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Entrep Q1 Week 1 2

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OVERVIEW OF

ENTREPRENEURSHIP

ENTREPRENEURSHIP

C H R I S T I A N M . A G B AYA N I & J A N I B I E A .
PA S C U A
SUBJECT TEACHERS
WHAT IS ENTREPRENEUR?
Entrepreneurship – is a proactive process of developing a business venture to
make a profit. It involves seeking opportunities for a market, establishing and
operating a business out of the opportunity, and assessing its risks and
rewards through close monitoring of the operations.
 Being an entrepreneur may seem difficult, but it can be rewarding if the
enterprise flourishes.
 Creating a sound business plan, along with efficient and effective operation
of the business, will not only benefit the entrepreneur but also the entire
society and the economy.
 An entrepreneur is successful if the business that he or she envisioned has
materialized into a thriving industry with regular customers and financial
gain.
HERE ARE THE SOCIETAL AND ECONOMIC BENEFITS
OF ENTREPRENEURSHIP:
1. Entrepreneurship produces more jobs that equate to an increase in
national income.
2. Entrepreneurship amplifies economic activities of different sectors of
society.
3. Entrepreneurship introduces new and innovative products and services.
4. Entrepreneurship improves people’s living standard.
5. Entrepreneurship disperses the economic power and creates equality.
6. Entrepreneurship controls the local wealth and balances regional
development.
7. Entrepreneurship reduces social conflicts and political unrest
8. Entrepreneurship elicits economic independence and capital formation.
WHO IS AN ENTREPRENEUR?
The word “entrepreneur” has a French origin and
was coined from the words entre, which means
“between”, and prender, which means “to take”
An entrepreneur is a unique individual who has
the innate ability and extraordinary dedication to
establish and manage a business, acknowledging
all the risks and reaping its rewards.
An entrepreneur will only expect
returns once he or she already added or
created value out of an opportunity. An
entrepreneur’s natural talent is being
perceptive for opportunities in his or her
surroundings that normal people don’t
give importance to or often neglect.
FIVE LEVELS OF ENTREPRENEURIAL DEVELOPMENT.
1.The self – employed. The self – employed
persons are, simply put, not comfortable
with the routines of a desk job. They do not
want to conform to a fixed working
schedule. They want to do things in their
own way and start to feel agitated when
controlled by the powers – that – be.
2. The manager. In this level,
entrepreneurs feel the need to set
up and ask some help from the
people around them. They delegate
and hire potential employees to do
the work.
3. The leader. Entrepreneurs in
this level already enjoy seeing
their people flourish, stepping up
and producing great results with
minimal supervision.
4. The investor. Investors look from
more opportunities for their business
to grow. They may either purchase
one or two businesses that can
potentially add value to the company
or sell their established business (as a
franchise) to potential entrepreneurs.
5. The true entrepreneur. True
entrepreneurs, based on their experience,
now aim for quality and excellence in
their work. They have fully learned, and
continue to practice, a four – step process
of thinking – starting with idealization,
visualization, verbalization, and
materialization.
In idealization, entrepreneurs dream enormously
and desire to make the dream a reality. In
visualization, entrepreneurs start to create plans to
make the dream a reality. Verbalization involves
sharing their ideas with other people, knowing that
their vision is already occurring. Materialization
happens when the vision becomes a reality. In this
stage, true entrepreneurs now have an income that
keeps on multiplying even if they do not put much
effort.
NEW TERMS COINED TO SUIT AN ENTREPRENEUR’S
FIELD OR EXPERTISE.
1.A technopreneur is an entrepreneur who puts
technology at the core of his or her business
model.
2.A social entrepreneur is one who recognizes
the country’s social problems and turns them
to profitable institutions with the intention of
helping the disadvantaged community rather
than making a profit.
3. An intrapreneur is an entrepreneur in a large
company or corporation who is tasked to think,
establish, and run a new big idea or project.
Intrapreneurs are usually the product managers or
the business development managers of a company.
4. An extrapreneur is an entrepreneur who hops
from one company to another to act as the
innovation champion, providing creative and
efficient solutions.
COMMON AND CORE COMPETENCIES IN
ENTREPRENEURSHIP
Entrepreneurship is a career that requires a plethora of
common and core competencies. Therefore, to be
considered a successful entrepreneur, he or she must
possess common entrepreneurial competencies that are
needed all throughout the entrepreneurship career. At
the same time, he or she should also possess core
competencies that are needed for business
sustainability and management.
HERE ARE THE COMMON TRAITS THAT ENTREPRENEURS SHOULD
ALWAYS HAVE

