ENTREPRENEURSHIP-Group-1-ENTREPRENEURSHIP-Group-1.pptx

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1. ENTREPRENEURSHIP

2. LIST OF CONTENT Introduction strategies in business Practical steps to develop an entrepreneurial mindset? ENTREPRENEURIAL MINDSET 01 The concept of Entrepreneurship and Innovation Disadvantages of Entrepreneurship and Innovation RELEVANCE OF STUDYING INTREPRENEUSHIP AND INNOVATION 02 Global Trends in Business Impact of ASEAN Integration on the Philippines Entrepreneurial Strategies for Success GLOBAL TRENDS AND IMPACT OF BUSINESS ASEAN INTREGRATION IN THE PHILIPPINES 03

3. GROUP 1 HAIDE MOLDE INTRODUCTION TO THE ENTREPRENEURIAL MINDSET SHINAMAE VILLANUEVA RELEVANCE OF STUDYING INTREPRENEUSHIP and innovation KEVIN BUTANAS PRACTICAL STEPS TO DEVELOP AN ENTREPRENEURIAL MIND ERIKA JILL LOZANO GLOBAL TRENDS AND AND IMPACT OF business asean intregration in the philippines

4. ENTREPRENEURIAL MINDSET All entrepreneurs must ask themselves three vital questions that concern their business strategy: Where are we now? Where do we want to be? How do we get there? INTRODUCTION

5. The entrepreneurial mind is a mindset characterized by a unique set of qualities, attitudes, and approaches that drive individuals to identify opportunities, take risks, and create innovative solutions. It is a mindset that embraces challenges, thrives on uncertainty, and seeks to make a positive impact in the world through entrepreneurial endeavors. Entrepreneurs with an entrepreneurial mind possess traits such as resilience, adaptability, creativity, and a strong sense of purpose.

6. STRATEGIES IN BUSINESS A business can fail in two ways: •not surviving past its initial stages The first type of failure is more straightforward and easier to measure. Some of these reasons include undercapitalization, overexpansion, poor planning, and a declining market. •not reaching its full potential. failure to maximize a business's potential, is more challenging to measure. There's a lack of readily available studies and statistics, and the common measure of success is simply the business's existence. THINK BIG

7. STRATEGIES IN BUSINESS In the context of business, "thinking big" means pursuing ideas that maximize the potential and scope of your business. It involves pursuing ideas that have a significant impact on the world. However, thinking big can be challenging due to various obstacles. THINK BIG

8. STRATEGIES IN BUSINESS Four obstacles that entrepreneurs often face when trying to think big: •Inability to outgrow the environment •Lack of motivation •Lack of self-confidence •Lack of diverse network and expertise THINK BIG

9. STRATEGIES IN BUSINESS the need for entrepreneurs to delegate tasks and build a team in order to transition from being self-employed to being a successful entrepreneur. It emphasizes the importance of planning to eliminate dependency on oneself and finding quality people to fill important roles in the business. WORK ON YOUR BUSINESS, NOT IN YOUR BUSINESS

10. STRATEGIES IN BUSINESS Two types of entrepreneurs: those who create markets and those who compete in well-established markets. The entrepreneur who creates markets is considered revolutionary, while the entrepreneur who competes in established markets is seen as ordinary. Both approaches can lead to success, but research suggests that the creative entrepreneur has a better strategic position. CREATE NEW MARKET

11. STRATEGIES IN BUSINESS The following simple definition by Merriam Webster is one of the best: ―”An entrepreneur is one who organizes, manages, and assumes the risks of a business or enterprise” Risk is defined as the possibility of loss, and it is important to note that this definition does not imply a negative value judgment. It simply acknowledges the potential for loss. The response to and interpretation of different levels of risk can vary greatly. ALL RISK ISN’T RISKY

12. STRATEGIES IN BUSINESS In the entrepreneurial context, "don't waste time" carries several implications: •Seizing Opportunities •Focus and Prioritization •Continuous Learning and Adaptation •Execution and Results DON’T WASTE TIME

13. STRATEGIES IN BUSINESS This approach allows for scalability, consistency, and reduced dependency on specific individuals. By implementing clear processes and guidelines, the company can streamline operations, ensure reliable outcomes, and minimize disruptions caused by employee turnover. Additionally, being systems-dependent promotes continuous improvement and empowers employees to work effectively within the established systems. BUILD A COMPANY THAT IS SYSTEMS-DEPENDENT, NOT PEOPLE-DEPENDENT

14. STRATEGIES IN BUSINESS It also allows for the development of meaningful relationships and connections within the entrepreneurial community, fostering collaboration and potential partnerships. Ultimately, asking for help is a sign of strength and a strategic approach to overcome challenges, make informed decisions, and propel personal and business growth ASK FOR HELP

15. PRACTICAL STEPS TO DEVELOP AN ENTREPRENEURIAL MIND Developing an entrepreneurial mindset requires intentional effort, commitment to personal growth, and resilience. Here are some practical steps to develop this mindset: Build resilience : Not all business ideas will succeed, and failure is part of any entrepreneur's journey. Embrace it as a learning opportunity and bounce back stronger. Embrace creativity : Think outside the box and don't be afraid to take risks. Innovative ideas often come from unique perspectives.

16. PRACTICAL STEPS TO DEVELOP AN ENTREPRENEURIAL MIND 3. Commit to personal growth: Seek out opportunities for learning and improvement. This could be through reading, attending workshops, or seeking mentorship. 4. Develop persistence: Starting a new business is not for the faint of heart. It requires faith, persistence, and a lot of hard work. 5. Adopt a mindset of lifelong growth: Having an entrepreneurial mindset means thinking, acting, and perceiving the world differently from the average worker, setting the foundation for success.

