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Teaching Demo Notes

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39 views6 pages

Teaching Demo Notes

Uploaded by

Lyka mae bohol
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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This course introduces students to step into the world of

"Entrepreneurial Management," where they’ll learn how to


lead and grow businesses with innovation and smart strategies.
This course is their guide to understanding how
startups and small companies work, and how they can make them
successful. Through easy-to-follow lessons, real-
life stories, and group discussions, they’ll explore how to
manage businesses that are just starting out. Students
taking up this course will enhance their ideas into action
with management and leadership skills. They’ll discover
ways to lead teams, come up with creative ideas, and make good
decisions for the businessTO
NOTES IN ENTREPRENEURSHIP
TOPIC:
ENTREPRENEURIAL MANAGEMENT

WHAT IS ENTREPRENEUR?

The entrepreneur is defined as someone who has the ability and


desire to establish, administer and succeed in a startup
venture along with risk entitled to it, to make profits. The
best example of entrepreneurship is the starting of a new
business venture. The entrepreneurs are often known as a
source of new ideas or innovators and bring new ideas in the
market by replacing old with a new invention.

EXAMPLE:

It can be classified into small or home business to


multinational companies. In economics, the profits that an
entrepreneur makes are a combination of land, natural
resources, labor and capital.

In a nutshell, anyone who has the will and determination to


start a new company and deals with all the risks that go with
it can become an Entrepreneur.

Who are ENTREPRENEUR?


A person who undertakes the risk of starting a new business
venture is called an entrepreneur.
EXPLAIN: So, anyone can be an entrepreneur, from single
location restaurants, one grocery shop, to sell goods or
services would be all examples of small businesses
entrepreneurship (which would be discussed in the later
topics). These people usually invest their own money and
succeed if their businesses turn a profit, which serves as
their income.

Entrepreneurship?

- Is the process of creating something different with value


by devoting the necessary time and effort, assuming the
accompanying financial, psychic, social risks and
receiving the resulting rewards of monetary and personal
satisfaction and independence.
EXPLAIN: This is a process, whereby entrepreneurs create
something different/innovative. They often create new products
and entire new industries.
Example of this CREATIONS: Internet subscriptions, Netflix,
smart phones, social media sites (facebook, tiktok).

WHAT IS ENTREPRENEURIAL MANAGEMENT?

- Is the concept of utilizing creative and innovative


abilities, skills and expertise to efficiently open and
manage a start up organization.

- It is the practice of taking entrepreneurial knowledge


and executing it for increasing the effectiveness of new
business venturing. Also means of solving mass problem
through a unique and profitable business solution.
WHAT IS THE DIFFERENCE BETWEEN ENTREPRENEURSHIP AND
ENTREPRENEURIAL MANAGEMENT?

- Explanation:
- THE DIFFERENCE SHOULD NOT BE CONFUSED WITH, WHILE
ENTREPRENEURSHIP IS CREATING INNOVATIVE SOLUTIONS FOR
ANOTHER BUSINESS VENTURES, THROUGH RISK.
AN EYE-OPENING STATEMENT FOR ME IS THAT: THE BIGGEST
BENEFITS OF TAKING RISKS IS THAT IT OPENS UP POSSIBILITY FOR
NEW OPPORTUNITY. ALTHOUGH THERE MAY BE UNCERTAINTY INVOLVED
IN MAKING RISKY DECISIONS, THESE CHOICES CAN BRING
UNEXPECTED GROWTH OR EVEN LEAD TO ENTIRELY NEW DIRECTION.
Management however – is a great tool for forward-thinking. Not
only can you plan better with a more informed understanding of
risk, but you can also make quicker decisions across business
operations due to available data. With more information,
decisions can be made with more confidence.

WHY DO WE NEED TO STUDY ENTREPRENEURIAL MANAGEMENT?

- ENTREPRENEURSHIP MANAGEMENT INVOLVES COMBINING THE


INNOVATIVE AND RISK-TAKING SPIRIT OF ENTREPRENEURSHIP
WITH THE ORGANIZATIONAL SKILLS OF MANAGEMENT. IN ESSENCE,
ENTREPRENEURIAL MANAGEMENT EMPOWERS YOU TO BE BOTH
VISIONARY ENTREPRENEUR AND EFFECTIVE MANAGER, ENSURING
YOUR BUSINESS SUCCESS.

