Name: Panolong, Nariman P.

Section: ABM 12-2

1. Explain the relevance of Entrepreneurship in our country and to an organization.

Entrepreneurship, in an organization, is responsible for the development of managerial
capabilities, enabling entrepreneurs to improve their decision-making skills. It is the behavior
that an entrepreneur does in order to manage an organization. It is also the reason behind the very
creation of an organization by bringing together people with common goals, therefore cultivating
a sense of community among them. Entrepreneurship allowed the existence of the
entrepreneurial organizations that we had, that have today, and those yet to be created. On top of
that, it paved ways for the improvement of standard of living. Entrepreneurship connotes
innovation. It involves looking for a new idea and taking advantage of it. With this, organizations
can achieve their goals and evolve.
But beyond its significance to organizations, entrepreneurship impacts the communities
and the country as a whole. In the Philippines, entrepreneurship is vital because it can help or at
least alleviate our nation’s primary issue, poverty. The Philippine Constitution itself
acknowledges entrepreneurship as a force for economic expansion. It drives economic growth as
entrepreneurs' successes with their goods and services ripple across to other industries and
markets. This also results in the creation of jobs that provides opportunities to the numerous
jobless citizens as well as the creation of new profit and revenue streams. In combating the
widespread poverty, our country has shown progress by welcoming and embracing
entrepreneurship. It has brought various innovations that provided solutions to our social and
economic issues, consequently helping develop our country.
2. Enumerate and explain the concepts of entrepreneurship.
The word entrepreneur was derived from the French verb “enterprende” meaning “to
undertake”. This indicates that entrepreneur pertains to those individuals who undertake the risks
and uncertainties in a creation of an enterprise or in the execution of an innovative ideas. An
entrepreneur creates an enterprise, and the process of that creation is referred to as
entrepreneurship.
 Entrepreneurship as a process of actions
Entrepreneurship is actually a process, meaning that it goes through phases. Basically,
entrepreneurship is the steps of actions that an entrepreneur does from the generation of
idea to opportunity evaluation, planning, launch, and growth.
 Entrepreneurs as innovators
Entrepreneurs are innovators who is constantly in search of new ideas to exploit
despite the risks and uncertainties those innovative ideas entail.
 Entrepreneurship within a firm or large organization
When referring to entrepreneurial activities within a firm or organization, it is called
intrapreneurship. The environment or setting is what sets apart entrepreneurship from
 intrapreneurship. Independent businesses are how entrepreneurship operates. In essence,
they are businesses that run apart from all other businesses and organizations. Contrarily,
intrapreneurship occurs in established businesses.
 Entrepreneurship as a “gale of creative destructions”
In pursuit of innovation, entrepreneurship partly or wholly replaces or improves old
and outdated innovations in the society. It brings forth products that take our standard of
living to a new level.
 Entrepreneurship ranges
Entrepreneurship does not only include the process of business actions in a very large
scale. It also includes solo projects and even involve the part-time entrepreneurs.
 Entrepreneurship as Incremental or disruptive innovations
The innovations in entrepreneurship can be incremental or disruptive. Incremental
innovations are a string of minor alterations or changes made to a business's current
goods, services, procedures, or practices. A concept, product, or service that entirely
disrupts an existing market or develops a brand-new market sector on the other hand is
referred to as disruptive innovation. A new player typically enters an established market
with new technology or a new business strategy (or a combination of these two), offering
new kinds of value that are distinct and better than what is already offered.
3. Briefly discuss the core competencies and factors affecting entrepreneurship.
Core competencies
1. Economic and dynamic activity
Entrepreneurship entails production and creation of enterprise in a constantly
changing economy. Hence, the activity is economic and is done continuously.
2. Innovation
Entrepreneurs constantly looks for and tries to come up with new ideas to meet the
changing needs of the society.
3. Profit potential
Entrepreneurship is primarily profit driven. Therefore, entrepreneurs have to
ensure that the enterprise have returns on their investments.
4. Risk bearing
Innovations come with risks, and entrepreneurs must be willing to take them.
Afterall, not all new ideas are positive and has instantaneous outcomes.
Factors affecting entrepreneurship
 First, personality factors. These are qualities that an entrepreneur must possess and can be
controlled by them. It includes initiative, proactivity, perseverance, etc.
 Second, Environmental factors including political climate, legal system, economic and
social conditions, and market situations. These factors are not within the control of the
entrepreneur himself. He can only respond to them.
4. What are the functions of entrepreneurs?
By being an entrepreneur, an individual signs up for the following important functions:
1. Innovation – an entrepreneur is an innovator. He/She is always on the lookout for new
ideas or a different and better way to do something and exploit such ideas.
2. Assumption of risk - trying to realize innovative ideas comes with risk and there’s always
almost little to no guarantee that it will succeed. An entrepreneur is a risk taker and is not
afraid to suffer such losses.
3. Research – an entrepreneur thinks through a plan before executing it. In that process,
he/she tries to find way to do it that will bring the optimum returns, during which he/she
utilizes research methodologies.
4. Development of management skills – an entrepreneur is a manager who constantly
applies his managerial skills in running the organization. With this, his/her managerial
skills get developed.
5. Overcoming resistance to change – an entrepreneur is not afraid to take on uncertainties
brought upon by change. He/She always tries a new idea at his/her level.
