entrepreneur

• Entrepreneurship involves the creation or extraction of economic value by being an entrepreneur, owner, or manager of a business enterprise who attempts to make profits through risk and initiative
• The term "entrepreneur" comes from the French word "entreprendre," meaning "to undertake," referring to individuals who initiate the establishment of a business enterprise
• Entrepreneurs introduce innovations to the market in the form of new products, processes, markets, and organizations
• Two major types of entrepreneurs according to Joseph Schumpter:

  • Mega Entrepreneurs: generate substantial value and profits from innovations in a short time, investing significant capital
  • Micro Entrepreneurs: engage in small businesses as alternatives to formal employment, with limited capital
• Entrepreneurial process involves steps to establish a new enterprise, including:

  • Discovery: recognition of a business idea or opportunities for profit
  • Development of concept: transforming the business idea into a detailed concept
  • Organizing resources: identifying, sourcing, and financing human, nonhuman, and other resources
  • Implementation: carrying out the business plan
  • Reaping of returns: strategies for business expansion and addressing environmental conditions
• Entrepreneurial traits vary based on the type of entrepreneurship pursued and the country's development level:

  • Level of education is important for seizing opportunities from inventions and innovations
  • Employment status influences the choice of entrepreneurship
  • Entrepreneur's wealth plays a role in funding business ventures
  • Risk appetite is crucial for undertaking business ventures
• Entrepreneurial intentions are planned actions geared towards establishing a business venture from potential opportunities, influenced by internal and external factors:

  Internal factors include demographics, personal traits, psychological characteristics, individual skills, prior knowledge, and social ties

  External factors include environmental support and influence
• Characteristics of Filipino entrepreneurs:

  • Many Filipinos go into entrepreneurship for income creation and employment opportunities
  • Young individuals are attracted to entrepreneurship due to youth unemployment
  • Entrepreneurs at the mature stage have higher levels of education
• Entrepreneurial decision-making involves critical, creative, and strategic thinking:

  • Critical thinking provides systematic and rational answers to questions
  • Creative thinking leads to the discovery of new ideas
  • Strategic thinking assesses current situations for future planning
• Risks, cognitive adaptability, and entrepreneurial decisions:

  • Risks can be internal or external, affecting business operations
  • Cognitive adaptability involves flexibility in decision-making based on environmental changes
• entrepreneurship is the process of designing, launching and running a new business
• entrepreneurs are people who start businesses
• Entrepreneurship is an activity that involves risk taking, innovation, creativity, and initiative.