1) Important characateristic or entrepreneuril which you devekop or strengthen?

Passion and Motivation

Although there are many traits that make an entrepreneur successful, perhaps the most important are
passion and motivation.

 Is there something you can work on over and over again without getting bored?
 Is there something that keeps you awake at night because you haven't finished it yet?
 Is there something you have built and want to continue to improve upon?
 Is there something you enjoy so much you want to continue doing it for the rest of your life?

From building and implementing a prototype to pitching your idea to venture capitalists, success is a
function of passion and determination.

Not Afraid to Take Risks

Entrepreneurs are risk takers, ready to dive deep into a future of uncertainty. But not all risk takers are
successful entrepreneurs. What differentiates a successful entrepreneur from the rest in terms of
risk? Successful entrepreneurs are willing to risk their time and money on unknowns, but they also keep
resources, plans and bandwidth for dealing with "unknown unknowns" in reserve. When evaluating risk, a
successful entrepreneur will ask herself, "Is this risk worth the cost of my career, time and money?"
And, "What will I do if this venture doesn't pay off?"

Self-belief, Hard Work and Disciplined Dedication

Entrepreneurs believe in themselves and are confident and dedicated to their project. Their intense focus
on and faith in their idea may be misconstrued as stubbornness, but it is this willingness to work hard and
defy the odds that make them successful.

Adaptable and Flexible

Being passionate and dedicated is important, but being inflexible about client or market needs will lead to
failure. Remember, an entrepreneurial venture is not simply about doing what you believe is good, but
also making a successful business out of it. Successful entrepreneurs welcome all suggestions for
optimization or customization that may enhance their offering and satisfy client and market needs.

Product and Market Knowledge

Entrepreneurs know their product inside and out. They also know the market. Most become successful
because they create something that didn't already exist or they significantly improve an existing product
after experiencing frustration with the way it worked. Remaining unaware of changing market needs,
competitor moves and other external factors can cause even great products to fail.

Strong Money Management

It takes time for any entrepreneurial venture to become profitable. Until then, capital is limited and needs
to be utilized wisely. Successful entrepreneurs plan for present and future financial obligations and set
aside an emergency fund. Even after securing funding or going fully operational, a successful
businessperson keeps a complete handle on cashflow, as it is the most important aspect of any business.

Effective Planning (Not Over-Planning) Skills

Entrepreneurship is about building a business from scratch while managing limited resources (including
time, money and personal relationships), which requires planning. However, trying to plan for everything
and having a ready solution in place for all possible issues may prevent you from ever taking the first
step. Successful entrepreneurs have a business plan in place, but remain capable of dealing with
unforeseen possibilities.

The Right Connections

Many people seek comfort in commiseration—friends, colleagues and neighbors are happy to
complain about "the global slowdown,” poor demand, or unfair competition—but that won't improve
the bottom line. Successful entrepreneurs reach out to mentors with more experience and extensive
networks to seek valuable advice. If they don't have the necessary technical or marketing skills, they find
someone who does and delegate these tasks so they can focus on growing the business.

Exit Preparedness

Not every attempt will result in success. The failure rate of entrepreneurial ventures is very high.
Sometimes, the best solution is to call it quits and try something new instead of continuing to dump
money into a failing business. Many famous entrepreneurs weren't successful the first time around, but
they knew when to cut their losses.

Ability to Question Themselves – But Not Too Much

You may ask yourself, am I an entrepreneur? The very question may make you doubt the answer. Even if
you don't have the flair of Steve Jobs or the hair of Elon Musk, if you have the courage to ask yourself
intimidating questions—"Can I do this? Do I want to do this?"—you have the stuff to be an entrepreneur.

2) The behaviours that can help you achieve quality and efficiency in business

Make a commitment.

W. Edwards Deming, the father of the quality movement, famously laid out 14 points for management—
chief among them, the notion of "constancy of purpose."

Deming argued that a company's commitment to quality had to come from the top, and it had to be
reinforced over and over again. Unless a business views quality as its single, non-negotiable goal,
workers will inevitably feel the need to make tradeoffs and quality will slip.

"Constancy of purpose means that quality decisions are not situational," writes the operational expert
Rebecca A. Morgan. "End of month quality is the same as beginning of month. It means that the long
term benefit of the organization is not sacrificed to hit quarterly targets."

So are you ready to commit? If you are, you should tell your staff—and then think about how you will
handle the first conflict between your stated objective and a pressing deadline or an attractive short cut.

Dig Deeper: The Power of Purpose

Track mistakes.

If you are going to commit to quality, first you must define exactly what quality is. For manufacturers, this
process involves statistical quality control, the process of setting a product's specifications and then
sampling a small number of units from the production line to see how closely they measure up to those
specs. Standards are set and, if too much deviation occurs (or if quality appears to be trending in the
wrong direction), the manufacturing process is altered.

Tracking quality is admittedly more difficult in a service business, and efforts by groups such as the
International Organization for Standardization (known as ISO) to create meaningful benchmarks beyond
manufacturing have had mixed results.

