Entrepreneurship:

The activity and willingness to develop, organize and manage a business venture
along with any of its risks in order to make a profit.

Characteristics of Entrepreneurship:

Creating New Venture

Entrepreneurship is concerned with creation of new venture with new ideas.

Strong networking abilities

A key part of being an entrepreneur is developing a network. (people)

Self-Motivation
One of the most important traits of entrepreneurs is self-motivation. When you
want to succeed, you need to be able to push yourself.

Hard Work and Commitment

Entrepreneurship requires hard work and commitment through devotion of time
and efforts.

Profit potential
“Profit potential is the likely level of return or compensation to the entrepreneur for
taking on the risk of developing an idea into an actual business venture.”

Risk Assumption
Entrepreneurship involves assumption of risks which implies possibility of loss.
Reaping Of Rewards
Entrepreneurship results in reaping of rewards. Rewards can be monetary benefits
in terms of profit or non-monetary benefits in terms of personal satisfaction, self-
development, fame, reputation and independence in work.

Passion
Finally, successful entrepreneurs are passionate. They feel deeply about their
product or service or mission. Passion is what will help you find motivation when
you are discouraged and it will drive your forward.

Recognizing successful entrepreneurs of the

Philippines
Wilfred Uytengsu Jr. - President and Chief Executive Officer Alaska Milk
Corporation.
Vivian Que Azcona – President of Mercury Group (Mercury Drug Stores)
Roberto S. Claudio – Toby’s Sports and Hobbies Salon
Jose S. Concepcion Jr. – CEO of RFM (Selecta Ice Cream, Swift Hotdogs,
Sunkist beverages, Fiesta Spaghetti, Vitwater)
Edgar Sia II – Founder of Mang Inasal (70% share acquired by Jollibee
Corporation in October 2010)

Types of Business organizations

Sole Proprietorship
A sole proprietorship is a business owned by only one person. It is easy to set-up
and is the least costly among all forms of ownership.

Partnership
A partnership is a business owned by two or more persons who contribute
resources into the entity. The partners divide the profits of the business among
themselves.
Corporation
A corporation is a business organization that has a separate legal personality from
its owners. Ownership in a stock corporation is represented by shares of stock.

Limited Liability Company

Limited liability companies (LLCs) in the USA, are hybrid forms of business that
have characteristics of both a corporation and a partnership. An LLC is not
incorporated; hence, it is not considered a corporation.

Cooperative
A cooperative is a business organization owned by a group of individuals and is
operated for their mutual benefit. The persons making up the group are called
members. Cooperatives may be incorporated or unincorporated.