Entrepreneurship

Lesson 1

• Introduction
• Key Elements
• Who is an Entrepreneur?
• Characteristics of an Entrepreneur
• Entrepreneurial Traits
• Types of Entrepreneur
• Why Entrepreneurship?
• Entrepreneur vs Manager
• Intrapreneur
• Obstacles in Becoming Entrepreneur
• Entrepreneurial Decision Process
• Desirability and Possibility of New Venture Formation
Learning Objective
To understand the concept of entrepreneurship and
explain the process of entrepreneurial action.
 “Entrepreneurship is defined as the process of
making money, earning profits and increasing wealth
while posing characteristics such as risk taking,
management, leadership and innovation.”

“Entrepreneurship is the act of being an

entrepreneur, which can be defined as “one who
undertakes innovations, finance and business acumen
in an effort to transform innovations into economic
goods.”
 The most obvious form of entrepreneurship is that of
starting a new business also called as “startup company”.
More recently, the term has evolved to include other
types of entrepreneurship such as:
• Social entrepreneurship that applies the
“entrepreneurial principles to organize, create and
manage a venture to achieve social change” and
• Political entrepreneurship or “starting a new political
project, group, or political party.”
Four Key Elements of Entrepreneurship
1. Innovation
2. Risk Taking
3. Vision
4. Organizing Skills
Who is an entrepreneur?
An entrepreneur is an individual who, rather than working as
an employee, runs a small business and assumes all the risk and
reward of a given business venture, idea, or good or service
offered for sale. The entrepreneur is commonly seen as a business
leader and innovator of new ideas and business processes.
Dan Sullivan says that,
“An entrepreneur is someone who does not expect
compensation until he has created value for someone else.”
Jean-Baptist says that,
“Entrepreneur is someone who takes resources from a lower
level of productivity and raise them to a higher level.”
 Characteristics of an Entrepreneur

 Ambition
 Enthusiasm
 Creativity
 Decision-making
 Perseverance
Entrepreneurial Traits
1. Passionate

2. Resilient

3. Self-Possessed

4. Decisive
5. Fearless

6. Financially Prepared
7. Flexible
8. Zoom Lens-Equipped
9. Able to Sell
10.Balanced
Types of Entrepreneur
 Starting and growing your own business requires many
skills to be successful.
• Identifying strong traits is essential and can act as a
compass for the business.
• The different types of entrepreneur are: idealist,
optimizer, hard worker, sustainer, improver, advisor,
superstar, artist, visionary, analyst, fireball, juggler, hero
and healer.
 Who’s who?
 he dreamed of becoming a chemical engineer

 But ended up presiding over a multibillion-peso food conglomerate

 It started with two ice cream houses. Then it just grew and grew.
 The owner/president of the Philippines’ number #1 fastfood chain,
Jollibee

Tony Tan Caktiong

 Who’s who?
 started selling bananas, vinegar and wooden shoes at
age five
 She finished highschool in public school

 She worked as sales lady at the Goodwill Bookstore

 She founded the National Bookstore

Socorro Cancio Ramos

 Who’s who?
 he loves travelling and collecting T-shirts from all the citiies he had
been to
 He was fresh graduate in 1992 when he opened his first cart with P1500

 He is the owner/CEO of the Souvenir Island

Jonathan Jay Aldeguer

 Who’s who?
 When he was a boy, he lived in a crowded apartment in
Sta Cruz, Manila
 He graduated Magna cum Laude with the degree in Accountancy

 He is successful in construction industry

 The owner/president of the Megaworld Corporation

Andrew Tan
 Who’s who?
 he was bullied as a child

 American business magnate

 Best known entrepreneur and pioneer of microcomputer revolution

 Co-founder of Microsoft Corporation

William Henry Gates III