Understanding the Concept of Entrepreneurship

• An entrepreneur is a person who creates unique ideas that will be useful for a starting business.
• What do you call a person who creates unique ideas that will be useful for a starting business?

  Entrepreneur
• What is referred to as the science of converting processed ideas into a remarkable business venture?

  Entrepreneurship
• Entrepreneurship also refers to the setting up of a business or businesses while taking into consideration its financial risks, geared towards the attainment of profits.
• A businessman starts the business with an existing idea or concept.
• An entrepreneur starts the business from his own unique idea or concept.
• What is considered as the capability, capacity, and ability of a person to

  handle situations in various areas in business operations such as in marketing, management, production, and finance?

  Competencies
• Competencies are considered as the capability, capacity, and ability of a person to handle situations in various areas in business operations such as in marketing, management, production, and finance.
• What specific common entrepreneurial competency that states Entrepreneurs must believe in their ability. Entrepreneurs with high self-efficacy will turn negative feedback into positive and use this as a basis for improvement?

  Self-Efficacy
• What specific common entrepreneurial competency that states Entrepreneurs must have a high desire to accomplish goals. This includes repeated efforts to achieve success?

  Need for Achievement
• This common entrepreneurial competency states that Entrepreneurs must have motivation and persistence to pursue their goals?

  Ambition
• What specific common entrepreneurial competency states that Entrepreneurs should have a strong willingness to acquire new knowledge and skills?

  Willingness to learn
• What specific common entrepreneurial competency states that Entrepreneurs must learn how to be adaptable and flexible in every situation. They can manage change well and generate new actions even with undesirable events?


  Adaptability and Flexibility
• What specific common entrepreneurial competency states that Entrepreneurs must be willing to accept the consequences of every decision. They must know how to calculate and identify risk. They are skilled in developing new plans?

  Willingness to take risk
• What specific common entrepreneurial competency states that Entrepreneurs should have strong skills in working with people. They should have an understanding of the behavior of others?

  Interpersonal skills
• What competency for entrepreneurial success states that an entrepreneur should have a positive sense of values and personal beliefs, particularly when encountering difficult or challenging situations?

  Integrity
• What competency for entrepreneurial success states that An entrepreneur is open to new approaches and analyzes ideas that may enhance work and will lead to significant improvements?

  Conceptual Thinking
• What competency for entrepreneurial success states that An entrepreneur anticipates future conflicts but knows how to solve problems that may arise in business organizations?


  Risk-taking
• What competency for entrepreneurial success states that an Entrepreneur should know how to work with people or groups to attain common goals and to promote teamwork?

  Collaboration
• What competency for entrepreneurial success states that an Entrepreneur understand and use strategies as a way to accomplish goals in relevance to aims and objectives?

  Strategic Thinking
• An entrepreneur should be updated with the developments in the locality and with knowledge to identify opportunities that can be attained by the business?

  Commercial Aptitude
• Decisiveness - Entrepreneur should know how to make choices and resolve issues quickly
• Optimism - An entrepreneur should always think positively

  even when faced with unexpected problems.
• Customer Relations Service - An entrepreneur should know how to build

  trust and long-term relationships with customers.
• People Centered - An entrepreneur should know how to motivate

  people and see and value the best in others.
• Core competencies are the features or characteristics that allow a business to stand out from its competitors.
• What do you call the general term for the competencies which cover the business’s manpower capabilities, acquired assets, capital, and registered patents?

  Core Competencies
• Who developed the concept of core competencies?

  C.K Prahalad and Gary Hamel
• • The activity must provide superior value or benefits to the consumer.
  • It should be difficult for a competitor to replicate.
  • It should be rare.
• what core competency of an entrepreneur states that The entrepreneur considers the business as a mission. For these people, there is a passion rather than drive?

  Entrepreneur as a Missionary
• Goal-oriented entrepreneurs achieve the maximum results

  of their efforts because they work towards clear and

  measurable targets. Working towards clearly defined goals is

  important. They think of what they want and how to get it?

  Entrepreneur as Goal-driven
• Marketing is an important process for entrepreneurs. The

  process of acquiring and retaining customers is the focus of

  marketing. Entrepreneurs must design the product, set its

  price, distribute the product to the market and promote the

  product. Entrepreneurs must differentiate their company’s

  product or service so its uniqueness and value are clear to

  the customer?

  Entrepreneur as a Marketing man
• Most successful entrepreneurs start small and think big.

  Many entrepreneurs start a small scale business but with

  their managerial talents and persistence, they will be able to

  make the company grows?

  Entrepreneurs starts from small to big
• What developing factor states that With the interest in the opportunity at hand, the entrepreneur takes the initiative of venturing into the business. It is the ability of entrepreneurs to convert ideas into actions. It also includes the ability to plan and manage projects with creativity,

  innovation, and risk-taking in order to achieve goals?

  Entrepreneur's Initiative
• Human resources and financials are important in starting up a business. With the entrepreneur’s savings and other resources, he will start the operation of his business. He may ask his trusted family members or friends that could help him start his dream business?

  Organization of Capital Resources
• The management will develop a structure based on the need for operations. Duties and responsibilities are assigned to individuals with skills that will fit to their position and qualifications. It is based on their capacity to do the job and not on personal connections with the entrepreneur?

  Development of administrative machinery
• The entrepreneur develops autonomy as he leads all the

  activities in the business organization. He knows the best

  direction because he also knows how to calculate the risk

  involved?

  Development of entrepreneurial autonomy
• In SWOT analysis, strengths and weaknesses are internal

  elements in the business while opportunities and threats are

  external elements. Strengths are the things that the company

  does well. Weaknesses are the things that the company lacks.

  Opportunities are factors/events in the environment of the

  business which are favorable for its growth and success.

  Threats are the elements that could endanger the profitability

  of the business?

  Development of SWOT analysis
• SWOT (Strengths, Weaknesses, Opportunities, and Threats) is a tool used in evaluating a business. Entrepreneurs should know how to analyze their business using this tool.
• Advertising, Marketing, and Public Relations - Working in advertising, marketing, and public relations will help you gain ideas on how to reach a target customer when you already have your own product or services. These jobs build communication between consumers and the sellers of the product by creating promotions, advertisements, and building a brand image.