Entrepreneurial Behavior SBENT-1F PDF

ENTREPRENEURIAL BEHAVIOR SBENT-1F 1ST SEMESTER – KYLA CHAN – JOSE MARI UY innovation is depicted a key to economic development, not only in developing ne...

ENTREPRENEURIAL BEHAVIOR SBENT-1F 1ST SEMESTER – KYLA CHAN – JOSE MARI UY innovation is depicted a key to economic development, not only in developing new ENTREPRENEURIAL BEHAVIOR products or services for the market but also in stimulating investment interest in TECHNICAL TERM/KEY TERM the new ventures being created is directly concerned with the understanding prediction and control of A4 ROLE OF ENTREPRENEURSHIP IN human behavior in enterprise ECONOMIC DEVELOPMENT Additional Information - process through which innovations is HUMAN BEHAVIOR in an enterprise is developed and commercialized through concerned with thoughts, feelings, entrepreneurial activities emotions, and action of people ITERATIVE SYNTHESIS - the intersection working in it knowledge and social needs that starts the product development process A1 CHARACTERISTICS OF ENTREPRENEURIAL BEHAVIOR A5 ECONOMIC IMPACT ON ENTREPRENEURIAL FIRMS ❖ behavioral approach to management it merged as a distinct field of ❖ innovation study because of the importance process of creating something of human behavior in a enterprise new ❖ cause and effect relationship ❖ job creation it provides generalization that economic activity has moved in entrepreneurs can use to the direction of smaller anticipate the effect of certain entrepreneurial firms, which may activities on human behavior be due to their unique ability to ❖ rational thinking innovate and focus on specialized major aim of entrepreneurial task behavior is to explain and predict human behavior enterprise B3 ENTREPRENEURIAL FIRMS’ IMPACT ON SOCIETY AND LARGER FIRMS A2 NATURE AND DEVELOPMENT OF ENTREPRENEURSHIP ❖ impact on society the innovations of entrepreneurial ENTREPRENEUR - an individual who takes firms have dramatic impact on initiate to bundle resources in innovative ways society and willing to bear the risk and or uncertainty to ❖ impact on larger firms act many entrepreneurial firms have built their entire business models ENTREPRENEURSHIP - the process of creating around producing products and something new services that help larger firms become more efficient and effective A3 ROLE OF ENTREPRENEURS IN ECONOMIC DEVELOPMENT PAGE 1 KYLA CHAN – 1ST YEAR BS IN ENTREPRENEURSHIP – SBENT-1F  ENTREPRENEURIAL BEHAVIOR SBENT-1F 1ST SEMESTER – KYLA CHAN – JOSE MARI UY Additional Information ETHICS AND SOCIAL RESPONSIBILITY OF ENTREPRENEURS WHAT IS ENTREPRENEURSHIP COMPETENCY? The life of an entrepreneur is not easy. An entrepreneur must take risks with his or her ❖ ENTREPRENEURSHIP the activity of selling up a own capital in order to sell and deliver business or business taking on products and services. financial risks in the hope of profit ❖ COMPETENCE any attitude, skill, behavior, motive or other personal characteristics that is essential for an individual to perform a job ENTREPRENEURIAL COMPETENCIES ❖ ENTREPRENEURSHIP COMPETENCY key of characteristics that should - A Competence is an underlying possessed nu successful of characteristics of a person which led to his or budding entrepreneurs in order her effective or superior performance in a job to perform entrepreneurial - The term competence refers to combination functions effectively of knowledge, Skills, Motive, Attitude and ❖ LEADERSHIP Habits. Every role requires some particular acts as a distinct area for both competencies. research and practice. it raises ❖ initiative many questions about the doing things on own before being personal competencies of asked for, or being forced to by entrepreneurial leaders that events enable them to successfully lead ❖ seeking and acting on opportunities entrepreneurial endeavors seizing unusual opportunities to ❖ ENTREPRENEURSHIP MEANS RISK obtain and mobilize necessary Risk can be defined as the resources possibility of failure or loss or ❖ information seeking other adverse consequences in personally undertaking a research pursuing some activity or venture. or analysis to find out answer of some problem ❖ concern for high quality of work MEANING COMPETENCY making all efforts to ensure the quality of products or services DETERMINATION COMPETENCIES ❖ problem solving ○ skill identified with the energy identifying the root cause of the and focus needed to bring a problem or objectives business into existence ❖ self confidence OPPORTUNITY COMPETENCIES doing something for which ○ skills necessary to identify and chances are not very fair exploit elements of the business ❖ persuasion environment that can lead to a convincing someone successfully profitable and sustainable to do something else than what