OBJECTIVE:

IDENTIFY THE MARKET PROBLEM

TO BE SOLVED OR THE MARKET
NEED TO BE MET
ENTREPRENEURSHIP
 the process of
designing, launching
and running a
new business
 People who create
these businesses are
called
Entrepreneurs
Entrepreneurial
Opportunities:
developing a business plan
hiring the human resources
acquiring financial and material
resources
providing leadership
being responsible for both the
venture's success or failure
CHARACTERISTICS OF AN
ENTREPRENEUR
Motivation
 Entrepreneurs are enthusiastic,
optimistic and future-oriented. They
believe they’ll be successful and are
willing to risk their resources in pursuit
of profit. They have high energy levels
and are sometimes impatient. They are
always thinking about their business and
how to increase their market share.
Creativity and
Persuasiveness
Successful entrepreneurs have the
creative capacity to recognize and
pursue opportunities. They
possess strong selling skills and
are both persuasive and
persistent.
Versatility
Company workers can usually rely on
a staff or colleagues to provide
service or support. As an
entrepreneur, you’ll typically start
out as a “solopreneur,” meaning you
will be on your own for a while. You
may not have the luxury of hiring a
support staff initially.
Vision
 One of your responsibilities as
founder and head of your
company is deciding where your
business should go. That requires
vision. Without it, your boat will
be lost at sea.
 Flexibility
and
Open-Mindedness
 While entrepreneurs need a
steadfast vision and direction,
they will face a lot of unknowns.
You will need to be ready to
tweak any initial plans and
strategies. New and better ways
of doing things may come along
as well.
Decisiveness
As an entrepreneur, you won’t have
room for procrastination or
indecision. Not only will these traits
stall progress, but they can also
cause you to miss crucial
opportunities that could move you
toward success.
Superb Business
Skills
Entrepreneurs are naturally capable of setting
up the internal systems, procedures and
processes necessary to operate a business.
They are focused on cash flow, sales and
revenue at all times. Successful
entrepreneurs rely on their business skills,
know-how and contacts. Evaluate your
current talents and professional network.
Risk Tolerance
 Launching any entrepreneurial
venture is risky. Are you willing to
assume that risk? You can reduce
your risk by thoroughly researching
your business concept, industry and
market. You can also test your
concept on a small scale.
Drive
 As an entrepreneur, you
are in the driver’s seat, so
you must be proactive in
your approaches to
everything.
PERKS OF BEING AN
ENTREPRENEUR

Millionaire
Help the
community
Decide for
your destiny
No boss
RISK of Being an
Entrepreneur
Long hours of work

Uncertainty of income

High level of stress

Family risk
Socio Economic Benefits from
entrepreneurship

Promotes
self help and
employment

Empowers
individual
Are you ready to be the
next Jack Ma, Henry Sy,
Steve Jobs and Bill
Gates?
 First investment in your business

IDEA

“USE YOUR BRAIN” – Jack Ma of ALIBABA

 Tools for Business Idea
Generation
1. Solve Your Own Problems
2. Solve Problems of Your Friends
3. Search for Problems
4. Structure the Problem
5. The Business Idea/ Market Matrix
6. Make Connections
 ACTIVITY: Solve your own problem
Think of situation/s that you encounter in your day to day
activity. Ask yourself, what are the things that annoyed you?
You list down the possible solutions to your problems. From
those possible solutions identify product (goods/services)
that will help you solve the problem. By doing this activity
try to generate at least 5 business ideas.

Things that annoyed Possible Solutions Product/s that can be

me/Problem/s developed
Opportunity always lies in
the place where people
complain.
–Jack Ma
POTENTIAL MARKET
 POTENTIAL MARKET

Potential markets are the

most important part of
a business’ future
growth.
Potential Market is the part of
the market you can capture in
the future. It includes all of the
people that are not buying from
you today but could potentially
become customers.
They might buy new products
you have not made yet, or
they might buy products that
you will improve or market or
brand more effectively later.
How Do You Identify a
Potential Market?
 Step 1.
Define your target
customer
You have to identify
the potential market
with your current
audience.
 You must go outside the
current audience and look for
people who are a certain age,
certain sex, and certain
socioeconomic status and
examine their certain needs.
Determine who your target
customer is.

Create a profile of your

typical/expected target
customer.
 Step 2.
Estimate the
number of target
customers
Estimate the total number
of target customers in the
market—companies who
have a profile similar to
that your target customer.
 Step 3.
Determine your
penetration rate
Refine your market size by
assuming a penetration
rate for your category of
product.
 Example of Penetration:

Computers, word-processing and

Internet

Social Medias
 ACTIVITY
BUSINESS IDEA STEP ONE

STEP TWO STEP THREE