CHAPTER 1

• French word origin of "Entrepreneur"

  entreprendre
• What does "entreprende" mean?

  To undertake
• A person who organizes, operates, and assumes the risk of business ventures

  Entrepreneur
• They stated that "The entrepreneur always searches for change, responds to it, and exploits it as an opportunity."

  Peter Drucker
• They stated that "A person who sees a problem is a human being; a person who finds a solution is visionary; and the person who goes out and does something about it is an entrepreneur."

  Naveen Jain
• It refers to a particular field of practice or process, as compared to an entrepreneur practicing this activity.

  Entrepreneurship
• It is the art of observing correct practices in managing and operating a self-owner wealth-creating business enterprise by providing goods and services that are valuable to the customers.


  Entrepreneurship
• A type of Entrepreneurship wherein the entrepreneur comes up with new ideas and turns them into viable business and find new ways to market the products that make their business stand out. Ex. Bill Gates


  Innovative Entrepreneurship
• A type of entrepreneurship wherein an entrepreneur implements current techniques from which they copy certain business ideas and improve upon them as to gain an upper hand in the market.


  Imitating Entrepreneurship
• It is a type of entrepreneurship that is concerned with such business organizations in which the individual owner does not take initiative in visualizing and implementing new ideas and innovation. Dealings are determined by customs, religion, trading, and past practices. 


  Fabian Entrepreneurship
• A type of entrepreneurship that is concerned with such businesses in which owners are satisfied with the existing mode and speed of business activity; no inclination in gaining market leadership.


  Drone Entrepreneurship
• Relevance of Entrepreneurship and Entrepreneurs in Economic Development and Society:

  • Entrepreneurship produces more jobs that equate to an increase in national income
  • Entrepreneurship amplifies economic activities of different sectors of society
  • Entrepreneurship introduces new and innovative products and services
  • Entrepreneurship improves people's living standards
  • Entrepreneurship disperses the economic power and creates equality
  • Entrepreneurship controls the local wealth and balances regional development
  • Entrepreneurship reduces social conflicts and political unrest
  • Entrepreneurship elicits independence and capital formation
• It is the mixture of knowledge, skills, and attitude required to perform the entrepreneurial functions to attain the organizational success.


  Competency
• Common traits that Entrepreneurs must have:

  1. Opportunity seeking
  2. Persistence
  3. Commitment to work contact
  4. Demand efficiency and quality
  5. Goal setting
  6. Risk taking
  7. Information seeking
  8. Systematic planning and monitoring
  9. Persuasion and Networking
  10. Self-confidence
• Their income generates passively even when they are resting; opportunity income is unlimited, depending on the success of the business; income only earned when the business is successful 


  Income - Entrepreneur
• Income generate actively (i.e. on working hours only; no work no pay); income usually fixed per month and increases every year depending on employer, and their performance

  Income - employee