REFLECTION #1

CORE CONCEPTS OF ENTREPRENEURSHIP

As an introduction of entrepreneurship, we first define the key terms
which may help us to further understand the topic. Entrepreneur derive from
French word “Entrepredre” which means “to undertake”. Entrepreneur is a person
who organizes, operates and assumes the risk of business venture. In the book,
entrepreneur defined as a person who strongly advocates and correctly practices
the concepts and principles of entrepreneurship in operating and managing the
self-owned business venture. This venture is also called enterprise. While
entrepreneurship (in the book) means the art of observing correct practices in
managing and operating a self-owned wealth-creating business enterprise by
providing goods and services that are valuable to the customers. But the thing in
here is the word ENTREPRENEURSHIP has no standard definition for some
reasons: 1) Different views and theories have been developed in the field of
entrepreneurship. 2) The scholars who provided the definition for
entrepreneurship are largely influence by their own individual personal beliefs. 3)
The concept of entrepreneurship has a wide range of meaning. As the discussion
gets deeper I’m quite getting the idea of entrepreneurship. Next up is the
differences of small business and ordinary small business. Small business is a
business enterprise that correctly adopts and practices the entrepreneurship.
Therefore, the small business was managed by an entrepreneur. While ordinary
small business is a business enterprise managed and operated by an owner who
does not practices the concepts and principles of entrepreneurship. They can be
found anywhere. It is the easiest and most practical way to augment their income.
We learned that entrepreneur is way more different from an ordinary small
business owners because entrepreneur practices the concepts and principles of
entrepreneurship while ordinary small business owner aren't.

Moving forward on the discussion, salient features of entrepreneurship

comes in. The salient features of entrepreneurship these are art of correct
practices, wealth-creating venture, provides valuable goods and services, entails
opening and managing the self-owned enterprise and risk-taking venture. First
up in the salient features of entrepreneurship is art of correct practices, it is
stated here that entrepreneurship is an art not a science. It is dynamic because it
constantly changing and continuous developing. This is closely related to
creativity. Wealth-creating venture is next on the list, it is simply saying that
entrepreneur should operate within the concept of wealth creation rather than
profit generation. Wealth creation is when you're gaining a profit with
consideration in your customers or in the community. But if you mainly focuses
in gaining profit, you don't care about your customer's sake. Next is provides
valuable goods and services, when providing a goods and services it must be
valuable to the customer/consumers. Next, entails opening and managing the
self-owned enterprise, the entrepreneur must be the manager of the daily
operations of the business. It also said that entrepreneurs must have a clear set
goals for his/her business. Lasty is the risk-taking venture, it is clearly stated that
an entrepreneur must faced the risk wisely becaus business risks are always
together with the business.

Next discussion is about the theories of entrepreneurship. It is composed

of different theories by different people. We are going to start with Joseph
Schumpeter his Innovation Theory that he believed that an entrepreneur can earn
economic profit by introducing successful innovations. Innovation is the primary
factor that affects the development. Next is John Meynard Keynes his Keynesian
Theory and who wrote "The General Theory of Employment, Interest and
Money" and he stated that in his Keynesian Theory that it attributes economic
growth, especially during depression to the government. Next is Alfred Marshall
with his Alfred Marshall Theory generalizes that the organization plays the most
significant role among the different factors of production. Next is Risk and
Uncertainty Bearing Theory by Frank Hyneman Knight states that an
entrepreneur faces the risk of uncertainty in the process of connecting the
suppliers and the buyers. Aside from those theories there has also an other
theories. First is Weber's Sociological Theory by Max Weber, means assertion of
social culture have significant contributions to entrepreneurship. Kaldor's
Technological Theory by Nicholas Kaldor gives importance to the advancement
of technology as an element of production. It simple explains that having a
modern technology can cause an economic success. Harvey Leibenstein with his
Leibenstein's Gap Filling Theory advocates that entrepreneurship fills the gap in
any economic activity. nLastly is Kirzner's Learning Alertness Theory by Israel
Kirzner that focuses on learning and alertness as the primary attributes of
entrepreneurship.

Next topic is the activities of ordinary small business and entrepreneurship

and their differences in the following areas. There are seven areas these are
motive in openig a business, perception of risk in the business, reactions to
changes in the environment, view on competition, vision for the development and
growth, horizon of business operation and sources of business funds. In motive in
opening a business, for entrepreneur they open a business as a means of happy
and fruitful life while ordinary small business owner is for their source of
livelihood and to fulfill their financial needs. In perception of ris in the business,
the entrepreneur takes and faces the business risk squarely. While the ordinary
small business owner believes that the risk would be a hindrance for them and it
must be avoided. To the reactions to changes in the environment, the
entrepreneur reacts positively because for them it would bring a new ideas for
their entrepreneurial opportunities. This is the time for their growth and
development. While the ordinary small business owner reacts passive and static.
View on competition, the entrepreneur is not afraid of competition because for
them it is the sign of healthy economic environment. While ordinary small
business owner they tried to avoid it because for them it is unhealthy and they
are not comfortable working in a competitive environment. In vision for the
development and growth, the entrepreneur has a clear mission and vision for
their business. While ordinary small business owner, relies on luck and isn't
concerned about development as long they are satisfied on their earnings.
Horizon of business operation, the entrepreneur is globally competitive in
opposite to ordinary small business owner because they just focuses on local
environment only. Lastly in sources of business funds, the entrepreneur explores
ways to generate the much needed funds from both internal and external
resources. While ordinary small business owner, tends to limit the funding of
his/her business enterprise to personal resources.

