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Entrepreneurship: Learning Objective

This document discusses the concepts of entrepreneurship and entrepreneurial traits. It provides definitions of entrepreneurship as taking risks to create economic value and being innovative. It describes key elements of entrepreneurship as innovation, risk-taking, vision, and organizing skills. It also lists common entrepreneurial characteristics like ambition, creativity, and perseverance. The document discusses different types of entrepreneurs and concludes with advantages of entrepreneurship like independence, income potential, and being able to pursue one's passions.

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John Reigh Catipay
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107 views4 pages

Entrepreneurship: Learning Objective

This document discusses the concepts of entrepreneurship and entrepreneurial traits. It provides definitions of entrepreneurship as taking risks to create economic value and being innovative. It describes key elements of entrepreneurship as innovation, risk-taking, vision, and organizing skills. It also lists common entrepreneurial characteristics like ambition, creativity, and perseverance. The document discusses different types of entrepreneurs and concludes with advantages of entrepreneurship like independence, income potential, and being able to pursue one's passions.

Uploaded by

John Reigh Catipay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Entrepreneurship Dan Sullivan says that,

Learning Objective “An entrepreneur is someone who does not


expect compensation until he has created value
To understand the concept of entrepreneurship for someone else.”
and explain the process of entrepreneurial action.
Jean-Baptist says that,
“Entrepreneurship is defined as the process of
making money, earning profits and increasing “Entrepreneur is someone who takes resources
wealth while posing characteristics such as risk from a lower level of productivity and raise them
taking, management, leadership and innovation.” to a higher level.”

“Entrepreneurship is the act of being an Characteristics of an Entrepreneur


entrepreneur, which can be defined as “one who Ambition
undertakes innovations, finance, and business
acumen in an effort to transform innovations into Enthusiasm
economic goods.”
Creativity
The most obvious form of entrepreneurship is that
Decision-making
of starting a new business also called as “startup
company”. More recently, the term has evolved Perseverance
to include other
Types of entrepreneurship such as:
Entrepreneurial Traits
• Social entrepreneurship that applies the
“entrepreneurial principles to organize, create 1. Passionate
and manage a venture to achieve social change”
2. Resilient
and
3. Self-Possessed
• Political entrepreneurship or “starting a new
political project, group, or political party.” 4. Decisive
Four Key Elements of Entrepreneurship 5. Fearless
1. Innovation 6. Financially Prepared
2. Risk Taking 7. Flexible
3. Vision 8. Zoom Lens-Equipped
4. Organizing Skills 9. Able to Sell
Who is an entrepreneur? 10.Balanced
An entrepreneur is an individual who, rather than
working as an employee, runs a small business
and assumes all the risk and reward of a given Types of Entrepreneur
business venture, idea, or good or service offered • Starting and growing your own business
for sale. The entrepreneur is commonly seen as a requires many skills to be successful.
business leader and innovator of new ideas and
business processes. • Identifying strong traits is essential and can act
as a compass for the business.
• The different types of entrepreneur are: idealist, Who’s who?
optimizer, hard worker, sustainer, improver,
advisor, superstar, artist, visionary, analyst, Andrew Tan
fireball, juggler, hero and healer. When he was a boy, he lived in a crowded
apartment in

Who’s who? Sta Cruz, Manila

Tony Tan Caktiong He graduated Magna cum Laude with the


degree in Accountancy
he dreamed of becoming a chemical engineer
He is successful in construction industry
But ended up presiding over a multibillion-
peso food conglomerate The owner/president of the Megaworld
Corporation
It started with two ice cream houses. Then it
just grew and grew.
The owner/president of the Philippines’ Who’s who?
number #1 fastfood chain, William Henry Gates III
he was bullied as a child
Who’s who? American business magnate
Socorro Cancio Ramos Best known entrepreneur and pioneer of
started selling bananas, vinegar and wooden microcomputer revolution
shoes at Co-founder of Microsoft Corporation
age five
She finished highschool in public school PART 2
She worked as sales lady at the Goodwill Why Entrepreneurship
Bookstore
What leads a person to strike out on his own and
She founded the National Bookstore start a business? The answer lies in the
advantages of entrepreneurship.

