Entreprenuership 1

Have you ever dreamed of becoming the next
multi-millionaire? If you’re thinking that winning the

lottery is the only way to become one. Well, think again.
It is not chances that give you millions, instead being a
millionaire is a result of hard work and determination.
Starting your own business is a good start towards
fulfilling your dreams. Entrepreneurship is the way!
You may often hear the word entrepreneur and
entrepreneurship. But what does it really mean? You
may refer to an entrepreneur as the person managing the
business and entrepreneurship as the business venture.
Some may say there is no difference.
Before we will proceed to our
lesson, can you tell me what comes into
your mind when you hear the word
Entrepreneur?
Concept of Entrepreneurship
The word “entrepreneur” was derived from
the French verb enterprendre, which means “to
undertake.” This is pinpointing to those who
“undertake” the risk of enterprise. The enterprise is
created by an entrepreneur and the process is
called “Entrepreneurship.” Entrepreneurs are
innovators, willing to take risks and generate new
ideas to make it unique and profitable solutions to
the present-day problems
Businesses are the backbone of the economy.
Entrepreneurs plays an important role in developing the
economy through providing the needed products and
services including the solution to the problem of
unemployment. Entrepreneurs are encouraged by the
economy because they can provide a lot of opportunities
for the unemployed young people. It will increase in per
capita income, higher standard of living and increased
individual saving, revenue to the government in the form
of income tax, value added tax, export duties, import
duties, and balanced regional development
Relevance of Entrepreneurship to an Organization
1. Development of Managerial capabilities - this means

that one of the benefits an entrepreneur gets is to
develop his managerial skills.
2. Creation of Organizations - which means that because
of entrepreneurships many organizations will exist.
3. Improving standard of living - this means that
entrepreneurship can lift up the economic status of an
individual.
4. Means of economic development - this means that not
only the life of the entrepreneur is improved but also the
society where the business is located.
Factors Affecting Entrepreneurship
1. Personality Factors which includes:
a. Initiative - which means doing things even before being told.
b. Proactive -which means he can classify opportunities and
seize it.
c. Problem Solver - which means he can retain good relations
with other people
d. Perseverance - meaning he will pursue things to get done
regardless of challenges.
e. Persuasion - means that he can entice people to buy even if
they don’t.
f. A Planner - meaning he makes plan before doing things and do
not fail to monitor it.
g. Risk-taker - which means that he is willing to gamble but he
will calculate it first.
2. Environmental Factors which
include political, climate, legal
system, economic and social
conditions and market
situations.
Common Competencies in Entrepreneurship
1. Decisive - an entrepreneur must be firm in making decisions.
2. Communicator - an entrepreneur must have a convincing power.
3. Leader - an entrepreneur must have the charisma to be obeyed by
his employees.
4. Opportunity seeker - an entrepreneur must have the ability to be
the first to see business chances.
5. Proactive - controlling a situation by making things to happen or
by preparing for possible future problems.
6. Risk Taker - they have the courage to pursue their business ideas.
7. Innovative - the entrepreneurs have big business ideas and they do
not stop improving and thinking of new worthwhile ideas for their
business
Core Competencies in Entrepreneurship
1. Economic and dynamic activity - Entrepreneurship is
an economic activity because it involves the creation
and operation of an enterprise with a view to creating
value or wealth by ensuring optimum utilization of
limited resources.
2. Innovative - Entrepreneurs constantly look for new
ideas, thus he needs to be creative.
3. Profit Potential - The entrepreneur can be
compensated by his profit coming from the operation.
4. Risk bearing – The entrepreneur needs to gamble but
wise enough to offset the risk.
Types of Entrepreneurs
1. Innovative entrepreneur - They are those who always make new
things by thinking of new ideas. They have the ability to think
newer, better and more economical ideas.
2. Imitating entrepreneurs - They are those who don’t create new
things but only follow the ideas of other entrepreneurs.
3. Fabian entrepreneurs - They are skeptical about changes to be
made in the organization. They don’t initiate but follow only after
they are satisfied.
4. Drone entrepreneur - They are those who lives on the labor of
others. They are die-hard conservatives even ready to suffer the loss
of business.
5. Social entrepreneurs - They are those who initiate changes and
drive social innovation and transformation in the various fields such
as education, health, human rights, environment and enterprise
development
Career Opportunities of Entrepreneurship
1. Business Consultant - with the expertise of in the
field of entrepreneurship, he can be a very good
source of advices to other entrepreneurs and would
be business man.
2. Teacher - a graduate of an entrepreneurship can use
his knowledge in teaching.
3. Researcher - the entrepreneur can be employed as
researcher by an enterprise.
4. Sales - the entrepreneurship graduate can apply as
salesman.
5. Business Reporter - the entrepreneur being expert in
the field, he can be employed as business reporter.
Activity : Interview the Known Choose ONE
successful entrepreneur in your community or
nearby places and conduct an interview using the
guide questions below. Discuss the result of your
interview to your teacher.
1.What motivated you to become an entrepreneur?
2. What do you think are your characteristics and
competencies that made you a successful
entrepreneur?
3. What do you think of being employed? Why
didn’t you choose that path?
ESSAY
In your own opinion, what do

you need to possess to become a
successful entrepreneur?

Entreprenuership 1

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Entreprenuership 1

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Have you ever dreamed of becoming the next

multi-millionaire? If you’re thinking that winning the

1. Development of Managerial capabilities - this means

In your own opinion, what do

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