LESSON 2

CONCEPT OF
ENTREPRENEURSHIP

12 STEM-EINSTEIN
GROUP 1
AFTER GOING THROUGH
THIS LESSON, YOU ARE
EXPECTED TO:
1. Understand the key concepts of
entrepreneurship.
2. Explore job opportunities as an
entrepreneur.
3. Familiarize with the good
characteristics of a good entrepreneur.
4. Appreciate the positive viewpoints
of entrepreneurial skills.
GROUP ACTIVITY
• Entrepreneurial development today has become significant, given its being a
key to economic development. The objectives of industrial development, regional
growth, and employment generation depend upon entrepreneurial development.
Entrepreneurs are the seeds and fruits of industrial development. It helps
increase employment opportunities for unemployed youth. It also supports the
increase in per capita income, higher standard of living, and increased individual
saving. Entrepreneurs contributes to the revenue to the government (income tax),
sales tax, export duties, import duties, and balanced regional development.
The word “entrepreneur” derives from the
French verb enterprendre, which means
to undertake. It refers to those who
“undertake” the risk of new enterprises.
Entrepreneur creates enterprise. The process
of creation is called "entrepreneurship".
• Entrepreneurship involves decision making, innovation, implementation,
forecasting of the future, independence, and success first, and this is how
entrepreneurship developed. Entrepreneurship is a discipline with a knowledge
base theory. It is an outcome of complex socio-economic, psychological,
technological, legal, and other factors. It is a dynamic and risky process. It involves
a fusion of capital, technology, and human talent. Entrepreneurship is equally
applicable to big and small businesses, to economic and non-economic activities.
Different entrepreneurs might have some common traits. However, all of them
have unique features. If we concentrate on the entrepreneurs, there will be
models for vetures. These will be a guide to predict or plan; how and where; and
when these entrepreneurs start their enterprise.
• Entrepreneurship is a process. It is not a combination of some stray
incidents. It is the purposeful and organized search for change,
conducted after systematic analysis of opportunities in the
environment. Entrepreneurship is a philosophy- it is the way a person
thinks, acts, and therefore it can exist in any situation, be it business or
government or in the field of education, science, and technology or
poverty alleviation, or any others.

• Entrepreneurship describes as a process of action an entrepreneur

undertakes to establish his enterprise. Entrepreneurship is a creative
activity. It is the ability to create and build something from practically
nothing. It is a knack of sensing opportunity where others see chaos,
contradiction, and confusion. Entrepreneurship is the attitude of mind
to seek opportunities, take calculated risks, and derive benefits by
setting up a venture. It comprises numerous activities involved in
conception, creation, and running an enterprise.
THE BEST JOBS FOR ASPIRING
ENTREPRENEURS
If you are an aspiring entrepreneur, there are different career paths. These
paths can help you turn your dream into a reality. The direction you choose will
depend on your experience, skills, finances, and flexibility, as well as your goals for
the future. Even though some entrepreneurs have become successful without
spending time in a traditional workplace, many people have solid work experience
before starting their own business. That experience equips them with the skills they
need to get a business off the ground up and running. Some jobs will hone your
entrepreneurial skills while you learn the ins and outs of running a business. Also,
working in roles where entrepreneurship is valued can give you some of the rewards
without the responsibility.
 THE BEST JOBS FOR ASPIRING
ENTREPRENEURS
The other path you can take is to find a job where you don’t have to work
when you are not on the clock. There are plenty of jobs with regular schedules that
give you free time to spend on your projects. There are also jobs and gigs where you
can work a flexible schedule that leaves you time to pursue your passion. It can also
make your financial stability equipped to start a new venture or side job because not
all new businesses are successful at first

The success rate is low for at least the first few years. Having an income
that could be count on while you grow your own business can be a solid
strategy for
success.
JOBS WHERE YOU CAN GAIN
ENTREPRENEURIAL SKILLS
If you focus on jobs that align with your
aspirations, you will develop the skills
you need. To either start your venture on a
full-time basis or as a side job to
transition your own full-time business. The
jobs that are the best fit for you will help
you gain experience in the career field or
industry where you want to launch your
own business. These are some of the
positions that will give you the general
skill you need to equip yourself for going it
alone.
ADVERTISING, MARKETING,
AND PUBLIC RELATIONS:
Working in advertising, marketing or
public relations will provide you with
the know-how to reach an audience
for your own product or service when
you’re ready to get started. You may
be able to tap the valuable
connections you’ve met on the job for
your new venture.
BUSINESS DEVELOPMENT:

