Entrepreneurship Quarter 1 PDF

Entrepreneurship Quarter 1 Introduction to Entrepreneurship Introduction Businesses are the backbone of the economy. Entrepreneurs play an important role in developing the economy through providing the needed products and services including the solution to the problem of unemployment. What...

Entrepreneurship Quarter 1 Introduction to Entrepreneurship Introduction Businesses are the backbone of the economy. Entrepreneurs play an important role in developing the economy through providing the needed products and services including the solution to the problem of unemployment. What is Entrepreneurship? The word “entrepreneur” was derived from the French verb enterprendre, which means “to undertake.” This is pinpointing to those who “undertake” the risk of enterprise. The enterprise is created by an entrepreneur and the process is called “Entrepreneurship.” Entrepreneurs are innovators. They are willing to take the risks and generate unique ideas that can provide profitable solutions to the needs of the market and the society. Why is Entrepreneurship encouraged by the economy? It can provide a lot of opportunities for the unemployed people. It will increase per capita income, improve standard of living and increase individual savings. It provides revenue to the government in the form of income tax, value added tax, export duties, import duties, and balanced regional development.  How would you differentiate between an entrepreneur and a businessman? 1. Ideas - an entrepreneur will bring up new business ideas and exert all their abilities to create these new business ideas. Meanwhile, businessman tend to see trends and maximize profits from these rising businesses. 2. Purpose - a businessman has the main focus on pursuing profit, the higher the profit, the better. Meanwhile, entrepreneurs usually focus on business development and their passion so that the main goal is to get personal satisfaction from products and services that have been successfully developed wholeheartedly. 3. Attitude - for entrepreneurs, challenges and changes are commonplace and they tend to be flexible in dealing with them, so it’s easy to keep up with changes and get out of their comfort zone. However, it will be the opposite for businessman who finds it difficult to get out of their comfort zone. They will tend to survive when the profit is still obtained, if they lose profit, they will immediately switch to another business. True or False. 1. Entrepreneurship is taking on financial risks in order to generate profit. 2. Businessman creates new idea to establish business venture. 3. Entrepreneur establishes common business venture. 4. Entrepreneur develops new business that will give them personal satisfaction. 5. Mr. Dee Mabiru accepts, adapt and seek opportunities to economic challenges. He is a businessman. True or False. 6. Entrepreneurship is a process of actions of an entrepreneur who is always in search of opportunities. 7. Entrepreneurship will lead to the creation of organizations 8. Coward people will become successful entrepreneurs. 9. Entrepreneurship is not an economic activity. 10. An entrepreneur is not a “Risk Taker”.  Henry Sy Tony Tan Caktiong Mark Zuckerberg William Henry Gates III Shoe Mart (SM) Jollibee Foods Meta Platforms Microsoft Corporation Who are these? What characteristics can you observe that are common with these people? What is entrepreneurial competency? Entrepreneurial competency is a set of skills and behaviour needed to create, develop, manage, and grow a business venture. It also includes the ability to handle the risks that come with running a business. Without a doubt, business owners and startup founders must possess most of the entrepreneur competencies to succeed. Source: possibleworks.com Common Competencies in Entrepreneurship Decisive - an entrepreneur must be firm in making decisions. Communicator - an entrepreneur must have a convincing power. Leader - an entrepreneur must have the charisma to be obeyed by his employees. Opportunity seeker - an entrepreneur must have the ability to be the first to see business chances. Proactive – an entrepreneur can control a situation by making things happen or by preparing for possible future problems. Risk Taker – an entrepreneur has the courage to pursue business ideas. Innovative - the entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his business. What is the most important characteristics you should possess if you are going to be an entrepreneur? Explain why. Core Competencies in Entrepreneurship Economic and Dynamic Activity - Entrepreneurship is an economic activity because 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 – The entrepreneur constantly looks for new ideas, thus he needs to be creative. Profit Potential - The entrepreneur can be compensated by his profit coming from the operation. Risk bearing – The entrepreneur needs to gamble but wise enough to offset the risk. Identify what kind of common entrepreneurial competency is being asked in the following statements. 1. The ability to create and improve new business ideas that will generate profit. 2. It is the ability to make organizational decisions. 3. An entrepreneur must have the ability to lead and be obeyed by his employees. 4. The ability to control and manage the current problems that an organization is facing. 5. An entrepreneur has the courage to make a first move and pursue setting up new enterprise. Self- Assessment Direction: Find out if you have the qualities of an entrepreneur. Put a check mark on the column that identifies whether you have the qualities of an entrepreneur or not. Qualities YES NO Risk Taker Communicator Leader Opportunity Seeker Proactive Innovator Decisive RELEVANCE OF ENTREPRENEURSHIP TO AN ORGANIZATION AND TO THE ECONOMY 1. Development of Managerial Capabilities - this means that one of the benefits an entrepreneur gets is to develop his managerial skills. 2. Creation of Organizations - which means that because of entrepreneurship many organizations will exist. 3. Improving Standard of Living - this means that entrepreneurship can lift up the economic status of an individual. 4. 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. In your own words, explain the importance of entrepreneurship in the economy and to an organization through essay writing.