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NSTP Entrepreneurship

Entrepreneurship involves managing a business to satisfy customers and generate profit. An entrepreneur is someone who starts their own business rather than working for others, and innovates by introducing new products, processes, or organizations. Successful entrepreneurs have characteristics like self-awareness, motivation, courage, confidence, patience, decisiveness, experience, knowledge, perseverance, and drive. While having your own business allows independence and control over your time, it also means taking on more expenses and responsibilities alone without regular paychecks. Entrepreneurship can be developed by creating useful products, using creativity, desiring self-reliance, and being aware of business opportunities in one's community.

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2K views2 pages

NSTP Entrepreneurship

Entrepreneurship involves managing a business to satisfy customers and generate profit. An entrepreneur is someone who starts their own business rather than working for others, and innovates by introducing new products, processes, or organizations. Successful entrepreneurs have characteristics like self-awareness, motivation, courage, confidence, patience, decisiveness, experience, knowledge, perseverance, and drive. While having your own business allows independence and control over your time, it also means taking on more expenses and responsibilities alone without regular paychecks. Entrepreneurship can be developed by creating useful products, using creativity, desiring self-reliance, and being aware of business opportunities in one's community.

Uploaded by

Charina Jane Pascual
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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ENTREPRENEURSHIP

DEFINITION:
 It is the capacity and quality of an individual in effectively and efficiently
managing a business towards customers’ satisfaction and profitability of services.
 Innovation is the key concept of entrepreneurship. It refers to a new or different
ways of doing things like technology, marketing, management and so forth.
 It is capable of generating more jobs, income, goods and services, this clearly
means a better economy and quality living for the people.
WHO IS AN ENTREPRENEUR?
 An entrepreneur is someone who starts and runs his or her own business rather
than remain an employee of someone else’s company.
 An entrepreneur is an individual who engages in business.
 An entrepreneur is an innovator of business enterprise who recognizes
opportunities, to introduce a new product, a new process or an improved
organization.
 An entrepreneur is an individual who raises the necessary money, assembles the
factors for production, and organizes an operation to exploit the opportunity.
 An entrepreneur is an individual who is self-confident, optimistic, flexible, and
receptive to changes.
CHARACTERISTICS OF AN ENTREPRENEUR:
1. Self-Awareness – as an entrepreneur, you should always be aware of what you
want, what is good for you and what business you like to start based on your
expertise.
2. Self-Motivation – this is the characteristics that gets you going and keeps you
moving when you are in business for yourself.
3. Courage – willingness to take risks when striving for success. It means to take a
chance and hope for a positive response to the request.
4. Confidence – positive thinking is a major step in the direction of success. By
behaving as if you already are a success at what you do, it follows that you will
be and your customers will believe it, too.
5. Patience – to own your own business, there will be times when you feel like a
roof is craving in, especially when your suppliers seem to be taking your own
sweet time in fulfilling an important order or when customer’s demands seem to
be unrealistic.
6. Decisiveness – when a decision has to be made immediately or on the spur of
the moment, you should go with your intuition and trust that you are doing the
right thing.
7. Experience – one reason why some business falls within a few years of start-up
is the owner’s lack of business experiences. Experience is directly related to the
business you are planning to start. It is key components for growth.
8. Knowledge – experience in your field is invaluable, but it is not enough. You have
a better chance of succeeding by knowing.
9. Perseverance – You must be willing to persevere during the rough times, to hang
in there during the slow periods, and to maintain your belief in your product or
service even when it seem like no one else in the world knows you exist.
10. Drive – You must believe in your goal and be determined to succeed. The
successful business person does not view obstacles or stumbling blocks as
problems, but rather as challenges. You need to be totally committed and willing
to work long hours, especially in the beginning.
ADVANTAGES OF HAVING YOUR OWN BUSINESS:
 You are your own boss.
 Your time is yours alone.
 You can never be fired from your own business.
 You do not have to wear a daily office uniform anymore.
 You can employ jobless friends, relatives and other dependents.
 You develop a high reputation or status in the community.
 You can plan your daily activities by yourself and chart your own future.
DISADVANTAGES OF HAVING YOUR OWN BUSINESS:
 You will incur more unexpected expenses.
 You will no longer receive regular paychecks.
 You will do most of the work by yourself with minimal support from others.
 You become the government’s collector for income and value-added taxes.
HOW CAN ENTREPRENEURSHIP BE DEVELOPED?
 Get interested in creating something useful.
 Use your creative capacities to the fullest by being sensitive to the beauty and
needs in your environment.
 Desire to be self-reliant rather than depending on others.
 Be aware of the sources of good money in your community.
 Scan the material/natural resources in your environment.

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