Entrepreneurship Reviewer PDF

What is Entrepreneurship? Entrepreneurship is the process of starting a business or organization. It involves the capacity and willingness to develop, organize, and manage a business venture while taking on the risks to make a profit. What are the four key stages of the Entrepreneurial Process? 1....

What is Entrepreneurship? Entrepreneurship is the process of starting a business or organization. It involves the capacity and willingness to develop, organize, and manage a business venture while taking on the risks to make a profit. What are the four key stages of the Entrepreneurial Process? 1. Inspiration 2. Action 3. Growth 4. Ideation What are the categories of MSMEs in the Philippines? Micro Enterprise: Total Asset Value: ₱3,000,000 or less; Employees: 1-9 Small Enterprise: Total Asset Value: ₱3,000,001 - ₱15,000,000; Employees: 10-99 Medium Enterprise: Total Asset Value: ₱15,000,001 - ₱100,000,000; Employees: 100-199. What are the characteristics of successful entrepreneurs? Achievement Cluster: Opportunity seeking, persistence, commitment Power Cluster: Self-confidence, persuasion, networking Planning Cluster: Systematic planning, goal orientation Why are MSMEs important in the Philippines? 99.6% of all registered businesses are MSMEs. - MSMEs employ 62.9% of the labor force. - They serve as the backbone of the economy Why is ethics important in entrepreneurship? Ethics builds consumer loyalty, keeps employees happy, minimizes unexpected problems, and fosters sustainable socio-economic growth What ethical norms should entrepreneurs follow? - Honesty - Fair pricing - Responsibility towards employees, customers, and the environment What is the entrepreneurial mindset? It is a way of thinking that sees opportunities, focuses on taking positive actions, and drives results, grounded in belief in one’s ability What are the rewards of entrepreneurship? - Financial gains - Job security - Being your own boss - Creative expression - Self-fulfillment What role does entrepreneurship play in economic development? Entrepreneurship generates jobs, encourages innovation, and contributes to the *GDP* and exports, driving the overall growth of the economy What is the difference between an entrepreneur and an employee? Entrepreneur: Growth-oriented, sells value, focuses on innovation. Employee: Earns based on skills, works for stability What are the risks and rewards of being an entrepreneur? Risks: Financial loss, market competition, stress. Rewards: Independence, financial growth, personal fulfillment What is entrepreneurial motivation? Entrepreneurial motivation refers to the driving force behind entrepreneurs, often based on personal goals like providing for family, escaping poverty, or achieving self-fulfillment What are the key challenges entrepreneurs face with ethical dilemmas? - Balancing fairness in pricing - Making decisions on environmental impacts - Handling employee exploitation and consumer trust How do entrepreneurs contribute to community development? Entrepreneurs provide jobs, stimulate local economies, and contribute to community well-being by offering products and services that meet local needs Module 1 - Role of Entrepreneurship in Economic development Key Topics Covered: 1. Theories of Economic Growth: - Mercantilism: Economic strength through trade and accumulation of wealth. - Laissez-faire: Minimal government intervention; the market regulates itself. - Socialism: Government controls the means of production for equal wealth distribution. - Schumpeter’s Theory: Economic growth driven by innovation and creative destruction. 2. Entrepreneurship as a Concept: - Defined as the *process of creating or seizing an opportunity* and pursuing it despite limited resources. - *Key characteristics*: - Mobile resources facilitate entrepreneurial growth. - Successful community members reinvest their capital in others' ventures. - Communities that *celebrate* success foster entrepreneurship 3. Global Entrepreneurship Developments: - Entrepreneurship is globally recognized as a *key driver* of innovation and economic progress. - Emphasizes the role of *technology* and *knowledge* in advancing economies. 4. Relationship between Entrepreneurship and Economic Development: - Entrepreneurs play a significant role in *job creation*, *wealth distribution*, and *community improvement*. - Micro, Small, and Medium Enterprises (MSMEs) are crucial for employment generation and regional development 5. Socio-Economic Benefits of Entrepreneurship - Improved *standards of living*, increased *GDP*, and *balanced regional development* through entrepreneurship. - Entrepreneurship drives *community development* by fostering local businesses and creating job opportunities Module 2: Ethics in Entrepreneurship Title: Ethics in Entrepreneurship Key Concepts: 1. Ethical Norms and Behaviors for Entrepreneurs: - Entrepreneurs must exhibit *honesty, fairness*, and a *sense of responsibility* toward others, including employees, customers, and the environment. - Ethical entrepreneurship is based on personal character and is important for *long-term business success*. 2. Importance of Ethics in Business: - Ethics is not just about *obeying laws*; it is about doing the *right thing* based on internal values. - Ethical practices foster *consumer loyalty*, retain talented employees, and create a stable environment for growth. 3. Why Ethical Entrepreneurs Matter: - Ethical entrepreneurs contribute to *sustainable development* by ensuring that business growth does not come at the expense of the environment or social well-being. - They foster an economy where *trust* and *integrity* lead to long-term prosperity 4. Challenges to Ethical Entrepreneurship: - Entrepreneurs may face temptations to cut corners for short-term gains, but unethical practices can damage reputations and customer trust. - Ethical dilemmas often arise in areas like pricing, employee treatment, and environmental impact 5. Sustainability and Ethics: - Ethical entrepreneurship ensures that businesses do not harm the environment or communities, which is crucial for long-term success and *socio-economic development*