Entrepreneurship 1st Quarter - Week 1 PDF

ENTREPRENEURSHIP 1ST Quarter - Week 1 ENTREPRENEURSHIP is the creation or extraction of economic value. CONCEPT OF ENTREPRENEURSHIP “Entrepreneur” was derived from the French verb enterprendre, which means “to undertake”. The “enterprise” is created by an entrepreneur and the proce...

ENTREPRENEURSHIP 1ST Quarter - Week 1 ENTREPRENEURSHIP is the creation or extraction of economic value. CONCEPT OF ENTREPRENEURSHIP “Entrepreneur” was derived from the French verb enterprendre, which means “to undertake”. 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. RELEVENCE OF ENTREPRENEURSHIP TO AN ORGANIZATION ➔ Development of Managerial Capabilities ➔ Creation of Organizations ➔ Improving Standard of Living ➔ Means of Economic Development FACTORS AFFECTING ENTREPRENEURSHIP 1. Personality Factors which include: Initiative - doing things even before being told. Proactive - which means he can classify opportunities and seize it. Problem Solver -which means he can retain good relations with other people. Perseverance - meaning he will pursue things to get done regardless of challenges. Persuasion - means that he can entice people to buy even if they don’t want to. A Planner - he makes plans before doing things and does not fail to monitor it. Risk-taker - which means that he is willing to gamble but he will calculate it first. 2. Environmental Factors which include political, climate, legal system, economic and social conditions and market situations. 1. Decisive - an entrepreneur must be firm in making decisions. 2. Communicator - an entrepreneur must have a convincing power. 3. Leader - an entrepreneur must have the charisma to be obeyed by his employees. 4. Opportunity Seeker - an individual who actively searches for and identifies new business prospects and innovative ideas to create value and achieve competitive advantages. 5. Proactive - means anticipating future challenges and opportunities, taking initiative, and acting in advance to shape favorable outcomes for the business. 6. Risk Taker - willing to embrace uncertainty and potential loss by making bold decisions and investments to achieve business success. 7. Innovative - involves creating and implementing novel ideas, products, or processes that disrupt markets and provide unique value to customers. TYPES OF ENTREPRENEURS 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. Imitating Entrepreneurs They are those who don’t create new things but only follow the ideas of other entrepreneurs. Address: P. Albano St., Barangay Turayong, Cauayan City, Isabela 3305 Contact No.: 0995-988-2914 Email Address: [email protected] Website: www.facebook.com/CCSASHS2022 Fabian Entrepreneurs They are skeptical about changes to be made in the organization. They don’t initiate but follow only after they are satisfied. Drone Entrepreneurs They are those who live on the labor of others. They are die-hard conservatives even ready to suffer the loss of business. Social Entrepreneurs They are those who initiate changes and drive social innovation and transformation in the various fields such as education, health, human rights, environment and enterprise development. #NOTHINGFOLLOWS# c. Raniel Tuppil [email protected] Address: P. Albano St., Barangay Turayong, Cauayan City, Isabela 3305 Contact No.: 0995-988-2914 Email Address: [email protected] Website: www.facebook.com/CCSASHS2022