If you have strong business

development skills, use them to
identify opportunities for your own
future business. You will also gain the
ability to grow and manage an
enterprise, which will be invaluable
when you’re working on your own.
DESIGN:

Whether you work in fashion, home,

or product design, these skills will help
you create your own product or
service and get it ready to launch.
E-COMMERCE AND SOCIAL MEDIA:
Most businesses have an online
presence. If you are knowledgeable on
online sales and search engine
optimization (SEO), you will have a
head start getting your venture live.
Whether you are starting a small local
firm or planning to roll out your
business on a larger scale, strong
social media skills will be essential.
MANAGEMENT
There are management positions
available in every industry. Whether
you’re starting out in a management
training program or have moved up
the career ladder, working in
management will give you the
leadership, people, and
communications experience you will
need to be successful.
SOFTWARE, WEB, OR APP DEVELOPER:

Every business needs technology, and

the work you do for your employer will
enhance your skillset and give you
transferable skills to use to start and
grow your own business.
REAL ESTATE:

Working in real estate can build the

sales, marketing, finance,
communications, self-motivation, and
other skills successful entrepreneurs
need.
SALES MANAGER/ACCOUNT EXECUTIVE:

Sales and sales management

positions provide experience and
opportunities to excel and generate
income, meet and achieve goals, and,
most importantly, the ability to sell a
product or service.
CONSULTANT:
Working for a major consulting firm
will give you experience in different
industries and types of companies. In
addition to gaining experience, you
will have an insider perspective on
many different types of organizations.
PRODUCT MANAGER:

Successful product managers work on

a product through research,
development, engineering,
manufacturing, going live, and
distribution. That experience
transitions seamlessly from someone
else’s product to your own.
Difference Between
an Entrepreneur
and a Manager
Difference Between
a TRADER and aN
ENTREPRENEUR
Entrepreneurship is a dynamic process of
vision, change, and creation. It requires
energy and passion for creating and
implementing new ideas and creative
solutions. Essential ingredients in
entrepreneurship include a lot. First, you
need the willingness to take calculated risks
– in terms of time, equity, or career. Having
the ability to formulate an effective venture
team needs to be creative. It helps to
marshall resources and the fundamental
skills of building a solid business plan. Lastly,
the vision to recognize opportunity where
others see chaos, contradiction, and
confusion.
Below are the characteristics
of wage employment and
entrepreneurship:
QUIZ a. Entrepreneur
_____ 1.It is the process of actions of an b. Design
entrepreneur. A person always c. Wage Employment
finds something new and exploits such
d. Manager
ideas into gainful opportunities by
e. Trader
accepting the risk and uncertainty with
f. Consultant
the enterprise.
g. Business
_____ 2. It is a person responsible for setting up a
Development
business or an enterprise.
h. Real Estate
_____ 3. Someone who runs the business over a
i. Entrepreneurship
long period.
j. Product Manager
_____ 4. It is a skill that will help you create your
own product or service and get it ready to
launch.
_____ 5. The ability to grow and manage a business.
It will be valuable when you’re working on
your own.
QUIZ a. Entrepreneur
_____ 6. Someone who is involved in buying and b. Design
selling common products. c. Wage Employment
_____ 7. Someone who works for other people and
d. Manager
has a fixed earning.
e. Trader
_____ 8. Someone who works on a product through
f. Consultant
research, development, engineering,
g. Business
manufacturing, going live, and
Development
distribution.
h. Real Estate
_____ 9. Working in _____ can build the sales,
i. Entrepreneurship
marketing, finance, communications,
j. Product Manager
self-motivation, and other skills
successful entrepreneurs need.
_____ 10. Working for a major ____ firm will give
you experience in different industries
and types of companies.
THANK
YOU