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Entrepreneurship

Entrepreneurship involves developing, organizing, and running a business to generate profit while accepting the associated risks and uncertainties. It focuses on exploiting opportunities rather than resources. Successful entrepreneurship requires qualities like motivation, perseverance, patience, and teamwork. The government supports entrepreneurship through programs that promote local products, provide youth financing, develop entrepreneurial culture through education and training, and accelerate poverty reduction goals. Franchising is a form of entrepreneurship that allows entrepreneurs to operate under an existing business model. Social entrepreneurship combines a social mission with business strategies to create social value.

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0% found this document useful (0 votes)
81 views27 pages

Entrepreneurship

Entrepreneurship involves developing, organizing, and running a business to generate profit while accepting the associated risks and uncertainties. It focuses on exploiting opportunities rather than resources. Successful entrepreneurship requires qualities like motivation, perseverance, patience, and teamwork. The government supports entrepreneurship through programs that promote local products, provide youth financing, develop entrepreneurial culture through education and training, and accelerate poverty reduction goals. Franchising is a form of entrepreneurship that allows entrepreneurs to operate under an existing business model. Social entrepreneurship combines a social mission with business strategies to create social value.

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Entrepreneurship

is the ability and readiness to develop, organize and run a business


enterprise, along with any of its uncertainties in order to make a profit.
The most prominent example of entrepreneurship is the starting of new
businesses.
ENTREPRENEURSHIP
• according to Howard Stevenson of the Harvard Business School, it
is “exploiting an opportunity regardless of the resources currently
available.” Stevenson goes on to say, “The key to this perspective is
the focus on opportunity” (not resources).
• Prof. Nathaniel Left (cited in Fajardo, 1997), entrepreneurship is the
capacity for innovation, investment and expansion in new markets,
products and techniques. Entrepreneurship according to him always
gives birth to an innovation whether it is a product, service or
simply creating a new concept out of an existing one.
ENTREPRENEURSHIP
• Hisrich, Peters and Shepherd, 2008 - is the process of creating
something new with value by devoting the necessary time and effort,
assuming the accompanying financial, psychic, and social risks and
receiving the resulting rewards of monetary and personal satisfaction
and independence
• Prof. Hirsh states that entrepreneurship is more than a word. It is a
mission. According to him, we must perceive opportunities inherent
in changes; we must create an environment in which success is
possible and the consequence of failure is tolerable (cited in Fajardo,
1997).
Entrepreneur
The word entrepreneur originates from the
French word “entreprendre” which means “to
undertake.” Entrepreneur is an individual
who organizes, manages and assumes the risk
of business or enterprise (Webster
Dictionary).
Entrepreneur
• Jean Baptiste- the French • Joseph Schumpeter, the 20th century
economist explained that the function of
economist, described entrepreneurs is to reform or
entrepreneurs as “the revolutionize the pattern of production by
venturesome individuals who exploiting an invention or, more generally,
stimulated economic progress by an untried technological possibility for
producing a new commodity or producing
finding new and better ways of an old one in a new way, by opening up a
doing things.” For him, new source of supply of materials or a
entrepreneurs optimize the new outlet for products, by reorganizing
allocation and use of resources an industry and so on.” For him
entrepreneurs could achieve their
to generate maximal profits. economic objectives if their mindsets are
innovative, creative and goal-oriented.
Entrepreneur
• To an economist, an entrepreneur is To one businessman, an entrepreneur
one who brings resources, labor, appears as a threat, an aggressive
materials, and other assets into competitor, whereas another businessman
the same entrepreneur may be an ally, a
combinations that make their value
source of supply, a customer, or someone
greater than before, and also one who who creates wealth for others ,as well as
introduces changes, innovations, and finds better ways to utilize resources, reduce
a new order. waste, and produce jobs others are glad to
• To a psychologist, such a person is get (Hisrich, Peters and Shepherd, 2008).
typically driven by certain forces-the An entrepreneur, therefore, is an innovator;
need to obtain or attain something, to he innovates and sells. He must find,
experiment, to accomplish, or perhaps evaluate, and develop an opportunity by
overcoming the forces that resist the creation
to escape the authority of others. of something new (Hisrich, et.al., 2008).
WHAT IS THE MOST IMPORTANT
CHARACTER, WHEN YOU PUT A BUSINESS?

knowledgeable? strategic?
QUALITIES NEEDED TO SUCCEED IN AN
ENTREPRENEURIAL ENVIRONMENT
• Can Roll with the Punches • Ability to get things Done
• Endless Motivation • Incredible Patience
• Has the Hunger to learn • Unmatched Perseverance
• Tolerance of Ambiguity • Dedication is Key
• Love of the Circus • True Grit
• Knows where to Drive • Teamwork is a Must
ENTREPRENEURSHIP AND COMMUNITY
DEVELOPMENT