Who’s who? 1. Doing what you love


Jonathan Jay Aldeguer If an entrepreneur is going to start his business it
is assured that he will
he loves travelling and collecting T-shirts from
all the citiies he had get better odds to succeed if he is doing
been to something he loves. Why?

He was fresh graduate in 1992 when he opened Because passion is the fuel that is needed to face
his first cart with P1500 all the obstacles.

He is the owner/CEO of the Souvenir Island “Choose a job that you like and you will never
have to work
a day in your life.” – Confucius
2. Independence and Freedom 4. Income Potential
Entrepreneurship allows undertaking the Entrepreneurship offers a greater possibility of
activities of one’s choice and achieving significant
comfort which offers independence and freedom financial rewards than working for someone else.
in return. When you’re an
“Entrepreneurship is living a few years of your entrepreneur you can create a direct relationship
life like most people between your efforts and
won’t, so that you can spend the rest of your life your income. In other words, if your efforts are
like most people higher your reward should be
can’t.” - A Student in Warren G. Tracy’s Class higher too.
3. Recognition and Self Fulfillment “A large income is the best recipe for happiness I
ever heard of.” -Jane Austen
Entrepreneurship provides the ability to be
involved in the total operation of
the business, from concept to design and creation, 5. Own Boss
from sales to business
Entrepreneurs are their own bosses. They make
operations and customer response. It offers the the decisions. They choose
prestige of being the person in
whom to do business with and what work they
charge. will do. They decide what hours
“What a man can be, he must be. This need we to work, as well as what to pay and whether to
call selfactualization.” take vacations.
-Maslow “Your real boss is the one who walks around
under your
hat.” Napoleon Hill

6. Innovation
Entrepreneurship creates an opportunity for a
person to make a
contribution. Most new entrepreneurs help local
economy. A few through their
innovations which contribute to the society as a
whole.
Entrepreneur vs. Manager 3. Growing a business
The terms Entrepreneur and Manager are 4. Exiting a business
considered one and the same; but these have
Entrepreneurial Decision Process:
different meanings altogether. The following are
some of the differences between a manager and Entrepreneurial Decision Process is about
an entrepreneur. deciding to become an entrepreneur by leaving
present activity i.e. a movement from the present
The main reason for an entrepreneur to start a
lifestyle to forming a new enterprise. The
business enterprise is because he comprehends
decision to start a new company occurs when an
the venture for his individual satisfaction and has
individual perceives that forming a new
personal stake in it whereas a manager provides
enterprise is both desirable and possible.
his services in an enterprise established by
someone. The decision to become an entrepreneur
to start a new business consist of several
An entrepreneur and a manager differ in their
sequential steps:
standing, an entrepreneur is the owner of the
organization and he bears all the risk and 1.The decision to leave a present career or
uncertainties involved in running an organization lifestyle (Pushing and pulling influences active in
where as a manager is an employee and does not the decision to leave a present career or lifestyle
accept any risk.
2. The decision about desirability of new venture
An entrepreneur and a manager differ in their formation i.e. the aspects of a situation that make
objectives. Entrepreneur’s objective is to it desirable to start a new venture and this relates
innovate and create and he acts as a change agent to culture, subculture, family, teachers and peers.
where as a manager’s objective is to supervise
and create routines. He implements the 3. The decision about possibility of new venture
entrepreneur’s plans and ideas. formation i.e. factors making it possible to create
a new venture like government, background,
An entrepreneur is faced with more income marketing, financial, role models.
uncertainties as his income is contingent on the
performance of the firm where as a manager’s
compensation is less dependent on the
performance of the organization.
Intrapreneur
“A person within a large corporation who takes
direct responsibility for turning an idea into a
profitable finished product through assertive risk-
taking and innovation.” It is derived as INTRA
(corporate) + PRENEUR.
What are the major obstacles in starting a
company and becoming entrepreneur?
The life cycle of any business has four stages:
1. Starting a business
2. Staying in business

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