Entrep Lesson 1.pdf

INTRODUCTION TO ENTREPRENEURSHIP Activity 1. Share Who You Know Name five (5) entrepreneurs that you know, may it be from your locality or within the Philippines. Activity 2. Essay 1. What characteristics can you observe or see that are common among the...

INTRODUCTION TO ENTREPRENEURSHIP Activity 1. Share Who You Know Name five (5) entrepreneurs that you know, may it be from your locality or within the Philippines. Activity 2. Essay 1. What characteristics can you observe or see that are common among the entrepreneurs that you have listed? 2. In your own opinion, what do you need to possess to become a successful entrepreneur? Relevance of Entrepreneurship 1. DEVELOPMENT OF MANAGERIAL CAPABILITIES This means that one of the benefits an entrepreneur gets is to develop his managerial skills. Relevance of Entrepreneurship 2. CREATION OF ORGANIZATIONS Which means that because of entrepreneurship many organizations will exist. Relevance of Entrepreneurship 3. IMPROVING STANDARD OF LIVING This means that entrepreneurship can lift up the economic status of an individual. Relevance of Entrepreneurship 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. Concept of Entrepreneurship The word “entrepreneur” was derived from the French verb enterprendre, which means “to undertake.” Factors Affecting Entrepreneurship PERSONALITY FACTORS ENVIRONMENTAL FACTORS Activity 3. Personality Factor Cases 1. Sarah notices a gap in the market for eco- friendly cleaning products. Without waiting for instructions, she starts researching suppliers of sustainable materials and formulates a business plan to launch her own line of environmentally friendly cleaning solutions. 2. James, a tech enthusiast, attends a startup conference where he learns about a growing demand for personalized fitness apps. Recognizing this opportunity, he reaches out to fitness trainers and app developers to collaborate on creating a unique fitness tracking app that meets the specific needs of users. 3. Maria runs a small bakery known for its specialty cakes. When a key supplier unexpectedly raises prices, threatening her profit margins, she negotiates a new contract with alternative suppliers while maintaining positive relationships. 4. David starts a software development company but faces numerous setbacks, including technical glitches and initial lack of clients. Despite these challenges, he continues refining his products, attending networking events, and offering free demos to potential clients. 5. Emily opens a boutique fashion store and uses her skills to create compelling window displays and engaging social media campaigns. By showcasing the latest trends and offering personalized styling advice, she attracts customers who initially had no intention of shopping but end up making purchases due to her sales approach. 6. Michael plans to launch a gourmet food truck. Before purchasing equipment or securing permits, he meticulously researches potential locations, analyzes customer preferences through surveys, and develops a detailed budget and marketing strategy. His organized planning ensures a successful launch and sustained growth of his mobile food business. 7. Thomas identifies a niche market for customized 3D-printed jewelry but faces uncertainty due to high initial investment costs. He secures funding through investors, and launches his online store. Despite the uncertainty, his willingness pays off as the unique designs attract a loyal customer base. Environmental Factors POLITICAL CLIMATE LEGAL SYSTEM ECONOMIC SOCIAL CONDITIONS MARKET SITUATIONS Activity 4. PUT A FINGER DOWN 1. FIRM IN MAKING DECISIONS - DECISIVE 2. YOU HAVE A CONVINCING POWER - COMMUNICATOR 3. YOU HAVE THE CHARISMA TO BE OBEYED - LEADER 4. YOU HAVE THE ABILITY TO BE THE FIRST TO SEE BUSINESS CHANCES - OPPORTUNITY SEEKER 5. YOU CAN CONTROL A SITUATION BY MAKING THINGS HAPPEN - PROACTIVE 6. YOU HAVE THE COURAGE TO PURSUE BUSINESS IDEAS - RISK TAKER 7. YOU HAVE BIG IDEAS AND DOES NOT STOP IMPROVING - INNOVATIVE CAREER OPPORTUNITIES OF ENTREPRENEURSHIP 1. BUSINESS CONSULTANT 2. TEACHER 3. RESEARCHER 4. SALES 5. BUSINESS REPORTER Core Competencies in Entrepreneurship 1. ECONOMIC AND DYNAMIC ACTIVITY - it involves the creation and operation of an enterprise with a view of creating value or wealth by ensuring optimum utilization of limited resources 2. INNOVATIVE - constantly look for new ideas with creativity 3. PROFIT POTENTIAL - entrepreneur’s compensation 4. RISK BEARING Types of Entrepreneurs 1. INNOVATIVE ENTREPRENEURS - They are those who always make new things by thinking of new ideas. They have the ability to think newer, better, and more economical ideas. Elon Musk - Known for founding SpaceX, Tesla, and other ventures that push the boundaries of technology and innovation. 2. IMITATING ENTREPRENEURS - they are those who don’t create new things but only follow the ideas of other entrepreneurs Spotify - Originally imitated the iTunes model of digital music distribution before evolving into a streaming service leader. 3. FABIAN ENTREPRENEURS - They are skeptical about changes to be made in the organization. They don’t initiate but follow only after they are satisfied. Warby Parker - Disruptive eyewear company that initially grew slowly, focusing on sustainability and customer feedback. 4. DRONE ENTREPRENEURS - They are die-hard conservatives even ready to suffer the loss of business. Kodak - Despite being a pioneer in photography, Kodak failed to adapt to the digital revolution, sticking to its traditional film-based business for too long. 5. SOCIAL ENTREPRENEURS - They are those who drive social innovation and transformation in various fields such as education, health, human rights, environment, and enterprise development. Muhammad Yunus - Founder of Grameen Bank, he pioneered microfinance and microcredit to provide financial services to the poor in Bangladesh.