Entrepreneurship: Role and Significance

• Entrepreneurship can be a difficult path with unexpected challenges.
• Understanding product creation and acquiring raw materials were major obstacles in the past.
• Despite challenges, entrepreneurship allows people to achieve dreams and meet societal needs.
• Entrepreneurship has grown significantly, with opportunities expanding.

The Role and Significance of Entrepreneurship in the Society

• Entrepreneurship originates from the French word "entreprendre," meaning "to undertake."
• During the Middle Ages, traveling merchants and artisans exchanged goods and services for payment.
• These merchants and artisans, known as "tradespeople," specialized in specific trades or crafts and were essential to the economy.
• Modern entrepreneurship involves creating, organizing, and operating a business venture for profit, while taking on financial risk.
• Entrepreneurs take risks, introduce new goods, services, or concepts to the market for profit.
• Entrepreneurs need curiosity, new knowledge, and the desire to explore the unknown, and understand the journey involves risk, hard work, sacrifices, and setbacks.
• Entrepreneurship drives development and improvement in society.
• Entrepreneurs produce innovative ideas, goods, and jobs, playing essential roles in society.
• One essential role of entrepreneurship is employment creation.
• Entrepreneurs often hire employees, increasing employment and decreasing unemployment.
• Economic development is another result of entrepreneurial businesses' growth, investment in technology, and workforce strengthening.
• These factors contribute to a country's prosperity.
• Technological advancement comes from entrepreneurs creating new ideas and products.
• Market dynamics increase consumer options, leading to better, cheaper goods and services.
• Socio-cultural changes are addressed by entrepreneurs using new business solutions to tackle issues instead of relying on government or big businesses.

Types of Entrepreneurship

• Agripreneurship involves producing and selling agricultural goods and inputs.
• Profitable agribusiness ideas include crop cultivation, aquaculture, animal health, agro-bio products, biotechnical service, energy-saving, and agro-production.
• Edita Aguinaldo Dacuycuy, a multi-awarded farmer-scientist from the Ilocos Region, established the first organic dragon fruit farm in the Northern Philippines.
• Her business, Refmad-V Enterprise, has received awards for Business Excellence.
• Buyer Entrepreneurship involves business individuals with capital acquiring established companies or merging with smaller businesses.
• These companies have a brand, customer base, and revenue-generating activities.
• Tony Tan Caktiong is known for acquiring the Greenwich pizza chain, Chowking, Red Ribbon, and Mang Inasal.
• He owns the fast-food chain, Jollibee.
• Ecopreneurship involves creating a "green" business to save the Earth while making a profit.
• Jamico Yco Jamlang, a Chemical Engineer, is the founding director of The Bamboo Company, which aims to solve global issues.
• The business promotes bamboo production while embracing an eco-friendly lifestyle.
• Imitator Entrepreneurship creates a business by copying or adapting an existing concept or product.
• Bin Lin is the co-founder and vice president of Xiaomi, a Chinese smartphone company.
• Intrapreneurship involves being an entrepreneur within a company, innovating and developing new ideas.
• Paul Buchheit, Google's 23rd employee, developed a web-based email with a search engine, which became Gmail.
• Large Business Entrepreneurship involves taking risks to develop new offerings, remaining competitive and meeting customer needs.
• Ernest Cua owns Globe Telecom, which uses its brand, customer accounts, and network to deliver financial services by partnering with Mynt and Ant Financial.
• Scalable Startup Entrepreneurship involves launching a small enterprise to expand into a highly lucrative company.
• Roland Navarro de Ros is the Founder and President of Kumu.
• Kumu is social entertainment app in the Philippines with millions of users and daily live streams.
• Small Business Entrepreneurship involves starting a business on a smaller scale, often with minimal employees.
• Nericel Bonus, a micropreneur, found success selling thrift clothes online during the COVID-19 pandemic.
• Social Entrepreneurship focuses on creating solutions to social issues, such as poverty, education, and healthcare.
• Bryan Benitez McClelland manufactures handmade bamboo bicycles with Bambike and aims to alleviate poverty while promoting sustainability.
• Technopreneurship solves complex business problems by combining entrepreneurial skills and technology.
• Diosdado Banatao developed the first 10-Mbit Ethernet CMOS with silicone coupler and the first system logic chipset for IBM's PC.

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

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

Forms of Business Ownership

• Determining the ownership structure is an obstacle for entrepreneurs.
• Understanding business ownership, rights, and responsibilities impacts decisions.
• Sole Proprietorship is initiated, organized, owned, and managed by a single person and has easy creation, ownership of rewards, flexibility, and minimum regulation.
• Sole Proprietorship disadvantages: unlimited personal liability, limitations in capital, and limited skills.
• Partnership is owned by two or more partners and has pooling of resources, ability to obtain capital, and limited regulation.
• Corporations have limited liability for stockholders, are protected by law, and can obtain capital easier.
• Disadvantages can include costly legal formalities.
• A Cooperative is a registered group of persons joining to achieve a lawful end, with open membership, democratic control, education, direct benefits, and tax privileges.

Entrepreneurial Competencies and Motivation

• Entrepreneurship is becoming accessible and feasible.
• Approaching the role with confidence, dedication, and commitment with advancements in science and technology.
• Essential entrepreneurial skills encompass understanding risks, rewards and devising a comprehensive strategy.
• Core competencies for entrepreneurs include leadership, communication, adaptability, collaboration, and resilience.
• Articulate entrepreneurs facilitate communication effectively.
• Sociable entrepreneurs align the organizational approach with employees.
• Adaptable entrepreneurs are decisive, passionate, and willing to change.
• Collaborative entrepreneurs connect with stakeholders equally.
• Multifaceted entrepreneurs manage all aspects of the business.
• Resilient entrepreneurs embrace failure and constantly seek motivation.
• Proactive entrepreneurs take initiative to address problems.
• Innovative entrepreneurs develop new market offerings.
• Risk-takers are aware of potential risks and mitigate them.
• Creative entrepreneurs explore novel concepts.
• Passionate entrepreneurs are constantly motivated to achieve targets.
• Motivation theory suggests behavior is driven by a purpose.
• Entrepreneurial motivation is the drive to continue engaging in entrepreneurial activities.
• Extrinsic motivation involves rewards to complete a task, which fades when the reward is absent.
• Intrinsic motivation is driven by passion for the business.
• Categories of intrinsic motivation include achievement, power, and affiliation.
• Power motive gives desire for control and influence, and the ability to impact others and change circumstances.
• Achievement gives strong motivation to succeed and conquer difficulties.
• The affiliation motive involves pursuing, upholding, or revitalizing an emotional connection with others.