Entrepreneurship Key Concepts & Skills PDF

 Learning objectives: 1 2 3 4 5 Identify the factors Discuss the Enumerate the Essential skills Career affecting functions of an 5 types of that an opportunities entrepreneurship entre...

 Learning objectives: 1 2 3 4 5 Identify the factors Discuss the Enumerate the Essential skills Career affecting functions of an 5 types of that an opportunities entrepreneurship entrepreneur entrepreneurs entrepreneur for should possess entrepreneurshi p graduates.  Factors Affecting Entrepreneurship 1. Personality Factors 2. Environmental Factor I. Personality Factors Personal factors, are an entrepreneur core competencies which include: Initiative Problem-Solver Proactive Self-confidence Persistent Self-critical Persuasion Planner Risk-taker  These factors relate to the conditions in which an II. 2. Environmental ENVIRONMENTAL Factors entrepreneur has to work. FACTORS ❖Political climate ❖Legal system ❖Economic and Social condition ❖Market situations Political Climate Political stability in a country is essential for smooth economic activity. Legal System Elements and bodies that are directly involved in the legislation and interpretation of laws and ordinances directly affecting the business. Economic and social condition Economic forces are factors which are primarily caused by changes or movements in the Philippine economy that have direct or indirect effects on the entrepreneurial venture.  Social forces are elements in society Economic and resulting from human interactions that can influence the thoughts, social condition behavior, attitude, actions, and even the belief and customs of the people.  the state of the business Market environment within a country or Situations industry. Target market / competition What are the 2 factors affecting entrepreneurship? who can give at least one personality factor of an entrepreneur? can you give the 4 environmental factors relate to the conditions in which an entrepreneur has to work?  FUNCTIONS OF AN ENTREPRENEUR  Innovation Assumption of Risk Functions of an Entrepreneur Research Development of Management Skills Catalyst of Economic development  The Water Gasoline 1. Innovation Noli Dazo, the inventor of "Tubig na Gasoline" or "Dazo Water Fuel Hydrogen" made him an outstanding Filipino inventor of the Philippines in the field of innovative products invention. Dazo discovered a way to make a vehicle run using nothing but water. According to him, as hydrogen fuel has around three times the power as standard diesel or petrol, it would be beneficial to drivers who particularly operate jeepneys and tricycles. Such innovation is more powerful and cleaner compared to gasoline or diesel because it has better improved power that needs less fuel to produce the same speed as a standard gasoline or diesel engine. 2. Assumption of Risk Angelo Casimiro: Filipino Teen Invents 3. Research Electricity-Generating Shoes Casimiro, has been known online for his Electricity-Generating Shoes. According to him, being an innovator isn’t enough. He said that he studied film and also got into photography. Then he incorporated filming, photography, and lighting with his inventions in order to use it efficiently to spread his projects. He also studied some concept in marketing in order to sell his idea. He keeps on learning and tries to apply his newly gained knowledge into his projects (Villamera, 2018). Joe Magsaysay – Potato Corner 4. Development of management The young Magsaysay left school to bust tables, skills wash plates, and work on the cash register at a fast food chain. In a few years, he became a manager, handling five stores. With his background and skills in store management, Magsaysay’s friends asked him to handle Potato Corner, of which he was a co- founder. They pooled their money together and started the food cart business in 1992, offering franchises left and right. Today, Potato Corner has more than 550 stalls in the Philippines and around the world (inquirer.net, 2020). 5. Catalyst of economic Araceli and Jun Manas – development Hen Lin Araceli worked in a bank while Jun Manas worked in an insurance firm. They started Hen Lin in 1983 by using the recipes they learned from a Chinese chef with a capital of P30,000. 00. The couple had to learn the complexities of the business themselves. At night, they practiced making dumplings or siomai. The Manas couple opened the first Hen Lin store in SM Makati, which was well received for its delicious dim sum offerings. Hen Lin became popular in many malls 30 years later, offering various products such as hopia, noodles, congee, rice toppings, and breakfast food (business.inquirer.net, 2020). what are the 5 Functions of an entrepreneur? Types of Entrepreneurs 1. Innovative entrepreneurs 2. Imitating entrepreneurs 3. Fabian entrepreneurs 4. Drone entrepreneurs 5. Social entrepreneurs 1. Innovative entrepreneurs These entrepreneurs have the ability to think newer, better and more economical ideas of business organization and management. They are the business leaders and contributors to the economic development of a country. 