Chapter1 Entrepreneurship

INTRODUCTION
Concept of Entrepreneurship- gone through an evolution or process that commenced with providing service in a
feudalistic society.
Before:
Entrepreneurship- no indication that it was not purely a business activity w/ profit as the primary purpose.
- in service orientation- kind of endeavor without bias as to whether it exists in the business because of personal gain or
simply providing services.
- no category that the entrepreneur is the capitalist or the business owner and at the same time, the manager himself.
- no indication that it is a small-scale business.
Now:
Entrepreneur- an inventor and developer of ideas, change agent, creative, persistent, and a class of his own value
system.
Entrepreneurship- prevalent in various professions from education, engineering, law, and other areas of orientation
including those who never had any formal schooling in business education.
- it is an approach and a dynamic process.
Approach- focused on growth and expansion orientation.
Dynamic Process- entrepreneur goes through a stage that is nurtured through his experiences he has gone
through.
- a culture that is not a fad, yet a promising career option that will give prosperous future; person and the nation.
ORIGIN AND NATURE OF ENTREPRENEURSHIP

Evolution of Entrepreneurship
Entrepreneur/Entrepreneurship- originated in Europe or Middle Ages.
- French word “entreprendre”- to undertake.
- undertaking a business endeavor though no specific reference as to whether it meant undertaking the business for
himself (self-owned/managed business) or doing it for someone else (employment in a business enterprise).
*In literature, Entrepreneurs- provided men and materials needed by feudal lords to wage war against their
enemies.
*In France, Entrepreneurship- a provision of services. No hint that entrepreneurs were doing it for personal gain.
Entrepreneur- translated as“go-between” or “between-taker”. Example Marco Polo- attempted to establish trade
route.
20th century- Entrepreneurship has been added to the list of curricular directions among schools.
Contemporary Views on Entrepreneurship

Definition of Entrepreneur of:
Lloyd Shefsky- his book, “Entrepreneurs are Made Not Born.
- entre (enter) - pre (before) - neur (nerve center)
- he viewed entrepreneur as someone who enters business in time to form or change substantially that business
nerve center. It is not concerned with how people run their business as long as individuals develop change the nerve
center of the business.
Karl Vesper- describes in a broader perspective that it is concerned with various professions.
To an Economist, Entrepreneurs- brings resources, labor, materials, and other assets into combination with greater
value than before. It also introduces changes, innovation, and a new order.
To Psychologist- a person as driven by certain forces: need to obtain something, to experiment, to accomplish, or to
escape from authorities of others.
To Businessman- appears a threat or aggressive competitor. It can also be an ally, source of supply, customer, or
someone good to invest in.
To Capitalist Philosopher- who creates wealth for others as well, find better ways to utilize resources.
Professor Robert Nelson (University of Illinois)- he defined it as a person who is able to look at the environment,
identify opportunities to improve the environment, marshal resources, and implement action to maximize opportunities.
- meant to be used in broadest sense and would include persons in work situations.
Joseph Schumpeter- wrote an essay, “Change and Entrepreneur”.

- it described entrepreneurship as doing things that are not generally done in the ordinary course of business
routine.
Jeffry Timmons- author of “New Ventures Creation”

- the ability to create and build vision from practically nothing. Meaning it is a human and creative act. The vision
requires a willingness to “take calculated risks” and do anything to reduce the chance of failure.
Author Albert Shapero- he studied other works on entrepreneurship
Behavior of an Entrepreneur:
1. Initiative talking
2. The organizing and recognizing of social/economic mechanisms to turn resources and situations to practical
account.
3. The acceptance of risks and failures.
- It is the process of creating something different with value by devoting the necessary time and effort.
This study source was downloaded by 100000854776458 from CourseHero.com on 10-19-2022 12:59:10 GMT -05:00
Dr. N.A. Orcullo, Jr.- his book, “Contemporary Entrepreneurship”
https://www.coursehero.com/file/99481097/chapter1-Entrepreneurshipdocx/
- He mentioned William Bygrave- his idea of entrepreneurship revolves around the notion that:
1. An entrepreneur is someone who perceives an opportunity and creates an organization to pursue it.
2. The entrepreneurial process involves all the functions, activities, and actions associated with perceiving
opportunities and creating organizations to pursue them.
Entrepreneurship is a process and approach

As an Approach
As an approach- it considers business opportunities to solve problems and not the problem itself.
Bias towards growth and expansion scenario- the diff. between traditional manager and entrepreneurial manager.
*Camposano- stated that managers or small business owners and entrepreneurs differs from each other not because
of goals but because of the approach in doing his business.
*Hisrich and Peters- growth orientation can be measured in terms of
- owner’s intentions when starting a business
- their prosperity for fostering the firm’s growth.
- their initiation of strategic plans designed to promote growth in the firm.
Growth Orientation- differentiating an entrepreneur from a small business owner, but does not differentiate between
growth-oriented people in their own or in large corporate organizations.
As a Dynamic Process
Albert Shapero- entrepreneurship is a dynamic process of innovation and new-venture creation through five major
dimensions:
1. Individuals
2. Organization
3. Environment
4. Process
5. Institutions
- any particular action of an individual is a major shift from one path to another is a product of
situational environment.
Factors of the process of entrepreneurial activity:
1. Initiative- individual or group takes initiative.
2. Organization- resources are brought together to accomplish objective.
The Filipino Entrepreneur

(U.S viewed) Dr. Orcullo, Jr.- “entrepreneurship is essentially starting a business on his own, new and small-scale
business.”
This study source was downloaded by 100000854776458 from CourseHero.com on 10-19-2022 12:59:10 GMT -05:00
https://www.coursehero.com/file/99481097/chapter1-Entrepreneurshipdocx/
Powered by TCPDF (www.tcpdf.org)

Chapter1 Entrepreneurship

Uploaded by

Copyright:

Available Formats

Chapter1 Entrepreneurship

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Chapter1 Entrepreneurship

Uploaded by

Copyright:

Available Formats

INTRODUCTION

ORIGIN AND NATURE OF ENTREPRENEURSHIP

Contemporary Views on Entrepreneurship

Joseph Schumpeter- wrote an essay, “Change and Entrepreneur”.

Jeffry Timmons- author of “New Ventures Creation”

Entrepreneurship is a process and approach

The Filipino Entrepreneur

Powered by TCPDF (www.tcpdf.org)

You might also like