Next topic is why entrepreneurship is important?? It just simply explains

that entrepreneurship can change the eay we live and work. Their revolution may
improve our standard of living. It also create jobs and the conditions for
prosperous society. It can create also a social change driving towards innovation.
What are the sources of entrepreneurial ideas? These are chamges in
environment it may be physical, societal or industry environment. (This 3
environment will be discuss on reflection 3), technological discovery and
advancement, government's regulations and policies, people's interest or even
the past experience. First source of entrepreneurial ideas is the constant
changing of environment. Next is technological discovery and advancement it is
a good source of entrepreneurial ideas because of the technology we can make
most out of it to innovate our business. Government's regulations and policies,
the changing in the policies and programs is most likely entrepreneurial ideas are
born. People's interest, rich source of entrepreneurial ideas. It is the interest,
hobby or preferences of the people. As an entrepreneur you must based your
business on what is the people's preference in order to protect and sustain your
business. Lastly is the past experience, expertise and skills developed from the
past work experience can also be the source of an entrepreneurial ideas.
 REFLECTION #2

ENTREPRENEURIAL CHARACTER TRAITS,

SKILLS AND COMPETENCIES

When achieving and planning in entrepreneurship you must possess

that can help the business to be successful in the long run. In achievement
cluster, you must possess of being opportunity seeker, committed, persistent,
risk taker, efficient and quality-oriented. An opportunity seeker is a person who
dreams of becoming a successful entrepreneur must be a seeker of business
opportunities. A committed entrepreneur shows full commitment to the work or
endeavor that ihe/she is under taking. For them, "The higher the risk, the higher
the return". A persistent entrepreneur is not afraid to face trials, challenges and
failures. They even sacrifices everything to be successful. For them, "The terms
quit and surrender are not included in the vocabulary if successful
entrepreneurs". Risk taker entrepreneur they take risk in order to be successful.
They don't entertain fears, they conquer it. Efficient and quality-oriented
entrepreneur highly values efficiency and the concepts of quality in all business
undertakings. In planning cluster, you must possess the qualities of being goal
setter, information seeker and systematic in planning and monitoring. Being a
goal setter usually guided by SMART or Specific, Measurable, Attainable, Realistic
& Time-Bound. An information seeker primarily seeks a strong basis to make
sound decisions. Systematic in planning and monitoring, an entrepreneur doesn't
simply set goals and objective/monitor entrepreneurial activities in only way
he/she wants. Rather he/she follows a systematic pattern of planning process
and monitoring approaches. Then last is in power cluster, it is a set of
characteristics traits that reflect the degree of the interpersonal relations
maintained by successful entrepreneurs in the community.

Having that characteristics is important if you are an aspiring

entrepreneur. It takes a lot of time and effort to make you a successful person.
You must to strive hard towards to success. It is not easy being entrepreneur but
if you are dedicated of what you are doing, you will be able to earn not just
money but also happiness and contentment.

The entrepreneur must develop their core competencies in order to be

successful. It is divided into three competencies: Personal, Interpersonal and
Business competencies Under personal competencies, an entrepreneur must
develop creativity, determination, integrity, tenacity, emotional balance and self-
criticism. Under interpersonal competencies are communication, engagement or
charisma, delagation and respect. In business competencies are business vision,
resources management, networking and negotiating skills. The entrepreneurs
needed this in order to handle and run their business successfully and smoothly.
This serves also as the requirements to achieve a successful business venture. If
you hit and achieve those competencies, then it is the time that you can handle
well a business not just generating profits but also gaining happiness and fruitful
life.
.

REFLECTION #3

PRELIMINARY ACTIVITIES
OF
ENTREPRENEURIAL VENTURE CREATION

Here the topic is about the physical, societal and industry environment
which we will elaborate what we have learned. Also we discussed about the
environmental scanning and the nature and types of entrepreneurial venture.
We are going to start with physical environment. Physical environment consists
of climate, natural resources, and wild life. Societal environment is composed of
four factors which are Political, Economic, Sociocultural and Technology. Industry
environment consists of government, suppliers, competitors, customers,
creditors and employees. Some of this environment cannot be controlled by the
business. That's why entrepreneurs must overcome the factors of every
environment. They must pay attention and be aware in order to immediately
respond to the changes of the environment. Changing of the environment has a
big impact on our business venture.
 Next up is the environmental scanning, it is the process of gathering
information about events and their relationships within an organization's internal
and external environments. The purpose of environmental scanning is to help the
management to determine the future direction of the organization. There are also
factors of environmental scanning: events, trends, issues and expectations. In
events, it is the specific occurences which takes place in different environmental
sectors of a business. It may be internal and external. These are important for the
success of the business. Trends general courses of action or tendencies