INTRODUCTION

TO
ENTREPRENEURSHIP

PREPARED BY:
JHON MAR D. MONTUNO
Objectives:
• Define what it means to be an
entrepreneur
• Compare the pros and cons of
being an entrepreneur
• Identify successful entrepreneurs
and their achievements
 WHAT IS ENTREPRENEURSHIP?

the ability and readiness to develop,

organize and run a business
enterprise, along with any of its
uncertainties in order to make a
profit.
 WHAT IS ENTREPRENEUR?

An entrepreneur is an individual who

creates, organizes, and operates a
business or businesses, taking on
financial risks in the hope of profit.
Entrepreneurs are often seen as
innovators, bringing new ideas,
products, or services to market.
 Innovation

 Innovation is the starting point for

entrepreneurship, as it involves the creation
of new and valuable ideas. All aspiring
business owners should understand what
innovation is, why it's important, and how
they can take advantage of it in their own
businesses.
 Activities
What activities does a person need to do to be
considered an entrepreneur?
Entrepreneurial Activities
1. Research
2. Financing
3. Risk taking
4. Development
5. Management
 RESEARCH
Understanding what potential customers want and
need. Analyzing the size of the market and current
trends.

Studying competitors' strengths, weaknesses, and

strategies.

Identifying and targeting specific groups within the

market.
 FINANCING

Using one's own money to fund the business.

Borrowing money from friends and family members.

Borrowing money from a bank or financial

institution, which must be repaid with interest.
RISK TAKING

Investing personal or borrowed money in the

business with no guarantee of return.

Managing the risk of running out of cash to sustain

operations.
DEVELOPMENT

Creating new products or services that meet market

needs or improve on existing offerings.

Conducting research to understand market

dynamics, customer needs, and competitive
landscape.
 MANAGEMENT

Identifying and allocating resources (human,

financial, physical, and technological) effectively to
support business activities.

Ensuring that products or services meet quality

standards and customer expectations.
 WHAT IS ENTREPRENEUR?
 An intrapreneur is an employee who takes direct
responsibility for turning an idea into a new
product or service. An intrapreneur brings
entrepreneurial thinking and skills to build within
the structure of an existing organization.

 An intrapreneur is an employee who is tasked with

developing an innovative idea or project within a
company. The intrapreneur may not face the outsized
risks or reap the outsized rewards of an entrepreneur;
however, the intrapreneur has access to the resources
and capabilities of an established company.
 Creation of a not-for-profit business

Can a venture be
considered to be entrepreneurial if
it is a not-for-profit, or should only
for-profit businesses be considered
entrepreneurial?
  The most well-known type of
enterpreneurial venture is the for-profit, or
commercial, venture, which sells products
or services for a profit. Entrepreneurs can
also launch a nonprofit venture whose
purpose is to fulfill a social mission rather
than to make money.
 Freedom and passion, not money, is the main
motivation.
After identifying the 90 attributes, Gartner
(1990) went back to the entrepreneurs and
other experts for help in clustering the
attributes into themes that would help
summarize what people concerned with
entrepreneurship thought about the concept.
He ended up with the following eight
entrepreneurship themes:
1. The Entrepreneur –

The entrepreneur theme is the idea that

entrepreneurship involves individuals with unique
personality characteristics and abilities (e.g., risk-
taking, locus of control, autonomy, perseverance,
commitment, vision, creativity).
2. Innovation –

The innovation theme is characterized as doing

something new as an idea, product, service,
market, or technology in a new or established
organization.
3. Organization Creation –

The organization creation theme describes the

behaviors involved in creating organizations.
4. Creating Value –

This theme articulated the idea that

entrepreneurship creates value. The attributes
in this factor indicated that value creation
might be represented by transforming a
business, creating a new business growing a
business, creating wealth, or destroying the
status quo.
5. Profit or Nonprofit
―Does entrepreneurship involve
profit-making organizations only‖
(Gartner, 1990, p. 25)?

