Reviewer in Entrepreneurship
Coverage of Exam:
 12 Rs
 7 Ps
 Chapter 7 & 8
Types of Test:
 Identification
 Enumeration
 Completion
12 Rs
Relevance to vision mission and objectives of the
entrepreneur.
2. Resonance to values. Other than vison, mission and
objectives, the opportunity must match the values and
desired virtues that you have or wish to impart.
3. Reinforcement of Entrepreneurial Interests. How does the
opportunity resonate with the entrepreneur’s personal
interests, talents, and skills?
4. Revenues. In any entrepreneurial endeavor, it is important
to determine the sales potential of the products/services
you want to offer.
5. Responsiveness to customer need & wants. If the
opportunity that you want to pursue addresses the
unfulfilled or undeserved needs and wants of customers,
then you have a better chance of succeeding.
6. Reach. Opportunities that have good chances of expanding
through branches, distributors, dealerships or franchise
outlets in order to attain rapid growth are better
opportunities.
7. Range. The opportunity can potentially lead to wide range of
possible product/service offering, thus, tapping many market
segments of the industry.
8. Revolutionary Impact. Thinking that opportunity will most
likely be the “next big thing” or even a game-changer that
will revolutionize the industry.
9. Returns. Products with low costs of production & operations
but sold at higher prices will definitely yield the highest
returns on investments. Can also be intangible.
10. Relative Ease of Implementation. Will the opportunity be
relatively easy to implement for the entrepreneur or will
1.
there be a lot of obstacles and competency gaps to
overcome?
11. Resources Required. Opportunities requiring fewer
resources may be more favored than those requiring
more resources.
12. Risks. There will always be risk. Some opportunities
carry more risks than others, such as those w/
technological, market, financial & people risks.
7 Ps
1. Positioning- has three overlapping objectives. Knowing
where you stand.
2. People- are the ultimate marketing strategy. They sell
and push the product. It plays a crucial role in the
success of the enterprise.
a.) Employees
b.) Target Customers
3. Price- depends on the business objectives set by the
enterprise. It is a major factor for the customer in buying
a product.
4. Product- tangible good or the intangible service that the
enterprise offers to its customers.
a.) Breakthrough products- offer completely new
performance benefits (new product/ discoveries)
b.) Differentiated products- claim a new space in the
mind of the customer different from the spaces
occupied by existing products. (same in nature but
diff. in qlty., brand & price)
c.) Copycat products- will not make much impression on
the customer’s mind. (Class A)
d.) Niche products- do not intend to compete directly w/
the giants.
5. Place- location where you want to put up your business.
6. Promotions- is the explicit communication strategy
adopted by an enterprise. (introducing & selling your
products)
7. Packaging- serves several important purposes, which
elevate it to one of the seven Ps of marketing.
(enclosement, wrapper)
Chapter 7: Innovation
Innovation- creating new things & improving what is
existing.
-
Is about having a new way of doing things with
commercial success.
a.) Conceptual Mind
b.) Technical Mind- process
c.) Business Mind- selling
4 Competencies of an Innovator
1. Creativity-forming a mental image or new idea about
the future
2. Critical Thinking- offering unique ways to solve defined
problems.
3. Collaboration- developing relationships w/ the right
partners to attain objectives
4. Communication- engaging constituents to make them
understand & accept your message.
How to Improve Creativity and be an Innovator
A.
B.
C.
D.
(12 practices within 4 pillars)
Knowledge Update-new ideas gained from experience
and/ or education.
1. Read- to study diverse topics
2. Watch- to observe other categories and industries
3. Online Browsing- to do social listening
Process- a sequence of steps to attain new ideas
4. Conversations- to have interactions w/ experts &
those with divergent views.
5. Think like a child- to be curious and keep asking
questions
6. Probe- to do data gathering and look for people’s
motivations and deeper meanings.
7. Rest & Recreation- to have a well- rested mind to
welcome ideas with clarity.
Reflections- serious thinking about a particular
problem/idea to increase & retain creative proficiency
8. Openness- to listen to the opinions & ideas of
others
9. Mind mapping- to have a process of organizing
information
10. Me time- to practice tasks and habits regularly
Experiences- actual encounters with subjects
11. Inspiration- to be mentally stimulated w/ diff.
sources like visuals, plays, etc.
12. Travel- to take trips, especially in trend hubs, to
observe new ideas in other places
8 Tips to Create an Innovation Mindset
1. Hiring- recruit & select some people who are non
-conformists with uncommon sense instead of
acquiring the usual people
2. Training- Create innovation competency by
providing tools, frameworks and methods that are
duplicable, ending with an annual innovation
tournament.
3. Idea Channel & Champion- provide employees a
“safe place” to have the option to submit to a highlevel innovation executive, if their immediate
superior would turn down a major proposal which
they believe has high potential.
4. Behavioral Requirement- establish innovation as a
pre requisite for promotion and merit raise on top of
revenue and profit growth.
5. Focus- mull over business innovation, instead of just
product and process innovation.
6. Bottom line- look into the long-term effect of market
penetration, and not just short-term.
7. Reward and recognition- create a climate where
innovation is rewarded or recognized.
8. Time- allow specific time for people to work on
focused innovation projects during regular work
hours.
5- Point Marketing Innovation Tool- It provides five ways to
“reinvent” each element of the marketing mix.
SCENIC MODEL/ framework- another way to foster
innovation thinking, to help entrepreneurs and innovators
reflect on innovation possibilities based on pain points they
are focused on solving.
Chapter 8: Execution: Machinery, Methods &
Management Skills
Machinery- is an organization structure that can deliver the
value planned.
Methods- systems and processes that allow the
entrepreneur information and control
Value Chain- is the strategic linkage or a series of valueadding individual activities required to create, produce and
deliver products & services to the customers.
Value Network/ Ecosystem- is an expanded value chain that
shows the involvement of other stakeholders in each value
chain stage to co- create value. Value network is also called
an ecosystem.
Resources- are about hard assets and soft assets that are
difficult to imitate, & provide an advantage to firms.
- HARD ASSETS- are physical, financial and intangible
assets
- SOFT ASSETS- are human assets like relationships, skills
and knowledge.
Processes- is the way to transform inputs into outputs.
Complementors- these are other people that helps the
enterprise in delivering the value proposition.