Entrepreneurship

• Richard Branson is a world-class businessman who flew to space
• Virgin Galactica Spacecraft


  the spacecraft that brought Branson and his team to space
• The Entrepreneur

  • the boss
  • the business owner
  • the risk taker
  • one who starts a new business
  • resourceful guy
• Entrepreneur came from the French word Entependre which means "Undertaker"
• George Glider


  "it is making the world forever new and taking aggressive actions"
• Joseph Schumpeter


  "it is destroying the old order and creating new ones"
• Entrepreneurship is a process of creating a new enterprise
• 15 Characteristics of an Entrepreneur

  1. you take action
  2. you are insecure
  3. you are crafty
  4. you are obsessed with cashflow
  5. you get into hot water
  6. you are fearless
  7. you can't sit still
  8. you're malleable
  9. you enjoy navel gazing
  10. you are motivated by challenges
  11. you consider yourself an outsider
  12. you recover quickly
  13. you fulfill needs
  14. you surround yourself with advisors
  15. you work hard and play hard
• Entrepreneur


  one who creates an enterprise and takes financial risk
• Manager


  takes responsibility of controlling and administering the organization
• Focus

  Entrepreneur: Business Startup ; Manager: Ongoing Operations
• Motivation

  Entrepreneur: Achievement ; Manager: Power
• Approach to task

  Entrepreneur: Informal ; Manager: Formal
• Status

  Entrepreneur: Owner ; Manager: Employee
• Reward

  Entrepreneur: Profit ; Manager: Salary
• Decision-making

  Entrepreneur: Intuitive ; Manager: Calculative
• Driving Force

  Entrepreneur: Creativity and Innovation ; Manager: Preserving Status Quo
• Risk orientation

  Entrepreneur: Risk taker ; Manager: Risk averse
• Roles and Social Responsibilities of Entrepreneurs towards:

  • Customers - sell quality products at a fair price
  • Society - job creation and environmental observation
  • Suppliers - being fair by paying on time
  • Staff - promote welfare
  • Competitors - observe ethics
  • Country - pay correct amount of taxes
• Role of Entrepreneurship in the Economic Development and Society

  • creates employment
  • stimulate investment interest
  • develops market
  • introduces innovation
  • generates source of materials
  • improves quality of life
  • provides alternatives for consumers
  • serve as role models
  • brings social benefits
  • utilizes and mobilizes indigenous materials
• what does CSR stand for?

  Corporate Social Responsibility
• Entrepreneurial Competencies


  the sum total of personality, skills, and knowledge one must acquire to be an effective entrepreneur
• Functional Competencies


  managerial skills
• Emotional Competencies


  specific behaviors desired for effective performance
• Cross-Functional Competencies


  goal and action management, people management, analytical reasoning
• Goal and Action Management - initiative, planning, gathering, orientation
• People Management - persuasiveness, empathy, negotiation
• Analytical Reasoning - theory-building, conceptual thinking, pattern recognition, visioning
• 6 Areas of Entrepreneurial Competencies

  1. opportunity
  2. relationship
  3. conceptual
  4. organizing
  5. strategic
  6. commitment
• opportunity competency


  recognizing and developing opportunities
• relationship competency


  interactions to build cooperation and trust and connections
• conceptual competency


  decision skills, absorbing complex information, risk-taking, innovativeness
• organizing competency


  order/organization of different resources like physical, human, financial, and technological
• strategic competency


  setting strategies of the firm, mga diskarte
• commitment competency

  dedication, loyalty
• factors that affect decision making

  ASIACOCK

  • attribution
  • scientific
  • intuition
  • affect-infusion
  • counterfactual
  • overconfidence
  • creative
  • knowing style