The Entrepreneurship

Entrepreneurship
 Entrepreneurship is the process of creating something new of value by devoting (giving) the
necessary time and effort.
 By accepting and acknowledging the necessary financial, psychological, and social risks.
 Finally receiving the resulting rewards be monetary and personal satisfaction and freedom to do
what you want.
Different outcomes of engaging in entrepreneurship:
 Creating new products or services.
 Organizing resources
 Generating Wealth
 Taking risk in a business venture.
 Prepared to face uncertainty.
 Create job opportunity.

Entrepreneur- from the French word “entreprende” meaning to undertake.

- “ a person who organizes and manages any enterprise, especially a business, usually with
considerable initiative and risk.”

What motivates entrepreneurs to start a business?

 Idependence
 Wealth
 Recognition
 Flexible schedule
 Unemployment
 Family business

Entrepreneurial process
 The process of pursuing( going after) a new venture or business,
 Whether it is a new product going into an existing market OR (official Receipt)

First entrepreneurial Process:

 Creation Process- creating something new of value.
Second entrepreneurial process:
 Requires the commitment of necessary time and effort. Appreciate and understand the
importance of time and effort devoted to create something new and make it workable.
Third Entrepreneurial Process:
 Involves the enjoyment of the rewards (freedom, monetary) after the efforts, followed by the
personal satisfaction.
Fourth Entrepreneurial Process:
 Identification and evaluation of the opportunity
 Development of the business plan.
 Determination of the required resources.
 Management of the resulting enterprise.
The benefits of Entrepreneurship
- Opportunity to create your own destiny.
- Opportunity to make a difference
- Opportunity to reach your full potential
- Opportunity to reap extraordinary (Luar biasa) profits.
- Societal Responsibility and recognition.
- Opportunity to engage in work of their choice

Ten (10) Deadly Mistakes of entrepreneurship

-Business entrepreneurship fail because:
1. Management mistakes
2. Lack of experience
3. Poor financial control
4. Weak marketing efforts
5. Failure to develop a strategic and effective plan
6. Uncontrolled Growth
7. Poor Location
8. Improper Inventory Control
9. Incorrect or unsuitable pricing
10. The inability of to move into entrepreneurial thinking mindset from the previous secured
permanent managerial position held

How to avoid failure in an entrepreneurial business?

 Know your business in depth

 Develop a good, effective and solid Business Plan.
 Manage your financial resources effectively.
 Have a thorough and complete financial statement.
 Learn hire and manage people effectively.
 Keep physical fit, consume healthy foods, and avoid addictive consumption cigarettes and
alcohol.
Venn diagram

What are the differences and similarities of Entrepreneur and Intrapreneur?

Entrepreneur

Intrapreneur