Introduction to Entrepreneurship PDF

DISASTER READINESS AND RISK REDUCTION INTRODUCTION TO ENTREPRENEURSHIP LUISA L. LIMACO SENIOR HIGH SCHOOL  LUISA...

DISASTER READINESS AND RISK REDUCTION INTRODUCTION TO ENTREPRENEURSHIP LUISA L. LIMACO SENIOR HIGH SCHOOL  LUISA L. LIMACO SENIOR HIGH SCHOOL  Businesses are the backbone of the economy. Entrepreneurs play an important role in developing the economy through providing the needed products and services including the solution to the problem of unemployment. Entrepreneurship is encouraged by the economy because it can provide a lot of opportunities for the unemployed people. It will increase per capita income, improve standard of living and increase individual savings, provide revenue to the government in the form of income tax, value added tax, export duties, import duties, and balanced regional development. After the discussion, you should be able to: 1. discuss the relevance of the course; 2. explain the key concepts of common competencies; 3. explain the core competencies in Entrepreneurship; and 4. explore job opportunities for Entrepreneurship as a career. LUISA L. LIMACO SENIOR HIGH SCHOOL RELEVANCE OF ENTREPRENEURSHIP TO AN ORGANIZATION 1. Development of Managerial Capabilities - this means that one of the benefits an entrepreneur gets is to develop his managerial skills. 2. Creation of Organizations - which means that because of entrepreneurship many organizations will exist. 3. Improving Standard of Living - this means that entrepreneurship can lift up the economic status of an individual. 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. LUISA L. LIMACO SENIOR HIGH SCHOOL  Concept of Entrepreneurship “Entrepreneur” was derived from the French verb enterprendre, which means “to undertake.” This is pinpointing to those who “undertake” the risk of enterprise. 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 that can provide profitable solutions to the needs of the market and the society. LUISA L. LIMACO SENIOR HIGH SCHOOL Factors Affecting Entrepreneurship 1. Personality Factors which include: a. Initiative - doing things even before being told. b. Proactive - which means he can classify opportunities and seize it. c. Problem Solver - which means he can retain good relations with other people. d. Perseverance - meaning he will pursue things to get done regardless of challenges. e. Persuasion - means that he can entice people to buy even if they don’t want to. f. A Planner - he makes plans before doing things and does not fail to monitor it. g. 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. LUISA L. LIMACO SENIOR HIGH SCHOOL Common Competencies in Entrepreneurship 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 entrepreneur must have the ability to be the first to see business chances. 5. Proactive – an entrepreneur can control a situation by making things happen or by preparing for possible future problems. 6. Risk Taker – an entrepreneur has the courage to pursue business ideas. 7. Innovative - the entrepreneur has big business ideas and he does not stop improving and thinking of new worthwhile ideas for his business. LUISA L. LIMACO SENIOR HIGH SCHOOL Core Competencies in Entrepreneurship 1. Economic and Dynamic Activity - Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilization of limited resources. 2. Innovative – The entrepreneur constantly looks for new ideas, thus he needs to be creative. LUISA L. LIMACO SENIOR HIGH SCHOOL 3. Profit Potential - The entrepreneur can be compensated by his profit coming from the operation. 4. Risk bearing – The entrepreneur needs to gamble but wise enough to offset the risk LUISA L. LIMACO SENIOR HIGH SCHOOL 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. 2. Imitating Entrepreneurs - They are those who don’t create new things but only follow the ideas of other entrepreneurs. 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. 4. 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. 5. 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. LUISA L. LIMACO SENIOR HIGH SCHOOL Career Opportunities of Entrepreneurship 1. Business Consultant - with the expertise in the field of entrepreneurship, he can be a very good source of advice to other entrepreneurs and would-be businessmen. 2. Teacher - a graduate of entrepreneurship can use his knowledge in teaching. 3. Researcher - the entrepreneur can be employed as a researcher by an enterprise. 4. Sales - the entrepreneurship graduate can apply as a salesman. 5. Business Reporter - the entrepreneur being an expert in the field, can be employed as a business reporter. LUISA L. LIMACO SENIOR HIGH SCHOOL Self- Assessment Direction: Find out if you have the qualities of an entrepreneur. Put a check mark on the column that identifies whether you have the qualities of an entrepreneur or not. LUISA L. LIMACO SENIOR HIGH SCHOOL Interpretation If you have more YES than NO, you have the qualities of an entrepreneur. LUISA L. LIMACO SENIOR HIGH SCHOOL REFLECT UPON 1. What do you think are the factors that drive Filipinos to become entrepreneurial? 2. Name three entrepreneurial trends that you observe in your environment. Why do you think these entrepreneurs venture into these businesses? LUISA L. LIMACO SENIOR HIGH SCHOOL Let’s check your mastery! LUISA L. LIMACO SENIOR HIGH SCHOOL 1. The entrepreneurs who create new ideas are called ______________. a. Innovative b. Imitating c. Fabian d. Drone LUISA L. LIMACO SENIOR HIGH SCHOOL 2. The entrepreneur who lives on the labor of others is called __________. a. Drone b. Fabian c. Imitating d. Innovative LUISA L. LIMACO SENIOR HIGH SCHOOL 3. These are entrepreneurs who are to follow the path shown by innovative entrepreneurs. a. Innovative b. Imitating c. Social Entrepreneurs d. Fabian LUISA L. LIMACO SENIOR HIGH SCHOOL 4. Which of the following does not belong to the group? a. Skills management b. Conduct research c. Risk taking d. Make no changes with his product LUISA L. LIMACO SENIOR HIGH SCHOOL 5. Entrepreneur means: a. Risk taker b. To undertake c. To research d. To improve standard of living LUISA L. LIMACO SENIOR HIGH SCHOOL 6. It is a personality factor which means “doing things even before being told.” a. proactive b. perseverance c. persuasion d. initiative LUISA L. LIMACO SENIOR HIGH SCHOOL 7. It is a personality factor which means convincing customers to buy the product. a. Proactive b. Persuasion c. Self-confidence d. Risk-taker LUISA L. LIMACO SENIOR HIGH SCHOOL 8. Which of the choices is NOT part of the environmental factors? a. Political b. Weather condition c. Climate d. Family background of the manager LUISA L. LIMACO SENIOR HIGH SCHOOL 9. Which of the statements below is true? a. Entrepreneurs have limited career opportunities. b. Entrepreneurs are prone to constant high income. c. Entrepreneurs are contributors to the development of the society. d. Entrepreneurs are the reasons for the unemployment problem. LUISA L. LIMACO SENIOR HIGH SCHOOL 10. Which is NOT a career for an entrepreneur? a. Business Consultant b. Sales c. Research and Development d. Domestic Helper LUISA L. LIMACO SENIOR HIGH SCHOOL