1.Proactive. Entrepreneurs are reactive rather


than passive. They address issues, problems,
and challenges before they come rather than
when they already happened. They ensure that
proper research is done, the risk factors are
assessed, and plans are executed on a timely
and most efficient way.
2. Agents of change. Entrepreneurs are
innovation champions. They see
opportunities in hopeless and complex
situations. They are always enthused to
improve and develop new products and
services and introduce them to the market.
They don’t settle for mediocrity and the
status quo.
3. Risk takers. Entrepreneurs will not be
successful if they do not take risks. By
taking risks, entrepreneurs do not just grab
opportunities left and right; they must take
into consideration the potential various
threats they may encounter.
4. Have a sharp eye for opportunities.
Entrepreneurs have a talent for recognizing
an opportunity even by using the macro
level data only. They know how to assess
the net cause and effect of an opportunity
and decide intelligently if a venture should
be considered or not.
5. Sociable. Soft skills are one of the
most important competencies of
entrepreneurs as these establish the
relationship with the most important
assets of the company – its people
and its customers.
6. Networkers. A networker knows the key
people to connect with. Networking can
be a very intimidating task, for it takes a
lot of guts to pull it off. Successful
entrepreneurs gain trust of their valuable
network and maintain a long – lasting
relationship with them.
7. Decisive. Entrepreneurs always have a decision
about their business. They do not settle for gray
areas or unclear solutions. They do not leave an
issue unsolved without a disposition. They make
sure that all aspects of their business have clear
objectives and strategies. Last, they base their
decisions on scientific calculations backed up by
their experience and technical knowledge.
8. Balanced. The minds of entrepreneurs
should have a balance between the
analytical and the creative side. Their
brains are always playing with “unique
ideas” that no one has ever thought of yet.
Entrepreneurs always have “Eureka!”
moments and enjoy them.
9. Innovative. The minds of entrepreneurs are
rich with big ideas that can add value to
their existing business or could become a
game changer in the industry or business
where they belong. They do not stop
improving and thinking of new and
worthwhile ideas for their business.
CORE TRAITS THAT ENTREPRENEURS SHOULD DEVELOP IN
MANAGING AND RUNNING THE BUSINESS

1. Leaders. Successful entrepreneurs always have the heart of a


leader. To be successful leaders, they must be a source of
inspiration for their employees. They must be very humble,
approachable, friendly, and know how to listen to people’s
concerns.
2. Communicators. Entrepreneurs know how to use all forms of
communication to effectively share ideas and address certain
concerns with their customers or employees.
3. Specialists. Entrepreneurs are experts in their chosen business.
They are tactical and are very keen with details. When asked
about specifics of their product or service, they can easily answer
without heavily relying on their people.
4. Problem solvers. Entrepreneurs possess critical thinking skills
and look at problems as challenges or puzzles that they need to
solve. They know how to handle issues in any area of the
business, be it finance, operations, or marketing. They listen to
the plight of their employees on certain problems involving their
units, and come up with strategic solutions.
ENTREPRENEURSHIP OR EMPLOYMENT?

