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Lesson 5 - Misconceptions On Entrepreneurship

The document discusses common misconceptions about entrepreneurship, including that it only applies to manufacturing, small businesses, those with business education, good economies, and simply opening a small business. It explains why each of these is a misconception and provides additional context around entrepreneurship applying to various business types and sizes.

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Mona Jaica Famorcan
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67 views

Lesson 5 - Misconceptions On Entrepreneurship

The document discusses common misconceptions about entrepreneurship, including that it only applies to manufacturing, small businesses, those with business education, good economies, and simply opening a small business. It explains why each of these is a misconception and provides additional context around entrepreneurship applying to various business types and sizes.

Uploaded by

Mona Jaica Famorcan
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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MISCONCEPTIONS ON ENTREPRENEURSHIP

CHAPTER 1_LESSON 5
LEARNING OUTCOMES

1. Identify some misconceptions on entrepreneurship

2. State the importance of having the correct perception on entrepreneurship.


COMMON MISCONCEPTIONS ON
ENTREPRENEURSHIP

1. Entrepreneurship applies only to manufacturing businesses


2. Entrepreneurship applies only to small businesses
3. Entrepreneurship applies mostly to persons with good educational background in
business course
4. Entrepreneurship applies only to a good economy
5. Entrepreneurship is simply opening a small business
MIS·CON·CEP·TION
noun

a view or opinion that is incorrect because based


on faulty thinking or understanding.
ENTREPRENEURSHIP APPLIES ONLY TO
MANUFACTURING BUSINESSES
 It is a misconception that entrepreneurship is only applicable to
manufacturing but not to merchandising and services.
 Merchandising and providing services are also business ventures and
there are exchanges of values in these businesses but there are also
risks.
ENTREPRENEURSHIP APPLIES ONLY TO
MANUFACTURING BUSINESSES

Merchandising
❑ the activity of promoting the sale of goods, especially by their presentation in retail outlets. (Definitions from
Oxford Languages)
❑ Merchandising is the presentation and promotion of goods that are available for purchase for both wholesale
and retail sales. This includes marketing strategies, display design, and competitive pricing, including
discounting. Merchandising is important for retailers looking to cultivate their brand, improve the experience
of customers, compete with others in the sector, and ultimately, drive sales. (https://www.investopedia.com/)
ENTREPRENEURSHIP APPLIES ONLY TO SMALL
BUSINESSES

 Entrepreneurial concepts and principles do not make any distinction


as to the size of the business venture.
 The amount of capital does not serve as a reckoning ground for
classifying whether the venture is operating within the concept of
entrepreneurship or ordinary small businesses
 Entrepreneurship principle, in a strict sense, apply small, medium,
and big businesses
ENTREPRENEURSHIP APPLIES ONLY TO SMALL
BUSINESSES

Corporate Entrepreneurship
➢ Is a process that goes on inside the existing business venture and may
lead to new ones and the development of new products and services
ENTREPRENEURSHIP APPLIES MOSTLY TO PERSONS WITH
GOOD EDUCATIONAL BACKGROUND IN BUSINESS COURSES

 Entrepreneurship applies mostly to persons with sound academic


background in business courses is a misconception
 To become a successful entrepreneur, you must know the basic
concepts and principles of entrepreneurship and apply them properly
to your chosen business.
 The environment in which your business operates also contributes to
its success
ENTREPRENEURSHIP APPLIES ONLY TO A GOOD
ECONOMY

 An Entrepreneurs finds business opportunities in both flourishing and


distressed economies
 Entrepreneurship can exist in both good and bad economies
ENTREPRENEURSHIP IS SIMPLY OPENING A SMALL
BUSINESS

 Entrepreneurship does not merely mean opening a small business


 This is the first step in actualizing the entrepreneurial venture.

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