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Entrep Week 1

The document provides an introduction to entrepreneurship. It discusses how entrepreneurs play an important role in developing the economy by providing products, services, and solutions to unemployment. Entrepreneurship encourages economic growth by generating job opportunities, increasing income and savings, and providing tax revenue. The document outlines the relevance of studying entrepreneurship, including understanding common competencies like being decisive, a leader, and risk-taking. It also examines the types of entrepreneurs and career paths in entrepreneurship fields like business consulting, teaching, and sales.

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67 views15 pages

Entrep Week 1

The document provides an introduction to entrepreneurship. It discusses how entrepreneurs play an important role in developing the economy by providing products, services, and solutions to unemployment. Entrepreneurship encourages economic growth by generating job opportunities, increasing income and savings, and providing tax revenue. The document outlines the relevance of studying entrepreneurship, including understanding common competencies like being decisive, a leader, and risk-taking. It also examines the types of entrepreneurs and career paths in entrepreneurship fields like business consulting, teaching, and sales.

Uploaded by

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Introduction to

Entrepreneurship
Prepared by: Shamra Tamayo
• Businesses are the backbone of the economy. Entrepreneurs play an
important role in developing the economy through providing the
needed products and services including the solution to the problem of
unemployment.

• Entrepreneurship is encouraged by the economy because it can provide


a lot of opportunities for the unemployed people. It will increase per
capita income, improve standard of living and increase individual
savings, provide revenue to the government in the form of income tax,
value added tax, export duties, import duties, and balanced regional
development.
The learners should be able to:

a) discuss the relevance of the course;


b) explain the key concepts of common competencies;
c) explain the core competencies in Entrepreneurship; and
d) explore job opportunities for Entrepreneurship as a
career.
ENTREPRENEURSHIP
RELEVANCE OF ENTREPRENEURSHIP TO
AN ORGANIZATION
1. Development of Managerial Capabilities - this means that one of the benefits an entrepreneur
gets is to develop his managerial skills.
2. Creation of Organizations - which means that because of entrepreneurship many
organizations will exist.
3. Improving Standard of Living - this means that entrepreneurship can lift up the economic
status of an individual.
4. Means of Economic Development - this means that not only the life of the entrepreneur is
improved but also the society where the business is located.
“entrepreneur
”
- derived from the French verb
enterprendre, which means “to undertake.”
The enterprise is created
by an entrepreneur and the
process is called
“Entrepreneurship.
”Entrepreneurs are innovators. They are
willing to take the risks and generate unique
ideas that can provide profitable solutions to
the needs of the market and the society.
Factors Affecting Entrepreneurship
1. Personality Factors which include:
a. Initiative - doing things even before being told.
b. Proactive - which means he can classify opportunities and seize it.
c. Problem Solver - which means he can retain good relations with other people.
d. Perseverance - meaning he will pursue things to get done regardless of
challenges.
e. Persuasion - means that he can entice people to buy even if they don’t want to.
f. A Planner - he makes plans before doing things and does not fail to monitor it.
g. Risk-taker - which means that he is willing to gamble but he will calculate it
first.
Factors Affecting Entrepreneurship
2. Environmental Factors which include political,
climate, legal system, economic and social
conditions and market situations.
Common Competencies in Entrepreneurship
1. Decisive - an entrepreneur must be firm in making decisions.
2. Communicator - an entrepreneur must have a convincing power.
3. Leader - an entrepreneur must have the charisma to be obeyed by his
employees.
4. Opportunity seeker - an entrepreneur must have the ability to be the first
to see business chances.
5. Proactive – an entrepreneur can control a situation by making things
happen or by preparing for possible future problems.
6. Risk Taker – an entrepreneur has the courage to pursue business ideas.
7. Innovative - the entrepreneur has big business ideas and he does not stop
improving and thinking of new worthwhile ideas for his business.
Common Competencies in Entrepreneurship
1. Economic and Dynamic Activity - Entrepreneurship is an economic
activity because it involves the creation and operation of an enterprise
with a view to creating value or wealth by ensuring optimum utilization
of limited resources.
2. Innovative – The entrepreneur constantly looks for new ideas, thus he
needs to be creative.
3. Profit Potential - The entrepreneur can be compensated by his profit
coming from the operation.
4. Risk bearing – The entrepreneur needs to gamble but wise enough to
offset the risk.
Types of Entrepreneurs
1. Innovative Entrepreneurs - They are those who always make new things by
thinking of new ideas. They have the ability to think newer, better and more
economical ideas.
2. Imitating Entrepreneurs - They are those who don’t create new things but only
follow the ideas of other entrepreneurs.
3. Fabian Entrepreneurs - They are skeptical about changes to be made in the
organization. They don’t initiate but follow only after they are satisfied.
4. Drone Entrepreneurs - They are those who live on the labor of others. They are
die-hard conservatives even ready to suffer the loss of business.
5. Social Entrepreneurs - They are those who initiate changes and drive social
innovation and transformation in the various fields such as education, health,
human rights, environment and enterprise development.
Career Opportunities of Entrepreneurship
1. Business Consultant - with the expertise of in the field of
entrepreneurship, he can be a very good source of advices to other
entrepreneurs and would be business men.
2. Teacher - a graduate of an entrepreneurship can use his knowledge in
teaching.
3. Researcher - the entrepreneur can be employed as a researcher by an
enterprise.
4. Sales - the entrepreneurship graduate can apply as a salesman.
5. Business Reporter - the entrepreneur being expert in the field, can be
employed as a business reporter.
Interview the Known
Choose three successful entrepreneurs in your community or nearby places and
conduct an interview using the guide questions below. Discuss the result of your
interview to your teacher.

1. What motivated you to become an entrepreneur?

2. What do you think are your characteristics and competencies that made you a
successful entrepreneur?

3. What do you think of being employed? Why you did not choose that path?
Thank you!

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