BM2313 Entrepreneurship Overview

Study Notes

Entrepreneurs actively seek opportunities, embracing risks for potential rewards.
An entrepreneurial mindset fosters creativity across diverse fields, impacting both profit-oriented and non-profit initiatives.
Entrepreneurship embodies a drive to innovate and improve, influencing business and societal dynamics globally.

Entrepreneurs symbolize resilience and success within the business landscape, shaping the standard of free enterprise.
They contribute significantly to the economy through three main avenues:
- New business creation stimulates related industries and economic growth. Example: The rise of call centers in the Philippines enhanced the BPO sector, boosting the economy.
- National development is fueled by wealth generation, enabling access to new markets and creating jobs. Example: Increased employment in the Philippines leads to enhanced national income through taxes.
- Entrepreneurs foster social change by introducing innovative products and services that improve quality of life. Example: Low-cost water pumps in scarce regions allow individuals to focus on work, driving economic growth.

Starting a business from scratch provides autonomy and flexibility, allowing entrepreneurs to implement their vision without external constraints.
Family businesses focus on long-term growth and competitiveness, aiming to pass down robust enterprises through generations.
Partnerships enable resource sharing, risk spreading, and access to diverse expertise, broadening a business's potential and creativity.
Purchasing existing businesses often entails less risk and quicker access to profit due to established customer bases and operational procedures.
Franchising offers structured support from franchisors, helping entrepreneurs navigate established business models.

A shift in perspective is necessary to integrate sustainability within organizations, prioritizing the environment over traditional economic views.
The Modern Age system places the environment as the primary concern, emphasizing that the economy operates within it.
A healthy economy relies on a vibrant social order, and many organizations recognize the importance of this perspective.

Coined by John Elkington in 1994, TBL encourages companies to measure performance through three interconnected areas: profit, people, and planet.
Profit reflects economic value and benefits the surrounding community, assessing the business's impact on local society.
People account measures the social responsibility of companies, considering fair practices, ethical treatment, and community engagement.
Planet encompasses environmental stewardship, advocating for sustainable practices to minimize ecological footprints and promote responsible resource use.
TBL serves as a practical sustainability framework, encouraging businesses to account for their financial, social, and environmental performance over time.