Entrepreneurship and employment are two different


career paths that a person can choose depending on
his or her personal aspirations and work
characteristics. It is really up to the person at the end
of the day on what career trail he or she will follow,
considering all compelling career factors that are
important to him or her.
PROS AND CONS OF ENTREPRENEURSHIP VS.
EMPLOYMENT
Important Career Entrepreneur Employee
Factors
1. Income  Income generated passively even when  Income generated actively (i.e., on
the entrepreneur is resting working hours only); no work = no pay
 Opportunity income unlimited, depending  Income usually fixed per month and
on the success of the business increases every year depending on the
 Income only earned when the business is employer and the employee’s
successful performance
 Income earned whether the business is
successful or unsuccessful
2. Hiring and firing,  Provides jobs, is the owner of the  Seeks for a job; is the one applying for a
organizational setup, business and conducts the talent selection job and is interviewed by the company’s
and major key result  Fully responsible for serving customers, hiring officers
areas making the business  Has the goal of satisfying only the
profitable/sustainable, and providing employer or the direct supervisor
employee satisfaction  Fully dependent on the employer’s
 Has the power to disengage performance; is at risk of losing his or
nonperforming employees applying the her job if the company does not perform
due process policy of disengaging well; may find it difficult to just leave
personnel their below par employer if this is their
 Can venture into expansion of business only source of income
such as franchising and buying other  Can only work for the current employer
similar businesses. exclusively.
3. Daily tasks  Performs all necessary variable tasks  Has routine tasks and works on
to establish and manage a start – up regular or normal hours
business, which usually takes most of  Follows policies, procedures, and
the entrepreneur’s time; spend more memoranda from the employer
hours on work than a regular
employee and sometimes gets no sleep
 Prepare policies, procedures, and
memoranda for the business

4. Leisure time and  Has a flexible schedule and can take  Has a limited number of vacation days
vacations unlimited number of vacation days imposed by the employer
(applicable only if the business has
stabilized already)
5. Taxation  Taxed on the net income; can claim  Taxed on the gross income; cannot use
taxable income deductions for allowable expenses incurred related to the job
expenses incurred by the business such as food and transportation
expenses to claim for deductions from
taxable income

6. Comfort level at  Is comfortable in doing multiple and  May be comfortable with routines and
work challenging tasks and takes minimal risks; may also be comfortable
accountability with the risks and profits in working for the company itself
of the business; does not want to be
confined in a box; thinks outside the box
or sometimes thinks there is no box
CAREERS IN ENTREPRENEURSHIP

Entrepreneurship consists of vast career options


depending on the passion and field of interest of the
entrepreneur. The saying “when you love what you
do, it’s as if you are not working” is very much
applicable to entrepreneurs who consider managing
their business as enjoyment rather than working
exhaustively.
HERE IS A LIST OF THE MOST COMMON SMALL
BUSINESSES IN THE PHILIPPINES.
1. Sari – sari store. 12. Spa, gym, and nail care business.
2. Rice retailing. 13. Video and photography business.
3. Food cart business. 14. Tutorial business.
4. Printing business. 15. Baking business.
5. Buy – and – sell business. 16. Web site development and
6. Street food business. design/blogging.

7. Flea market business or tiangge. 17. Direct selling business.

8. Online selling business. 18. Car wash and car care business.

9. Cellphone loading business. 19. Bar, café, and restaurant.

10. Laundry and dry cleaning business. 20. Water station and LPG (liquefied
petroleum gas) station.
11. Hair styling and makeup business.
No successful business started huge right away. A
business starts with an idea. Once the business is
established, the business owner, the entrepreneur, can
choose to expand and explore franchising,
intrapreneurship (managing a start – up business in an
established business), and acquisition (buying another
similar business or a new business). Franchising is a
business arrangement wherein the franchisor, who is
the owner of the business, acquires distribution centers
through the franchisee or the affiliated dealers.
Franchise or Start – up Businesses
 Bakeries, bakeshops, and bread  Food and snacks carts
products  Gas stations/petroleum products
 Bars, cafes, and coffee shops  General merchandise and retail
 Beverage and confectionery  Health and wellness (salon,
 Car care massage, spa, and gym)
 Clothing and accessories  Schools
 Convenience stores  Services (personal and business)
 Drug stores and pharmacies  Water station
 Fast food establishments and
restaurants

Other Additional Business Opportunities


 Dealership
 Direct selling
 Distributorship
THANK
YOU!!!

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