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.

SOCIAL AND ECONOMIC BENEFITS OF ENTREPRENEURSHIP

1. Entrepreneurship produces more jobs that equate to an increase in national income

Millions of unemployed people will have the opportunities to have a decent occupation.
2. Entrepreneurship amplifies economic activities of different sectors of society
A simple eatery in a rural area and a coffee shop in an urban area both ignite economic activity
regardless of their business scale.
3. Entrepreneurship introduces new and innovative products and services
New products and services are always available in the market because of the ingenuity of
entrepreneurs to seek opportunities and improve on them.
4. Entrepreneurship improves people’s living standards
How can you look good if not for the services of your nearby salon or barber shop?
5. Entrepreneurship disperses the economic power and creates equality
It balances the economy by distributing national income to more businesses rather than to only
few monopolies.
6. Entrepreneurship controls the local wealth and balances regional development
It makes sure local resources are used properly and that every area has an appropriate
allocation of resources
7. Entrepreneurship reduces social conflicts and political unrest
Imagine if there are no or only few sari-sari or supermarket stores in your area, all of you will
fight for the food supplies because the store cannot supply all your needs.
8. Entrepreneurship elicits economic independence and capital formation
A country with more entrepreneurs is highly likely to become financially independent and will
less likely need the help of other countries

Entrepreneur- has a French origin and was coined from the words entre, which means “between”, and prende,
which means “to take”.
--- 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

5 Levels of Entrepreneurial Development (According to Action Coach)

 The Self – employed – not comfortable with the routines of a desk job
---- they do not want to conform to a fixed working schedule
 The Manager – entrepreneurs feel the need to step up and ask some help from the people around them
---- they delegate and hire potential employees to do the work
 The Leader – entrepreneurs in this level already enjoy seeing their people flourish, stepping up and
producing great results with minimal supervision
---- they already recognized key leaders in their organization
---- entrepreneurs at this age now focus on the big picture and strategic direction of
their business rather than in generating sales and operating the business
 The Investor – Investors look for 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
Prepared by: Ms. Jamaica T. Domingo
  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---
staring with idealization, visualization, verbalization, and materialization
Idealization – entrepreneurs dream enormously and desire to build an ideal
environment
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 occuring
Materialization – happens when the vision becomes a reality

New Terms for Entrepreneur’s Field or Expertise

1. Technopreneur- is an entrepreneur who puts technology at the core of his or her business model.
2. Social Entrepreneur- who takes advantage of the country’s social problems and turn them to profitable
institution with the intention of helping the disadvantaged community rather than making a profit.
3. Intrapreneur- an entrepreneur in a large company or corporation who is tasked to think, establish, and
run a new big idea or project.
--- usually the product managers or the business development managers of a company.
4. Extrapreneur- 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

Traits that Entrepreneurs should always have:

 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
 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
 Risk takers- By taking risks, entrepreneurs do not just grab opportunities left and right, they have to take
considerations the potential various threats they may encounter
 Have a sharp eye for opportunities- Entrepreneurs have a talent for recognizing an opportunity even by
using the macrolevel 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
 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
--- Relationship management is the key for employee and customer retention, which can be
achieved by a sociable entrepreneur
 Networkers- A networker knows the people to connect with
--- Networking can be a very intimidating task, for it takes a lot of guts to pull it off

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  Decisive- Entrepreneurs do not settle for gray areas or unclear solutions, the do not leave an issue
unsolved without a disposition
--- They make sure that all aspects of their business have clear objectives and strategies
--- They base their decision on scientific calculations backed up their experience and technical
knowledge
 Balanced- The minds of entrepreneurs should have a balance between the analytical and the creative
side
 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 where they belong

Core traits that entrepreneurs should develop in managing and running the business:

 Leaders- They must be a source of inspiration for their employees

--- They must be very humble, approachable, friendly, and also know how to listen to people’s
concerns
--- Leaders act on their responsibilities that were given to them
--- They use their strengths and limitations to make the best of a situation
--- They must also be decisive and know how to own up to their decision
--- They know how to unite the team and bring out the best in every employee
 Communicators- Entrepreneurs know how to use all forms of communication to effectively share ideas
and address certain concerns with their customers or employees
--- Communication channels between entrepreneurs and their employees or customers should
always be open to ensure the smooth flow of operations on their business
 Specialists- Entrepreneurs are tactical and are very keen with details
--- They understand the totality and specificity of their business
--- They can easily think of innovating and improving the product or service offerings because
they know their intricacies
--- They enjoy being in action instead of being behind the scenes
 Problem solvers- Entrepreneurs possesses critical thinking skills and look at problems as challenges or
puzzles that they need to solve
--- They need 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
--- They are able to solve problems by immersing themselves in day-to-day activities, knowing
what is happening in and out of their business
--- Entrepreneurs should also be aware of their employees’ personalities; they must know how
and when to use them to help solve problems
--- They have faith that every problem has a solution no matter how hard it is
--- They must also be courageous and know how to face the consequences of their decision

COMMON SMALL BUSINESSES IN THE PHILIPPINES

1. Sari-sari store
2. Rice Retailing
3. Food Cart Business
4. Printing Business
5. Buy-and-sell Business
6. Street Food Business
7. Flea Market Business or Tiangge
8. Online Selling Business
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 9. Cell phone Loading Business
10. Laundry and Dry Cleaning Business
11. Hairstyling and Makeup Business
12. Spa, Gym, and Nail Care Business
13. Video and Photography Business
14. Tutorial Business
15. Baking Business
16. Web Site Development and Design/Blogging
17. Direct Selling Business
18. Car Wash and Car Care Business
19. Bar, Cafe’, and Restaurant
20. Water Station and LPG Station

Prepared by: Ms. Jamaica T. Domingo