Introduction to Entrepreneurship PDF

Introduction to Entrepreneurship  Learning Objectives At the end of the lesson, your are expected to 1. discuss the relevance of entrepreneurship 2. explain the key concepts of common competencies 3. explain the core competencies in entrepreneurship 4. explore job opportunities f...

Introduction to Entrepreneurship  Learning Objectives At the end of the lesson, your are expected to 1. discuss the relevance of entrepreneurship 2. explain the key concepts of common competencies 3. explain the core competencies in entrepreneurship 4. explore job opportunities for entrepreneurship as a career What are the relevance of entrepreneurship to an organization? 1 Entrepreneurship develops managerial capabilities. Five Functions FACT 10 1 2 3 4 5 6 7 8 9 of Management 1. Planning 2. 3. 4. Organizing Commanding Coordinating FACT or BLUFF 5. Controlling 2 Entrepreneurship creates organization. FACT 10 1 2 3 4 5 6 7 8 9 FACT or BLUFF 3 Entrepreneurship improves standard of living. Entrepreneurship FACT 10 1 2 3 4 5 6 7 8 9 helps in making a wide variety of goods and services available FACT or BLUFF to the society which results into higher standard of living for the people. 4 Entrepreneurship is a means of economic development. FACT 10 1 2 3 4 5 6 7 8 9 FACT or BLUFF  What is Entrepreneurs hip? It is a process of actions of an entrepreneur who is always in search of something new to exploit new ideas into gainful opportunities by accepting the risk and uncertainty of the enterprise.  Entrepreneurs are innovator, willing to take risks and generate new ideas to create unique and potentially profitable solutions to modern-day problems.  Entrepreneur from the French word “entrepredre” which means “to undertake It connotes a business paradigm which signifies the start of a new business undertaking. A person who organizes, operates and assumes the risk of business ventures A person who strongly advocates and correctly practices the concepts and principles of entrepreneurship in operating and managing the self 1 Activity 13 Entrepreneurial Self-Assessment Survey 1 2 3 4 5 Strongly Disagree Somewhat Agree Strongly Agree 14 Entrepreneurial Self-Assessment Survey 1 2 3 4 5 Strongly Disagree Somewhat Agree Strongly Agree 15 Entrepreneurial Self-Assessment Survey 1 2 3 4 5 Strongly Disagree Somewhat Agree Strongly Agree 16 Entrepreneurial Self-Assessment Survey 1 2 3 4 5 Strongly Disagree Somewhat Agree Strongly Agree 17 Entrepreneurial Self-Assessment Survey Add up your score and check on the interpretation below. Quiz developed by the Women’s Initiative for Self- 18 Importance of Entrepreneurshi p Case Study: Jenny’s Hair Salon Group activity: Read the story on the next slide and answer this question: How does Jenny’s Salon contribute to Entrepreneurship? 20 Share your answer in the Activity Case Study: Jenny’s Hair Salon Jenny, upon seeing a promising, and brilliant business opportunity in the community, opened the beauty shop. She went to the DTI, the City Government of Naga City, and the BIR to process, pay and comply to all documentary requirements and fees in opening a business. The total taxes and licenses paid 21  Activity Case Study: Jenny’s Hair Salon Upon the receipt of the business permit, Jenny immediately bought all the needed equipment and materials for the shop amounting to Ᵽ 60,000.00 and rented a business space at Ᵽ 10,000.00 per month. She hired and employed 5 beauticians and provided them salary above the minimum salary and all statutory benefits with the total annual compensation and benefits for a year amounting to Ᵽ 540,000.00 22Jenny at the end of the year paid the BIR with the  Activity Case Study: Jenny’s Hair Salon Jenny, upon seeing a promising, and brilliant business opportunity in the community, opened the beauty shop. She went to the DTI, the City Government of Naga City, and the BIR to process, pay and comply to all documentary requirements and fees in opening a business. The total taxes and licenses paid by Jenny in opening the business amounted to Ᵽ 5,000.00. Upon the receipt of the business permit, Jenny immediately bought all the needed equipment and materials for the shop amounting to Ᵽ 60,000.00 and rented a business space at Ᵽ 10,000.00 per month. She hired and employed 5 beauticians and provided them salary above the minimum salary and all statutory benefits with the total annual compensation and benefits for a year amounting to Ᵽ 540,000.00. 23 Jenny at the end of the year paid the BIR with the total amount Importance of Entrepreneurship? To the Filipino People: - Provides guidelines in their wealth – creating ventures - Help improve their financial and social life. - Helps broaden their creativity - Helps make their lives happy, fruitful and successful. 24 Importance of Entrepreneurship? To the Local Community - Provides employment in the community - Creates new demand in the market - Makes substantial contribution to the raising and collection of taxes - Facilitates the movement of the factors of production - Creates new business opportunities - Promotes peace and loving community - Increases constructive competition 25 Importance of Entrepreneurship? To the Philippine Economy - Encourages competitiveness and challenge them to keep improving their product and services. - Help hasten the economic recovery of the Philippines during financial breakdown. - Facilitate smooth flow of money in the local market - Assist the national government to have favorable economic ratings in the world market. 26  Core Competencies in Entrepreneurship Economic and dynamic activity - it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of scarce resources. Innovation - involves continuous search for new ideas  Core Competencies in Entrepreneurship Profit potential - is the level of return or compensation to the entrepreneur Risk bearing - the willingness to assume risk arising from the creation and implementation of new ideas. Factors Affecting Entrepreneurship a. Initiative b. Proactive f. Self- c. Perseverance confidence 1. Personality d. Problem- g. Self-critical Factors solver h. A planner e. Persuasion i. Risk-taker a.Political climate b.Legal system 2. Environmental c.Economic and social Factors conditions d.Market situations Innovators Dronewho Individuals Have the ability are satisfied with to think newer, better, and more Types of the existing mode and speed economical of business ideas of business Entreprene activity and show no organization and management urs inclination in gaining market leadership. Imitators Fabian Social Drive social innovation and People who transformation in follow the path Skeptical about various field shown by the changes to including innovative be made in the education, health, entrepreneurs organization human rights, enterprise development…  Career Opportunities for Entrepreneurship Graduates Business Manager - Typically plans, directs, and oversees operations and employees. Corporate Recruiter - helps corporate firms locate, research, interview, and hire employees. Human Resource Manager - Supervises aspects of employees relations and may evaluate and formulate policies relating to company personnel.  Career Opportunities for Entrepreneurship Graduates Management Analyst - Analyzes and evaluate operating procedures and then make recommendations based on their findings. Marketing Research Analyst - Collects and analyzes information to determine the demand for a potential product or services. Sales -represents a company, manages accounts and  Career Opportunities for Entrepreneurship Graduates Teacher -can teach the core subjects in Senior High School and teach students the entrepreneurial skills. Business Reporter