Characteristics of an entrepreneurship
1. VISION – Every venture starts with a vision: the desired
direction of the business. Stakeholders, including your
employees and investors, look to you—and your vision—for
guidance, motivation, and decisive leadership, especially
when the going gets tough. While your mission
statement defines your organization’s business objectives
and how it intends to reach them, you can also create
a vision statement to declare your aspirational goals.
Passionfruit founder Liz Bertorelli’s vision was clear
when she started her LGBTQ+ merch brand. “I wanted to
start something that would feel like there were people
backing it: queers designing queer products,” she says.

2. RISK TOLERANCE –
You’ve likely heard the adage, “No risk, no reward.” That
can be true when launching any business venture. The
primary reward of starting a successful business may be
profit or independence, while the inherent risk is
failure—and the personal and financial setbacks this
might entail.
Almost half of businesses fail by their fifth year. This
is due to a number of reasons: cash flow problems, supply
chain issues, high employee turnover, and even unforeseen
events like a global pandemic. Successful entrepreneurs
have some level of risk tolerance including the ability
to make calculated decisions.

3. INNOVATION - Innovation drives entrepreneurship, and bold


new ideas propel successful startups into household
names. With big companies dominating crowded markets, new
founders need to find innovative opportunities to break
in. Make an existing product better, or develop something
totally new.

4. DISCIPLINE - When running a new venture, you sometimes


get tired or run low on self-motivation. Entrepreneurs
need the discipline to move forward and do the work—even
when they don’t feel like it. Being disciplined can be
especially helpful if you’re developing an entirely new
business concept.

- To develop discipline, establish healthy routines like


writing down your goals, creating a schedule, or
exercising regularly. When new challenges arise, be
persistent in moving forward until you reach your goal.
Part of what makes a leader successful is the ability to
see failures as opportunities to learn and grow.

5. SELF RELIANCE - When you’re building a new venture,


you’re often on your own, wearing many hats to maintain
all the moving parts. Having self-reliance means you’re
deft(QUICK) at problem solving to get things done.

- Remember that self reliance can sometimes run out, and a


good entrepreneur knows when it’s time to bring in others
for advice or backup. “I try to do everything on my own,”
says Reid. “But I realize that you need to ask for help
sometimes.”
6. ADAPTABILITY - While being prepared for every scenario is
nearly impossible, the best entrepreneurs adjust to
change with a positive attitude. Adaptability is an
essential personality trait in a world of evolving
business practices and changing consumer trends.
Versatile leaders are comfortable with failure and have
the resilience to overcome challenges quickly.

7. LEADERSHIP - Leadership is the ability to influence and


guide others, whether a small team or a large
company. Good leaders share their vision, develop well-
rounded teams that complement their abilities, and have
confidence in themselves and what they sell—skills that
apply to every type of business.

8. CREATIVITY - Creativity encompasses more than proficiency


in a specific art form. Creative entrepreneurs find
inspiration or use their imaginations to solve problems—
often with limited resources.

You can develop creative skills by discovering what


inspires you, reading and learning some of the
best entrepreneur books, and forming habits that support
creativity.

9. ATTENTION TO DETAIL - Attention to detail is important,


especially if you’re entering a saturated market. How can
your idea solve a problem? What unique details and
features help you stand out from the competition? How do
you anticipate customer needs?

10. CURIOSITY - An entrepreneur’s curiosity allows them


to continuously learn and discover new opportunities.
Rather than settling for the status quo, entrepreneurs
ask challenging questions and explore ways to deliver
solutions to their customers.

11. PASSION - Many successful entrepreneurs start their


own business from a passion. Whether that’s a profitable
hobby, a unique idea, or a drive to make change, passion
drives entrepreneurship. Passion keeps the
entrepreneurial spirit alive through challenge.
12. MOTIVATION - Motivation is critical for new
entrepreneurs, as it drives you forward through the ups
and downs of your business. Understand what motivates
you and tie that into your business goals.

- Motivation is also important for leaders—keeping


your team motivated to bring your dream to life can be
even more challenging. “There has to be a level of
authenticity and transparency from the leader,” says
Michael Perry, founder of Maple. “It’s important to own
that and really solidify trust.”

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