Entrepreneurship - Week-1-Continuation-last-topic.pptx

7 essential characteristics to become a successful entrepreneur:
Vision
Passion
Motivation
Risk-taking
Curiosity
Creativity
Confidence
Entrepreneurial Decision-Making
Entrepreneurial decision-making can be defined as choice that entrepreneurs make when seeking to exploit identified chances for market success.
Types of thinking that influence entrepreneurial decision-making
Critical thinking
Creative thinking
Strategic thinking
Critical thinking – refers to then systematic and rational way of providing an answer to a question.
Systematic since it follows steps in responding to an inquiry.
Rational because it adheres to the rules of logic in connecting the relationships of variables and in making conclusions.
Critical thinking
What is the difference between critical thinking and creative thinking?
Critical Thinking vs. Creative Thinking
Certain
Closed to new information
Demanding respect
Isolating and analyzing ideas
Using tried and true methods
Seeing failure as failure
Flexible
Open to learning
Respecting others
Connecting ideas
Discovering new ways
Seeing failure as learning
Creative thinking
Creative thinking – refers to thought processes that bring about discovery of new ideas.
Unlike critical thinking, it does not follow a systematic or analytical process since it looks at things from different perspectives.
Where did creative ideas start?
Creative thinking
Sometimes, creative ideas start from
A dream
An insight
Observation
Creative thinking
The intent of creative thing is not to provide an answer but to ask questions that can lead to discovery and change.
Since creative thinking stresses growth, it encourages discontinuity rather than stability.

Strategic thinking
Strategic Thinking – it involves thought processes that assess a current situation, which can be useful in the formulation of plans for the future.
It is similar to critical thinking since it uses an orderly and logical system in its assessment.
But it also resembles creative thinking in its growth and future orientation.
Porter's Five Forces of Competitive Position Analysis
Supplier Power
Buyer Power
Threat of New Entry
Threat of Substitution
Competitive Rivalry
Poster’s 5 Forces
Risks, Cognitive Adaptability, and Entrepreneurial Decisions
Risks
Risks – can be described as uncertain situations and developments that can increase probability of loss or business failure.

Business risks can be categorized into two

Internal Risks
External Risks
Risks�
Examples
Internal Risks – pertain to dangers coming from the management of resources of a business enterprise that may imperil its operation.
Liquidity and financial risks
Failure to hire best talents (compensation package is unattractive)
Damage to reputation
Failure to innovate (using the business model of 20th century vintage)
Think like you are already an entrepreneur, how can you avoid internal risks?
Risks�
Examples
External Risks – are threats coming from various environments outside the business firm.
Economy
Increased

1. C haracteristics of F ilipino E ntrepreneurs

2. 7 essential characteristics to become a successful entrepreneur: Vision Passion Motivation Risk-taking Curiosity Creativity Confidence F ilipino E ntrepreneurs

3. Entrepreneurial Decision-Making

4. Entrepreneurial decision-making can be defined as choice that entrepreneurs make when seeking to exploit identified chances for market success.

5. Types of thinking that influence entrepreneurial decision-making Critical thinking Creative thinking Strategic thinking

6. Critical thinking Critical thinking – refers to then systematic and rational way of providing an answer to a question. Systematic since it follows steps in responding to an inquiry. Rational because it adheres to the rules of logic in connecting the relationships of variables and in making conclusions.

7. What is the difference between critical thinking and creative thinking ?

8. Critical Thinking vs. Creative Thinking Certain Closed to new information Demanding respect Isolating and analyzing ideas Using tried and true methods Seeing failure as failure Flexible Open to learning Respecting others Connecting ideas Discovering new ways Seeing failure as learning Critical Thinking Creative Thinking

9. Creative thinking Creative thinking – refers to thought processes that bring about discovery of new ideas. Unlike critical thinking, it does not follow a systematic or analytical process since it looks at things from different perspectives.

10. Where did creative ideas start?

11. Creative thinking Sometimes, creative ideas start from A dream An insight Observation

12. Creative thinking The intent of creative thing is not to provide an answer but to ask questions that can lead to discovery and change. Since creative thinking stresses growth, it encourages discontinuity rather than stability .

13. Strategic thinking Strategic Thinking – it involves thought processes that assess a current situation, which can be useful in the formulation of plans for the future. It is similar to critical thinking since it uses an orderly and logical system in its assessment. But it also resembles creative thinking in its growth and future orientation.

14. Porter's Five Forces of Competitive Position Analysis Poster’s 5 Forces Supplier Power Buyer Power Competitive Rivalry Threat of New Entry Threat of Substitution

15. Risks, Cognitive Adaptability, and Entrepreneurial Decisions

16. Risks Risks – can be described as uncertain situations and developments that can increase probability of loss or business failure. Business risks can be categorized into two Internal Risks External Risks

17. Risks Examples Liquidity and financial risks Failure to hire best talents ( compensation package is unattractive ) Damage to reputation Failure to innovate ( using the business model of 20 th century vintage ) Internal Risks – pertain to dangers coming from the management of resources of a business enterprise that may imperil its operation.

18. Think like you are already an entrepreneur , how can you avoid internal risks ?

19. Risks Examples Economy Increased competition Commodity price risks Regulatory risks Business interruptions Political risks External Risks – are threats coming from various environments outside the business firm.

20. Think like you are already an entrepreneur , how can you prevent external risks ?

21. Cognitive Adaptability Cognitive adaptability – r efers to how entrepreneurs give feedback by embedding cognitive processes into the environment and adjusting their decision-making approach effectively and adequately , which emphasizes the effect of entrepreneurs' self-reflection and self-adjustment on cognitive process and ability 

22. Entrepreneurial Decisions 7 Decisions Every Entrepreneur Must Make Whether to act on their idea. ... Whether to give up or persist in the face of failure. ... Which experts to consult. ... What the core values of their company will be. ... Whether to seek external investment or not. ... Their ideal customer. ... How they'll price their products.

23. Study the whole chapter 1 , next meeting we are going to have a chapter test or exam . Good luck!