2. Imitating entrepreneurs These entrepreneurs are people who follows the path shown by innovative entrepreneurs. They imitate innovative entrepreneurs because the environment in which they operate is such that it does not permit them to have creative and innovative ideas on their own.  3. Fabian entrepreneurs These type of entrepreneurs are skeptical about the changes to be made in the organization. They do not initiate any inventions but follow only after they are satisfied with its success rate.  4 Drone entrepreneurs are those individuals who are satisfied with existing mode and speed of business activity and show no 4. Drone inclination in gaining market entrepreneurs leadership. They are die-hard conservatives even ready to suffer the loss of business. 5. Social Entrepreneurs 5. Social Entrepreneurs These are the people who pursue novel applications that have the potential to solve community-based problems. These individuals or organizations are willing to take on the risk and effort to create positive changes in society through their initiatives. Social entrepreneurs seek to produce environment-friendly products, serve an underserved community, or focus on philanthropic activities. The examples of social entrepreneurship include educational programs, microfinance institutions, providing banking services in underserved areas, helping orphaned children, etc. The main goal of a social entrepreneur is not to earn a profit, but rather to implement widespread improvements in society. 1. who can differentiate Innovative entrepreneur from Imitating entrepreneur?  Skills and Core Competencies in Entrepreneurship  LEARNING OBJECTIVES: Identify the entrepreneurial skills. Discuss the concept of core competencies in the practice of entrepreneurship. Explore job opportunities for entrepreneurship as a career. 1. Curiosity Great entrepreneurs are tasked to discover new problems, reveal potential niche opportunities, refactor their original business process and innovate. 2. Time management Careful priority planning, defining milestones, execution, and iteration are all important. 3. Strategic thinking Learning to decompose a problem to its core and reveal opportunities for growth. 4. Efficiency You need high performance when it comes to solving a problem. 5. Resilience Handling rejections, stress, burnouts, lack of focus, slow progress. Determination and eagerness to fight the same dragon every morning is instrumental when it comes to building a business from scratch. 6. Communication Concise communication is paramount for each interaction with clients, partners, peers, prospect.  7. Networking Growing a network facilitates business opportunities, partnership deals, finding subcontractors or future employees. It expands the horizons of PR and conveying the right message on all fronts. 8. Finance Finance management will make or break a business. Handling resources properly and carefully assessing investments compared to ROI is a solid requirement for entrepreneurs.  9. Branding Building a consistent personal and business brand tailored to the right audience. 10. Sales Finding the right sales channels that convert better and investing heavily in developing them. Building sales funnels and predictable revenue opportunities for growth. How do you practice time management? Which among the 10 skills of an entrepreneur you want to possess and develop?  Mid-level Business management Sales Consultant Research and Career Opportunities Management for Entrepreneurship Analyst development Graduates Business Teacher Recruiter reporter 1. Mid-level management  1. Mid-level management At big companies, the C-level folks develop ideas, the ground force does the work, and mid-level management converts the idea into execution. Graduates with entrepreneurial degrees are well suited for this opportunity. 2. Business Consultant  2. Business Consultant Business today need consultants who can go to a client site, identify problems and fix them. Entrepreneurship graduates are trained to help identify things that others may not pick up. They are also trained to know how to fix them.  3. Sales Entrepreneurship graduates can work in sales or run the department of any businesses. It is requirement for Entrepreneurship graduates to know-how to represent a company, manage accounts, and follow up on leads. 4. Research and development  4. Research and development A good qualification to work in R&D is a training and education on understanding of business concepts, procedures, and practices and entrepreneurship. 5. Management Analyst Analyzes and evaluate operating procedure and make recommendation based on their findings.  6. Teacher Those with entrepreneurship degree are qualified to teach the applied subject in Senior High School and teach students the entrepreneurial skills.  7. Recruiter Companies who use recruiters rely upon someone who is not just people-savvy, but also, one who has an in-depth business sense as well. ACTIVITY! Which among the career opportunities for entrepreneurship graduates could you figure out as the one where you can directly practice your entrepreneurial traits? What is your basis? Please defend your answer. Any question? Words to ponder