Introduction to Entrepreneurship

• What is Entrepreneurship?

  The word “entrepreneur” came from the French word “entreprendre,” which means "to undertake."
• Middle Ages


  traveling merchants and artisans would visit different kingdoms to offer goods and services in exchange for payment. This practice was common and played an essential role in the economy of the time.
• Tradespeople


  These merchants and artisans were known as “----” and often specialized in a particular trade or craft.
• Modern definition of entrepreneurship


  emphasizes creating, organizing, and operating a new business venture to generate profit while taking on financial risk. (Beattie, 2022).
• Entrepreneurs


  are people who take on the risks and challenges of starting new businesses.
• True

  Entrepreneurship is one of the driving forces behind the development and improvement of society.
• True


  Entrepreneurs can influence the world and shape the future by producing everything from innovative ideas and goods to jobs.
• The following are the five (5) most essential roles of entrepreneurship in society (Guillebeau, 2023):

  
  

  • Employment Creation
  • Economic Development
  • Technological Advancement
  • Market Dynamics
  • Socio-Cultural Changes.
• Employment Creation 


  Entrepreneurs frequently hire employees to help with various tasks and responsibilities when launching their businesses. As a result, employment increases and unemployment declines, which can benefit the economy as a whole.
• Employment Creation


  Entrepreneurs frequently hire employees to help with various tasks and responsibilities when launching their businesses. As a result, employment increases and unemployment declines, which can benefit the economy as a whole.
• Technological Advancement


  Entrepreneurs often bring new ideas and products that change how people live. These innovations range from groundbreaking technologies to more efficient and effective business models. For example, the rise of the tech industry and the Internet has created countless jobs and transformed how people communicate and access information.
• Market Dynamics


  The emergence of new competition may expand the options accessible to consumers and result in the provision of better goods and services at cheaper costs. As a result, entrepreneurs with existing businesses are encouraged to enhance their products or service offerings to remain competitive.
• Socio-Cultural Changes


  Entrepreneurship is revolutionizing the way societal challenges are being approached and solved. Entrepreneurs are taking the initiative to tackle social and cultural challenges by creating innovative, effective, and sustainable business solutions instead of relying on the government or big businesses to take action.
• Agripreneurship 


  deals with the production and selling of various agricultural goods and inputs. The most profitable agribusiness ideas include crop cultivation, production and processing, aquaculture, animal health and feeds, agro-bio products, biotechnical service, energy-saving, and ecological agro-production systems.
• Edita Aguinaldo Dacuycuy


  She is a 73-year-old multi-awarded farmer-scientist and innovator from the Ilocos Region. Edita established the initial organic dragon fruit farm in Northern Philippines after being inspired by a rare type of cactus plant that brought therapeutic relief to her daughter, who has cerebral palsy. Refmad-V Enterprise, her business, has received awards for Business Excellence and Best Business Company at the 2015 Golden Globe Annual Awards (Agrea, 2019).
• Buyer Entrepreneurship 


  involves business individuals who possess substantial capital and utilize it to acquire established companies or merge with smaller businesses. These acquired companies or small businesses have an established brand, customer base, and approved revenue-generating activities.
• Tony Tan Caktiong


  Tony Tan Caktiong has shown expertise in acquiring successful brands such as the Greenwich pizza chain, Chowking Chinese Fast food chain, Red Ribbon Bakeshop, and Mang Inasal grilled chicken. He also owns one of the most famous and worldrenowned original Filipino fast-food chains, Jollibee (Adalia, 2022).
• Ecopreneurship 


  involves people who want to create a "green" business. It comes with opportunities to save the Earth while making a good profit.
• Jamico Yco Jamlang

  He is a licensed Chemical Engineer and the founding director of an online business—The Bamboo Company. It is a social enterprise that aims to solve global issues by promoting and enhancing bamboo production and showcasing a more human side by embracing a more eco-friendly lifestyle (Roy, 2019).
• Imitator Entrepreneurship 


  creates a business by copying or adapting an existing business concept or a successful product or service in the market.
• Bin Lin