• According to the Youth employment


Network, entrepreneurship is a
veritable tool for tackling the twin
challenge of poverty and
unemployment. It is for this reason
that the national government has to
intensify its community development
activities in order to transform
unemployed youth from job seekers
into employers of the workforce.
Role of Entrepreneurship for Community
Development
• Promotes Capital Formation by • Increasing Gross National
mobilizing the idle savings of Product and Per Capital Income
public. • Improvement in the standard of
• Creates Large-Scale Employment Living
Opportunities • Promotes Country’s Export Trade
• Promotes Balanced Regional • Induces Backward and Forward
Development Linkages
• Reduce Concentration of • Facilities Overall Development
Economic Power
• Wealth Creation and Distribution
Roles of the Government in Enterpreneurship
Development
1. Peace and Order • 6. Education and Training
2. Political Stability • 7. Public Administration
3. Price Stability • 8. Production Technology
4. Revenue Collection • 9. Marketing Assistance
5. Infrastructure and Training • 10. Financial Assistance
Government Undertaking for
Entrepreneurship Development
• The government has instituted various undertaking to promote and
develop entrepreneurial initiatives. The following are some of the
noted undertakings:
1. The One Town One Product (OTOP) – a priority program to promote
entrepreneurship that creates jobs. Through OTOP, local chief
executives of each city and municipality take the lead in identifying,
developing and promoting a specific products or services that are seen
with potential competitive advantage.
O TOP-Philippines supports micro, small, and
medium enterprises (MSMEs) to manufacture,
offer, and market distinctive products or services
through the use of indigenous raw materials and
local skills and talents. It offers a comprehensive
assistance package through a convergence of
services from local government units. (LGUs),
national government agencies (NGAs), and the
private sector.
2. The National Youth Commission offers the Youth
Entrepreneurship Financing Facility Program (YEFFP) that
aims to:
• (a.) Enhance the entrepreneurial • (c.) Encourage the self-
skills of the Filipino Youth; employment of the Filipino
• (b.) Support the business youth; and
ventures of young people with • (d.) Establish a credit program
technical and entrepreneurial for entrepreneurs.
skills, who otherwise are
ineligible under regular credit
facilities, by providing them
easier access to credit;
3. The Medium-Term Philippine Development Plan or MTPDP is the Philippines’
blueprint of growth. This program envisions a nation where only a small proportion of
the population is considered poor. The MTPDP calls for the development of an
entrepreneurial culture by improving access to information on business opportunities,
available raw materials, skills and entrepreneurship training, prospective fund sources
and access to the latest technologies. It also envisions a school curriculum that
incorporates entrepreneurship education. Similarly, it stresses the need to enhance
employment and livelihood opportunities of poor Filipinos through entrepreneurship
and microfinance.

However, the global crisis has made the fight against poverty much more difficult. It is
for these reasons that the government has to accelerate and intensify the
implementation of key provisions in the MTPDP to maximize growth and protect the
most vulnerable, and to make growth equitable and sustainable.
Entrepreneurial Process

Entrepreneurial process is the process of


pursuing a new venture, whether it be
new products into existing markets,
existing products into new markets,
and/or the creation of a new
organization.
4 Distinct Phases
• (1) identification and evaluation of the
opportunity;
• (2) development of the business plan;
• (3) determination of the required resources; and
• (4) management of the resulting enterprise
ENTREPRENEURSHIP AND FRANCHISING
Entrepreneurship and franchising are two
concepts that are closely intertwined or
connected. Many entrepreneurs enter long-term
relationships such as franchising, an important
area of entrepreneurship research (Mark Pruett &
Greg Winter, 2011). Franchising is a powerful
economic engine because of it is a sophisticated,
entrepreneurial alliance through which thousands
of individuals create vast wealth.
Franchising happens when someone develops
a business model and sells the rights to
operate it to another entrepreneur, a
franchise. The company selling the right is the
franchisor. The franchisee usually gets the
rights to the business model for a specific
time period and a specific geographic area.
ENTREPRENEURSHIP
AND
SOCIAL ENTREPRENEURSHIP
Social Entrepreneurship

•According to J. Gregory Dees, social


entrepreneurship combines the passion
of a social mission with an image of
business -like discipline, innovation, and
determination.
Social Entrepreneur
• The social entrepreneur harnesses entrepreneurship skills to do social
good.
• According to Martin & Osberg, social entrepreneurs aim for value in
the form of large-scale, transformational benefit that accrues either
to a significant segment of society or to society at large.
•Difference between Entrepreneurship and Social Entrepreneurship
•The Growing Need for Social Entrepreneurs
Qualities of a Good Entrepreneur
• 1. Perseverance • 6. Passion
• 2. Interpersonal Skills • 7. Leadership
• 3. Willingness to take Calculated • 8. Competitiveness
Risks • 9. Confidence
• 4. Motivation
• 5. Time Management
THANK YOU
HAVE A NICE DAY

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