apld06

• ENTREPRENEURSHIP - It is the process of discovering new ways of combining resources.
• Entrepreneur - “a person who starts a business and is willing to risk loss in order to make money.”
• • The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or procedures
• The word “entrepreneur” originates from a French verb, entreprendre, meaning “to do something” or “ to undertake”
• Rewards of going into a business 1. Having unlimited opportunity to make money 2. Being your own boss 3. Tapping your creativity 4. Helping others 5. Building an entrepreneurial legacy
• Risk of going into a business:

  1. Possibility of failure

  2. Unpredictable business conditions

  3. Long hours of work

  4. Unwanted or unexpected responsibilities
• Entrepreneurship spurs innovation – new firms are disproportionately responsible for commercializing new innovations
• Entrepreneurship improves productivity – entrepreneurship injects the economy with a fresh batch of higher productivity firms
• Entrepreneurship creates jobs – new and young businesses, not small businesses, are the engine of net job creation in the economy
• Personal competencies: creativity, determination, integrity, tenacity, emotional balance and self-criticism.
• Interpersonal competencies: communication, engagement/charisma, delegation, respect.
• Business competencies: business vision, resource management, networking, and negotiating skills.
• Initiative - doing things even before being told
• Proactive - which means he can classify opportunities and seize it
• 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 it.
• Risk-taker - which means that he is willing to gamble but he will calculate it first.
• Environmental Factors include political, climate, legal system, economic and social conditions, and market situations.
• Decisive - an entrepreneur must be firm in making decisions
• Communicator - an entrepreneur must have a convincing power
• Leader - an entrepreneur must have the charisma to be obeyed by his employees
• Opportunity seeker - an entrepreneur must have the ability to be the first to see business chances.
• Proactive – an entrepreneur can control a situation by making things happen or by preparing for possible future problems.
• Proactive – an entrepreneur can control a situation by making things happen or by preparing for possible future problems.
• Innovative - the entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his business.
• Creativity - an entrepreneur must think out of the box.
• Innovative Entrepreneurs - They are those who always make new things by thinking of new ideas
• Imitating Entrepreneurs - They are those who don’t create new things but only follow the ideas of other entrepreneurs
• Fabian Entrepreneurs - They are skeptical about changes to be made in the organization. They don’t initiate but follow only after they are satisfied
• Drone Entrepreneurs - They are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business.
• Social Entrepreneurs - They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development
• business plan is a document containing the entire skeletal plan of a business.
• ENTREPRENEURS - Set a NAVIGATIONAL COURSE for the business
• INVESTORS AND FINANCERS - Decide whether they invest MONEY or not
• MANAGERS AND STAFF - STRATEGIES and PROGRAMS for the enterprise
• When to prepare a Business Plan? During the first few years of the enterprise
• Business concept contains the essence of the enterprise in a concise but powerful manner. It stresses the value of the product offering to the target customers who would most likely but it.
• Business model is a formula on how the enterprise exactly plans to make money out of the business.