Entrepreneurship Lesson 1 PDF

Entrepreneurship Lesson 1  GROUP ACTIVITY MEMEsabi lang - create a caption on a meme about Entrepreneur. If you were given P500 to invest in a business, what type of business would you venture? Explain how will you ensure that your P500 will gain within the span of less than a...

Entrepreneurship Lesson 1  GROUP ACTIVITY MEMEsabi lang - create a caption on a meme about Entrepreneur. If you were given P500 to invest in a business, what type of business would you venture? Explain how will you ensure that your P500 will gain within the span of less than a month.  Introduction to Entrepreneurship Entrepreneurship is the ability and readiness to develop, organize and run a business enterprise, along with any of its unce ainties in order to make a profit. The most prominent example of entrepreneurship is the sta ing of new businesses.  What is entrepreneurship? is the process by which individuals pursue oppor tunities without regard to the resources they currently control. According to Knights (1921) entrepreneurship is “Having profits from bearing unce ainty and risk” According to Shane (2003) “An activity that involves the discovery, evaluation and exploitation of oppor tunities to introduce new goods and services, ways of organizing effor ts that previously had not existed” According to Kuratko (2009)“A dynamic process of vision, change and creation that requires application of energy and passion toward the creation and implementation of new ideas and creative solutions” Is the ar tof observing correct practices in managing and operating a self-owned, wealth creating business enterprise by providing goods and services that are valuable to the customers.  What is enterprise? The enterprise is some business structure/object that usually carries out some commercial activity, creates new job positions, gains some profits.  Who is an entrepreneur? An entrepreneur “sees” what others have overlooked and “takes action” where others have hesitated. An entrepreneur is a risk-taker with a business idea. If the idea does not pay off, the entrepreneur will stand the loss. If the idea is a good one, the entrepreneur will make money (profit) earned from the idea. Entrepreneurs sta their own businesses. An entrepreneur comes from the French word “entreprendre” which means to unde ake. An individual who under takes the risk associated with creating, organizing, and owning a business. Is a person who strongly advocates and correctly practices the concepts and principles of entrepreneurship in operating and managing the self-owned entrepreneurial venture Is a unique individual who has the innate ability and extraordinary dedication to establish and manage business, acknowledging all the risk and reaping the rewards  Types of Entrepreneurs The world of entrepreneurship these days has already evolved, and new terms are coined to suit an entrepreneurs’ field of expe ise. Here are some: Technopreneur- entrepreneur who puts technology at the core of his or her business model Social entrepreneur- entrepreneur who takes advantage of the country’s social problems and turn them into profitable institutions with the intention of helping the disadvantaged community rather than making a profit. Intrapreneur- an employee in a large company or corporation who is tasked to think, establish and run a new big idea or project about the business. Extrapreneur- an entrepreneur who hops from one company to another to act as innovation champion, providing creative and efficient solutions.  Activity Time Group yourselves into 4. Each group will po ray a type of entrepreneur they’ll be choosing. The class will be given 10 minutes to prepare. A er the pe ormance, other groups will try to guess what type of entrepreneur has been po rayed. One from the group will explain and reveal the answer a erwards.  Rubrics 5 points-Creativity 5 points-Accuracy 5 points-Content(explanation) 5 points-Teamwork 20 TOTAL  Impo ance of Entrepreneurship Entrepreneurship produces more jobs that equate to an increase in national income. New businesses need to hire employees. They create jobs and these economic oppo unities upli and suppo communities through increasing the quality of life and overall standard of living. Entrepreneurship amplifies economic activities of different sectors of society. Even small businesses from rural and urban areas can contribute to the active economic activities of the country. Entrepreneurship introduces new and innovative products and services. Successful sustainable businesses are focused on the creation of new products, services, or practices that address or mitigate environmental and social concerns in new ways. Success in implementing sustainable business practices relies on entrepreneurship and innovation. Entrepreneurship improves people’s living standards. As businesses and employees increase their wealth, they tend to spend more, which increases demand for more goods and services, fu hering economic growth. The economic activity generated by business leads to an increase in standard of living. Entrepreneurship disperses the economic power and creates equality. It balances the economy by distributing national income to more business rather than to only few monopolies. Entrepreneurship controls the local wealth and balances regional development. It makes sure local resources are used properly and that every area has an appropriate allocation of resources. Entrepreneurship reduces social conflicts and political unrest. Imagine that there are no or only few stores in the area. All of you will fight for the food supplies because the store cannot supply all your needs. Entrepreneurship elicits economic independence and capital formation. Entrepreneurs promote capital formation by mobilizing the idle savings of public by placing profitable business proposition that a racts investment to ensure private pa icipation in the industrialization process. They employ their own as well as borrowed resources for se ing up their enterprises.  Assignment Cut and paste an awesome photo of yourself by customizing as a successful entrepreneur. Describe what type of entrepreneur you would want to be someday and why. What contributions to the society that you want to impa. Share your hopes and dreams. Aim high! Soar high! future ENTREPRENEUR!