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Crim 414 Unit I

The document provides an overview of entrepreneurship, defining it as developing and managing a business venture by bringing an innovative product or service to market or improving an existing one. Entrepreneurship creates value by recognizing opportunities and involves starting a business to improve lives through the products and services provided. The concept of entrepreneurship evolved from feudal times, where early entrepreneurs supplied materials to lords for war, and has developed into a business activity seeking profit or providing services. The benefits of entrepreneurship include making a difference, reaching one's full potential, unlimited profit as a reward for hard work, doing what one wants, and contributing to society.

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21 views

Crim 414 Unit I

The document provides an overview of entrepreneurship, defining it as developing and managing a business venture by bringing an innovative product or service to market or improving an existing one. Entrepreneurship creates value by recognizing opportunities and involves starting a business to improve lives through the products and services provided. The concept of entrepreneurship evolved from feudal times, where early entrepreneurs supplied materials to lords for war, and has developed into a business activity seeking profit or providing services. The benefits of entrepreneurship include making a difference, reaching one's full potential, unlimited profit as a reward for hard work, doing what one wants, and contributing to society.

Uploaded by

niel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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UNIT I

OVERVIEW OF ENTREPRENEURSHIP
Lesson 1:
Definition
Entrepreneurship is a very essential element of a country’s economic performance, not
of
only by the means of income and making innovation for improved standard of living but also on
Entrepren
eurship
creating employment opportunities specially here in the Philippines.

What is Entrepreneurship?

It is an economic activity by which an individual or an organization develops and


manages a business venture, either, by bringing an innovative product or services to the market
or by significantly improving an existing good, services or method of production.

As defined in the textbook “Entrepreneurship” by C. Banastao and S. Frias (2008),


Entrepreneurship is the process of creating something new with value by devoting the
necessary time and effort, assuming the accompanying financial, psychic, and social risks, and
receiving the resulting rewards of monetary and personal satisfaction and independence.

But, Entrepreneurship does not only deal with creating something new, but rather,
creating value by recognizing opportunities and capitalizing on it. Another goal of
Entrepreneurship is to improve the lives of people by the product, service, or method of
production they provide.

There is no exact definition for entrepreneurship, as it is dynamic and fluid. Many


textbooks would have different views on its definition, but we can all agree that it is continuously
evolving and bringing change to everyone’s lives.

Lesson 2:
Origin
and
Nature Theofconcept of entrepreneurship evolved through a process that began with providing
Entrepren
service in a feudalistic society. Even in its early stages, there was no indication that
eurship
entrepreneurship was anything other than a business activity with profit as the primary motive or
purpose. It has evolved from a service orientation to a type of endeavor that is still without
definite bias as to whether an entrepreneur exists in a business that is purely for personal gain
or simply providing services in general. There was also no distinction between an entrepreneur
and a capitalist or a business owner who is also the manager, or between entrepreneurship and
business ownership.

The term and ideas about entrepreneurship appear to be well-known, but there is much
more to it than what is commonly perceived. The term's origin is unknown, but there are
indications that it originated in Europe sometime during the Middle Ages. There is no doubt that
the term "entrepreneur" derives from the French word entreprendre, which simply means "to
undertake." However, there have been an agreement among researchers and scholars that
entrepreneurship refers to starting a business, though no specific reference was made to
whether the business was started for himself or for someone else. According to available
literature, early entrepreneurs supplied feudal lords with men and materials when waging war
with their enemies. The emergence of entrepreneur or entrepreneurship in France during the
height of feudal conflict indicates that the type of activity is "provision of services," and there
was no indication at the time that entrepreneurs were doing it for personal gain or profit.
(www.coursehero.com)

Lesson 3:
Benefits
of
Entrepren
eurship

Here are some possible benefits that one can derive from undertaking Entrepreneurship
as their life-long career:

1. Opportunity to make a difference. Any person can make a difference, don’t get me
wrong. But in entrepreneurship, you can reach more people and improve their lives for
the better through your product, service, or method of production.
2. Opportunity to reach your full potential. There are a lot of opportunities in
entrepreneurship to improve yourself. You own your time and you do not necessarily
answer to anyone. Being your own boss gives you a sense of freedom and space for
self-improvement.
3. Opportunity to get unlimited profit. Though profit is not the main purpose of an
entrepreneur, consider it a reward for your hard work. Being able to see opportunities
that others cannot gives you an edge.
4. Opportunity to do what you want. As mentioned earlier, you are your own boss,
therefore, you can do what you deem is necessary for your business.
5. Opportunity to contribute to the society and be recognized for your efforts. This
should be the main focus of every entrepreneur – to contribute to the community and
society. For the rewards (profit) that we receive through our own efforts, it is right and
just to give back to the community through generation of jobs, among others.

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