Entrepreneurship

• Entrepreneurship - it is the concept of developing and managing an enterprise in the hope of a profit
• The business idea usually involves a new product or service than a existing business model
• "entreprender" which means "to undertake"
• Characteristic of an Entrepreneur:

  • Creative
  • Adaptable
  • Innovative
  • Risk-taker
  • Decisive
  • Persistent
  • Willingness to Undergo Further Market Study
  • Collaborative
• Roles and Significance of Entrepreneurship:

  • Entrepreneurs Create New Employment
  • Entrepreneurs Add to National Income
  • Entrepreneurs also create social change
  • Community Development
• Micro - Less then 50,000

  Cottage - 50,001 to 500,000

  Small - 500,001 to 5,000,000

  Medium - 5,000,001 to 20,000,000
• Entrepreneur - A person who creates an enterprise and takes a financial risk to get a profit. Focus: business startup

  Manager - An individual who takes the responsibility of controlling and administrating the organization. Focus: ongoing operations
• Sole Proprietorship - initiated, organized, owned, and manage by a single person.
• Partnership - two, or more partners who co-own a business to make a profit.
• Corporation - exist in contemplation of law, life separate and distinct from the stockholders.
• Cooperative - a duly registered group of persons with a common interest to voluntarily join to achieve a lawful social and economic end.
• Entrepreneur - Business startup

  Manager - Ongoing operations