Introduction to Entrepreneurship PDF

1 Introduction to ENTREPRENEURSHIP 1  Define Entrepreneur and Entrepreneurship Discuss the relevance of Entrepreneurship in an organization and in SHS Students Common Competencies of Entrepreneurship Core Competencies of Entrepreneur Job opportunities for E...

1 Introduction to ENTREPRENEURSHIP 1  Define Entrepreneur and Entrepreneurship Discuss the relevance of Entrepreneurship in an organization and in SHS Students Common Competencies of Entrepreneurship Core Competencies of Entrepreneur Job opportunities for Entrepreneurship Objective of the lesson 2 “ “I have not failed. I’ve just found 10,000 ways that won’t work.” - Thomas Edison 3 “ Give ▰ at least five (5) names of entrepreneurs that you know. May it be from your locality or within Philippines. 4 What is ENTREPRENEUR / ENTREPRENEURSHIP? ▰ ( Merriam Webster Dictionary) ENTREPRENEUR is one who organizes, manages, and assumes the risks of a business 5 What is ENTREPRENEUR OR ENTREPRENEURSHIP? ▰ (Joseph Schumpeter’s) ENTREPRENEURSHIP placed an emphasis on innovation, and the creation of new products, new production methods, new markets, new forms of organization 6  What is ENTREPRENEUR OR ENTREPRENEURSHIP? ▰ (Jean-Baptiste Say) An ENTREPRENEUR is person who shifts economic resources out of an area of lower productivity into an area of higher https://cdn.mises.org/styles/social_media _1200_x_1200/s3/static-page/img/jb-say- productivity and greater yield wire.jpg?itok=5zr7jHNI 7 What is ENTREPRENEUR OR ENTREPRENEURSHIP? ▰ The word “entrepreneur” is derived from the French verb enterprendre, which means, “to undertake”. This refers to those who undertake the risk of new enterprises. 8 What is ENTREPRENEUR OR ENTREPRENEURSHIP? ▰ A person who set up a business with the aim to make a profit and creates a new business, bearing most of the risk and enjoying most of the rewards 9  What is ENTREPRENEUR OR ENTREPRENEURSHIP? BUSINESSMAN ENTREPRENEUR P80.00 / kilo P80.00 / kilo https://www.cubesnjuliennes.com/wp- P60.00 / P120.00 / glass content/uploads/2022/07/Mango-Juice-2.jpg 10 https://static.toiimg.com/thumb/90941559.cms?width=680&hei kilo ght=512&imgsize=71312  Key concepts that make up entrepreneur ▰ Opportunity – there must be opportunities to respond to ▰ Resource use – resources are required to respond to opportunities, though entrepreneurs have the capacity to do much more than what their resources would suggest possible; ▰ Creation of something new – entrepreneurs always strive to create something new, in order to capitalize on their opportunities 11  Key concepts that make up entrepreneur ▰ The presence of risk – there will always be risk involved with entrepreneurship, though smart entrepreneurs manage it. ▰ The desire to create value – entrepreneurs always strive to create genuine for their customers. 12 ENTREPRENEURSHIP  Importance of Entrepreneurship 1. Generates new wealth in an economy 2. Decrease poverty 3. It creates opportunities, ensures social justice, instils confidence and stimulates the economy 4. Improve productivity 5. Create jobs 6. Innovate 7. Creates innovation and social change 14  Relevance of Entrepreneurship to an Organization ▰ Development of Managerial capabilities – the means that one of the benefits an entrepreneur gets is to develop his managerial skills ▰ Creation of Organization – which means that many organizations will exist because of entrepreneurship. ▰ Improving the 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. 15  Relevance of Entrepreneurship to SHS Students ▰ To prepare students for livelihood even before college ▰ Entrepreneurship education aids students from all socio-economic backgrounds to think outside the box and nurture unconventional talents and skills. ▰ Entrepreneurship develops their initiative to helps them to be more creative and self-confident in whatever the undertake and to act in a socially responsible way ▰ It exposes students to numerous opportunities to learn how to think critically and analyze the pieces on the board. 16  Relevance of Entrepreneurship to SHS Students ▰ Being aware of all the important factors and seeing how they affect each other in the foundation of a smart decision-making process ▰ Students have to be exposed to real-world examples and learn from their own experience ▰ Entrepreneurship education requires students to be innovative, creative and collaborative with others. ▰ Entrepreneurship education provides budding entrepreneurs with the skills and knowledge to come up with business ideas and develop their own ventures. 