Module 1

Introduction to
Entrepreneurship
Prepared By
Engr. Irene N. Batacan, MSIEM
`

College
❑ Outline of Topic:

 Industry Overview
 Introduction to Entrepreneur
 Characteristics of Successful Entrepreneur
 What is an Entrepneurship?

Introduction to Entrepreneurship
 Industry overview is the overall analysis of an
industry’s economic legal, and market status. The
document consist of historical background of company
as well as its present state and forecast the future
position of the business in the market.

 Entrepreneur:
 A person who sets up a business or businesses,
taking financial risk is the hope of profit.

Introduction to Entrepreneurship
 Why Become an Entrepreneur?

 The three primary reasons that people become

entrepreneurs and start their own firms are:

 To be their own boss,

 Pursue their own ideas and

 Realize financial rewards.

Introduction to Entrepreneurship
 Be Their Own Boss

The first of these reasons—being one’s own boss—is

given most commonly. This doesn’t mean, however,
that entrepreneurs are difficult to work with or that they
have trouble accepting authority. Instead, many
entrepreneurs want to be their own boss because either
they have had a longtime ambition to own their own firm
or because they have become frustrated working in
traditional jobs.
Introduction to Entrepreneurship
 Pursue Their Own Ideas

The second reason people start their own firms is to

pursue their own ideas. Some people are naturally
alert, and when they recognize ideas for new
products or services, they have a desire to see those
ideas realized.

Introduction to Entrepreneurship
 Pursue Financial Rewards

Finally, people start their own firms to pursue

financial rewards. This motivation, however, is
typically secondary to the first two and often fails to
live up to its hype.

Introduction to Entrepreneurship
 Characteristics of Successful Entrepreneurs

Introduction to Entrepreneurship
 Characteristics of Successful Entrepreneurs

 Passion for the Business

The number one characteristic shared by successful
entrepreneurs is a passion for their business,
whether it is in the context of a new firm or an
existing business. This passion typically stems from
the entrepreneur’s belief that the business will
positively influence people’s lives.

Introduction to Entrepreneurship
 Product/Customer Focus
A second defining characteristic of successful
entrepreneurs is a product/customer focus. This
sentiment underscores an understanding of the two
most important elements in any business—products
and customers. While it’s important to think about
management, marketing, finance, and the like, none
of those functions makes any difference if a firm
does not have good products with the capability to
satisfy customers.
Introduction to Entrepreneurship
 Tenacity Despite Failure
Because entrepreneurs are typically trying something
new, the failure rate associated with their efforts is
naturally high. In addition, the process of developing
a new business is somewhat similar to what a
scientist experiences in the laboratory

Introduction to Entrepreneurship
 Execution Intelligence
The ability to fashion a solid idea into a viable
business is a key characteristic of successful
entrepreneurs. Commonly, this ability is thought of as
execution intelligence. In many cases, execution
intelligence is the factor that determines whether a
start-up is successful or fails. An ancient Chinese
saying warns, “To open a business is very easy; to
keep it open is very difficult.”

Introduction to Entrepreneurship
 What Is Entrepreneurship?

 In essence, an entrepreneur’s behavior finds him or her trying to

identify opportunities and putting useful ideas into practice. The
tasks called for by this behavior can be accomplished by either an
individual or a group and typically requires
 Creativity
 Drive and
 A willingness to take risks.

Introduction to Entrepreneurship
 What Is Entrepreneurship?

 It is the process of designing, launching and running a new

business, which is often initially a small business.
 It has been described as the capacity and willingness to develop,
organize and manage a business venture along with any of its risk
in order to make profit.

Introduction to Entrepreneurship
• Summary / Lesson Learned:

 Industry Overview
 Entrepreneur
 Why Become an Entrepreneur?
 Characteristics of Successful Entrepreneur
 What is an Entrepreurship?

Introduction to Entrepreneurship
• Discussion Next Meeting:
 Common Myth about Entrepreneurship
 Type of Firm-up
 Economic Impact of Entrepreneurial Firms

Introduction to Entrepreneurship
 Thank You

Introduction to Entrepreneurship