6. Catalyst of economic development – it is thanks to entrepreneurs that the economy is
progressing. They assemble resources and finds new ways to utilize them therefore
speeding up the economic development of a nation.
5, Give examples of career opportunities for entrepreneurs
Examples of career opportunities for individuals with entrepreneurship degree include
mid-level management, business consultant, sales, research and development, not-for-profit
fundraiser, teacher, recruiter, and business reporter.
6. Differentiate the types of entrepreneurs
Innovative entrepreneurs foster the creation of newer, better, and more economical ideas
and bringing it to the market while an imitating entrepreneurs just imitate or adapt the already
established ideas by the innovative entrepreneurs. On the other hand, Fabian entrepreneurs are
those entrepreneurs that are reluctant to take risks. They are very cautious in their approaches
and does not try to bring forth new innovations. Meanwhile, Drone entrepreneurs are the old
school entrepreneurs. They do not like changes and takes pride in doing business the old and
traditional way. Whereas Social entrepreneurs are individuals who seek for creative applications
that may help to resolve issues the society.
7. Shed light on 5 myths about entrepreneurship
The first myth says that entrepreneurs are born, not made. In fact, entrepreneurship
involves a string of wise choices supported by a lot of effort, unlike other fields such as athletics
that demand innate physical talent and stamina. Entrepreneurs need experience and education,
although none of these are necessarily formal. They learned by trial and errors. Individuals are
not born with those traits. We've all heard tales of large corporations that were destroyed by the
original owners' offspring. Others started from scratch and learned how to create a successful
business despite not inheriting a firm or being born into riches.
The second one says that entrepreneurs are academic and social misfits. Not all
successful businesspeople are academic or social misfits. There is actually no direct correlation
between them. Entrepreneurs can come from a wide range of backgrounds. In the end, an
entrepreneur's capacity to spot possibilities, take calculated risks, and successfully run and
expand their enterprises is what really matters. Although having great intellectual and
interpersonal abilities is a trait of many successful businesspeople, it is not a must. In actuality,
successful businesspeople today are seen as a highly educated professional with excellent
communication skills who knows what he’s doing.
Third, to be an entrepreneur, one needs money only. While finance is what enables a
business to run, it is not the only thing that you need to have to be a successful entrepreneur. A
brilliant idea is just as crucial. There are numerous entrepreneurs out there who started from
nothing and still became extremely successful.
Fourth, to be an entrepreneur, a great idea is the only ingredient. Even though I said that a
brilliant idea is crucial, there are also several other things that needs to come together for a
business to succeed. There has to be a right mix of all the resources needed.
Fifth, one wants to be an entrepreneur as having no boss is great fun. Many people do not
like a boss being bossy. However, in the business world, the boss is not the only demanding
person there. There are also bossy or demanding vendors, investors, bankers, and above all
customers that an entrepreneur has to deal with regularly.
9. Explain the concept of the core competencies in entrepreneurship
1. Economic and dynamic activity
Entrepreneurship entails production and creation of enterprise in a constantly
changing economy. Hence, the activity is economic and is done continuously.
2. Innovation
Entrepreneurs constantly looks for and tries to come up with new ideas to meet the
changing needs of the society.
3. Profit potential
Entrepreneurship is primarily profit driven. Therefore, entrepreneurs have to
ensure that the enterprise have returns on their investments.
4. Risk bearing
Innovations come with risks, and entrepreneurs must be willing to take them.
Afterall, not all new ideas are positive and has instantaneous outcomes.
10. What are the job and career opportunities for an entrepreneur? Explain each.
1. Mid-level management – individuals with entrepreneurship has the opportunity to be a
mid-level manager. Their responsibility is to execute the organizational plans and
strategies created by upper management and also providing valuable feedback.
2. Business consultant - a specialist who provides recommendations, information, insights,
and guidance to help clients achieve their goals and overcome obstacles. To improve
performance and promote success, they offer advice on a variety of business-related
topics. Given the similar nature of the fields, this career is very well suited to
entrepreneur graduates.
3. Sales – entrepreneurship graduates are equipped with the skills to represent the company
and highlight how a customer can benefit from making a purchase, manage accounts, and
follow up on leads. This makes it easy for them to work in sales.
4. Research and development – an entrepreneurship degree holder possess the key
qualifications to work in this field. R&D is the process of researching new, better
products and services to meet the needs of customers. And an entrepreneurship graduate
has the good qualities to execute this job successfully.
5. Not-for-profit fundraiser – an entrepreneurship graduate’s experiences in learning
concepts relevant to this job gives him/her the edge to pursue a career in this field.
Because he/she understands the significance of networking relationships and business, he
can raise funds for a specific objective.
6. Teacher – a graduate of entrepreneurship is eligible and fit to teach subjects relevant to
entrepreneurship. Thay have a place in the field of education because they are already
well-versed in what they are going to teach.
7. Recruiter – being an entrepreneurship degree holder gives some people an in-depth
business sense. This cane be very useful in looking for the right people for a certain job.
8. Business reporter – entrepreneurship degree holder can utilize their understanding of the
concepts of business to make the business section more interesting. They can take classes
to learn how to write and take on the lead role in covering business issues.