17. RELEVANCE OF STUDYING INTREPRENEUSHIP and innovation Entrepreneurship is the process of creating a new business venture or expanding an existing one. It involves identifying a market opportunity, developing a business plan, securing funding, hiring employees, and bringing a product or service to market. Entrepreneurs are risk-takers who are willing to invest time, money, and resources into their ideas, with the hope of achieving long-term success. Innovation , on the other hand, refers to the process of creating something new or improving upon an existing product, service, or process. WHAT IS THE CONCEPT OF ENTREPRENEURSHIP AND INNOVATION?

18. RELEVANCE OF STUDYING INTREPRENEUSHIP AND INNOVATION 1.Risk and Uncertainty 2.Resource Constraints 3.Work-Life Balance 4.Market Dynamics 5.Regulatory and Legal Challenges 6.Failure Stigma DISADVANTAGES OF INTEPRENEURSHIP AND INNOVATION

19. WHAT ARE THE RELEVANCE OF STUDYING ENTREPRENEURSHIP AND INNOVATION 1. Economic Development 2. Job Creation 3. Technological Advancement 4. Competitive Advantage 5. Societal Impact 6. Policy Implications 7. Global Perspective 8. Personal Development

20. GLOBAL TRENDS AND AND IMPACT OF business asean intregration in the philippines In the subject "The Entrepreneurial Mind," we explore the business world, focusing on understanding the global trends that shape entrepreneurship. One significant trend affecting businesses, particularly in the Philippines, is the integration of the Association of Southeast Asian Nations (ASEAN). This integration creates a vast marketplace where ASEAN member countries, including the Philippines, can trade and conduct business freely. INTRODUCTION

21. GLOBAL TRENDS AND AND IMPACT OF business asean intregration in the philippines For entrepreneurs, being aware of these global trends and understanding how ASEAN integration impacts the Philippines is essential. It provides insights into new business prospects, possible challenges, and strategies to remain competitive in a rapidly evolving business landscape. This understanding helps aspiring entrepreneurs cultivate a global perspective and effectively navigate the complexities of international business. INTRODUCTION

22. GLOBAL TRENDS AND AND IMPACT OF business asean intregration in the philippines The ever-changing global business landscape is being shaped by various trends, driven by factors like technological advancements, socio-economic changes, and geopolitical shifts. Additionally, the integration of the Association of Southeast Asian Nations (ASEAN) has had a notable impact on businesses in the Philippines, presenting both opportunities and challenges for entrepreneurs.

23. GLOBAL TRENDS IN BUSINESS Businesses are increasingly reliant on digital technologies to enhance operations, customer experience, and reach a broader audience. This trend has accelerated due to the COVID-19 pandemic, which forced many businesses to adopt remote work and online transactions. 1. DIGITAL TRANSFORMATION: With consumers becoming more environmentally conscious, businesses are adopting sustainable practices to reduce carbon footprints, minimize waste, and source materials ethically. This not only benefits the environment but also appeals to a growing segment of eco-conscious consumers. 2. SUSTAINABILITY:

24. GLOBAL TRENDS IN BUSINESS Increased connectivity has led to heightened competition and market saturation. Entrepreneurs must innovate their strategies to stand out, offering unique products/services, leveraging digital marketing, and building strong partnerships. 3. GLOBALIZATION: The ASEAN Economic Community (AEC) has reduced trade barriers among member states, promoting economic cooperation and integration. This has facilitated the movement of goods, services, and skilled labor, creating a more dynamic business environment. 4. ASEAN INTEGRATION:

25. The AEC has opened up new markets for Philippine businesses, fostering economic growth and expansion opportunities. Reduced trade barriers have facilitated easier access to neighboring markets, enhancing business prospects. 1. OPPORTUNITIES: IMPACT OF ASEAN INTEGRATION ON THE PHILIPPINES Increased competition from other ASEAN countries has forced local businesses to enhance their competitiveness. This requires investments in technology, innovation, and skills development to meet the demands of a more integrated and competitive market. 2. CHALLENGES :

26. Entrepreneurial Strategies for Success Embracing digital technologies is crucial for staying competitive. Businesses should leverage digital tools for operations, marketing, and customer engagement. 1. DIGITAL ADOPTION : Incorporating sustainable practices not only benefits the environment but also attracts environmentally conscious consumers, enhancing brand reputation. 2. SUSTAINABILITY PRACTICES: 3. INNOVATIVE BUSINESS MODELS : 4. ADAPTABILITY: Given the dynamic nature of business trends, entrepreneurs must be adaptable and responsive to changes in the market environment. Entrepreneurs should innovate their business models to differentiate themselves from competitors and meet evolving consumer demands.

27. The global trends in business, along with the integration of ASEAN, are reshaping the entrepreneurial landscape in the Philippines. While digital transformation and sustainability present new opportunities for businesses to innovate and grow, globalization and ASEAN integration bring increased competition and the need for greater competitiveness. Entrepreneurs in the Philippines must adapt to these changes by embracing digital technologies, adopting sustainable practices, and developing innovative business models. Additionally, they must be agile and adaptable to respond to the evolving market demands and stay ahead in the competitive landscape.

28. HOW DOES UNDERSTANDING GLOBAL TRENDS, PARTICULARLY ASEAN INTEGRATION, BENEFIT ENTREPRENEURS IN THE PHILIPPINES, AND HOW CAN THEY USE THIS KNOWLEDGE TO SUCCEED IN INTERNATIONAL BUSINESS?