Entrepreneurship

DIAROSE C. TAN, LPT

 Introduction to
Entrepreneurship
Businesses are the backbone of the economy.
Entrepreneurs play an important
role in developing the economy through
providing the needed products and services
including the solution to the problem of
unemployment.
Entrepreneurship is encouraged by the
economy because it can provide a lot
of opportunities for the unemployed people.
It will increase per capita income,
improve standard of living, increase
individual savings, provide revenue to
the government in the form of
income tax, value added tax, export
duties, import duties, and balanced
regional development
 Objectives:
1. Discuss the relevance of the course;
2. Explain the key concepts of common
competencies;
3. Explain the core competencies in
Entrepreneurship; and
4. Explore job opportunities for
Entrepreneurship as a career.
Activity 1:
Instruction: Read the statements carefully then write True if
the statement is correct & write False if you think the statement
is not correct.
1. Entrepreneur means “to undertake.”
2. Entrepreneurship is a process of actions of an entrepreneur
who is always in search of opportunities.
3. The greatest significance of entrepreneurship is to help
identify and develop the managerial capabilities of
entrepreneurs.
4. Entrepreneurship will lead to the creation of organizations.
5. Entrepreneurship can improve the life of the entrepreneur
only.
6. Coward people will become successful entrepreneurs.
8. Entrepreneurship is not an economic activity.
9. Entrepreneurs are innovative.
10. Profit potential is the compensation of the
entrepreneur.
11. An entrepreneur can become a business consultant.
12. An entrepreneur can also be a researcher.
13. An entrepreneur can also become a salesman.
14. Entrepreneurship graduates can become business
reporters.
15. The entrepreneur could easily see the results of his
efforts.
 Activity 2:
Before we will proceed to our
lesson, can you tell me what
comes into your
mind when you hear the word
Entrepreneur?
 Activity 3:
Give at least three (3) names of
entrepreneurs that you know, may it
be from your
locality or within the Philippines.
Identify what are their common
traits as
entrepreneurs.
Activity 4:
Explain the following questions below about the
competencies of entrepreneurs.
1. What characteristics do you think are common
among the entrepreneurs that you have listed?
2. Who among the entrepreneurs that you
mentioned do you admire the most
and why?
3. In your own opinion, what do you need to
possess to become a successful entrepreneur?
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.
- Entrepreneurs always do the multi-tasking. Since
he/she doesnt have many employees, he/she do
the work alone and because of this he develops
his managerials skills.
2. Creation of Organizations - which means that
because of entrepreneurship many organizations
will exist.
- More entrepreneurs means more organizations
to be created
3. Improving Standard of Living - this means
that entrepreneurship can lift up the economic
status of an individual.
- because of so many venture existing addressing
the market needs, our standard of living improves
(mas dali na lang ang pag process sa mga
transactions ug mapagaan ang mga work ky
dghan ang ng exist na establishments like
remittance centers, tutorial, rent a car/motorcycle,
drive thrue, computer shops)
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.
- In a society where more business establishments are
available, the lives of people living in this society also
improve and develop just like the entrepreneurs or
business owners.
- Here in Kidapawan City many new businesses existed,
that is why many unemployed were employed
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. They are willing to take
the risks and generate unique ideas that can provide
profitable solutions to the needs of the market and the
society.
Factors Affecting Entrepreneurship
1. Personality Factors which include:
a. Initiative - doing things even before being told.
b. Proactive - which means he can classify opportunities and
seize it.
Seize means to capture, to grasp, to grab
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 want to.
- naghihikayat, nang-eengnayo
f. A Planner - he makes plans before doing things and does not
fail to monitor it.
- make more plans in case of failure unexpected circumstances
you are prepared to do your next plan
g. Risk-taker - which means that he is willing to gamble but he
will calculate it first.
2. Environmental Factors which include:
- political - sometimes politics can have a positive and negative
intention in a business/venture
- climate - climate condition due to climate change and disasters can
destroy a business since they are unstoppable and sometime
unpredictable
- legal system - all products, and documents should be processed in a
legal way to prevent problems
- economic and social conditions and market situations - the
success of a business venture also depends on the economy, society
and the market.
- Who are the market?
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 – an entrepreneur can control a situation by making things happen
or by preparing for possible future problems.
6. Risk Taker – an entrepreneur has the courage to pursue business ideas.
7. Innovative - the entrepreneur has big business ideas and he does not stop
improving and thinking of new worthwhile ideas for his 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 – The entrepreneur constantly looks 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 Entrepreneurs - 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 Entrepreneurs - They are those who live 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
Entrepreneurship is not just about selling the
products, providing services and making a
profit. A graduate of Entrepreneursip has also
many career opportunities.

What are these career opportunities?

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 men.
2. Teacher - a graduate of an entrepreneurship can use his knowledge in
teaching.
3. Researcher - the entrepreneur can be employed as a researcher by an
enterprise.
4. Sales - the entrepreneurship graduate can apply as a salesman.
5. Business Reporter - the entrepreneur being expert in the field, can be
employed as a business reporter.
What is Entrepreneurship?
• Is a proactive process of
developing a business
venture to make a profit.
• Proactive - active through
action, and commitment, not
just active through mindset
• It involves seeking opportunities for
market, establishing and operating a
business out of the opportunity, and
assessing its risk and rewards
through close monitoring of the
operations.
• With this definition, being an
entrepreneur may seem difficult, but
it can be rewarding if the enterprise
flourishes.
Risks:
- Walking away from security and career path
- Taking yourself and your family into an unfamiliar storm of
stress and uncertainty
- Risk of miscalculated opportunity, or your own internal
resources as you plunge into a new venture
- Competition
- Working long hours
- High level of stress
- Potential loss of income
Rewards:
Being your own boss
Doing something you enjoy
Having opportunity to be creative
• Entrepreneurial activities today have
become very important and are keys to
economic development.
• Growth, industrial development, including
employment generation, depend upon
entrepreneurial behavior of the country.
What is the Difference Between Entrepreneur
and Businessman?
An entrepreneur is an individual having an
exclusive idea to establish a new
venture. A businessman is an individual
who establishes a business with an old
business idea.
• An entrepreneur is successful if the
business that he or she envisioned has
materialized into a thriving industry with
regular customers and financial gain.
• He/she either decides to maintain his/her
business or expand. This eventually
reflects on the society and the economy
as a whole.