In this competency, the entrepreneur sees things in their environment as opportunities accompanied by profit which they may use to start a new business venture.

They set objectives that are specific, measurable, attainable, realistic, and time bound.

They consult experts, read relevant materials and show overall openness to ideas and information.

They possess the “never say die” attitude which means not giving up easily.

They choose to manage the risks instead of just watching the opportunities to pass by.

Customers are people who purchase products for the purpose of consumption or personal use. Consumers are people who buy and sell products and considered as possible consumers.

Advertising is a public promotion of some product or service. Marketing is exchange of goods for an agreed sum of money

Entrepreneurship is the capacity of innovation, investment and expansion in new markets, products and techniques. Entrepreneur is the ability to break in new markets with new and innovative products and services.

Marketing is business of drawing public attention to goods and services. Marketing is the commercial processes involved in promoting and selling and distributing a product or service.

A brand name should be short, simple and easy to recognize and remember. Branding involves developing mental structures and assisting consumers organize their knowledge about the products and services.

Marketing is estimating potential market demand. Marketing promotes the products/services in various ways to increase sales.

Marketing Mix includes product, price, place, promotion, process, people and physical evidence. Manufacturing includes marketing mix.

IBM (International Business Machines) is the biggest and most profitable corporation in the world. IBM recruits top graduates from 100 top schools. About 50% of the recruits have degrees in mathematics, physics and engineering and 40% have business degrees.

IBM marketing representatives work hard to get a new customer. And they even work harder to hold on the ones they have. There are no sales representatives. They know that their involvement with the customer just begins with closing the sale.

Honda worked hard day and night in experimenting the techniques in casting a piston ring. All his savings were spent on his experiments. Eventually he became the world’s single most successful entrepreneur of mechanical engineering since Henry Ford. In the case of Ibuka, he failed the entrance examination of Toshiba. So he decided to put up his own radio repair shop. He never thought his small shop would become global business empire. This is now Sony which has branches all over the world.

During the early 1900s; the price of meat became lower than production cost. As a desperate move, farmers killed their young pigs. The young Simplot got 700 pigs. He hunted wild horses and used their meat as feeds for his pigs. Simplot also collected potato rejects for feeds. His cost of raising pigs was zero—except hard labor. Later on when the supply of a pork became scares, he sold his 700 pigs for $7, 800. At age 14, he was a rich boy.

He worked as an accountant in a company. Not contented with just being an employee, he ventured into the garment production business in 1983. Four years later, he constructed a new factory and office building. This project was funded through bank loans. In 1988, he built knitting and sewing center. This was funded likewise by the bank loans.

Scientist: Invention; ___________________: Innovation

___________________: Risk Taking; Achievement: Persistence

___________________: buy and use/sell; Consumer: buy and use

Marketing: ___________________; Experimenting: Method

Product: Produce; Service: ___________________

___________________: Entrepreneurship; Firm: Business

Ricardian Theory: ________; Innovation Theory: Innovation

______________: Machines; Kaldor Theory: Modern Technology

This theory explains that the government should not interfere in economic activities.

The government should play the key role in economic development particularly in less developed countries.

This theory believes that the key factor in economic growth is land.

The key factor in economic growth is physical capital like machines.

This theory explains that the application of modern technology in the production of goods and services has been responsible for the economic success of the highly developed countries.