Role and Significance of Entrepreneurship

• Entrepreneurship is difficult, with "surprising turns, obstacles, and dead ends"
• In the past, starting a business was difficult because of "limited understanding of product creation or inability to purchase raw materials"
• As of 2023, there are millions of entrepreneurs worldwide because the number of opportunities has "exploded and multiplied"

Role and Significance of Entrepreneurship

• "Entrepreneur" originates from the French "entreprendre," meaning "to undertake"
• In the Middle Ages, traveling merchants provided goods/services for payment, known as "tradespeople" in specific crafts
• Modern entrepreneurship involves creating, organizing, and operating ventures for profit while taking financial risks
• Entrepreneurs take risks/challenges to introduce new goods, services, or concepts for profit
• Successful entrepreneurs need curiosity and a desire to explore

Importance of Entrepreneurship

• Entrepreneurship drives societal development and improvement
• Entrepreneurs shape the future through innovative ideas, goods, and job creation

Essential Roles

• Employment Creation: Entrepreneurs hire employees, increasing employment rate
• Economic Development: Entrepreneurial businesses drive economic growth through operations, investing to strengthen the workforce
• Technological Advancement: Entrepreneurs introduce innovations, like the tech industry and the Internet, that change lives and create jobs
• Market Dynamics: Competition expands consumer options, leading to better and cheaper goods/services
• Socio-Cultural Changes: Entrepreneurship solves societal challenges by creating innovative, effective, and sustainable solutions

Types of Entrepreneurship

• Different types exist with unique characteristics and goals

Agripreneurship

• Focuses on producing and selling agricultural goods/inputs
• Profitable agribusiness ideas include production, processing, aquaculture, and agro-bio products
• Edita Aguinaldo Dacuycuy is a farmer-scientist, she established an organic dragon fruit farm

Buyer Entrepreneurship

• Involves acquiring established or merging with smaller businesses by business individuals with substantial capital
• Businesses acquired have established brands, customer bases, and revenue
• Tony Tan Caktiong has expertise in acquiring successful brands

Ecopreneurship

• Involves "green" businesses to save Earth while making a profit
• Jamico Yco Jamlang is the founding director of The Bamboo Company, a social enterprise addressing global issues

Imitator Entrepreneurship

• Creates a business by copying or adapting existing concepts
• Bin Lin is the co-founder/VP of Xiaomi, a smartphone company that copied Apple's iPhone design and used Google's Android system

Intrapreneurship

• The act of being an entrepreneur within a company, innovating to improve products and services
• Paul Buchheit, Google's 23rd employee, developed Gmail, which became crucial

Large Business Entrepreneurship

• Involves taking calculated risks to develop new market offerings
• Ernest Cua owns Globe Telecom which delivers financial services like mobile banking and online lending

Scalable Startup Entrepreneurship

• Focuses on quick expansion and disruptive innovation
• Roland Navarro de Ros is the Founder/President of Kumu, a social entertainment app

Small Business Entrepreneurship

• Involves starting a business on a smaller scale
• Nericel Bonus is a micropreneur who found success in live selling thrift clothes called "ukay-ukay"

Social Entrepreneurship

• Focuses on innovative solutions to social issues
• Bryan Benitez McClelland is an Environmental Consultant and President of Bambike, which manufactures bamboo bicycles

Technopreneurship

• Solves complex business problems with technology
• Diosdado Banatao developed the first 10-Mbit Ethernet CMOS

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

• Any business activity engaged in industry, agribusiness, and services

Capitalization

• Micro: Less than P50,000
• Cottage: P50,001 to P500,000
• Small: P500,001 to P5,000,000
• Medium: P5,000,001 to P20,000,000

Forms of Business Ownership

• Determining the ownership structure is essential for entrepreneurs
• Understanding business ownership, rights, and responsibilities is crucial

Ownership Types

• Sole Proprietorship: Easily created, owned by one person but has unlimited personal liability
• Partnership: Pooling resources and abilities, but has unlimited liability
• Corporation: Limited liability for stockholders, but costly and has separate taxation
• Cooperative: Open membership, but has limited interest in shares

Entrepreneurial Competencies and Motivation

• Entrepreneurship is accessible with confidence, dedication, and commitment
• Successful businesspeople require essential entrepreneurial skills, needing to understand the correlation between risks and rewards

Core Competencies

• Leadership: Display passion, vision, and mission
• Articulate: Facilitate communication
• Sociable: Align approach with employee traits
• Adaptable: Be decisive and willing to change
• Collaborative: Connect with stakeholders
• Multifaceted: Manage all aspects, including sales and marketing
• Resilient: Embrace failure and seek motivation
• Proactive: Address problems early
• Innovative: Develop new offerings
• Risk-taker: Aware of potential risks
• Creative: Explore novel concepts
• Passion: Source of motivation

Motivation Theory

• Behavior is driven by purpose, entrepreneurial motivation drives engagement

Types of Motivation

• Extrinsic: Rewards-based, such as money, gifts, or treats
• Intrinsic: Passion-driven, involving achievement, power, and affiliation motives