Essentials of Entrepreneurship PDF

ESSENTIALS OF ENTREPRENEURSHIP BECOMING AN ENTREPRENEUR  ENTREPRENEURSHIP correct practices in managing and operating a self- owned wealth-creating business enterprise by providing goods and services that are valuable to the customers  ENTREPREN...

ESSENTIALS OF ENTREPRENEURSHIP BECOMING AN ENTREPRENEUR  ENTREPRENEURSHIP correct practices in managing and operating a self- owned wealth-creating business enterprise by providing goods and services that are valuable to the customers  ENTREPRENEURSHIP “entreprendre” which means “to undertake”. a person who strongly advocates and correctly practices the concepts and operating and managing the self-owned business venture.  ENTREPRENEUR VS. BUSINESSPERSON An entrepreneur is an individual having an A businessperson is an individual exclusive idea to establish a new venture. who establishes a business with an old business idea. a businessperson follows a set path engraved by some other person CREDITS: with an This presentation template was created unoriginal idea, whereas an by Slidesgo, including icon by Flaticon, and entrepreneur thinks and believes& in infographics making images his own path from Freepik with new ideas. ENTREPRENEUR VS. BUSINESSPERSON P20.00 P20.00 P40.00  THE ENTREPRENEURIAL MINDSET WHY IS ENTREPRENEURSHIP BECOMING MORE POPULAR AS A CAREER? Today's environment makes it ripe for young students like you to think about becoming an entrepreneur. Look around you and observe the underdeveloped economic and social conditions generally found in the Philippines. One reason is that jobs available are not sufficient to meet the growing labor force. More jobs and income-generating activities are badly needed in our country. Increased income not only helps put food on the table, but also enables more people to afford housing, acquire education, and gain access to better health care. Thus, apart from economic value, entrepreneurship has social benefits that improve the well-being of people in society.  The phenomenal success in entrepreneurship is attributed to a mindset. is about your state of mind or mental attitude on a given situation or resources available to you. An entrepreneurial mindset is defined as a way of thinking, reasoning, and having a perspective on seizing an opportunity, and building on leadership. entrepreneur is a person or a group who creates something new such as a new idea, a new product or service, or new possibilities.  COMMON COMPETENCIES OF AN ENTREPRENEUR: First, they constantly seek opportunities and act on them. They always look for business prospects or ways to grow and improve themselves as well as others. As such, they continue to search for business prospects and growth. Second, they recognize and prepare for risks and uncertainties. They try to figure out potential risks and prepare for them. But they are also aware that they cannot possibly foresee all types of uncertainties. Third, they maintain flexibility or resiliency. When things suddenly go wrong or do not happen as expected, they look for ways to remedy the problem. Last, they develop and maintain social relations and network. They value human relationships in businesses through respect, trust, and care for other people.  CORE COMPETENCIES OF ENTREPRENEURS: These are the patterns of how they think and act, which are essential habits. entrepreneurship is not a fixed formula of traits but is a lifelong skill that is continually learned and practiced. 1. The Skill of Reflection Reflection is examining how you observe, think, feel, react, reason out, make assumptions, draw conclusions, evaluate outcomes, and act upon what you believe. It makes you aware of your thoughts, feelings, and what your bodily senses tell you.  in the context of entrepreneurship, reflection skills allow you to constantly learn from your experiences. Reflection enables you to continuously improve and grow as a budding entrepreneur. Reflection skills are essential for an entrepreneur to effectively discern what is going on around him or her and to ponder how he or she could better respond to various stimuli.  2. The Skill of Experimentation Experimentation is trying out an approach or a solution and then learning from it. You may get overwhelmed when you think of all possible solutions and approaches and not act on any of them (often called "analysis paralysis"). The feeling of being unable to make decision due to overthinking a problem The skill of experimentation involves taking a concrete action to test an approach or several possible approaches. Experimentation is a learning-by-doing approach. In the context of entrepreneurship, you go through the experience of testing things out, then gain knowledge from these experiences, and finally form the basis for developing on your next attempt or experiment. You take action to test or try out a given strategy, product, or practice in real-life situations.  How do you practice this skill? Start experimenting with some small, everyday tasks that you often do in relation to your school work or, maybe, in your home environment. Or, if you haven't tried concocting a pasta dish before, you may want to experiment cooking spaghetti with meat sauce.  All you just need is your own spark of interest and a small dose of self-confidence in trying out something new. Note that experimentation is hands-on, and you may encounter errors in your initial attempt. You just need to move on, persist in what you are experimenting on, and learn from past mistakes as you continue to build your skill in your chosen area. Entrepreneurs never get tired of experimenting with new ideas, processes, and tactics even though it could take a long time for them to see a favorable outcome, which could sometimes be totally unexpected from what was originally conceived. Risks Assumptions Dependencies  Creativity and innovation require leadership because one must be willing to go into a path that has not yet been tried. As Steve Jobs (Apple co-founder) said, “Creative individuals innovate because they usually want to make things better for other people's lives.” Where we are Where we want to be  3. The Skill of Creativity Creativity is being open to new perspectives or other ways of looking at things that are better or of higher quality. It is about unleashing your ideas, concepts, or approaches that have not been tried before, or perhaps not obvious to many. 75% New customers In the context of entrepreneurship, the skill of creativity allows you to innovate so as to differentiate your product or service. In that way, you secure your competitive advantage over your rivals or competitors. Bear in mind that innovation does not always mean a breakthrough or a 25% Sales increase radical invention. Innovation can also be incremental or made in small ways. For example: Updating a product to make it more user-friendly is an innovation. 50% Market reach Improving the efficiency of a process, even slightly, is innovative. Combining existing technologies in a novel way can also be considered innovation.  4. The Skill of Empathy Empathy is the ability to put yourself in the shoes of another person to understand how that other person thinks and feels, enabling you to better relate to that person. In the context of entrepreneurship, empathy skills enable you to tailor your product or service offerings to the needs and wants of your customers. CUSTOMERS, INVESTORS AND STAFF  5. The Skill of Play The skill of play involves injecting some fun, excitement, and joy in what you are doing as you go through your tasks. It is about cultivating a sense of wonder and enjoyment in the midst of performing your duties. In the context of entrepreneurship, it is about appreciating and developing a sense of fun and adventure as you pursue your goals.  Team building is one of the common avenues by which companies instill the spirit of joy and fun in the workplace. businesses prefer to hold their team-building activities usually on weekends and outdoors for employees to relax and unwind. Larger companies could afford wellness programs such as sports tournaments, free movie passes, and free membership to gyms. Examples: are holding a joint birthday party inside the office for managers and staff, designating a monthly "free ice cream" day for everybody, and holding an award for the "Most Supportive Employee."  So, entrepreneurs never forget that a happy workplace is a creative and productive workplace. Cultivating a "happiness" culture promotes employee satisfaction and retention, making the enterprise more sustainable. Employees having fun and freely voicing out their individual concerns help strengthen the skill of play vital to creativity in the workplace. An entrepreneur should explore ways to promote this important culture of happiness within the organization. QUESTION ? ACTIVITY 1: PREMID PAGE 8 (20 pts.)