  He is a Chinese entrepreneur, co-founder, and vice president of Xiaomi. The company copied Apple's iPhone design and used Google's Android system to make an easy-to-use interface. Critics think this happened because of China's weak laws protecting intellectual property. China's smartphone company is now the third largest in the world, after Apple and Samsung from South Korea (Yang, 2021).
• Intrapreneurship 


  is the act of being an entrepreneur within a company or organization. It involves taking risks, being innovative, and developing new ideas to improve the company's products or services.
• Paul Buchheit


  In 1999, he embarked on his professional journey at Google and proudly joined the company as its 23rd employee. He had been developing a web-based email that could provide a search engine within the existing email service. The Founders of Google, Larry Page and Sergey Brin, supported Buchheit in his Gmail project after realizing the vast potential and impact it could give the company. Today, Gmail has evolved from a mere experiment to a crucial component of Google's product portfolio (Fastrecap, 2020).
• Large Business Entrepreneurship


  involves taking calculated risks to develop new market offerings to remain competitive and better respond to changing markets and customer needs.
• Ernest Cua


  He owns Globe Telecom, a giant telecommunications company in the Philippines with a long history in the communications industry. Through its partnership with Mynt and Ant Financial, Globe is leveraging its trusted brand, customer accounts, and network to deliver financial services such as mobile banking, credit scoring, and online lending (Globe, 2022).
• Scalable Startup Entrepreneurship 


  involves launching a small-scale enterprise intending to quickly expand and transform into a highly lucrative company. It is focused on disruptive innovation and can continue or renew itself indefinitely.
• Roland Navarro de Ros


  He is the Founder and President of Kumu, the most prominent social entertainment app in the Philippines, proudly made by Filipinos. Covering as much ground as possible, Kumu invited creators and personalities of all stripes—chefs, basketball coaches, spoken word artists—to get on Kumu. In its third year, Kumu has already racked up more than seven (7) million registered users and two (2) million monthly active users and does about 40,000 live streams daily (Pascual, 2020).
• Small Business Entrepreneurship 


  involves starting a business on a smaller scale rather than expanding it into a large corporation or opening multiple branches. It is easy to manage because it employs minimal employees or is often just a one-person team.
• Nericel Bonus


  She is a micropreneur who found major success by doing a live selling of thrift clothes, also known as “ukay-ukay,” during the COVID-19 pandemic. After sharing her rags-toriches journey, her story became famous nationwide, especially on social media platforms.
• Examples of small business entrepreneurship

  single-location restaurants, one grocery shop, or a retail shop to sell goods or services.
• Most common small businesses in the Philippines.

  sari-sari store business
• Social Entrepreneurship


  focuses on innovating and creating novel solutions to address pressing social issues. Thus, they play an essential role in having innovative approaches to social issues, such as poverty, education, and healthcare.
• Bryan Benitez McClelland


  He is an active Environmental Consultant at GawadKalinga and the President of Bambike. Bambike manufactures handmade bamboo bicycles. He aims to alleviate poverty while advocating the importance of going green. Moreover, he partners with GawadKalinga to provide programs such as scholarships, teacher sponsorship, and skills training (BusinessMirror, 2018)
• Technopreneurship 


  solves complex business problems and brings uniqueness and novelty to the business process by combining entrepreneurial skills and technology.
• SMMEs 


  are any business activity or enterprise engaged in industry, agribusiness, and services, whether single proprietorship, cooperative, partnership, or corporation, whose total assets are inclusive of those arising from a loan but exclusive of the land on which the business is situated
• Micro 


  Less than P50,000
• Cottage

  P50,001 to P500,000
• Small 


  P500,001 to P5,000,000
• Medium 


  P5,000,001 to P20,000,000
• Sole Proprietorship 


  – it is initiated, organized, owned, and managed by a single person