Lesson 1 Introduction to Entrepreneurship PDF

LEARNING OBJECTIVES: Discuss the concept of entrepreneurship Explain the salient features of entrepreneurship Discuss the relevance of Entrepreneurship 2  WHAT IS ENTREPRENEUR and ENTREPRENEUSHIP? and 4  ENTREPR...

LEARNING OBJECTIVES: Discuss the concept of entrepreneurship Explain the salient features of entrepreneurship Discuss the relevance of Entrepreneurship 2  WHAT IS ENTREPRENEUR and ENTREPRENEUSHIP? and 4  ENTREPRENEUR ENTREPRENEURSHIP originates from French particular field of word “entreprendre” practice or process means “to undertake” 5  ENTREPRENUERSHIP is a process of actions of an entrepreneur who is always in searching of something new to exploit new ideas into gainful opportunities by accepting the risk and uncertainty of the enterprise. 6  Entrepreneurship continues to grow and develop which contributes towards the enhancement of the enterprise and improvement of the way entrepreneurial An Art of Correct Practice activities/business activities are carried out. Salient Features of Entrepreneurship An Art of Correct Wealth Creating Practice Venture Salient Features of Creates wealth to generate benefits for Entrepreneurship everyone. An Art of Correct Wealth Creating Practice Venture Salient Features of Entrepreneurship Provides valuable Assures the selling of only goods and services valuable goods and services which highly satisfies the target market.  Personally open and manage Entails Opening and Managing the Self - one’s own enterprise with a Owned Enterprise. goal in mind An Art of Correct Wealth Creating Practice Venture Salient Features of Entrepreneurship Provides valuable goods and services  Entails Opening and Managing the Self - Owned Enterprise. An Art of Correct Wealth Creating Practice Venture Salient Features of Entrepreneurship Provides valuable Risk taking Venture goods and services Business risk is natural and is something that is expected to emerge once a business materializes.  Entails Opening and Managing the Self - Owned Enterprise. An Art of Correct Wealth Creating Practice Venture Salient Features of Entrepreneurship Provides valuable Risk taking Venture goods and services Ordinary Small Business  ORDINARY SMALL AREAS ENTREPRENEURSHIP BUSINESS ACTIVITY based on entrepreneurial concepts and principles and 1. MOTIVE IN OPENING A aspiration to become Primary goal of making it BUSINESS successful his/her source of livelihood. lookout for new and fresh ideas 2. PERCEPTION OF RISK IN takes and faces the business deterrent to the operation and THE BUSINESS risk must be avoided reacts positively to the remains passive and static to 3. REACTIONS TO CHANGES changes in the environment. changes in the environment IN THE ENVIRONMENT bring new ideas for not a plus factor to the daily entrepreneurial opportunities. operations 14  ORDINARY SMALL AREAS ENTREPRENEURSHIP BUSINESS ACTIVITY unhealthy element in the sign of healthy economic 4. VIEW ON COMPETITION business environment and environment tries to avoid it 5. VISION FOR DEVELOPMENT AND vision and mission is clear relies upon chance or luck GROWTH 6. HORIZON OF think globally but acts centered only on the local BUSINESS OPERATION locally environment explore ways to generate 7. SOURCES OF much-needed funds both limit funding to personal BUSINESS FUNDS internal and external resources resources 15 Type of Enterprises According to Concept 16  Type of Enterprises According to Concept NEW CONCEPTS AND/OR A EXISTING CONCEPT AND/OR EXISTING CONCEPT/EXISTING NEW BUSINESSS NEW BUSINESS BUSINESS creating or stumbling creating a new setting up of on a new idea or business based on the branches/franchises concept, and creating existing concept. or inventing something radically new. 17 Type of Enterprises According to Size 18  N E T I M E D R C A P I R R L I U S O L E M S 19 20 21 22 23 24 IMPORTANCE OF ENTREPRENEURSHIP The flow of entrepreneurial benefits  JENNY’S HAIR SALON Jenny, upon seeing a promising and brilliant business opportunity in the community, opened a beauty shop. She went to the Department of Trade and Industry (DTI), the City Government of Davao City, and the Bureau of Internal Revenue (BIR) to process, pay and comply with all the documentary requirements and fees in opening a business. The total taxes and licenses paid by Jenny in opening the business amounted to P5,000. Upon receipt of the business permit, Jenny immediately bought all the needed equipment and materials for her beauty shop. For all these equipment and fixtures, she paid P60,000. She then rented a business space at P10,000 per month. She hired and employed five beauticians and provided them salary above the minimum salary and all statutory benefits. The total annual compensation and benefits paid by Jenny to her employees for the year amounted to P540,000. Jenny at the end of the year is enriched by P590,000 after paying the annual income tax of P110,000 to the BIR. Activity Instruction: Identify one business enterprise within your vicinity and make a list of the improvements in your place that this business have contributed. Share your answer in the class.  CONGRATULATIONS! You have completed your journey in this topic. Great job! Thank you everyone and God bless us all! Any questions? You can private message me thru messenger or email me at [email protected] 35