M1 - INTRO TO ENTREP

• the word “entrepreneur” came from the french word “entreprendre” which means “to undertake”
• Entrepreneurs - people who take the risk and challenges of starting A new business
• Advantage of entrepreneuship

  • flexible hours
  • independent decisions
  • free from obligation
  • complete autonomy and power
• Entrepreneurship - one of the driving forces behind development and improvement of society.

  • no business = no improvement
• Five most essential roles of entrepreneuship

  • Employment Creation
  • Economic development
  • Technological advancement
  • Market dynamics
  • Socio-cultural changes
• Employment creation - frequently hire employees to help the business (possible investors)

  • employment⬆️ unemployment⬇️ = benefit of economy
• Economic development - The process of a country's economic growth and development. (expand operations, state of the art technology, workforce)
• Technological Advancement - bring new ideas and products that change how people live. (e.g internet has created contless jobs)
• Market dynamics - emergence of new competition may expand the options.

  • better goods = cheaper services
  • competition = improves business
• Socio-cultural changes - revolutionizing the way societal challenges are being approached and solved. (E.g business that promotes sustainability) instead in relying on the government or bug businesses to take action

  • entrepreneur initiate = innovative, effective, sustainable business solution
• Types of Entrepreneurship (ABEIILSSLST)

  • Agripreneurship (Agripreneur )
  • Buyer entrepreneurship ( Business buyer)
  • Ecopreneurship ( Ecopreneur )
  • Imitator Entrepreneurship ( Emulator )
  • Intrapreneurship (Intrapreneur )
  • Large Business Entrepreneurship ( Multipreneur )
  • Scalable startup entrepreneurship ( Hustler )
  • Small Business Entrepreneurship ( Micropreneur )
  • Social Entrepreneurship ( Social Entrepreneur )
  • Technopreneurship ( Technopreneur )
• Agripreneurship - production and selling various agricultural goods and inputs (e.g Refmad-V Enterprise)
• Buyer entrepreneurship - business individuals who possess substantial capital and utilize it to acquire established companies or merge with smallee businesses. (e.g Tony Tan Caktiong - Jollibee food corporation)
• Ecopreneurship - people who wants to go green in business. (E.g Jamico Yco Jamlang - The bamboo company)

  • Save the earth = good profit
• Imitator entrepreneurship - copying and adapting an existing business concept or successful product or service in market. ( e.g Bin Lin - Xiaomi)
• Intrapreneurship - act if being an entrepreneur within a company or organization. (e.g Paul Buchheit - Gmail)
• Large business entrepreneurship - involves taking calculated risk to develop new market offerings and to remain competitive. (E.g Ernest Cua - Globe Telecom)

  • respond to changing markets and customers needs
• Scalable Startup entrepreneurship - launching a small scale enterprise to quickly expand and transform into a highly lucrative company. ( Roland Navarro de Ros - Kumu)

  • Focused innovation
• Small business entrepreneurship - starting business into a smaller scale rather than expanding ir opening multiple brnaches (Nericel Bonus - Ukay Ukay)
• Social entrepreneurship - innovating and creating novel solutions to address pressing social issues. (e.g Bryan Benitez McClelland - Gawad Kalinga and Bambike

  • addresing social issue
• Technopreneurship - the process of developing and commercializing new technologies and innovations. (Diosdado Banatao - 10-mbit ethernet CMOS)
• Small, Medium, and Micro-sized Enterprises (SMME)
• Type of ownership ( SPCC)

  • Sole proprietorship
  • Partnership
  • Corporation
  • Cooperative
• Types of enterprise

  • Micro ( less than ₱50,000)
  • Cottage (₱50,001 to ₱500,000)
  • Small (₱5,000,001 to ₱20,000,000)
• Forms of business ownership

  (Type of Ownership)

  • Sole Proprietorship - sole propritor ( 1 person)
  • Partnership - partners ( 2 partners )
  • Corporation -
  • Cooperative - members ( group of person )
• Sole proprietorship - initiated, organized, owned, and managed by a single person.
• Partnership - two or more persons who agree to share risks and rewards.
• Cooperative - duly registered group of persons with common interest to voluntarily join to achieve a lawful social and economic end
• Corporation - exist in contemplation of law; own identity separate and distinct from stockholders

  • government or privately own
  • profit or non profit
• Entrepreneurial Competencies and Motivation (LASACMRPIRCP)

  • Leadership
  • Articulate
  • Sociable
  • Adaptable
  • Colaborative
  • Multifaced
  • Resilient
  • Proactive
  • Innovative
  • Risk-taker
  • Creative
  • Passion
• Leadership - display their passion, vission, and mission for the business in every interaction with investors, employees, external stakeholders.
• Articulate -recognize the importance of facilitating communication in all directions within an organization.

  • communication skills are vital
• Sociable - aligning the organizational approach with unique characteristics of the business and its employees is crucial when managing people
• Adaptable - must be decisive, passionate, adaptable, and wiling to take changes.
• Collaborative - its is crucial to connect with managers, investors, partners, and stakeholders as equals.

  • understand the value of each persons contribution
  • does not focus on hierarchical structure
• Multifaced - must be adaptable and multi-skilled

  • must manage all business aspects
• Resilient - embrace failure and never give up easily

  • seek motivation
• Proactive - should take initiative to address problems before they happen
• Innovative - can grow their businesses and satisfy customers by developing nee market offerings that meet the changing demand
• Risk taker - aware of the potential risk of staring a business and are proactive in mitigating these risks