Entrepreneurship Types PDF

DIFFERENCE BETWEEN CEO BUSINESSMAN & ENTREPRENEUR CEO - Not technically the owner of the business - Chief Executive Officer - focus on maintaining stability, optimizing operations, and making data-driven decisions Businessman - Profession - Studies how business management works...

DIFFERENCE BETWEEN CEO BUSINESSMAN & ENTREPRENEUR CEO - Not technically the owner of the business - Chief Executive Officer - focus on maintaining stability, optimizing operations, and making data-driven decisions Businessman - Profession - Studies how business management works Entrepreneur - Started with their own ideas/innovation ENTREPRENEURSHIP - process where individuals identify opportunities for innovation and act upon them by transforming ideas - Financial context - Goal is to plainly earn revenue - Cultural context - Mainly to promote parts of a culture - Ex. Batangas’ Kapeng Barako, Baguio’s strawberries, etc. - Social context - How to help the world become a better place with revenue to sustain the business - Entrepreneur: - Undertaking the risk of enterprise - Innovators - Willing to take risks - Generate new ideas to make unique and profitable solutions to present-day problems 9 TYPES OF ENTREPRENEURSHIP - Small Business - Opening a business without turning it into a large conglomerate - Single location restaurant, one grocery store, retail shop to sell goods - Has no plans of expanding - Ex. single-location restaurant, one grocery shop, a retail shop, etc. - Large Company  - C-level executives - Advanced professionals who know how to sustain innovation - Often create new products and services based on demand - Ex. Bench, SM, Robinsons, etc. - Scalable Startup - Requires external capital and risk - Has the goal of expanding rapidly and becoming an extremely profitable company - Hustler - People who are willing to work hard and put in constant effort - Has plans to expand purely with hard work - Motivated by aspirations - Doesn’t have big capital - Buyer - Has wealth - Uses said wealth to fuel their business ventures - Specialty is to use their fortunes to invest in businesses that they think will be successful - Identify promising businesses and acquire them - Goal is to grow said businesses and expand profit - Ex. Henry Sy becoming a stakeholder of National University, which is why most NU campuses are situated in SM - Innovative - Constantly coming up with new ideas - Take these ideas and turn them into business ventures - Ex. electric cars innovated of regular gas-powered cars to address the lack of resources - Imitator - Use others’ business ideas as inspiration but work to improve the - Combination between Innovator and Hustler - Willing to think of new ideas and work hard, yet they start copying others - Have a lot of self-confidence and determination. Learn from others’ mistakes - Researcher - Take time when starting their own business to research - Believe that with right preparation and information, they have a higher chance of being successful - Tend to rely on facts, data and logic rather than intuition - Ex. Limited edition items/versions are made to see if it makes hype in the market to be worth bringing back - Social - Solves social problems with their products/services - They don’t want to make big profits or wealth  - Tend to start nonprofits or companies that dedicate themselves to working toward social good - According to sir, this is what we ABM students will be SOCIAL ENTREPRENEURSHIP - Recognizing social problems and achieving social change - Doing research to completely define a social problem - SOCIALPRENEUR: a person who sets out on an entrepreneurial venture with the intention of addressing social issues CHARACTERISTICS OF SOCIAL ENTREPRENEURSHIP - Mission-driven - Dedicated to serving the mission - Act entrepreneurially - Business-minded - Act within entrepreneurially oriented organizations - Strong culture of innovation and openness - Act within financially independent organizations - That plan and execute earned-income strategies - Achieved by blending social and profit - IMPORTANCE - You will be