The Entrepreneur's Sweet Spot

Needs, wants, problems and challenges faced by the populace are so varied and so many. Hunger, global warming, climate change, diseases, pollution, transportation, communication, security issues, political and cultural concerns abound, but these challenges also create opportunities for people to create a positive impact on the world he lives in.

Entrepreneurship (Drucker, 2002) is a systematic, organized, rigorous discipline that can be learned and mastered. So all we need to do is find the sweet spot, for it is where an individual's passions and capabilities intersect with the attractive opportunity (Byers, et.al. 2011).

ENTREPRENEURSHIP

A lot has been said about entrepreneurs and the enterprises that these talented individuals have established. So why am I adding this to TECHNOPINAY blog? Because I would like to share my ideas and thoughts about them and the ship that they have boarded.

I would like to contribute and encourage others to ride the ship with these entrepreneurs and take them to various heights of learning and experiences.

Entrepreneurship (Byers, et al. 2011) is a vital source of change in all facets of society.  It fuels the community and empowers individuals to innovate and find solution to insurmountable problems. Entrepreneurship finds solution to unemployment by creating jobs, responds to the need for productivity, enhance quality of life and increase prosperity.  

The field of energy, environment, health, security and education progressed due to the vital role played by the entrepreneurs as they seek to achieve goals by starting an organization that will address the needs of society and the marketplace (Byers, Dorf and Nelson: 2011).

http://www.brighthub.com/office/entrepreneurs/articles/40782.aspx. This site discussed the history of entrepreneurship from the time of Marco Polo whose expeditions were financed by venture capitalists from Venice. Many centuries ago, the trading between countries, started when expeditions visited nations and traded goods and services. 

In the Philippines, as early as the 10th century,  trading was already conducted with the Arabs. Then the Chinese later dominated the trade from Batanes to Sulu. While local traders travel as far as Malacca, China and Borneo to conduct their businesses, paying taxes to the Ming Emperor.

When the Philippines was under Spain, the Spanish - Filipino descendants developed to become entrepreneurs as they were given better opportunities to conduct business. The history of the Bank of the Philippine Islands and Meralco can be traced back to its start as royal grants by Spain. The 20th century has been extra ordinary to these firms coupled with the proliferation of better communication strategy, dynamic management and international exposure.

The Philippines has undergone an era of free enterprise under the American regime.  The Payne-Aldrich Act in 1909 paved the way for an unlimited US goods to enter the country tax free, likewise, Philippine products also entered the United States tax free.  Companies like PLDT, Globe Telecom, Squires Bingham & Co., and the franchising of Coca-Cola helped many entrepreneurs and also helped the shaping-up of the economy during those times (Dieparine: History of Entrepreneurship in the Philippines).

Trading agreement, trade acts and exchanges between nation has contributed either good or bad business for both sides but it certainly opened various entrepreneurial activities depending on how one is able to explore the opportunities available each time.

According to Fajardo, the pure entrepreneurs are those who launch their own ventures from scratch. An entrepreneur utilizes available and scarce resources into successful enterprises. Thomas A. Edison has been quoted so many times regarding his thought that success is 99 percent perspiration and 1 percent inspiration. Meaning entrepreneurs are hard-working and determined individuals who have a knack for sensing opportunities, act at the right time, risk-takers, confident and most of all possess a positive outlook in life. 

Innovation drives entrepreneurship. Various goods and services proliferate, whose usefulness  depends on  the utility it can provide to the user. Curiosity on the other uses and finding optimal utilization of the product motivates and challenges an entrepreneur to enhance existing product, design a better product or services and offer more convenient uses. Entrepreneurs recognize a change in society and responds with anew way of doing things. 

The entrepreneur according to (Byers, Dorf and Nelson: 2011), engage in the following key activities:

a. Initiate and operate a purposeful enterprise;

b. Operate within the context and industrial environment at the time of initiation;

c. Identify and screen timely opportunities;

d. Accumulate and manage knowledge and technology;

e. Mobilize the factors of production - financial, physical and human resources;

f. Assess and mitigate uncertainty and risk associated with the initiation of the enterprise;

g. Provide an innovative contribution or at least a contribution that encompasses novelty or originality; and,

h. enable and encourage a collaborative team of people who have the capabilities and knowledge necessary for success.

 For a potential entrepreneur here are five questions from (Byers, Dorf and Nelson: 2011) to answer:

1. Are you comfortable stretching the rules and questioning conventional wisdom?

2. Are you prepared to take on powerful competitors?

3. Do you have the perseverance to start small and grow slowly?

4. Are you willing and able to shift strategies quickly?

5. Are you a good deal closer and decision maker?

In addition,

6. Are you able to find solution to simple life problems?

7. Do you like interacting with people from all walks of life?

8. How hard-working are you?

9. Are you disciplined?

10. Are you willing to take risks?

The above are simple questions that may help an individual conduct self-assessment whether boarding the Entrepreneur Ship is worth taking.

Data Mining

Centuries ago the extractive industry has focused on mining the natural resources. Minerals had been the primary resources extracted as raw materials used to process the gadgets that are currently existing. The extractive industry of today has utilized the technology to enriched various individuals and organizations. as they are able to source out relevant and useful information.

What is Data Mining?

The extraction of hidden predictive information from large databases is data mining. Tools are devices that is useful in discovering customer behaviors, following trends and predicting future activities. Data mining device has been described as a powerful new technology that can guide companies to make proactive and knowledge-driven decisions. 

I have been using my yahoo mail since  1994 and have been receiving mails, invitations and information about companies. In the previous years, I appreciated these emails due to information I got and I am learning new things. As I kept receiving these mails, I learned later that I have been receiving spam mail due to my internet activities. I have been one of the million internet users who have been trailed and studied by technology data- gathering tools. Data mining tools determine which clients are most likely to respond to the promotional mailing, and why?"

With the existing software and hardware platforms available, data mining techniques can be implemented to enhance the value of existing information resources. Integration with new products and systems are available  on-line.

Data mining has many purposes and can be used for both positive and malicious gain. More organizations are coming to discover the benefits of merging data mining techniques to form hybrid models. These powerful combinations often result in applications with superior performance. By integrating the key features of different methods into single hybrid solutions, organizations usually can overcome the limitations of individual strategy systems (http://www.wisegeek.com/what-are-the-different-types-of-data-mining-techniques.htm).

Other resources:

http://www.thearling.com/text/dmwhite/dmwhite.htm