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INTRODUCTION TO ENTREPRENEURS HIP Have you ever dreamed of becoming the next multi- millionaire? If you’re thinking that winning the lottery is the only way to become one, well, think again. It is not chance that gives you millions, instead being a millionaire is a result of hard work...
INTRODUCTION TO ENTREPRENEURS HIP Have you ever dreamed of becoming the next multi- millionaire? If you’re thinking that winning the lottery is the only way to become one, well, think again. It is not chance that gives you millions, instead being a millionaire is a result of hard work and determination. Starting your own business is a good beginning towards fulfilling your dreams. Entrepreneurship is the way! You may often hear the word entrepreneur and entrepreneurship. But what do these terms mean? You may refer to an entrepreneur as the person managing the business and entrepreneurship as the business venture. Some may say there is no difference. Businesses are the backbone of the economy. Entrepreneurs play an important role in developing the economy through providing the needed products and services including the solution to the problem of unemployment. Entrepreneurship is encouraged by the economy because it can provide a lot of opportunities for the unemployed people. It will increase per capita income, improve standard of living and increase individual savings, provide revenue to the government in the form of income OBJECTIVES At the end of the lesson you are expected to: Discuss the relevance of the course: Explain the key concepts of common competencies 4 OBJECTIVES At the end of the lesson you are expected to: Discuss the relevance of the course: Explain the key concepts of common competencies 5 Learning Objectives: Know the meaning of entrepreneurship Discuss the relevance of Entrepreneurship to an organization Describe the societal and economic benefits of Entrepreneurship Explain the key concepts of common and core competencies in entrepreneurship. Discuss the relevance of Entrepreneurship to SHS curriculum What is Entrepreneurship? Entrepreneurship is “a process of creating incremental wealth through the efforts of individuals who find new and useful ways to employ resources that lead to the creation of new products, What is Entrepreneurship? Entrepreneurship is the process of discovering new ways of combining resources.”(Russell S. Sobel, 2002) Concept of Entrepreneurship The word “entrepreneur” was Entrepreneurs are innovators. derived from the French verb They are willing to take risks entreprendre, which means “ to undertake”. This is pinpointing and generate unique ideas to those who “ undertake” the risk that can provide profitable of enterprise. The enterprise is solutions to the needs of the created by an entrepreneur and market and the society. the process is called “Entrepreneurship.” 9 Who is an Entrepreneur? An Entrepreneur is “someone who starts a new business, recognizes opportunities, organizes resources to take advantage of the opportunity, creates something new that will provide value to customers, and willingly accepts the financial risks associated with the new business venture” Relevance of Entrepreneurship to an Organization Development of Managerial Capabilities- this means that one of the benefits an entrepreneur gets is to develop his managerial skills. Creation of Organizations- which means that because of entrepreneurship many organizations will exist. Relevance of Entrepreneurship to an Organization Improving Standard of Living- this means that entrepreneurship can lift up the economic status of an individual. Means of Economic Development- this means that not only the life of the entrepreneur is improved but also the society where the business is located. The societal and economic benefits of entrepreneurship. Entrepreneurship helps the economy grow The trade between consumers and entrepreneurs involves money in exchange for products or services. Money changes hands between consumers and entrepreneurs. This is how money circulates in the economy. As more products or services are demanded, the more are then supplied; and consequently, the more exchanges are done between consumers and entrepreneurs. This is how the economy grows. This beneficial effect on the economy is the reason entrepreneurs are sometimes called “the backbone of the economy” Entrepreneurship encourages technological growth As previously discussed, consumers demand products and services and are willing to pay money in exchange. Entrepreneurs are able to see things in different ways, paving the way to innovation. An entrepreneur’s innovation thus promotes a society’s technological growth. Entrepreneurship aids human development Entrepreneurship not only enriches a country in economic and technological means; it also aids in human development through employment generation. Human development focuses on the “ richness of human lives rather than simple the richness of economies”, (UNDP, 2015) Entrepreneurship promotes inclusive growth Entrepreneurship see opportunities where most see none. Entrepreneurship makes these opportunities into realities. In addition to being the “backbone of the economy”, entrepreneurship are sometimes called the “ engine of the economy”. Entrepreneurship begets entrepreneurship. In line with the saying, “growths begets more growth”, the success of one entrepreneur becomes the success of the entrepreneur as well”. Factors Affecting Entrepreneurship 1. Personality Factors which include: Proactiv Proble m Persevera Initiative e Meaning Solver he nce will pursue Which things to Doing Which get done things means he means can retain good regardless even can classify of opportuniti relations before with other challenges es and. being seize it. people. told. 1 Factors Affecting Entrepreneurship 1. Personality Factors which include: A Risk- Persuasi Planner taker on Meaning He makes Which that he can plans means that entice before he is willing people to doing to gamble buy even if things and but he will they don’t does not calculate it want to. fail to first. monitor it. 2 Factors Affecting Entrepreneurship 2. Environmental Factors-which include political, legal system, economic, and social conditions and market situations. 2 Common Competencies of Entrepreneurship Decisive Leader Opport Communi unity cator Seeker An An An An entreprene entreprene entreprene entrepreneur ur must be ur must must have ur must have the the ability to firm in have a charisma to be the first to making convincing see business 2 be obeyed Common Competencies of Entrepreneurship Proacti Risk ve Taker Innovati ve An entrepreneur An must create or An entrepreneur control a entrepreneur has big situation by has the business ideas causing and he does not something to courage to stop improving happen rather pursue and thinking of business 2 Core Competencies in Entrepreneurship 1. Economic and Dynamic 2. Innovative – The Activity - Entrepreneurship is an economic activity because it entrepreneur constantly involves the creation and operation looks for new ideas, of an enterprise with a view to 3. Profit Potential - 4. Risk bearing – The entrepreneur can The entrepreneur needs be compensated by his to gamble but wise 2 Types of Entrepreneurship 1. INNOVATIVE 3. FABIAN ENTREPRENEURS 2. IMITATING ENTREPRENEURS ENTREPRENEURS They are those They are who always They are those skeptical make new things who don’t about changes by thinking of new ideas. They create new to be made in have the ability things but only the to think of follow the organization. newer, better, ideas of other They don’t and more entrepreneurs. initiate but economical follow only ideas. after they are Types of Entrepreneurship 4. DRONE 5. SOCIAL ENTREPRENEURS ENTREPRENEURS They are those They are those who initiate who live on the changes and drive social labor of others. innovation and They are die- transformation in various hard fields such as education, conservatives health, human rights, even ready to suffer the loss of environment, and business. enterprise development. CAREER OPPORTUNITY FOR ENTREPRENEURSHIP 1.BUSINESS CONSULTANT -with the expertise of in the field of entrepreneurship, he can be a very good source of advices to other entrepreneurs and would be businessmen. CAREER OPPORTUNITY FOR ENTREPRENEURSHIP 2. TEACHER- A graduate of an entrepreneurship can use his knowledge in teaching. 3. RESEARCHER – the entrepreneur can be employed as a researcher by an enterprise. 4. SALES - the entrepreneurship graduate can apply as a salesman. 5. BUSINESS REPORTER – the entrepreneur being expert in the field, can be employed as a business reporter.