One way to gauge customer satisfaction (and, by extension, the quality of your service) is by tracking
what is called a net promoter score. Devised by a Bain consultant named Fred Reichheld, a net promoter
score keeps tabs on the number of customers who would recommend a business to their friends. A
customer who answers 9 or 10 is seen as a promoter; a customer who answers 7 or 8 is seen as
passive; and a customer who gives a company a score of 6 or lower is seen as a detractor. By
subtracting the number of detractors from the number of promoters, a company arrives at its net
promoter score.

Dig Deeper: How to Address Quality Issues

Invest in training.

An old saw of the quality movement is that any business with a quality control department is doomed to
poor performance, for it has demonstrated to every other employee that quality is not his or her chief
concern. Instead, quality experts recommend that businesses train workers at all levels to look for ways
to improve quality and to ameliorate problems.

Training takes on several dimensions. For starters, you should set up a new-employee initiation program
that trains workers to focus on quality issues from their first day on the job. Different CEOs have different
perspectives on how best to do this. Ralph Stayer, the quality-obsessed CEO of Johnsonville Sausage in
Sheboygan Falls, Wisconisn, believes your existing employees should be put in charge of training new
employees, because only they can provide a firsthand perspective on how your company's operations
work. Ari Weinzweig, founder and CEO of the Zingerman's Family of Companies in Ann Arbor, Michigan,
takes a different approach: He personally leads all new-employee orientation training sessions (which
last several days) because he believes an employer never has a better chance of instilling values and a
sense of purpose than right after he or she has hired a new employee.

Whether you hand train duties to your employees, take them on personally, or some combination of the
two approaches, it's important that you provide workers with a history of the company through the lens of
quality. Let them know what problems you have had in the past, how you corrected these problems, and
where your company stands with respect to its quality goals today. You should also go over your
definition of quality in detail, and show them how you measure quality (see the previous section.) Finally,
train workers to see the connection between their actions and, more broadly, their work ethic, and the
company's overall performance. By tying individual behavior to an overall system of work, and then
showing where that system can, on occasion break down, you will be giving workers the information they
need to be good stewards of your business.

Dig Deeper: Ralph C. Stayer on How Johnsonville Sausage Embraced Quality

Organize quality circles.

Your staff members may roll their eyes at the introduction of such a dated technique, but organizing
employees into quality circles can be an effective way to identify and address problems. Simply put,
quality circles are groups of employees who are encouraged to assess processes and recommend
improvements, all with the goal of promoting quality, efficiency, and productivity. The concept was
developed by Deming in post-war Japan, and made its way to the United States in the late 1970s. At one
point, half of all large corporations had adopted quality circles, but then interest in them faded.

That's a shame. Quality circles, by any other name, are teams of workers who are given the authority
and responsibility for making a business better. To succeed, experts say that participation in a quality
circle should be voluntary; circles should draw members from all corners of a company; and the circle
should set its own agenda (rather than pursuing a company owner's agenda.)

Once you have invited workers to join a quality circle, provide them with adequate resources to pursue
their analysis, and schedule a time in the future at which they may present their findings. It is important
that you act on their recommendations, even if the group's conclusion is not necessarily one you would
have drawn yourself. Remember, the purpose of the exercise is less to solve a particular problem than it
is to engage workers in the process of finding and addressing concerns. Moreover, you should be
tracking customer complaints or product defects on a regular basis, so if the circle's recommendations do
not produce the desired result, you'll know it, and be able to act.

Dig Deeper: How to Set Up Quality Circles

Have the right attitude.

Too many people turn the quest to improve quality into something oppressive. No less an authority than
Deming rejected the idea that the quality management had to be dreary and involve a lot of negativity.
"The prevailing system of management has crushed fun out of the workplace," Deming moaned in an
interview in the 1990s.

This attitude is not necessarily easy to adopt and runs afoul of some of the basic management practices
we take for granted. For example, Deming was not a fan of performance reviews, as the writer John
Case has explained. "[I]f your evaluations are fair, you will determine that half your workers (by definition)
are below average, and you will tell them so," Case writes. "Result: half the work force is instantly
discouraged and demoralized, and any sense of common purpose is undermined."

Rather than pointing out inadequacy wherever it might be found, Deming believe that the job of
managers was to frame the pursuit of quality as an interesting, noble, and worthwhile goal. If you are to
truly improve quality at your business, whether you manufacture products, distribute goods, or perform a
service for your clients, your first step (and also the hardest) is to resist the temptation to dwell on your
company's flaws and instead rally your team around the cause of rooting them out.

3) Search for the business opportunity.

