Entrepreneurial Management PDF

 ENTREPRENEURAL MANAGEMENT Course Description The course aims to teach the approach entrepreneurs use in identifying opportunity and creating new ventures, the analytic skills that are needed to practice ts approach; and the background, knowledge and managerial skills that a...

 ENTREPRENEURAL MANAGEMENT Course Description The course aims to teach the approach entrepreneurs use in identifying opportunity and creating new ventures, the analytic skills that are needed to practice ts approach; and the background, knowledge and managerial skills that are necessary for dealing with the recurring issues involved in starting, growing, and harnessing the value of new ventures. Introduction to Entrepreneurial Management Welcome to the world of entrepreneurial management! Today, we'll explore the foundations of entrepreneurship, guided by the insights of Marife Agustin-Acierto, a notable Filipino author in the field. Marife Agustin-Acierto emphasizes that entrepreneurial management is not just about starting a business but about strategically managing it to ensure growth and sustainability. She highlights the importance of an entrepreneurial mindset, which involves being innovative, proactive, and willing to take calculated risks.In her work, Agustin- Acierto discusses the critical role of vision in entrepreneurship. Entrepreneurs need to have a clear vision of what they want to achieve and a strategic plan to get there. This vision serves as the foundation for decision-making and drives the direction of the business. Moreover, she stresses the importance of adaptability in entrepreneurial management. The business environment is dynamic, and successful entrepreneurs must be able to pivot and adapt to changes in the market, customer needs, and technological advancements.As we dive deeper into this course, we'll learn how to apply these principles in real-world scenarios, ensuring that your entrepreneurial ventures are not only innovative but also resilient and capable of long-term success.You said:How to apply vision?  Chapter 1 INTRODUCTION TO ENTREPRENEURSHIP TABLE OF CONTENTS: I. Meaning of entreprenuership II. Who is an Entrepreneur? III. Factors that Develop Entrepreneurial Activities IV. Theories of Entrepreneurship V. Importance of Entrepreneurship VI. The Starting Point to Entrepreneurship VII. The Challenges for Entrepreneurship VIII. Problems of Entrepreneurship IX. Role of Ethical Standard for Entreprenuer I. WHAT IS ENTREPRENEURSHIP?  Entrepreneurship comes from the word “entrependre” which means “to undertake”  Entrepreneurship: Marife Agustin-Acierto describes entrepreneurship as finding opportunities, creating new ideas, and building successful businesses from those ideas. It’s about being inventive and figuring out new ways to solve problems or help others.  II. WHO IS AN ENTREPRENEUR? The entrepreneur is an individual who is alert to profitable opportunities for the exhange of goods or services.  He is one who organizes , manages , directs and assumes the risks of a business enterprise. According to Marife Agustin-Acierto  The entrepreneurs are people who have the ability to see and evaluate business opportunities, together the necessary resources to take advantage of them;and to initiate appropriate action to ensure success.They are action - oriented ,highly motivated individuals who take risks to achieve goals. According to Dr. R.K. Singal  III.Factors that Develop Entrepreneurial Activities 1. Identifying Market Needs: According to Agustin-Acierto, understanding what people need or want is the first step. Entrepreneurs should pay attention to what’s missing or what can be improved in the market. 2. Creative Thinking: She stresses the importance of thinking outside the box. Entrepreneurs should be able to come up with unique ideas or solutions that others haven’t thought of yet 3.Effective Planning: Agustin-Acierto points out that good planning is essential. Entrepreneurs need to carefully plan how they will use their resources, such as money and time, to achieve their goals. IV. Theorist of Entrepreneurship 1. Joseph Schumpeter: Marife Agustin-Acierto explains that Schumpeter saw entrepreneurs as people who bring new ideas or products that change the market. They make old things outdated and help the market move forward. 2. Israel Kirzner: She says that Kirzner viewed entrepreneurs as those who are quick to notice opportunities that others miss. They use these opportunities to create something valuable. 