ENTREPRENEURSHIP 2

• City of Good Character
• Technology and Livelihood Education
• Entrepreneurship and Rewards of Being an Entrepreneur
• Writer: Carla Marie A. Nepomuceno
• Cover Illustrator: Christopher E. Mercado
• Department of Education National Capital Region SCHOOLS DIVISION OFFICE MARIKINA CITY
• Entrepreneurship


  The act or process of something that enhances value or excellence
• Entrepreneur


  A set of circumstances that makes it possible to do something
• Characteristic


  A feature or quality belonging typically to a person, place, or thing and serving to identify it
• Entrepreneurs are certainly not supermen. Neither do they perform miracles. They are just human beings. But they are different from many of us.
• Positive characteristics of entrepreneurs

  • Self-confidence
  • Leadership
  • Creativity
• Positive thinking produces favorable results. We get what we deeply think and believe.
• Entrepreneurs


  • They are hardworking and opportunity seekers
  • They acquire more profits
  • They create better goods and services for the consumers
  • They contribute to improvement of standard of living
• Definitions of entrepreneur

  • Cantillion: One who bears uncertainty, buys labor and materials, and sells products at uncertain prices
  • French concept: An adventure, undertaker, and projector whose function is to supply and accumulate capital
  • Schumpeter: An innovator who does new things or does things in a new way
  • Peter Drucker: One who always searches for change, responds to it and exploits it as an opportunity
  • Say: One who shifts economic resources from an area of lower productivity to an area of higher productivity and greater yield
  • American Heritage Dictionary: A person who organizes, operates, and assumes the risk for business ventures
  • Pure entrepreneurs: Those who launch their own ventures from scratch and develop scarce resource into successful business
  • Geoffrey Meredeth: People who have the ability to see and evaluate business opportunities, to gather the necessary resources and to take advantage of them, and to initiate appropriate action to ensure success
• Entrepreneurs have many favorable interdependent characteristics which make them successful and extra ordinary persons.
• Characteristics of entrepreneurs

  • Reasonable risk-takers
  • Self-confident
  • Hardworking
  • Innovative
  • Leaders
  • Positive thinkers
  • Decision-makers
• Reasonable risk-takers


  They enjoy challenges but they are careful and calculating. They shy away from high-risk situations, because these may not be attainable, but they also avoid low-risk situations, because there are no challenges.
• Self-confident


  They have strong faith in their abilities and believe they can be the best in their field.
• Hardworking


  Successful people always attribute their success to handwork.
• Innovative


  They do things in new and creative ways, such as creating new products or services, new methods of production, new markets, and new sources of raw materials.
• Essential leadership qualities

  • Self dedication
  • Purpose and Vision
  • Courage
  • Conviction
  • Enthusiasm
  • Integrity
  • Tact
  • Hardwork
• Positive thinkers


  They think of success and bright sides, which leads them to success.
• Decision-makers


  They make decisions on how to improve their products, create new markets, increase consumers' satisfaction, or maximize profits. The success of their business depends on their ability to make right decisions.
• Being innovative is doing things in new and creative ways.
• An Entrepreneur can also be a good leader.
• Running away from high-risk situations is not a safe choice.
• Courage is being brave to do something that could be dangerous.
• Perspiration is synonym of effort.
• Implementing decisions on a trial basis to test the feasibility or effectivity of their decision.
• If the decision has been the product of group action, the problems of implementing a decision can be eliminated or minimized.
• Japan has many successful entrepreneurs because it considers employees are involved in planning, decision making and implementation.
• Implementing Decisions


  Entrepreneurs are generally careful. They implement their decisions on trial basis to test the feasibility or effectivity of their decision. If they are right, they implement their business projects in full-scale. The idea is that if they implement and were wrong in their decisions, their losses have been minimized.
• Implementing decisions


  • Problems can be eliminated or minimized if the decision has been the product of group action
  • Beneficiaries, affected ones and those concerned in the implementation should be involved in decision-making process
  • In community development, the implementators and beneficiaries of the project must be involved from planning to implementation of the project
• Japan's successful entrepreneurs

  • Employees are involved in planning, decision making and implementation
  • Top management allows them to participate actively in the vital aspects of business
  • This is planning from below or participative management
• "Planning from the top is planning for the top." Such planning is not only undemocratic, but also ignores the rights and capabilities of people.
• Business enterprise failed due to poor management. Being industrious is not enough. Efficient management counts most in business success.
• Determinants of Successful Entrepreneurship

  • Ability to conceptualize a plan
  • Ability to manage others
  • Ability to manage time and to learn
  • Ability to adapt to change
• Ability to conceptualize a plan


  The entrepreneur must view all the aspects of business, such as product, price, cost, inventory, etc., in related and coordinated manner. He must be able to plan for the total operation of the business. His ability to foresee future problems of his business is an excellent asset.
• Ability to manage others


  Management is getting things done by others. As the business grows, more people are needed. The entrepreneur must be able to organize work properly so that his employees can perform their jobs efficiently and effectively. Good human relations and communications are very important for the entrepreneur. By letting others achieve the objectives of the enterprise, the entrepreneur has more time for conceptualizing and planning.
• Ability to manage time and to learn

  The entrepreneur is generalist. Especially when the business is still small, the owner does everything: clerk, salesman and manager. In view of various functions of the entrepreneur, he should be an expert on time management. He should also acquire basic training in small business management and specialized courses in accounting, finance, marketing and personnel relations. A real entrepreneur does not actually stop learning. He can do this by reading, attending seminars, or enrolling in college.