Entrepreneurship

• 1. Innovative – makes new things by thinking new ideas
• 2. Imitating – follow ideas of other entrepreneurs
• 3. Fabian – skeptical about changes to be made
• 4. Drone – live in labor of others
• 5. Social – initiate changes and drive social innovations and transformation
• Business is the backbone of the economy. Entrepreneurs play an important role in developing the country through providing the needed products and services including the solution to the problem of unemployment.
• The entrepreneur is derived from the French verb entreprendre which means to undertake.
• Enterprise is created by entrepreneurs while the process is called entrepreneurship
• 1. Development of Managerial Capabilities - this means that one of the benefits an entrepreneur gets is to develop his managerial skills.
• 2. Creation of Organizations - This means that many organizations will exist because of entrepreneurship.
• 3. Improving Standard of Living - this means that entrepreneurship can lift up the economic status of an individual.
• 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.
• Personality Factors which include: • Initiative - doing things even before being told. • Proactive - which means he can classify opportunities and seize them.

  • Problem Solver - which means he can retain good relations with other people.

  • Perseverance - meaning he will pursue things to get done regardless of challenges.

  • Persuasion - means that he can entice people to buy even if they don't want to.

  • A Planner - he makes plans before doing things and does not fail to monitor them.

  • Risk-taker - which means that he is willing to gamble but will calculate it first 
• Environmental Factors which include political, climate, legal system, economic and social conditions and market situations. 
• Common competencies in entrepreneurship include:

  • Decisive: firm in making decisions
  • Communicator: convincing power
  • Leader: charisma to be obeyed by employees
  • Opportunity seeker: ability to see business chances first
  • Proactive: can control a situation by making things happen or preparing for future problems
  • Risk Taker: courage to pursue business ideas
  • Innovative: has big business ideas and continuously improves and thinks of new worthwhile ideas for the business
• Creation of entrepreneurial ideas leads to identification of entrepreneurial opportunities, which results in the opening of entrepreneurial ventures
• Essentials in Entrepreneur’s Opportunity Seeking:

  • Entrepreneurial Mind Frame: ability to see things positively and optimistically, finding solutions in difficult situations
  • Entrepreneurial Heart Flame: driven by passion, finding satisfaction in the act and process of discovery
  • Entrepreneurial Gut Game: intuition, confidence in oneself and belief that goals can be achieved
• Sources of Opportunities:

  A. Changes in Environment:

  • Physical Environment: climate, natural resources, wildlife
  • Societal Environment: political forces, economic, sociocultural, technological
  • Industry Environment: competitors, customers, creditors, employees, government, suppliers

  B. Technological Discovery and Advancement: new discoveries or latest technology can lead to business opportunities

  C. Government’s Thrust, Policies, and Programs: priorities, projects, programs, and policies are sources of ideas

  D. People’s Interest: interests, hobbies, and preferences of people are sources of entrepreneurial ideas

  E. Past Experiences: expertise and skills developed in a field may lead to opening related business enterprises