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• Entrepreneurial activity responds to policies protecting ideas, facilitating capital access, and enabling risk management.
• Entrepreneurship is a key engine for economic growth and is often seen as a symbol of business innovation, determination, perseverance, and achievement.
• A course in entrepreneurship can help senior high school students to think like the entrepreneur, and to think of being an employer rather than an employee.
• Entrepreneurship education focuses on wealth creation, with most jobs being created by small businesses started by entrepreneurially minded individuals.
• Entrepreneurship is a lifelong learning process starting as early as elementary school and progressing through all education levels.
• Schools that provide entrepreneurship education are more accessible, affordable, and accountable in producing successful students.
• Entrepreneurship equips learners with perseverance and an entrepreneurial mindset.
• Entrepreneurship is a key element of the globalized economy and is a foundation for economic growth and innovation across nations.
• Entrepreneurial activities need supportive government policies and importance should be given to innovativeness and risk-taking.
• Small and medium enterprises (SMEs) are concrete manifestations of entrepreneurship.
• In developing countries, SMEs account for over 90% of all jobs, sales, and value added.
• In developed countries, SMEs account for over 50% of these same measures.

Various Definitions of Entrepreneurship

• Knight (1921): Entrepreneurship involves having profits from bearing uncertainty and risk.
• Schumpeter (1934): Entrepreneurship is carrying out new combinations of firm organization, including new products, services, raw materials, production methods, markets, and organizational forms.
• Hoselitz (1952): Entrepreneurship includes uncertainty bearing, coordination of productive resources, introduction of innovations and provision of capital.
• Cole (1959): Entrepreneurship is purposeful activity to initiate and develop a profit-oriented business.
• McClelland (1961): Entrepreneurship means taking moderate risks.
• Shapero (1975): Entrepreneurship includes initiative taking, organizing or reorganizing social economic mechanisms, and acceptance of risk failure.
• Casson (1982): Entrepreneurship is about decisions and judgements about the coordination of scarce resources.
• Robert C. Ronstadt (1984): Entrepreneurship is a dynamic process of creating wealth by individuals assuming major risks in terms of quality, time, or career commitment.
• Drucker (1985): Entrepreneurship is behavior rather than a personality trait, founded on concept and theory rather than intuition.
• Gartner (1985): Entrepreneurship is the creation of new organizations.
• Hisrish & Brush (1985): Entrepreneurship is creating something new with value, assuming risks, and receiving monetary and personal rewards.
• Stevenson & Grousebeck (1989): Entrepreneurship is pursuing opportunity without regard to resources currently controlled.
• Hart, Stevenson, and Dial (1995): Entrepreneurship is pursuing opportunity without regard to resources currently controlled, but constrained by the founders' previous choices and industry-related experience.
• Shane (2003): Entrepreneurship is discovering, evaluating, and exploiting opportunities to introduce new goods, services, markets, processes, and raw materials.
• David F. Kuratko (2009): Entrepreneurship is the ability to create and build an enterprise from practically nothing, fundamentally a creative act.
• Dyck and Neubert (2012): Entrepreneurship is conceiving an opportunity to offer new or improved goods/services and mobilizing resources to convert the opportunity into reality.
• Marc J. Dollinger: Entrepreneurship is creating an innovative economic organization for gain or growth under conditions of risk and uncertainty.
• Jeffrey A. Timmons: Entrepreneurship is a human creative act that builds something of value regardless of resources or lack of it.
• Entrepreneurship consists of creativity, wealth, and risk.
• Entrepreneurship is creation of new value to produce wealth under conditions of risk.
• Globally, the level of entrepreneurial activity has contributed significantly to the national level of economic growth.
• Joseph Schumpeter, an Austrian economist, first articulated the importance of entrepreneurship to the economy and in the society in 1034

Contributions of entrepreneurship to the economy and society:

• Creates employment
• Develops new markets
• Introduces innovation
• Generates new sources of materials
• Stimulates investment interest in new business ventures
• Improves people's quality of life
• Serves as role models for leadership
• Brings social benefits
• Utilizes and mobilizes indigenous resources
• Provides more consumer options.

The Four Basic Types of Innovation by Donald F. Kuratko

• Invention includes a totally new product, service, material or process, such as the Wright Brothers' airplane.
• Extension includes a new use for an existing product, with baking soda as an example.
• Duplication is creatively applying an existing concept, transforming self-service from McDonald’s to supermarkets.
• Synthesis is a Combination of existing concepts/factors into a new formulation, such as computers

Differences between Entrepreneur and Manager summarized in Entrepreneurial Grid by Kuratko:

• A Line Worker has low management skills and low entrepreneurial competencies
• A Manager has high managerial skills and low entrepreneurial competencies
• An Artist has high entrepreneurial competencies but low managerial skills
• An Entrepreneur has high entrepreneurial competencies and high managerial skills

Characteristics Attributed to the Entrepreneur

• Confidence
• Perseverance
• Energy
• Ability to make decisions quickly
• Foresight
• Sense of responsibility
• Accuracy
• Resourcefulness
• Ability to take calculated risks
• Dynamism, leadership
• Optimism
• Need to achieve
• Versatility
• Creativity
• Ability to influence others
• Initiative
• Flexibility
• Intelligence
• Orientation to clear goals
• Positive response to challenge
• Independence
• Responsiveness to suggestion
• Competence, Efficiency
• Honesty
• Cooperative
• Profit-orientation
• Ability to learn from mistakes
• Sense of power
• Pleasant personality
• Egotism
• Courage
• Imagination
• Perceptiveness
• Tolerance for ambiguity
• Aggressiveness
• Capacity
• Efficacy
• Commitment
• Ability to trust workers
• Integrity

