Razon, Ed Mathew

AVLOG 22
Module 1: Review of Entrepreneurship
Refresher Training

If I am about to start my business, I would enter in the food industry because I

am inspired by my mother who also has her own food business here in Manila.
Specifically, I would like to start in catering flavored chicken wings, which is the recipe
of my mom. Her chicken wings is my favorite and I also have mastered her recipe but I
would like to add more twist to it because I want my wings to become original and
unique. I prefer to call my own business – Captain Wings – because I want to be a pilot
someday and wings because that would be my product. My target customers would
start in people and families around my area in Pampanga and do deliveries for their
convenience. I think this business would be successful because chicken wings are a
hotshot these days. Moreover, I am a chicken wings lover myself and I have tons of
people that I know who always crave wings. There are also a lot competitors in the
market who deliver chicken wings and also cater Unlimited Wings in physical shops and
they have also become profitable. Not just that, since there is a pandemic, a lot are not
able to leave their homes and go to an unli-wings restaurant, but with my business I
can deliver it in their own homes.
Let’s Try This
1. What kinds of uncertainty do you have in your life? Are these uncertainties
comparable to the types faced by entrepreneurial firms? What are your
coping strategies?
 I have the state of uncertainty in my life since I don’ t usually watch television
and don’t know what is happening in our country. This is because when I hear
news especially negative news, it’s just giving me stress and it can be
comparable to some of the entrepreneurial firms that is not innovating some of
their products because of not watching news. They do not know what do people
need or demand, also the trends they can sell. My coping strategies is physical
recreation because I can handle my stress when doing some outdoor activities
such as biking and running and it helps me after to refresh my mind.
2. What are Drucker’s seven sources of opportunity? Provide examples of
each. Which seem to be the easiest, hardest to find?
 The 1st one is unexpected and my example for the unexpected is there’s when
there is unexpected customer that wants to invest on your business and it could
boost up your business. 2nd is the incongruous my example is when you invest
to large on a business and the profit that you are earning is not enough to
sustain your business it can just be your business is inconsistent on earning and
the 3rd is the process need my example for this is when you have an opportunity
to run a business and there’s a lot of process that is needed before to operate
this business and the 4th industry and market structures and my example for it is
there’s a burger shop and they innovate their burger and the make the burger
v2.0 to catch some customers and make more profit and the 5th is
Demographics my example for this is what’s happening right now the pandemic
and us student and teacher have no choice but to have an online class to
continue our learning and the 6th is changes in perception and my example is
there’s a 5 star hotel but not all off the people can afford to stay there only the
rich ones that makes them look powerful and the last one is new knowledge my
example is all of us because every time we talk to some of our friends or in
online we find out new things or knowledge that we can learn and do to our
business. for me the easiest to find is the new knowledge because we can find
new knowledge every time we do some research or ask some friends for some
things that we want to know and the hardest is changes in perception because
change is hard it can affect your whole business just like what’s happening right
know due to pandemic there’s a lot of business that is experiencing hard time or
worst bankrupt because of the pandemic
3. Why doesn’t being smart easily translate into being rich?
  Because there’s a thing that we call strategy that we need to run a business and
not all smart people may have a good strategy to run a business because there’s
also some people that are not that smart but good at doing strategy to run a
business and have a high chances to have a successful business and when it
comes to business you need to have a good strategy to success or have a smart
strategy because we can all learn how to run a business by doing the right things
and strategy.
4. Discuss the different forms of quality. Why is quality important for an
entrepreneur?
 The transcendent approach is a quality that is comparing to one another like 2
different burgers and they are being compared to one another which one is
better and we also have the product based approach and it is like they are
looking on the things on what does the item that can give to them when they
buy if its durable or not if it’s going to make their life easier and we also have the
user based approach is like which product is the better or which product the
people are using like based on survey do they have the best product or not. And
we also have the manufacturing based approach the manufacturing based is like
they are taking care of their name if they have a product that is high selling and
telling that they have a good quality product and they manufacture the best
product and the last one is value based is like is the value of their product is just
right for the product are they not over pricing or their price is just right so that
the people that is interested can buy their product. The most important quality
for me is the user based approach because other people already have test the
product and they can give a positive feedback if the product is good and the
buyers can be hype up by knowing that you have a high quality product
5. What is value? How is it created? Provide examples of value products that
you use and enjoy. What makes these special to you?
 Value has to do with the product like what is the value of that product is it
expensive or cheap or it is just the right price for the product or does it have a
high value because its rare or classic . There’s a lot of product that i enjoy using
but for me the best is my slippers because i can where it whenever i want to go
and most importantly it protects my feet and its not that expensive and i also
enjoy my bike because even tho its a bit expensive i feel happy every time i use
my bike and go to places that ive never been before and its also a good exercise
for cardio i love travelling that is why the product that i really enjoy is the one
that i can use to travel.