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Overview of Entrepreneurship

Entrepreneurship involves developing a business venture to make a profit by seeking market opportunities, establishing and operating a business, and closely monitoring operations and risks/rewards. An entrepreneur is uniquely dedicated to managing a business despite risks and rewards. There are 5 levels of entrepreneurial development from self-employed individuals to true entrepreneurs who practice idealization, visualization, verbalization, and materialization. Entrepreneurs can be technopreneurs focusing on technology, social entrepreneurs addressing social problems, intrapreneurs developing new ideas within companies, or extrapreneurs innovating across companies. Common entrepreneur traits include being proactive, risk-taking, and opportunity-focused while core traits are leadership, communication, specialization, and problem-

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99 views21 pages

Overview of Entrepreneurship

Entrepreneurship involves developing a business venture to make a profit by seeking market opportunities, establishing and operating a business, and closely monitoring operations and risks/rewards. An entrepreneur is uniquely dedicated to managing a business despite risks and rewards. There are 5 levels of entrepreneurial development from self-employed individuals to true entrepreneurs who practice idealization, visualization, verbalization, and materialization. Entrepreneurs can be technopreneurs focusing on technology, social entrepreneurs addressing social problems, intrapreneurs developing new ideas within companies, or extrapreneurs innovating across companies. Common entrepreneur traits include being proactive, risk-taking, and opportunity-focused while core traits are leadership, communication, specialization, and problem-

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Download as PPTX, PDF, TXT or read online on Scribd
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OVERVIEW OF

ENTREPRENEURSHIP
WHAT IS ENTREPRENEURSHIP?
Entrepreneurship is a proactive process
of developing a business venture to
make a profit. It involves seeking
opportunities for a market,
establishing and operating a business
out of the opportunity, and assessing
its risks and rewards through close
monitoring of the operations.
WHO IS AN ENTREPRENEUR?
An entrepreneur is a unique individual
who has the innate ability and
extraordinary dedication to establish
and manage a business, acknowledging
all the risks and reaping its rewards.
5 LEVELS OF ENTREPRENEURIAL
DEVELOPMENT (ACCORDING TO
ACTION COACH)
1. The self-employed. They are not
comfortable with the routines of a desk job.
They do not conform to a fixed working
schedule. They want to do things in their
own way.
2. The manager. Entrepreneurs feel the need
to step up and ask some help from the
people around them. They delegate and hire
potential employees to do the work.
3. The leader. At this level, they already enjoy
seeing their people flourish, stepping up and
producing great results with minimal
supervision. They already recognized leaders
in their organization.
4. The investor. Investors look for more
opportunities for their business to grow. They
may either purchase one to two businesses
that can potentially add value to the
company, or sell their established business (as
a franchise) to potential entrepreneurs. They
will delegate a suitable manager for such
operations and will act as directors.
5. The true entrepreneur. True entrepreneurs,
based on their experience, now claim for
quality and excellence in their work. They
have fully learned, and continue to practice,
a four-step process of thinking-
a. idealization (dream and desire to build an
ideal environment)
b. visualization (create plans to make the
dream a reality)
c. verbalization (sharing their ideas with
other people)
d. materialization (vision becomes a reality)
TERMS COINED TO SUIT AN
ENTREPRENEUR’S FIELD OF EXPERTISE
1. Technopreneur – an entrepreneur
who puts technology at the core of
his/her business model
2. Social entrepreneur – takes
advantage of the country’s social
problems and turn them into
profitable institutions with the
intention of helping the
disadvantaged community rather than
making a profit.
3. Intrapreneur – one who is tasked to think,
establish, and run a new big idea or project.
They are usually the product managers or the
business development managers of a
company.
4. Extrapreneur – one who hops from one
company to another to act as the innovation
champion, providing creative and efficient
solutions.
COMMON TRAITS THAT ENTREPRENEURS
SHOULD ALWAYS HAVE
1. Proactive
2. Agents of change
3. Risk takers
4. Have a sharp eye for opportunities
5. Sociable
6. Networkers
7. Decisive
8. Balanced
9. Innovative
CORE TRAITS THAT ENTREPRENEURS
SHOULD DEVELOP IN MANAGING AND
RUNNING THE BUSINESS
1. Leaders
2. Communicators
3. Specialists
4. Problem solvers
WHAT HAVE I LEARNED?

(Group Activity)
Identify which among the following
descriptions refer to entrepreneurs
and which refer to employees. Write
EN for entrepreneur and EM for
employees.
You are given only 5 seconds to raise
your answer.
Income is earned
1.

whether the business is


successful or
unsuccessful.
He or she is usually
2.

comfortable with
routines and minimal
risks.
3.He or she is fully
responsible for serving
customers, making the
business
profitable/sustainable,
and providing employee
satisfaction.
4. He or she prepares
policies, procedures,
and memoranda for the
business.
5. He or she is fully
dependent on the
employer’s
performance. If the
company does not
perform well, he or she
is at risk of becoming
jobless.
6.He or she is comfortable
in doing multiple and
challenging tasks and
takes accountability with
the risks and profits of
the business.
7. Income is generated
on working hours.
8. He or she has a
flexible schedule and
can take an unlimited
number of vacation
days.
9. He or she is taxed on
the gross income.
Expenses incurred related
to the job such as food
and transportation
expenses cannot be used
to claim for deductions
from taxable income.
10. He or she has the
power to disengage
nonperforming
employees, applying the
due process policy of
disengaging personnel.

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