ENTREP | LECTURE 01

• ENTREPRENEUR

  • Derives from the word "entreprende", which means "to undertake". A person who organizes, operates, and assumes the risk of business ventures.
• ENTREPRENEUR

  • who strongly advocates and correctly practices the concepts and principles of entrepreneurship in operating and managing a business.
• ENTREPRENEURSHIP

  • Comes from the word "entrepreneur" which refers to a particular field of practice or process.
• ENTREPRENEURSHIP

  • It is the art of observing practices, managing, and operating a self-owned wealth-creating business enterprise (venture) by providing goods (tangible products) and services (experience we offer to customers).
• CONCEPT OF ENTREPRENEURSHIP

  1. ENTREPRENEUR
  2. ENTERPRENEURSHIP
  3. ENTERPRISE
• SALIENT FEATURES OF ENTREPRENEURSHIP

  1. Entrepreneurship is an art of correct practices
  2. Entrepreneurship is a Wealth-creating Venture
  3. Entrepreneurship is providing value to customers
  4. Entrepreneurship entails opening and managing self-owned enterprise
  5. Entrepreneurship is a risk-taking venture
• SMALL BUSINESS

  • Correctly adopts and practices the principle of entrepreneurship.
• SMALL BUSINESS

  • Owned by one person with a limited workforce of not more than 20 persons.
• SMALL BUSINESS

  • It includes Small Medium Enterprises (SMEs).
• SMALL BUSINESS

  • Strongly promoted by government and non-government organizations.
• ORDINARY SMALL BUSINESS

  • Pertains to business enterprise managed and operated by an owner who is not an advocate of and does not practice the concepts and principles of entrepreneurship.
• ORDINARY SMALL BUSINESS

  • Can be found along city streets, municipal roads, and national roads, and in public markets, hospitals schools, and amusement places.
• Entrepreneurship is an art of correct practices

  • Entrepreneurship is an art, not a science. As an art, entrepreneurship is dynamic and is closely related to creativity.
• Entrepreneurship is an art of correct practices

  • They keep on searching for something new, findings ways to transform ideas into entrepreneurial opportunities.
• Entrepreneurship is a Wealth-creating Venture

  • Entrepreneurship is operating within the concept of wealth creation rather than profit generation.
• Entrepreneurship is a Wealth-creating Venture

  • Wealth is defined as the abundance of money, property, or possession.
• Entrepreneurship is a Wealth-creating Venture

  • Abundance - is the very essence of wealth in entrepreneurial endeavors.
• Entrepreneurship is providing value to customers

  • Entrepreneurship creates economic wealth by providing goods and services to consumers.
• Entrepreneurship is providing value to customers

  • Anything of no value to anybody is definitely a waste.
  • "Not to sell waste to consumers but only valuable goods and services"
• Entrepreneurship entails opening and managing self-owned enterprise

  • A business is considered self-owned when the person managing its daily activities is also its owner.
• Entrepreneurship entails opening and managing self-owned enterprise

  • Businesses that are being managed by others for the benefit of the owners do not fall within the sphere of entrepreneurship.
• Entrepreneurship entails opening and managing self-owned enterprise

  • Such businesses are operating under the concept of intrapreneurship
• Intrapreneurship - Those who manage because they have been chosen to do so, but do not own the business.
• Business-Minded Only - Checking only the profit of the business
• MISCONCEPTIONS OF ENTREPRENEURSHIP

  • Applies only to manufacturing businesses.
  • Applies only to small businesses.
  • Applies mostly to persons with good educational background business courses.
  • Applies only to a good economy.
  • Entrepreneurship is simple opening a small business.
• IMPORTANCE TO THE FILIPINO PEOPLE

  • It provides guidelines in their wealth-creating ventures.
  • It helps improve their financial and social life.
  • It helps broaden their creativity.
  • It helps make their lives happy, fruitful, and successful.
• IMPORTANCE TO THE LOCAL COMMUNITY

  • It provides employment in the community.
  • It creates new demand in the market.
  • It makes substantial contributions to the raising and collection of taxes.
  •  It creates new business opportunities.
  • It promotes a peaceful and loving community.
  • It increases constructive competition.