Entrepreneurship: Nature and Concept PDF

ENTREPRENEURSHIP N AT U R E A N D C O N C E P T  TAKE THE CHALLENGE: Challenge yourself to attain the following learning outcomes: 1. Define what Entrepreneurship is 2. Explain each features of Entrepreneurship  DYADIC SHARING Look for a partner (preferably the students b...

ENTREPRENEURSHIP N AT U R E A N D C O N C E P T  TAKE THE CHALLENGE: Challenge yourself to attain the following learning outcomes: 1. Define what Entrepreneurship is 2. Explain each features of Entrepreneurship  DYADIC SHARING Look for a partner (preferably the students beside them) and discuss the meaning of the following: o What is entrepreneurship? o Who are the entrepreneurs?  ENTREPRENEURSHIP A particular field of practice or process of starting and running a business to make a profit.  ENTREPRENEUR The word entrepreneur originates from the French word “entreprendre” which means “to undertake”. In other words, the Entrepreneur creates the business. He organizes, operates, and assumes its risks. SALIENT FEATURES OF ENTREPRENEURSHIP Providing values to customer Wealth- Opening and creating managing self- venture owned business ENTREPRENEURS HIP Risk-taking Art of correct venture practices  1. ENTREPRENEURSHIP IS AN ART OF CORRECT PRACTICES ❖As an art creativity and innovation. Continuous change, growth, improvement and expansion Evolves and responds to the changing needs of the people ❖Correct practices 2. ENTREPRENEURSHIP IS A WEALTH- CREATING VENTURE wealth creation rather than profit generation  2. ENTREPRENEURSHIP IS A WEALTH- CREATING VENTURE when the benefits derived by the owner in providing goods and services to the customers are abundant enough to cover the costs incurred by the business which in turn improves his/her life and cascade to the development of the local economy and eventually the whole country. 3. ENTREPRENEURSHIP PROVIDES VALUABLE GOODS AND SERVICES Entrepreneurship creates economic wealth by providing goods and services that are of value. “not to sell waste to consumers but only valuable goods and services” 4. ENTREPRENEURSHIP ENTAILS OPENING AND MANAGING THE SELF-OWNED ENTERPRISE two important elements: concept of opening a self-owned enterprise and the concept of managing it. 5. ENTREPRENEURSHIP IS A RISK- TAKING VENTURE “Risk is inherent in an entrepreneurial venture.”