business. he/she would have done RESOURCES COMPETENCIES PAGE KYLA CHAN – 1ST YEAR BS IN ENTREPRENEURSHIP – SBENT-1F 2  ENTREPRENEURIAL BEHAVIOR SBENT-1F 1ST SEMESTER – KYLA CHAN – JOSE MARI UY ○ the ability or skill of the ENTREPRENEUR - derived from the entrepreneur at finding French words entre ,meaning between expendable components and prendre meaning “to take” necessary to the operation of the Originally to describe people who “take business on the risk” between buyers and sellers ENTREPRENEURIAL COMPETENCY or who undertake a task such as starting ○ means the area of expertise , skills a new venture , ability , efficiency, updated technology regarding A1 NATURE AND DEVELOPMENT OF organizational and business ENTREPRENEURSHIP process of a firm B2 THREE TESTS THAT MUST MEET TO BE CONSIDERED COMPETENCE ❖ Earliest Period the earliest definition of entrepreneur may be related to Customer Value the person (merchant- ○ Competencies are the skills that adventurer) who attempted to enable a firm to deliver a establish trade routes for the far fundamental customer benefit east Competitor Differentiation they would sign a contract with ○ A capability must also be money person to sell his good competitively unique. ❖ Middle Ages EXTENDIBILITY the term was used to describe ○ A competition is truly core when both an actor and a person who it focuses on the basis for entry managed large production into new product markets. projects did not take any risks but merely managed using the resources B3 RISK OF IGNORING VOMPETENCIES provided usually by the government of the country. Opportunities for growth will be turned a typical entrepreneur in the down middle ages was cleric- the Ignorance of competencies may weaken person in charge of great the enterprise architectural works, such as A company focused only on end castles and fortifications, public products may fail to invest adequately in buildings, abbeys and cathedrals. new competency that may constrain ❖ 17th Century growth in the future re emergent connection of risk with entrepreneurship entrepreneur being a person who entered into contractual agreement with the government NATURE AND IMPORTANCE OF to perform a service or supply ENTREPRENEURS stipulated products. Since the contract price was fixed, any TECHNICAL TERM/KEY TERM resulting profit or losses were Entrepreneurs ❖ 18th Century PAGE KYLA CHAN – 1ST YEAR BS IN ENTREPRENEURSHIP – SBENT-1F 3  ENTREPRENEURIAL BEHAVIOR SBENT-1F 1ST SEMESTER – KYLA CHAN – JOSE MARI UY the person with capital was DAVID McCLELLAND (1961) - differentiated from one who “entrepreneur is an energetic, needed capital (in other words moderate risk taker” the entrepreneur was distinguished from the capital provider) many inventions developed ❖ RICHARD CANTILLION during this time and changed the One of the early theorist, founder world of the term entrepreneurship ❖ 19th Century He viewed the entrepreneur as a entrepreneurs not distinguished risk taker by observing from managers and were viewed merchants, farmers. from an economical perspective “Buy at a certain price and sell at an entrepreneur organizes and an uncertain price , therefore operates for personal gain operating at a risk”. ❖ 20th Century ❖ JEAN BAPTISTE SAY the notion of an entrepreneur as Entrepreneurs shift economic an innovator was established resources out of an areas of lower the concept of innovation and and into areas of higher newness is an integral part of productivity and yield entrepreneurship ❖ PETER DRUCKER the newness can consist of The entrepreneur always searches anything from a new product to a for change responds to it, and new distributors system to a exploits it as an opportunity method for developing new ❖ HOWARD STEVENSON organizational structures Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled A2 CONTRIBUTORS TO THE ENTREPRENEURSHIP THEORY TYPES OF START-UPS ❖ 18th Century RICHARD CANTILLION (1725) – 1. Lifestyles firm- a small venture that supports person bearing risks is different the owners and usually does not grow from one supplying capital ❖ 19th Century 2. Foundation Company – is created from JEAN BAPTISTE (1803) research and development that usually does not “separated profits of entrepreneur go public from profits to capital” FRANCIS WALKER (1876) 3. High-Potential Venture- has high growth distinguished between those who potential and receives the greatest investment supplied funds and received interest and publicity interest and those who received profit from managerial capabilities. ❖ 20th Century JOSEPH SCHUMPETER (1934) - “entrepreneur is an innovator and develops untried technology” LESSON 4-6 KAYA NYO NA YAN 😭🙏 IM SORRY HINDI KO TALAGA MAINTINDIHAN PAGE KYLA CHAN – 1ST YEAR BS IN ENTREPRENEURSHIP – SBENT-1F 4