ENTREP REVIEWER!

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Type of Exam
1. Multiple Choice
2. Modified True or False
3. Enumeration
LESSON 1: Introduction to Entrepreneurship LESSON 2: Recognize A Potential Market
The Entrepreneurial Process of Creating a New
Why is entrepreneurship important?
 It can change the way of life. Venture
1. Creation of entrepreneurial Ideas
 It can open opportunities.
 It can create jobs. 2. Identification of entrepreneurial Opportunities
An entrepreneur is a person who possesses 3. Opening of entrepreneurial Venture
managerial and decision-making skills needed to run Essentials in Entrepreneur’s Opportunity –
a business enterprise. Seeking
Here are some of the characteristics needed by  Entrepreneurial mind frame - this allows the
an entrepreneur to succeed: entrepreneur to see things in a very positive and
 Confidence- a feeling or belief that you can optimistic way in the midst of difficult situations -
succeed at something. Being a risk-taker, an entrepreneur can find
 Flexibility- readiness to adapt to new, different, solutions when problems arise.
or changing requirements.  Entrepreneurial heart flame - Entrepreneurs are
 Commitment- the unwavering dedication to work driven by passion; they are attracted to
for the common good of society through one’s discovering satisfaction in the act and process of
business.
discovery. Passion is the great desire of an
 Visionary- having clear ideas or foresight of what
entrepreneur to achieve his/her goals.
will be done in the future.
 Entrepreneurial gut game - This refers to the
 Hardworking- using a lot of time and energy to
ability of the entrepreneur of being intuitive. This
get things done.
 Creativity- the ability to make new things or think is also known as intuition. The gut game also
of new ideas. means confidence in one’s self and the firm belief
Six areas of Entrepreneurial Competencies that everything you aspire can be reached.
 Opportunity Competency-Related to Sources of Opportunities
recognizing and developing market opportunities  Changes in the environment-
through various means. Entrepreneurial ideas arise when changes
 Relationship Competency-Related to the happen in the external environment.
person-to-person or individual to grouped based  Technological discovery and
interactions advancement-person with entrepreneurial
 Conceptual Competency- Related to different interest sees the possibility of business
conceptual abilities which are reflected in the opportunities in any new discovery or
behaviors of the entrepreneur. because of the use of the latest technology.
 Organizing Competency- Related to the  Government’s thrust, programs, and
organization of different internal and external
policies-The priorities, projects, programs,
human, physical, financial, and technological
and policies of the government are also good
resources, including team building, leading
sources of ideas.
employees, training, and controlling.
 Strategic Competency-Related to setting,  People’s interest -The interest, hobbies, and
evaluating, and implementing the strategies of preferences of people are rich sources of
the firm. entrepreneurial ideas.
 Commitment Competency-Competencies that  Past experiences -The expertise and skills
drive the entrepreneur to move ahead with the developed by a person who has worked in a
business. particular field may lead to the opening of a
related business enterprise
LESSON 3: Recognize and Understand the Market
Value Proposition (VP) – This is a business or
2 Types of interview
marketing statement that summarizes why a
consumer should buy a company's product or use its Personal interviews – a traditional method of
service. conducting an interview. It allows the researcher to
Unique Selling Proposition (USP) - Refers to how establish relationships with potential participants and
you sell your product or services to your customer. therefore gain their cooperation.
You will address the wants and desires of your
customers Telephone interviews - less expensive and less time-
 Some tips for the entrepreneur on how to consuming, but the disadvantages are that the
create an effective unique selling proposition response rate is not as high as the face-to-face
to the target customers are: interview, but considerably higher than the mailed
1. Identify and rank the uniqueness of the questionnaire
product or services character 3. Focus Group Discussion (FGD) - is an
2. Be very Specific excellent method for generating and screening
3. Keep it Short and Simple (KISS) ideas and concepts. It can be moderated by
Three factors that will determine your customers group interviews and brainstorming sessions that
 Target Market- is a sage in the market provide information on users’ needs and
identification process that aims to determine behaviors.
the buyers with common needs and
characteristics. Prospect customers are a LESSON 5: 7 P’s of Marketing
market segment that an entrepreneurial Marketing Mix - a set of controllable and connected
venture intends to serve. variables that a company gathers to satisfy a
 Customer Requirements- the specific customer better than its competitor. It is also known
characteristics that the customers need from as the “Ps” in marketing.
a product or a service. The 7 P’s of Marketing Mix
 Market Size- is like the size of the arena
where the entrepreneurs will play their 1. Product - refers to any goods or services that
business. It is the approximate number of are produced to meet the consumers’ wants,
sellers and buyers in a particular market tastes, and preferences.
2. Place -represents the location where the
LESSON 4: Marketing Research buyer and seller exchange goods or services.
Market Research or Marketing Research Process It is also called the distribution channel.
- can be defined as the process of gathering, 3. Price - the value of money in exchange for a
analyzing, and interpreting the information about the product or service
products or the services to be offered for sale to the
potential consumers in the market Different Pricing Strategies
DATA COLLECTION - is the most valuable tool in
Penetration Pricing - The price charged for products
any type of research study. Inaccurate data
and services is set artificially low in order to gain market
collection may cause mistakes and ultimately lead to
share. Once this is achieved, the price is increased.
invalid results.
 Three different data collection techniques: Bundle Pricing -The act of placing several products or
1. Surveys - are the most common way to gather services together in a single package and selling for a
primary research with the use of questionnaires lower price than would be charged if the items were sold
or an interview schedule. These can be done via separately.
direct mail, over the phone, internet (e.g. Google)
Premium Pricing- Setting the price of a product higher
or email, face-to-face, or on the Web (e.g. Skype
than similar products. The goal is to create the
or Viber).
perception that the products must have a higher value
2. Interview - is one of the most reliable and
than competing products because the prices are higher.
credible ways of getting relevant information from
target customers. 4. Promotion - refers to the complete set of
activities, which communicate the product,
brand, or service to the user
 5. People - this consists of each person who is
involved in the product or service whether
directly or indirectly.
6. Packaging - is a silent hero in the  marketing
world, refers to the outside appearance of a
product and how it  is presented to the
customers
7. Positioning - refers to a process used by
marketers to create an image in the minds of
a target market.
Brand Name - is a name, symbol, or other feature
that distinguishes a seller's goods or services in the
marketplace.
Brand - is one of your greatest assets because your
brand is your customers' over-all experience of your
business.
Branding - is a powerful and sustainable high-level
marketing strategy used to create or influence a
brand.