6. Growth
Should a focus on growth be a
characteristic of entrepreneurship?
7. Uniqueness –

This theme suggested that entrepreneurship

must involve uniqueness. Uniqueness was
characterized by attributes such as a special
way of thinking, a vision of accomplishment,
ability to see situations in terms of unmet
needs, and creates a unique combination.
8. The Owner-Manager –
S
ome of the respondents questioned by
Gartner(1990) did not believe that small mom-
and-pop types of businesses shouldbe
considered to be entrepreneurial. Some
respondents felt that an important element of a
definition of entrepreneurship was that a
venture beowner-managed.
 Why Be an Entrepreneur?
Making Your Own Rules. When you own a business, you get
to be your own boss.
means to make decisions and take actions in accordance with
your own values, beliefs, and principles, rather than conforming
to the expectations or norms of others or society.

Doing Work You Enjoy. Since the majority of most peoples‘ lives is
spent working, why not spend that time doing something you enjoy?

For many, working at a job they love is more fulfilling,

productive and important than money. It can even lead to a
higher level of success.
Creating Greater Wealth.
There‘s no limit to what an entrepreneur can make.

Helping Your Community.

Being an entrepreneur lets you make your community and
world a better place.
 Risks of Being an Entrepreneur

Potential Business Failure. Being fully responsible means

the success or failure of your business rests on you.

The most common reasons small businesses fail include a lack

of capital or funding, retaining an inadequate management
team, a faulty infrastructure or business model, and
unsuccessful marketing initiatives.

Unexpected Obstacles. Problems can happen

that you don‘t expect.
Financial Insecurity.
Many new businesses don‘t make much money in the
beginning, so you may not always be able to pay yourself.

Long Hours and Hard Work. It‘s not unusual for

entrepreneurs to work a lot of extra hours to make their
businesses successful. This is especially true during
the initial start-up process.
The Evolution of Entrepreneurship Thought

Objectives:
• Discuss how the evolution of entrepreneurship thought has
influenced how we view the concept of entrepreneurship today
• Discuss how the list of basic questions in entrepreneurship
research can be expanded to include research inquiries that are
important in today’s world
Historical and Evolutionary Entrepreneurship
Thought (Illustration by Lee A.Swanson)
Characteristic
of an
Entrepreneur
Creative

Entrepreneurship starts with an idea. To be

successful, you need to always be thinking of new
ideas and better ways of doing things.
Passionate

Perhaps the most important characteristic for entrepreneurs,

passion is essential to any business owner or working
professional's success. Without passion, there is no reason for
your work and no drive to do it. Entrepreneurs love what they do
and are extremely dedicated to the businesses they create.
Motivated

In an interview with The Computerworld Smithsonian

Awards Program, the late Apple founder Steve Jobs said,
"I'm convinced that about half of what separates the
successful entrepreneurs from the non successful ones is
pure perseverance." Because of their passion for their
ideas, entrepreneurs are willing to put in the long hours
and hard work required to launch and run a successful
new business.
Optimistic

Do you see the glass half empty or half full? For

entrepreneurs, it's always half full. Entrepreneurs always
look on the bright side and are constant dreamers. They
look at how they can do things better and make the world
a better place. They never dwell on the past or the
negative. Instead, they focus on moving forward and
moving up.
Future-oriented

Because entrepreneurs are focused on moving forward, they are

always looking toward the future. Entrepreneurs are very goal-
oriented and know exactly what they want. They set their goals and
everything they do is aimed at achieving those goals. Having a strong
vision helps propel you toward accomplishment. Consider setting a
goal for yourself - a north star that can guide you on your path to
success.
Persuasive

To be successful in business, you have to know business.

If you're a people person and know how to get people to
listen to you, you could be a successful entrepreneur.
Especially when first starting out, entrepreneurs need to
gain buy-in from those around them on their big idea.
Flexible

According to professional development coach Ruchira

Agrawal in an article for Monster, "As an entrepreneur, you'll
typically start out as a 'solopreneur,' meaning you will be on
your own for a while. You may not have the luxury of hiring a
support staff initially. Therefore, you will end up wearing
several different hats, including secretary, bookkeeper and so
on."
Resourceful

In business, problems aren't a matter of if, but when.

