Chapter 1 Entrepreneurship and the entrepreneurship

Eligible Programs Partners.

1. 
   People’s Organization and Non-Government organization
   
2. 
   Rural Financial Institutions Cooperative
   
3. 
   TESDA
   

List of Private Sector’s Assistance
a) Philippine Business for Social Progress
b) Philippine Exporter Confederation
c) Chamber of furniture Industries of the Philippines


Chapter 3
The Entrepreneurial Mindset
A. Vision and Mission Entrepreneurship
Vision is a fundamental element in becoming an entrepreneur. It is a powerful motivating force that give the entrepreneur a sense of perspective of what he hopes, expects and desire for his intended business. It is through vision that an entrepreneur is able to picture in his mind the kind of new and better world he wishes to create.
Wickman characterizes vision as a destination, a “light at the end of the tunnel” and a signpost for planning which illuminates the entrepreneur in the process of translating his dream into reality.
What Vision Provides to the Entrepreneur
1. A sense of direction by being the ‘light at the end of the tunnel’
2. Help the entrepreneur identify and define his goal or mission
3. Guides in formulating action plans
4. Serves as a communication tool
5. Provides a sense of warmth and encouragement
6. Provide moral content to the endeavor
Mission, flows from the entrepreneur’s process of visioning. It is the formal, articulated expression of what the entrepreneur hopes and wishes to achieve. It also defines the scope and parameter of his vision.
B. Exploring Ideas and Opportunities
Ideas and Opportunities offer the possibility of creating new value but it is often the case that the value created may not be pure as when an entrepreneur invents a new product to be introduced into the market. The way in which this opportunity can be recognized may take shape in the form of the following combinations:
1. New product- this can be in the form of a physical device, which provides a new means to satisfy a need or to solve the problem. It may be based on existing technology. It may be something that will add value to an existing product.
2. New Service- this refers to actions which will satisfy a particular need or solve a particular problem.
3. New means of production- this happens when the new means of producing an existing product can deliver additional value, like producing a product at a lower cost.
4. New distribution route- a new way of getting the product to the end-user, which the customer finds it easier, more convenient and less time-consuming.
5. Improved service- this means offering additional service element to the product like offering training in the use of the product.
6. New relationship- this can mean building relationship based on trust which creates value by reducing cost in communication, monitoring and in strengthening networks against fierce competition.
It is important that an entrepreneur must have an open mind, a creative approach and a special kind of insight to the way in which he identifies opportunities and exploits them to his advantage.
According to Peter Drucker, Gaps can provide the opportunity conducive to innovation. Some of these gaps are in the form of following:
1. Unexpected Success and failures
2. Deviation from conventional wisdom
3. the need for a process creation or process revision
4. Change in society structure and perceptions
5. location
6. New concepts

Rules for successful innovation

1. Relative advantage over existing products
2. Must be compatible with existing attitudes and beliefs
3. It should not be complex
4. Benefits of innovation must easily be communicable
5. The innovation should be divisible; users can try the innovation without incurring a large risk.
6. Buyer must believe that innovation satisfies one of his needs by giving some immediate benefits.

C. Making the Business Plan: A tool for the Entrepreneur

What is the Business Plan?

• 
  A business plan is the written or codified text containing pertinent information about the venture. It shows the venture’s different attributes and supposed character. It should be the minimum document required in the start of business venture. It is designed to give its readers the clear picture of what the venture is.
  

What is the Role of Business Plan?

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