Entrepreneurial option

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Click to edit Master subtitle style

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Entrepren

eurial

REPORTED BY:Nancy B. SabayanLucille Anne Quintia


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The EntrepreneurOption guidesentrepreneurs looking

to start a businessthrough business andfranchiseopportunities.

Whether in careertransition, investingfor the future or justexploring your options


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The Entrepreneur Option means thereis never any pressure or obligation. Thegoal of this is to help people determine

if business ownership is right for them.


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What is Entrepreneurial/Entrepreneur?

willing to take risks in order to makea profit.

An entrepreneur is an individual whoaccepts some sort of risk usuallyfinancial in the pursuit of newventures. The word can apply to any

person organizing a new project oropportunity, though it is most oftenused in a business context. A personin this role is often characterized as

innovative, independent, optimistic,-


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Very few people ever got rich byworking for someone else. Leavingaside pop musicians, sportsmen and

similarly gifted people, the only way toacquire wealth by work is to build abusiness of your own. The type ofbusiness you decide upon will depend

on:a) how much money you have availableas start-up capital and working capital;b) your business idea; and

c) your confidence level.


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There are three types ofbusiness:

1.) The traditional one in which you arereliant solely on your own efforts;

2.) A franchise where you follow aproven idea and receive considerabletraining and back-up from the franchise

company; and

3.) Network marketing.


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The traditional businessrequires:

considerable financial input,either from your own resources orpart-funded by your bank. You may

need to rent premises; buyequipment; hire staff; pay foradvertising, brochures, stationery,and stock. A frighteningly highpercentage of this type of businessfails in the first year. To succeed youneed: a good idea, considerable

financial backing, good health, an


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Franchises

have a high success rate. Banks likethem because each franchise operationhas a proven track record and thus the

banks can accurately judge the risk,consequently they will lend money forthis sort of start-up. However, all thesupport and training comes at a price:

the initial entrance fee is likely to bevery high, and a percentage of thebusiness's turnover has to be paid tothe franchise company.


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Network marketing

also known as multi-level marketing,has many advantages and fewdisadvantages. The entrance fee is low

and the ongoing expenses are evenlower. A network marketing businesscan be started in your spare time - infact that is the best way to approach it.

Start small, and keep at it. The secretis perseverance, get past the first yearand you should find the business has asound foundation from which you can

build a serious income


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START UP Creating A NewBusiness

A. What is Business? B. Types ofBusiness C. Values of Business D.Purpose and Characteristics of

Business E. Essentials of a BusinessSystem F. Forms of BusinessOrganization G. Identifying theBusiness H. Planning the Business


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What is Business?

Is an undertaking or venture for theprimary purpose of making a gain orprofit.

Includes any lawful activity carried oncontinuously, which involves buying &selling, manufacturing and rendering

of services for money.


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Types of Business

1. Commerce & Trade it concerns withthe transfer or exchange of goods fromproducers to consumers or betweennations and individuals. It is classified

into: a. Domestic or Local trade refersto purchase and sale of commodities ofgoods within the country. b.International trade known as export

and import trade. It is the purchase andsell of goods or services betweencountries. 2. Industry concern with theproduction of goods that are usedeither by the consumers known as


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Types of Business

3. Investment of finance it concernswith the investing or lending moneyand collecting the same with interest.

4. Service it deals with the renderingof services for money. a. RecreationService include motion picturesproduction and distribution, theaters

for drama and stage presentation,television and the like. b. Personalservice includes the likes ofrestaurants, hotels, lodging housing

and others.


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Values & Purpose of Business VALUES

Business supply good and services Business creates jobs

Business pays taxes Business are buyers Business attract other businessesPURPOSE & CHARACTERISTICS Livelihood Social Recognition Profit Development


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1.Essentials of a Business System To befinancially successful, the businessmust possess the following:2. Product or service on Demand

3. Adequate capital4. Competent Management5. Well-defined objective6. A strategic location7. A loyal and motivated workforce8. An adequate accounting system9. Capable financial control10. Proper form of BusinessOrganization


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Forms of BusinessOrganizations

Single Proprietorship businessorganization owned and managed byonly one person or single family

Partnership business organizationowned & managed by two or morepersons who contribute money,property or service to a common fund

as capital.


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Corporation business organizationwhose common fund or capital isdivided into shares of stocks. The

owners are called cooperators orstockholders. Cooperative a business organizationthat is owned and operated by its

members who use to and buy its goodsor services, the profit of which aredistributed to the members inproportion to the amount of goods or

services they use or buy.


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Identifying the Business

I. Generating Idea for Businessa. Examine existing goods and services.b. Examine present and future need

c. Examine how needs are beingsatisfiedd. Examine available materials orthings around you.

e. Read magazines, news articles, andother publications on new products andtechniques or new advances intechnology.

II. Selecting the Right Idea


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Planning the Business Planning- is theprocess of looking ahead andanticipating events. It leads into a pre-

determined actions that will put intoeffect to achieve a desired objective.Business planning requires all the othermanagement skills such as marketing,

financial management, managingpeople and understand the legalaspects of business. Planningsignificantly increases your changing of

success by focusing on five areas

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Entrepreneurial option