3. Frank Knight: Agustin-Acierto points out that Knight believed entrepreneurship is all about taking risks. Entrepreneurs are those who step into uncertain situations because they trust their ideas and are willing to take chances to succeed. V. Importance of ENTREPRENEURSHIP In Economic Development 1. Job Creation: Marife Agustin-Acierto emphasizes that entrepreneurship is important because it creates jobs. When entrepreneurs start new businesses, they need people to work for them, which provides employment opportunities. 2 Innovation: She highlights that entrepreneurship drives innovation. Entrepreneurs bring new ideas, products, and services to the market, which can improve people's lives and make things more efficient. 3. Econcomic Development: Agustin-Acierto explains that entrepreneurship boosts economic growth. New businesses contribute to the economy by generating income, paying taxes, and stimulating other sectors. VI. The Starting Point to Entrepreneurial Success 1. Identify a Need: Marife Agustin-Acierto says the first step is to find a gap or need in the market. Successful entrepreneurs start by looking for problems or opportunities that haven't been addressed yet. 2. Develop a Unique Idea: Next, come up with a unique solution or idea to address the identified need. This idea should be different from what’s already available and offer a new or improved way of solving the problem. 3. Create a Business Plan: Finally, develop a detailed business plan. This plan should outline how you will turn your idea into a business, including how you will attract customers, manage finances, and handle challenges. VII. The Challenges for Entrepreneurship 1. Financial Constraints: Marife Agustin-Acierto points out that one major challenge is securing enough funds. Entrepreneurs often struggle with obtaining the capital needed to start and grow their businesses. 2. Market Competition: She highlights that competition can be tough. Entrepreneurs must find ways to stand out from other businesses offering similar products or services. 2. Uncertainty and Risk: Agustin-Acierto notes that entrepreneurship involves a lot of uncertainty. Entrepreneurs face risks related to market conditions, financial stability, and business operations  VIII. Problems of Entrepreneurship 1. Access to Capital: Marife Agustin-Acierto highlights that one of the biggest problems entrepreneurs face is finding enough money to start and grow their businesses. Without sufficient funds, it’s hard to get things off the ground. 2. Lack of Experience: She points out that many entrepreneurs struggle because they lack the necessary experience or knowledge. This can lead to poor decision-making and management issues. 3. Skill Deficiencies: She explains that entrepreneurs often lack the skills needed to effectively manage their businesses. This can lead to operational problems, such as inefficient processes or poor customer service. 4. Economic Fluctuations: Agustin-Acierto highlights that changes in the economy can create problems for entrepreneurs. Economic downturns or unexpected shifts can negatively impact business performance.  IX. Role of Ethical Standard for Entrepreneur 1. Gaining Customer Trust: Marife Agustin-Acierto emphasizes that ethical behavior is key to building trust with customers. When entrepreneurs are honest and fair, customers are more likely to believe in the business and stay loyal. 2. Establishing Credibility: She notes that ethical standards help entrepreneurs establish credibility in the market. By consistently acting with integrity, entrepreneurs can build a strong reputation that attracts partners, investors, and customers. 3. Leading by Example: Agustin-Acierto highlights that ethical entrepreneurs set a good example for others to follow. Their commitment to doing the right thing can inspire other businesses to adopt ethical practices, leading to a more just and responsible business environment. 4. Avoiding Legal Issues: Marife Agustin-Acierto explains that following ethical rules helps entrepreneurs stay out of legal trouble. By obeying laws and regulations, they can avoid lawsuits and fines, keeping their business safe.  SOURCES: Entrepreneurial Management Copyright 2019 By : Marife Agustin-Acierto: DBA,LPT,FRI (Rs)CPME Entrepreneurship Development & Management By : Dr. R.K. SINGAL  END OF CHAPTER ONE Thank you for listening Prof. Edgar E. Reyes