Entrepreneurship in Society

• Entrepreneurship is challenging, with potential obstacles, but many realize their dreams and address societal needs through new businesses annually.
• Entrepreneurship has grown significantly because of the explosion and multiplication of opportunities.

Entrepreneurship in Society

• "Entrepreneur" originates from the French "entreprendre," meaning "to undertake".
• In the Middle Ages, merchants and artisans exchanged goods and services for payment, playing a key economic role and were known as "tradespeople".
• Modern entrepreneurship entails creating, organizing, and operating a business venture for profit, while taking on financial risk.
• Entrepreneurs introduce new goods, services, or concepts to the market to make a profit, taking risks to achieve their goals.
• Entrepreneurs generate ideas to captivate a market's interest, through innovative or re-envisioned offerings.
• Owning a business offers flexibility, independence, and autonomy.
• Successful entrepreneurs possess curiosity, a desire to explore the unknown, and understand that their journey involves risk, hard work, sacrifice, and setbacks.
• Entrepreneurship drives societal development by producing innovative ideas, goods, and jobs.
• Entrepreneurs frequently hire employees, which increases employment and benefits the economy.
• Entrepreneurial businesses drive economic growth through expansion, investment in technology and equipment, and workforce development.
• Entrepreneurs introduce new ideas and products that change lives, such as technologies and efficient business models like the internet.
• Competition among entrepreneurs expands consumer options and may result in better, cheaper goods and services, encouraging existing businesses to improve.
• Entrepreneurs address societal challenges through innovative and sustainable business solutions, rather than relying on government or big business actions.

Types of Entrepreneurship

• Agripreneurship involves the production and selling of agricultural goods and inputs, including crop cultivation and processing.
• Edita Aguinaldo Dacuycuy, a farmer-scientist from the Ilocos Region, established the first organic dragon fruit farm in the Northern Philippines and her business, Refmad-V Enterprise, recognized for Business Excellence.
• Buyer Entrepreneurship involves acquiring established or smaller businesses with substantial capital, possessing an established brand, customer base, and revenue-generating activities.
• Tony Tan Caktiong is known for acquiring successful brands, such as Greenwich, Chowking, Red Ribbon, and Mang Inasal, and owns Jollibee.
• Ecopreneurship involves creating a green business.
• Jamico Yco Jamlang of The Bamboo Company, aims to solve global issues by promoting bamboo production and a eco-friendly lifestyle.
• Imitator Entrepreneurship means creating a business by copying/adapting from existing concepts, products or services in the market.
• Bin Lin, Xiaomi's co-founder, designed their smartphones copying Apple's iPhone which has led them become one of the largest smartphone company's in the world.
• Intrapreneurship involves being an entrepreneur within a company, innovating to improve company products/services.
• Paul Buchheit, Google's 23rd employee in 1999, created Gmail that would become a crucial component of Google's product portfolio.
• Large Business Entrepreneurship involves calculated risks and is about developing new offerings to remain competitive and respond to market changes.
• Ernest Cua owns Globe Telecom which delivers financial services such as mobile banking, credit scoring and online lending.
• Scalable Startup Entrepreneurship involves launching a small enterprise intending to quickly expand and transform into a highly lucrative company.
• Roland Navarro de Ros, Founder and President of Kumu with millions of registered users and active monthly users, focusing on disruptive innovation.
• Small Business Entrepreneurship involves starting a business on a smaller scale instead of opening franchises and expanding significantly.
• Nericel Bonus gained success live selling thrift clothes ("ukay-ukay") during the COVID-19 pandemic and her rags-to-riches story became well-known.
• Social Entrepreneurship innovates and creates solutions for pressing social issues to contribute through approaches to areas, for example poverty.
• Bryan Benitez McClelland of Bambike manufactures handmade bamboo bicycles, intending to alleviate poverty.
• Technopreneurship solves business problems and brings novelty by combining skills and technology.
• Diosdado Banatao developed many innovations for IBM's PC and other computer systems.

Small, Medium, and Micro-sized Enterprises (SMME)

• SMMEs include businesses engaged in industry, agribusiness, and services, under single proprietorship, cooperative, partnership, or corporation.
• Micro enterprises have capital of less than P50,000.
• Cottage enterprises have capital from P50,001 to P500,000.
• Small enterprises have capital from P500,001 to P5,000,000.
• Medium enterprises have capital from P5,000,001 to P20,000,000.

Forms of Business Ownership

• Understanding business ownership and its legal framework is essential.
• Sole Proprietorship is owned and managed by a single person, is easily created and terminated.
• Partnership is made up of two or more partners who co-own a business to make a profit, pooling their resources together.
• Corporation as a business has its own identity separate from the stockholders and has limited liability for stockholders.
• Cooperative is a duly registered group of people with a common interest, for social and economic goals.

Entrepreneurial Competencies and Motivation

• Entrepreneurship is increasingly accessible with dedication and commitment, aided by science, technology, and a supportive environment.
• Successful businesspeople possess essential skills and understand risks and rewards.
• Leadership is about displaying the business's passion, vision, and mission.
• Articulation is about recognizing communication skills in business areas.
• To be sociable is to align organizational approach with the business's unique characteristics.
• Adaptability is about making changes.
• Collaboration is about connecting with managers, investors, partners, and stakeholders.
• Multifaceted is about being adaptable and multi-skilled.
• Resiliency is about embracing failure.
• Proactivity is about addressing issues before they escalate.
• Being innovative is about growing businesses and satisfying customers by developing new ideas.
• Risk-taking is about mitigating risks.
• Creativity is about possessing curiosity.
• Passion is a constant source of motivation.
• Motivation comes in two types: Extrinsic and Intrinsic. However, extrinsic motivation fades away when the reward isn't present.
• Intrinsic motivation happens because people are passionate about the business.
• Achievement motive means having a strong motivation to succeed.
• Power motive means having a desire for control, influence, and the ability to impact others.
• Affiliation motive means pursuing or revitalizing emotional connections with others.