1.1 Introduction, Definition of Terms, Entrepreneur' Skills - GEE 003-CE42S4 - General Education Elective 3

1/25/23, 10:50 PM 1.
1 Introduction, Definition of Terms, Entrepreneur' Skills: GEE 003-CE42S4 - General Education Elective 3
1.1 Introduction, Definition of Terms,

Entrepreneur' Skills
Introduction
Entrepreneurship particularly drives the modern global economy, is the primary source of job
creation. Entrepreneurship in its broadest sense is any enterprise or effort that adds value to the lives
of people.
Everything all around has its roots in entrepreneurship in some way. It is the innermost
component in the economic growth, the opening of new markets, and serves as a critical spur for the
money-making, introduction of new goods and services, innovations, and inventions.
Entrepreneurship is the philosophy in which an individual is an imaginative and innovative

agent with an aspiration for ownership and the right to make proprietary decisions, a body of
knowledge, and create wealth for the individual and value to the society.
There are various definitions of entrepreneurship. However, the key concept is innovation.
This refers to new or different ways of doing things which include technology, marketing
management, HR management among others. Innovation can be observed when a creative
individual creates a new product or when he sells his product considering a different approach.
Thus, it is the innovation that distinguishes entrepreneurship from other activities.
In view of the innovative nature of entrepreneurship, it is capable of generating or creating

jobs, goods, services, and even wealth. Because of this, there is a better economy for a country and
a higher standard of living. However, the real contributions of entrepreneurship can be measured in
terms of the welfare of the people.
Who are Entrepreneurs?
Entrepreneurs normally defined as 'risk-takers' in new-venture creations are uniquely

optimistic, hard-driving committed individuals who derive great satisfaction from being independent.
He combines sound judgment and planning with risk-taking to ensure the success of his or her own
business. Entrepreneurs, driven by an intense commitment and determined perseverance, work
very hard. They are optimists who see the cup as half full rather than half empty. They strive for
integrity. They burn with the competitive desire to excel. They use failure as a tool for learning.
They have enough confidence in themselves to believe that they personally can make a major
difference in the final outcome of their ventures.
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1/25/23, 10:50 PM 1.1 Introduction, Definition of Terms, Entrepreneur' Skills: GEE 003-CE42S4 - General Education Elective 3
Definition of Terms
The ways to define terms will help students better understand the lessons and discussions
and will serve as the standard level on how skilled students may become in sentence construction
when defining terms. At the end of the course, you are expected to define words or terms or give
meaning using the technical and operational definitions.
The 'corridor principle' is which states that once an entrepreneur starts a firm and becomes
immersed in an industry, “corridors” leading to new venture opportunities become more apparent
to the entrepreneur than to someone looking in from the outside.
The entrepreneur is an individual who creates a new business, bearing most of the risks
and enjoying most of the rewards.
Entrepreneurship is the process of setting up a business, it serves to generate economic
wealth, growth, and innovation.
External locus of control tends to believe that they are not able to affect a personal outcome
and that luck or destiny are responsible for their actions.
Ethical Dilemmas a situation in which a difficult choice has to be made between two courses of
action, either of which entails transgressing a moral principle;
Entrepreneurial cognition is concerned with the ‘knowledge structures’ that people use to make
assessments, judgments, or decisions involving opportunity evaluation, creation, and growth
Internal locus of control individuals generally hold themselves responsible for actions and
consequences
An intrapreneur is an employee who is tasked with developing an innovative idea within a

company and can draw on its resources to do so.
Macro view of entrepreneurship presents a broad array of factors that relate to success or failure
in contemporary entrepreneurial ventures;
Micro view of entrepreneurship examines the factors that are specific to entrepreneurship and
are part of the internal locus of control
Mountain gap analysis entails identifying major market segments as well as interstice (in-
between) markets that arise from larger markets.
Social entrepreneurship is to create a benefit to society and humankind, focusing on helping

communities or the environment through their products and services. They are not driven by
profits but rather by helping the world around them.
Strategic Entrepreneurship actions are planned for seeking competitive advantage, which
accelerates entering into new products, processes, technological advancements, and markets by
1/25/23, 10:50 PM 1.1 Introduction, Definition of Terms, Entrepreneur' Skills: GEE 003-CE42S4 - General Education Elective 3
new ventures and incumbents.
The triple bottom line maintains that companies should commit to focusing as much on social
and environmental concerns as they do on profits.
Water well strategies are the ability to gather or harness special resources (land, labor, capital,
raw materials) over the long term.
The Entrepreneur skills
Entrepreneurial skills can encompass a broad range of various skillsets like technical skills,
leadership and business management skills, and creative thinking. Because entrepreneurial skills
can be applied to many different job roles and industries, developing your entrepreneurial skills can
mean developing several types of skill sets.
For instance, to be a successful business owner, you may need to develop your business
management skills. To build and maintain successful project teams you might need to improve your
leadership and communication skills.
Entrepreneurs also have been characterized as the interaction of the following skills; inner
control, planning and goal setting, risk-taking, innovation, reality perception, use of feedback,
decision-making, human relations, and independence. In addition, many people believe that
successful entrepreneurs are individuals who are not afraid to fail
References:
Kuratko, Donald ' 2019 Entrepreneurship, Theory, Process and Practice 10th ed. Cengage
Fajardo F. Entrepreneurship National Bookstore

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1/25/23, 10:50 PM 1.

1.1 Introduction, Definition of Terms,

Entrepreneurship is the philosophy in which an individual is an imaginative and innovative

In view of the innovative nature of entrepreneurship, it is capable of generating or creating

Who are Entrepreneurs?

Entrepreneurs normally defined as 'risk-takers' in new-venture creations are uniquely

An intrapreneur is an employee who is tasked with developing an innovative idea within a

Social entrepreneurship is to create a benefit to society and humankind, focusing on helping

new ventures and incumbents.

The Entrepreneur skills

Fajardo F. Entrepreneurship National Bookstore

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