Entrepreneurship and Business Structures

Study Notes

Businesses can be for-profit or not-for-profit.
For-profit businesses aim to generate profit.
Not-for-profit businesses operate for a specific cause without aiming for profit.

Business activities often involve the sale and purchase of goods and services.
Businesses can operate in physical locations, online, or in other settings.
Anyone earning income from business activities must report it to the Bureau of Internal Revenue (BIR).

Entrepreneurship involves identifying a business opportunity, developing a business plan, and launching a new venture.

Entrepreneurs are typically self-aware, positive, and adaptable.
Entrepreneurs should focus on developing business knowledge, financial skills, and career exploration.
Community awareness is a key aspect of entrepreneurship.

Expertise: Knowledge and skill in a particular area.
Creative Thinking Skills: Combining existing ideas in new ways to find solutions.
Motivation: Inner drive to do something, passion and interest.

Optimal Utilization of Employee Potential: Encouraging employees to use their creative abilities.
Competitive Advantage: Generating innovative ways to do business to stand out from competitors.
Product Development: Developing new or improved products and services.
Changing the Status Quo: Challenging traditional approaches and seeking new solutions.
Developing New Niches: Identifying untapped markets and opportunities.

Lack of Motivation: A lack of interest or drive in the business or industry.
Lack of Commitment: Insufficient commitment to following through on creative ideas.
Lack of Sufficient Funds: Financial limitations that prevent exploration and implementation of new ideas.
Tendency of Permanency in Person: A fear of change and an aversion to taking risks.
Fear of Being Laughed At: Discouragement from others' negative reactions to creative ideas.
Lack of Knowledge: Insufficient understanding of business concepts, market trends, and production processes.
Irrational and Partial Decisions: Making decisions based on personal biases rather than objective analysis.

Modern Entrepreneur: Adapts businesses to the changing market needs.
Women Entrepreneurs: Increased presence in various fields due to progressive laws and incentives.
Nascent Entrepreneur: In the process of starting a new business.
Habitual Entrepreneur: Has prior experience owning and operating a business.
Lifestyle Entrepreneur: Creates a business that fits their personal circumstances and lifestyle.
Copreneurs: Married couples who own and operate a business together.
IT Entrepreneurs: Focus on creating businesses in the information technology sector.
Social Entrepreneur: Addresses social issues and aims to create positive change.