17  Factors Affecting Entrepreneurship Personality Factors which includes: ▰ Initiative –doing things even before being told ▰ Proactive- can classify opportunities and seize it. ▰ Problem solver- can retain good relations with other people. ▰ Perseverance – pursue things to get done regardless of challenges 18  Factors Affecting Entrepreneurship Personality Factors which includes: ▰ Persuasion- entice people to buy even if they don’t ▰ Planner- makes plan before doing things and do not fail to monitor it ▰ Risk-taker- willing to gamble but he will calculate it first. 19 Factors Affecting Entrepreneurship ▰ 2. Environmental Factors which includes political, climate, legal system, economic and social condition, and market situations: 20  Common Competencies in Entrepreneurship ▰ Decisive - firm in making decision ▰ Communicator- must have a convincing power ▰ Leader – must have the charisma to be obeyed by his/her employees ▰ Opportunity seeker- must have the ability to bethefirst to see business chances. 21  Common Competencies in Entrepreneurship ▰ Proactive – controlling a situation by making things to happen or by preparing for possible future problems ▰ Risk taker- they have the courage to pursue what is their business ideas ▰ Innovative- have big business ideas and they do not stop improving and thinking of new worthwhile ideas for their business 22  Core Competencies in Entrepreneurship ▰ Economic and dynamic activity- it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources ▰ Innovative- constantly look for new ideas, thus needs to be creative ▰ Profit potential- can be compensated by his profit coming from the operation ▰ Risk bearing – taking responsibility for risks taken and accepting potential losses 23  Types of entrepreneur ▰ Innovative entrepreneur – those who always make new things by thinking of new ideas ▰ Imitating entrepreneurs -those who don’t create new things but only follow the ideas of other entrepreneur. ▰ Fabian entrepreneur – those skeptical. They don’t initiate but follow only after they are satisfied. 24  Types of entrepreneur ▰ Drone entrepreneur - those who lives on the labor of others. They are die-hard conservatives even ready to suffer the loss of business ▰ Social entrepreneur- those who are initiate changes in the various fields such as education, health, human rights, environment and enterprise development. 25  Career Opportunities of Entrepreneurship ▰ Business Consultant- he/she can be a very good source of advices to other entrepreneurs and would be business man. ▰ Teacher – a graduate of an entrepreneurship can be use his knowledge in teaching. ▰ Researcher – the entrepreneur can be employed as researcher by an enterprise ▰ Sales – Can apply as Salesman ▰ Business Reporter- he can be employed as business reporter 26  1 Introduction to ENTREPRENEURSHIP 27  Define Entrepreneur and Entrepreneurship Discuss the relevance of Entrepreneurship in an organization and in SHS Students Common Competencies of Entrepreneurship Core Competencies of Entrepreneur Job opportunities for Entrepreneurship Objective of the lesson 28 “ “I have not failed. I’ve just found 10,000 ways that won’t work.” - Thomas Edison 29 “ Give ▰ at least five (5) names of entrepreneurs that you know. May it be from your locality or within Philippines. 30 What is ENTREPRENEUR / ENTREPRENEURSHIP? ▰ ( Merriam Webster Dictionary) ENTREPRENEUR is one who organizes, manages, and assumes the risks of a business 31 What is ENTREPRENEUR OR ENTREPRENEURSHIP? ▰ (Joseph Schumpeter’s) ENTREPRENEURSHIP placed an emphasis on innovation, and the creation of new products, new production methods, new markets, new forms of organization 32  What is ENTREPRENEUR OR ENTREPRENEURSHIP? ▰ (Jean-Baptiste Say) An ENTREPRENEUR is person who shifts economic resources out of an area of lower productivity into an area of higher https://cdn.mises.org/styles/social_media _1200_x_1200/s3/static-page/img/jb-say- productivity and greater yield wire.jpg?itok=5zr7jHNI 33 What is ENTREPRENEUR OR ENTREPRENEURSHIP? ▰ The word “entrepreneur” is derived from the French verb enterprendre, which means, “to undertake”. This refers to those who undertake the risk of new enterprises. 34 What is ENTREPRENEUR OR ENTREPRENEURSHIP? ▰ A person who set up a business with the aim to make a profit and creates a new business, bearing most of the risk and enjoying most of the rewards 35  What is ENTREPRENEUR OR ENTREPRENEURSHIP? BUSINESSMAN ENTREPRENEUR P80.00 / kilo P80.00 / kilo https://www.cubesnjuliennes.com/wp- P60.00 / P120.00 / glass content/uploads/2022/07/Mango-Juice-2.jpg 36 https://static.toiimg.com/thumb/90941559.cms?width=680&hei kilo ght=512&imgsize=71312  Key concepts that make up entrepreneur ▰ Opportunity – there must be opportunities to respond to ▰ Resource use – resources are required to respond to opportunities, though entrepreneurs have the capacity to do much more than what their resources would suggest possible; ▰ Creation of something new – entrepreneurs always strive to create something new, in order to capitalize on their opportunities 37  Key concepts that make up entrepreneur ▰ The presence of risk – there will always be risk involved with entrepreneurship, though smart entrepreneurs manage it. ▰ The desire to create value – entrepreneurs always strive to create genuine for their customers. 