Entrepreneurship

• Entrepreneurship


  Art of starting a business, Act of creating a business or businesses
• Ages of business failures

  Engaging in small and medium-sized businesses.
• Modern world entrepreneurship


  Transforming the world by solving big problems. Like initiating social change, creating an innovative product, or presenting a new life-changing solution.
• The Five Stages of Business Life

  The seed stage, Growth stage, Expansion stage, Decline stage, Exit stage
• The seed stage

  Your business is just a thought or an idea. birth of a new business
• Growth stage


  Your business revenues and customers are increasing with many new opportunities and issues.
• Expansion stage


  Often the choice of the small business owner to gain a larger market share and find new revenue and profit channels.
• Decline stage


  Changes in the economy, society, or market conditions can decrease sales and profits.
• Exit stage


  Big opportunity for your business to cash in on all the effort and years of hard work.
• Causes of Business Failures with %

  Neglect 3.0

  Fraud 1.1

  Lack of Technical Expertise 8.5

  Lack of Management Expertise 17.4

  Lack of Experience 21.2

  Incompetence 44.9

  Disaster and other reasons 3.9
• Entrepreneurship started in?

  France after the French Revolution and the start of capitalism and feudalism.
• The word entrepreneur was coined by?

  Jean Baptiste Say, a renowned French economist.
• The word entrepreneur originated from the French word ____

  entreprende, which means, “To undertake”.
• Joseph Schumpeter(1910)


  Entrepreneurship is in its essence, the finding and promoting new combinations of productive factors.
• Harvey Liebenstein(1970)


  Entrepreneurship is the reduction of organizational inefficiency.
• Israel Kirzner(1975)


  Entrepreneurship is the Identification of market arbitrage opportunities.
• Albert Sharpio(1975)


  Entrepreneurship involves a kind of behavior that includes initiative taking organizing social mechanisms to turn resources and situations to practical account
• Karl Vesper(1980)


  The dynamic process of creating incremental wealth.
• W. Ed Mc Mullan and Wayne A. Long(1990)


  The building of new growth organization.
• Howard Stevenson(1992)


  The pursuit of opportunity beyond the resources currently under one's control.
• Peter Drucker(1998): The process of starting one's own, new and small business.
• Robert Hisrish(2001)


  Involves the creation process, requires the devotion of the necessary time and effort
• Who are the Entrepreneurs

  An entrepreneur is a creator or a designer who designs new ideas and business processes market requirements and his/her own passion.
• Who are the Entrepreneurs give 6

  take and accept risks.

  Own ventures.

  Establish new ventures and develop existing ones.

  Identify opportunities in the market.

  Apply their expertise

  Process market information.
• Renaissance Tradesmen


  The majority of wealth in the handsof the ruling class, and owning one’s own

  business was a rare sight. The old-world entrepreneurs mostly consisted of merchants and craftsmen.
• Colonial Expansion


  Merchants build trading posts along major trade routes. Tobacco, Sugar Cane.
• Industrial Revolution


  Sell it and move on to the next invention, The first use of expanded system of credit helped entrepreneurs secure capital for large-scale, risky new ventures. Transformed 19th-century commerce and industry.
• 20th century


  Advertising expenditure increased to 4% of the national income.
• Informational age


  Personal computers have changed everyday life.
• Motivation


  the word ‘motive’ which is nothing but what prompts any person to act in a particular manner. Motives are the definition of a person’s goals, dreams and needs.
• Why motivation is required (4)

  Tough Competition

  UnfavourableEnvironment

  To create public demand

  To enhance creativity & increase productivity
• 6C's that motivate entrepreneurs

  CHANGE, CHALLENGE, CREATIVITY, CONTROL, CURIOSITY, CASH
• What makes a successful entrepreneur

  Good Physical Health

  Superior Conceptual Abilities
• The myths, fears, and excuses of people who are not entrepreneurs.

  Born, Superhuman, Inventors, Inherit Business Traits, Possess a definite characteristic profile
• Advantages of becoming an entrepreneur

  to create your own destiny

  to be financially well-off, knowing yourself better, be recognized to society
• Why people become entrepreneur

  To change the world

  They don’t want a boss

  They want flexible hours

  They’re the risk-takers

  They don’t fit into corporate environment

  They’re curious
• DTI

  Department of Trade and Industry
• What is DTI?

  responsible for realizing the country's goal of globally competitive and innovative industry and services sector that contribute to inclusive growth and employment generation.
• MSME's

  Micro small and medium enterprises
• DOLE

  For foreign nationals looking to work in the Philippines, the DOLE is where they must head to to apply for Alien Employment Permits.