Categories of personal entrepreneurial characteristics

• Achievement Cluster - the ability to identify opportunities for going into business
• Persistence, the ability to stay on course, to be firm and continue despite opposition or difficulty
• Risk Taking - the entrepreneur has this ability to minimize these risks so that there is a better chance for success
• Commitment to the Work Contract - accepting full responsibility
• Demand for Efficiency and Quality - meeting existing standards
• Planning Cluster - systematic planning and monitoring activities and evaluate alternative solutions
• Goal Setting - entrepreneurs goals are SMART (specific, measurable, attainable, realistic and time bound).
• Information Seeking - the entrepreneur to gain information on markets
• Power Cluster - Entrepreneurs use deliberate strategies to influence people.
• Persuasion and Networking - maintain business contact at a high level
• Self Confidence - belief in oneself and one's abilities to accomplish things

Ways of thinking

• Entrepreneurship is a creative, not a scientific process.
• Entrepreneurship is also a mindset or way of thinking that is opportunity focused, innovative and growth-oriented
• Entrepreneurs are more intuitive than non-entrepreneurs.

Many Sources of Opportunities

• Talent, Hobbies, Interests, Skills and Exposure
• Consumer Preferences, Piques and Complaints - a potential market who desire a better product
• New Knowledge - inventions, new systems, new work processes, new technology are also sources of opportunities
• Opportunities from the Unexpected - Changes that are happening whether political, economic, or social,.
• Opportunities from the Future- imaging the way people live, behave
• Adding Value to an Existing Product -Putting a product through an additional process which maximizes its value.

Entrepreneurial Competencies

• Generate business ideas based on an environmental scan.
• Need to find the most promising opportunity (MPO).
• Initial evaluation of the list of business options, a brief situational analysis of each business opportunity must be undertaken.

SWOT Analysis

• A situational analysis calls for determining Strength, Weakness, Opportunities and Treats of each business opportunity.

Criteria for the potential entrepreneur

• Capital Requirement, Resources Required
• Resonance to Values
• Responsiveness to Consumer Needs and Wants
• Relative Ease of Implementation, best oppurtunities are the easy ones.
• Returns, profit measures the success of the business.

Categories discussed by Kathleen R. Allen

• The home-based business or entrepreneur - home based business can use resources/facilities at home largely reducing rental and other operating expenses
• The traditional business/entrepreneur - Traditional entrepreneurs start businesses solo and who have grown their initially small business into a large enterprise.
• The internet business/entrepreneur - Entrepreneurs who transact all their business with customers, suppliers, partners and others, in the internet.
• The serial business entrepreneur- enjoy the startup phases of the business
• The non-profit business/entrepreneur- social responsible businesses typically focus on educational, religious or charitable goals

Entrepreneurship Career Opportunities for the Academic Track

• Business consultant
• Sales
• Research and development
• Not-for-profit fundraiser
• Teacher
• Talent recruiter
• Business Reporter
• New Venture Creation
• Careers in Existing Entrepreneurial Ventures

Areas for graduate studies in entrepreneurship:

• Innovation Direction
• Innovation Architecture
• R&D (research & development)
• Business Development
• Innovation Management Consulting / Policy Advice
• Financial Analysis (Evaluation of Business Propositions)
• Management in innovation centers, technology centers, creativity centers, clean-tech and sustainable energy
• Marketing & Sales

Fine Arts Careers

• Artist
• Graphic Designer
• Photographer
• Illustration
• Film Director
• Art Gallery Manager
• Curator
• Arts Administrator
• Secondary School Teacher

Fashion Designing Careers

• Designer Wear Production
• Fashion Marketing, Planning, and Concept Management
• Fashion Media Design Production Management
• Fashion Accessory Design, Quality Control, and Promotion of Brands
• Costume Designer
• Fashion Consultant and Personal Stylist
• Technical Designer and Graphic Designer
• Production Pattern Maker
• Fashion Coordinator

Careers for Sports Track students using entrepreneurial competencies:

• Health Club Manager
• Strength, Wellness Conditioning Coach
• Fitness Program/Event Planning Manager
• Professional/Amateur Team Manager
• Sports Facility Manager
• Corporate Fitness Director
• Rehabilitation Center Director
• Nutrition Center Manager

Technical-Vocational courses

• Cook/Chef

• Automotive Mechanic

• Electrician

• Technical Support Specialist

• Data Analyst

• Surveyor

• Network Support Associate

• Mechanical Technologist

• MSME's: Micro, Small, and Medium Entreprises

Important factors to consider before entering an enterprise/business:

• Focus and Direction
• Sources of Capital
• Good Network
• Legal Requirements
• Degree of Risk
• Research and Development
• Personal Competencies
• Availability of Resources

Forms of Business Ownership:

• Single Proprietorship is owned and managed by one person and registered with the DTI.
• Partnerships involve two or more co-owners who contribute money, property, or service and register with the SEC.
• A Corporation is an artificial being created by law with succession rights and is registered with the SEC.
• A Cooperative is an association with a common interest, contributing to capital and sharing risks, registered with the CDA.