Ideation- is the creative process of generating, developing, and communicating new ideas, where
an idea is understood as a basic element of thought that can be either visual, concrete, or
abstract.Ideation comprises all stages of a thought cycle, from innovation, to development, to
actualization. As such, it is an essential part of the design process, both in education and practice

Innovation- can be defined simply as a "new idea, device or method". However, innovation is
often also viewed as the application of better solutions that meet new requirements, unarticulated needs,
or existing market needs. This is accomplished through more-
effective products, processes, services, technologies, or business models that are readily available
to markets, governments and society. The term "innovation" can be defined as something original and
more effective and, as a consequence, new, that "breaks into" the market or society. It is related to, but
not the same as, inventionas innovation is more apt to involve the practical implementation of an
invention (i.e. new/improved ability) to make a meaningful impact in the market or society, and not all
innovations require an invention. Innovation is often manifested via the engineering process, when the
problem being solved is of a technical or scientific nature. The opposite of innovation is exnovation.
While a novel device is often described as an innovation, in economics, management science, and other
fields of practice and analysis, innovation is generally considered to be the result of a process that brings
together various novel ideas in a way that they affect society. In industrial economics, innovations are
created and found empirically from services to meet the growing consumer demand.
Creativity is a phenomenon whereby something new and somehow valuable is formed. The
created item may be intangible (such as an idea, a scientific theory, a musical composition, or a joke) or a
physical object (such as an invention, a literary work, or a painting).
Scholarly interest in creativity involves many definitions and concepts pertaining to a number of
disciplines: engineering, psychology, cognitive science, education, philosophy (particularly philosophy of
science), technology, theology, sociology, linguistics, business studies, songwriting, and economics,
covering the relations between creativity and general intelligence, mental and neurological processes,
personality type and creative ability, creativity and mental health; the potential for fostering creativity
through education and training, especially as augmented by technology; the maximization of creativity for
national economic benefit, and the application of creative resources to improve the effectiveness of
teaching and learning.
4) Discuss the concept of ideation, innovation and creativity.

Ideation- ideation is the process of forming and relating ideas, oftentimes in a business setting.
It is used to describe the sequence of thought, from idea generation to idea implementation, which is the
result of mental activity that can be based on past or present knowledge, thoughts, opinions, convictions
or principles.

Innovation-This is accomplished through more-effective products, processes, services,

technologies, or business models that are readily available to markets, governments and society. The
term "innovation" can be defined as something original and more effective and, as a consequence, new,
that "breaks into" the market or society.

Creativity- is defined as the tendency to generate or recognize ideas, alternatives, or

possibilities that may be useful in solving problems, communicating with others, and entertaining
ourselves and others.

5) Factors that consider in evaluating business potential of an idea?

valuating potential business opportunities before launching headlong into a new venture can improve your
odds for success. There are a number of factors to consider, including industry trends, economic and
market conditions, your finances and your competition. Writing a business plan and weighing all relevant
factors can help you better plan your entry into new areas.
Step 1
Evaluate your market. Before you take advantage of a potential business opportunity, you should have a
clear understanding of who your potential customers are. If the business venture is already up and
running, ask to view customer profiles, focus group findings and customer matrices. Conduct your own
market research for new ventures by collecting data from community surveys and economic impact
reports, typically available from your local or state economic development authority.
Step 2
Study the business' financials from the past several years to measure potential earning power. Look for
sales growth and profit trends as well as significant investments, expenditures or escalation in the price or
supplies or materials. This can give you an idea of what you can expect in terms of investment and profit
margins. Ask yourself why the opportunity exists and why no one else has jumped on it yet.
Step 3
Examine your own finances. It’s important to know how much you will have to spend on your initial
investment, as well as on ongoing operations. Find out if the opportunity requires a one-time buy-in or if
you’ll have regular recurring costs. Compare the amount you have to invest to potential earnings to
decide if it’s a good financial risk. You’ll also have to determine if you will need to secure financing before
moving forward. Beyond that, think of every possible scenario about what could go right or go wrong in
the new business venture. If a business opportunity is hard to assess, or if the investment would over-
extend you financially, it might not be the right fit. But if you find that it's a calculated risk in which a loss
would not substantially impact you financially, it might be the right fit.
Step 4
Look at industry trends. Many once-viable business opportunities have dwindled due to downward slides
in certain business sectors. You can request statistical reports from industry organizations or associations
such as Chambers of Commerce or state business development agencies. These will help you analyze
whether a particular industry is on the upswing in terms of job development and earnings, or on the down
slope. Gauge the health and strength of the industry you’re considering entering to assess its long-term
potential. Ideally you want to find a high-growth industry that is established but has not yet reached its
maximum potential.
Step 5
Consider your competition. It’s important to know who else is already involved in the type of business
opportunity you’re exploring to see how you measure up. For example, if another company is already
established in the market and offers pricing you can’t compete with, it’s probably a losing proposition. On
the other hand, if there’s little or no competition, and you’ve assessed a market need, it could be a wise
investment.
 ASSIGNMENT NO 1. IN ENTRE1

Submitted By:
Casaje, Ma. Marinella Bianca M.
CBET-05-809E
Wednesday 6-9pm

Submitted to:
Prof: Deogracias C. Celeste JR.