Entrepreneurs do not shy away from challenges or conflicts.
Instead, they face them head on and come up with a
solution. They know how to solve problems effectively.
Entrepreneurs also know how to make the most of what they
have. Time, money and effort are never used haphazardly.
Everything has a plan and a purpose.
Adventurous

In an interview with Y Combinator president Sam Altman,

Facebook founder Mark Zuckerberg said, "In a world that's
changing so quickly, the biggest risk you can take is not
taking any risk." Entrepreneurs know that to be successful,
they must be willing to take risks. While they don't mind
walking on the wild side, they don't take risks lightly. They
know how to plan for the unknown and make a calculated
decision that is best for them and their business.
Decisive

There is no room for procrastination in business.

Entrepreneurs know what needs to be done and don't hesitate
to make the decisions that will lead them to success. They
don't let opportunities pass them by; instead, they seize the
day and get the job done.
Week 5:

PLANNING
AN
ENTERPRISE
WHAT IS A BUSINESS
PLAN?
Objectives:

 Define what a Business Plan is

 Understand the mission, vision and

objective of a business plan

 Realize the importance of a

business plan before starting a
business
What is a Business Plan for?

• a plan for how your business is

going to work.
• how you’re going to make it
succeed.
• road map that provides directions
so a business can plan its future
and helps it avoid bumps in the
Vision
A mental picture of
what you want to
accomplish or achieve.
Big picture of what
you want to Example of a vision
achieve. statement :

a successful winery
business or an economically
active community.
 Mission
General statement of how you
will achieve the vision.
The mission statement is an
action statement that
usually begins with the word
"to“.
Mission of an Example
Business:

To provide unique and high

quality dairy products to local
consumer.
Core Values
• define the organization in
terms of the principles and
values
• How you will behave during
the process
Core values example:
• Focus on new and innovative
business ideas
• Respect and protect the
environment.
• Meet the changing needs and
desires of clients and consumers.
Get ¼ sheet of paper
 TEST I. IDENTIFICATION

1.______is an individual who creates, organizes, and

operates a business or businesses, taking on financial
risks in the hope of profit
2._____the ability and readiness to develop, organize and
run a business enterprise, along with any of its
uncertainties in order to make a profit.
3._____is an employee who takes direct responsibility for
turning an idea into a new product or service.
4._____is the starting point for entrepreneurship, as it
involves the creation of new and valuable ideas.
5._____It its about studying competitors' strengths,
weaknesses, and strategies.
TEST II. ENUMERATION

_ENUMERATE THE DIFFERENT

ENTREPRENEURIAL ACTIVITIES. IN
ORDER
TEST III. ESSAY

_IMPORTANCE OF
ENTREPRENEURS IN ECONOMY (10
PTS)
 ANSWER KEY

TEST 1 TEST 2

1. ENTREPRENEUR 1. RESEARCH
2. ENTREPRENEURSHIP 2. FINANCING
3. INTRAPRENEUR 3. RISK TAKING
4. INNOVATION 4. DEVELOPMENT
5. RESEARCH 5. MANAGEMENT
1. ___________define the organization in terms of the principles
and values the leaders will follow in carrying out the activities
of the organization.
• GOALS
2. ________ is the general statement of how the vision will be • STRATEGIES
achieved. The mission statement is an action statement that • CORE VALUES
usually begins with the word"to“.
3. _________ is a mental picture of what you want to accomplish • VISION
or achieve. For example, your vision may be a successful • MISSION
winery business or an economically active community.
4. These are specific implementation plans of how you will
• CORE VALUES
achieve an objective. • MISSION
5. _________provide specific milestones with a specific timeline STATEMENT
for achieving a goal.
6. These are general statements of what needs to be • VISION
accomplished to implement a strategy. STATEMENT
7. __________are one or more ways to use the mission statement
in order to achieve the vision statement. Although an
• ACTION PLANS
organization will have just one vision statement and one • OBJECTIVES
mission statement, it may have several strategies.
8. It is how you will behave during the process.
9. Big picture of what you want to achieve.
10.General statement of how you will achieve the vision
1.CORE VALUES
2.MISSION STATEMENT
3.VISION STATEMENT
4.ACTION PLANS
5.OBJECTIVES
6.GOALS
7.STRATEGIES
8.CORE VALUES
9.VISION
10.MISSION