Entrepreneurship Week 1 Midterm PDF

THE C O N C E P T O F ENTREPRENEURS H IIP W H A T IIS ENTREPRENEURS H IIP ✔It is a proactive process involving the capacity and willingness to develop, organize, and manage a business venture, along with its risks, to make a profit. W H A T IIS ENTR...

THE C O N C E P T O F ENTREPRENEURS H IIP W H A T IIS ENTREPRENEURS H IIP ✔It is a proactive process involving the capacity and willingness to develop, organize, and manage a business venture, along with its risks, to make a profit. W H A T IIS ENTREPRENEURS H IIP ✔Entrepreneurship means understanding when you have an opening in the marketplace that no other provider is meeting and having the business sense to know how to capitalize on that opportunity by developing a unique product or service that addresses the unmet need. E N T R E P R E N E U R S H II P A S A SELF-EMPL OY ME N T DECIISIION  Entrepreneurship is basically aimed to gear someone towards SELF- EMPLOYMENT.  Entrepreneurship, generally pertains to engaging in small and medium-sized businesses.  A practicing entrepreneur has probably more bosses than he realizes.  S O CII A L A N D ECONO MIIC BENEFIITS O F ENTREPRENEURS H IIP  1. It produces more jobs that equate to an increase in National Income. 2. It amplifies economic activities of different sectors of society. 3. It introduces new and innovative products and services. 4. It improves people’s living standards. 5. It disperses the economic power and creates equality. 6. It controls local wealth and balances regional wealth. 7. It reduces social conflicts and political unrest.  8. It elicits economic independence and capital formation. W H O IIS A N E N T REP RENEUR French word entreprendre which means “to undertake”. entre means “between,” prendre means “to take”. An entrepreneur is a unique individual with innate ability, extraordinary dedication, and a strong advocacy for correctly practicing the concepts and principles of entrepreneurship to establish, operate, and manage a self- owned business, acknowledging all the risks and reaping its rewards. Entrepreneur calling/vocation  Entrepreneurs M a n a g er s future oriented n o w -oriented thrive on chaos thrive on structure personally responsible merely responsible achieve attain targets creator custodian takes risks seeks stability  5 LEVELS OF ENTREPRENEUR IIAL DEVELOPMENT 1. The Self-employed not comfortable with the routines of a desk job do not want to conform to a fixed working schedule do things in their own way and start to feel agitated when controlled by the power-that-be 2. The Manager entrepreneurs feel the need to step up and ask some help from the people around them delegate and hire potential employees to do the work 3. The Leader enjoy seeing their people flourish, stepping up and producing great results with minimal supervision already recognized key leaders in their organization 4. The Investor look for more opportunities for their business to grow may either purchase one or two businesses that can potentially add value to the company, or sell their established business (as a franchise) to potential entrepreneurs 5. The True Entrepreneur based on their experience, now aim for quality and excellence in their work they have fully learned, and continue to practice a four-step process of thinking  FOUR-S T E P P R O C E S S OF THIINKIING  PROCESS O F THINKING a. Idealization b. Visualization c. Verbalization d. Materialization  NEW TERMS ON ENTREPRENEUR’S FIIELD O R EXPERT IISE 1. Technopreneur - It is the entrepreneur who puts technology at the core of his or her business model. 2. Social Entrepreneur - It is the entrepreneur who takes advantage of the country’s social problems and turn them to profitable institutions with the intention of helping the disadvantaged community rather than making a profit. 3. Intrapreneur - It is the entrepreneur in a large company or corporation who is tasked to think, establish, and run a new big idea or project. Intrapreneurs are usually the product managers or the business development managers of a company. 4. Extrapreneur - It is the entrepreneur who hops from one company to another to act as the innovation champion, providing creative and efficient solutions.  COMMON ENTREPRENEUR IIAL C O M P ET EN C IIE S 1.Proactive 2.Agents of Change 3. Risk-takers 4. Have a sharp eye for opportunities 5. Sociable 6.Networkers 7.Decisive 8.Balanced 9.Innovative  CORE ENTREPRENEUR IIAL C O M P ET EN C IIE S  Leaders Communicators Specialists Problem solvers