going to undertake.
Example
Skills Business venture
Sewing Fashion
Cooking Baking, food kiosks, food delivery,
restaurant, etc.
Computers Computer Programming, Comp. Repair,
graphic art, etc.
Sports Training, Gym
Talking to People Selling, retailing, wholesaling, networking
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5. Suppliers of Inputs
Must have steady suppliers of
raw materials and other inputs
of the business.
6. Manpower
Make sure that experts or
trained personnel are available.
7. Technology
Must be aware of the presence
of new technology
“Entrepreneurship is
not about always
making money, but, it
is about helping
people, and making
difference in the life of
others”
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A Business plan is…
a basic tool for the entrepreneur.
a written text containing pertinent information
about the venture.
it shows the venture’s different attributes and
supposed character.
it is like a map. It tells you what to expect and
what alternative routes you can take to arrive at
your intended destination.
THE PARTS OF THE BUSINESS PLAN
1. The Introduction 6. Marketing Strategy
2. The Industry 7. Management
3. The Business 8. Labor
4. The Product or 9. Financial Forecasts
Service 10. Supporting Exhibits
5. The Market
The Introduction
Should state the objectives of the plan or
proposal as simply as possible.
If the plan is to be used by key employees,
the introduction should show a brief
description of how the plan is to be
implemented.
If the plan is to be used as a financing
proposal:
the introduction should specify who is
asking for finance.
how much money is required
the purpose for which the funds will be
used, and
how the funds will benefit the business
If the funds are in the form of equity:
Indicate what rate of return the investor
may expect.
If the funds are to be borrowed, indicate
when they will be repaid.
The Industry
Indicate the present status and prospects
for the industry in which the proposed
business will operate.
Discuss any new products, new markets
and customers or any economic trends
that could have an impact on your venture.
The Business
Describe what sort of business you are in or
intend to enter.
Indicate its name, how it is organized
- single, partnership, Corp. or Coop.
Indicate its main activities.
- retailing, service, manufacturing
Describe its location and the layout of
facilities.
The Product or Service
Describe exactly what you are going to sell.
Indicate the primary end use of the product
or service as well as any secondary uses.
Emphasize those factors which make your
product or service unique or superior.
Discuss any opportunities for the
expansion/development of your
product/services.
The Market
This section will present the four basic steps
in determining the market.
1. Identify your customer profile.
2. Determine the size of the total market.
3. Assess the competition.
4. Estimate your sales.
Marketing Strategy
Explain your general marketing
philosophy and strategy.
Show how are you going to satisfy the
market.
Indicate your pricing policy.
Indicate your tactics for advertising and
promotion.
Keep track of your marketing costs.
Management
Outline the personal history of the
principals and show how their work
experience relates to the venture.
State their duties and responsibilities and
indicate the salaries they expect to draw
from the business.
Labor
Determine and document the manpower
needs now and over the coming years.
State whether permanent or casual, full-
time or part-time?
What skills are required?
What will be the costs?
Financial Forecasts
Present your best estimates of future
operations.
Present the forecasted cash flow, income
statement and forecasted balance sheet
for three(3) year period.
Supporting Exhibits
detailed resume of principals
credit information
quotations or estimates
letters of intent from prospective customers.
leases or buy/sell agreements
legal documents
census or demographic data
design plans or engineering specifications
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