38 ENTREPRENEURSHIP  Importance of Entrepreneurship 1. Generates new wealth in an economy 2. Decrease poverty 3. It creates opportunities, ensures social justice, instils confidence and stimulates the economy 4. Improve productivity 5. Create jobs 6. Innovate 7. Creates innovation and social change 40  Relevance of Entrepreneurship to an Organization ▰ Development of Managerial capabilities – the means that one of the benefits an entrepreneur gets is to develop his managerial skills ▰ Creation of Organization – which means that many organizations will exist because of entrepreneurship. ▰ Improving the 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. 41  Relevance of Entrepreneurship to SHS Students ▰ To prepare students for livelihood even before college ▰ Entrepreneurship education aids students from all socio-economic backgrounds to think outside the box and nurture unconventional talents and skills. ▰ Entrepreneurship develops their initiative to helps them to be more creative and self-confident in whatever the undertake and to act in a socially responsible way ▰ It exposes students to numerous opportunities to learn how to think critically and analyze the pieces on the board. 42  Relevance of Entrepreneurship to SHS Students ▰ Being aware of all the important factors and seeing how they affect each other in the foundation of a smart decision-making process ▰ Students have to be exposed to real-world examples and learn from their own experience ▰ Entrepreneurship education requires students to be innovative, creative and collaborative with others. ▰ Entrepreneurship education provides budding entrepreneurs with the skills and knowledge to come up with business ideas and develop their own ventures. 43  Factors Affecting Entrepreneurship Personality Factors which includes: ▰ Initiative –doing things even before being told ▰ Proactive- can classify opportunities and seize it. ▰ Problem solver- can retain good relations with other people. ▰ Perseverance – pursue things to get done regardless of challenges 44  Factors Affecting Entrepreneurship Personality Factors which includes: ▰ Persuasion- entice people to buy even if they don’t ▰ Planner- makes plan before doing things and do not fail to monitor it ▰ Risk-taker- willing to gamble but he will calculate it first. 45 Factors Affecting Entrepreneurship ▰ 2. Environmental Factors which includes political, climate, legal system, economic and social condition, and market situations: 46  Common Competencies in Entrepreneurship ▰ Decisive - firm in making decision ▰ Communicator- must have a convincing power ▰ Leader – must have the charisma to be obeyed by his/her employees ▰ Opportunity seeker- must have the ability to bethefirst to see business chances. 47  Common Competencies in Entrepreneurship ▰ Proactive – controlling a situation by making things to happen or by preparing for possible future problems ▰ Risk taker- they have the courage to pursue what is their business ideas ▰ Innovative- have big business ideas and they do not stop improving and thinking of new worthwhile ideas for their business 48  Core Competencies in Entrepreneurship ▰ Economic and dynamic activity- it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources ▰ Innovative- constantly look for new ideas, thus needs to be creative ▰ Profit potential- can be compensated by his profit coming from the operation ▰ Risk bearing – taking responsibility for risks taken and accepting potential losses 49  Types of entrepreneur ▰ Innovative entrepreneur – those who always make new things by thinking of new ideas ▰ Imitating entrepreneurs -those who don’t create new things but only follow the ideas of other entrepreneur. ▰ Fabian entrepreneur – those skeptical. They don’t initiate but follow only after they are satisfied. 50  Types of entrepreneur ▰ Drone entrepreneur - those who lives on the labor of others. They are die-hard conservatives even ready to suffer the loss of business ▰ Social entrepreneur- those who are initiate changes in the various fields such as education, health, human rights, environment and enterprise development. 51  Career Opportunities of Entrepreneurship ▰ Business Consultant- he/she can be a very good source of advices to other entrepreneurs and would be business man. ▰ Teacher – a graduate of an entrepreneurship can be use his knowledge in teaching. ▰ Researcher – the entrepreneur can be employed as researcher by an enterprise ▰ Sales – Can apply as Salesman ▰ Business Reporter- he can be employed as business reporter 52